Want to see TSE:MBX full AI Analyst Report?
Top Page
Microbix Biosystms
(TSX:MBX)
Select Model
Select Model
Rating:54Neutral
Price Target:
C$0.32
▲(5.33% Upside)
Action:Reiterated
Date:08/18/26
The score is held back primarily by weak financial performance: deteriorating profitability and negative operating/free cash flow outweigh strong TTM revenue growth, though leverage appears manageable. Technicals are moderately supportive with price above key moving averages and neutral-to-positive momentum. The earnings call adds a modest positive tilt due to improving margins, disciplined costs, and guidance toward breakeven, while valuation remains constrained by negative earnings (negative P/E).
Positive Factors
Revenue recovery and broader customer base
The return to double-digit growth and active customer diversification can rebuild the revenue base after prior client setbacks. Adding programs and customers may improve recurring demand and reduce dependence on a few large accounts over the next several quarters.
Negative Factors
Persistent losses and negative cash generation
The company is not currently self-funding: losses and negative operating cash flow reduce financial resilience and may require cash preservation or external funding. Sustained margin pressure would constrain investment in capacity and delay the path to durable breakeven.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue recovery and broader customer base
The return to double-digit growth and active customer diversification can rebuild the revenue base after prior client setbacks. Adding programs and customers may improve recurring demand and reduce dependence on a few large accounts over the next several quarters.
Read all positive factors
Microbix Biosystms (MBX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$42.63M
Dividend YieldN/A
Average Volume (3M)57.61K
Price to Earnings (P/E)―
Beta (1Y)-0.05
Revenue Growth-27.13%
EPS Growth-1752.63%
CountryCA
Employees100
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.04
Shares Outstanding137,501,160
10 Day Avg. Volume59,614
30 Day Avg. Volume57,610
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)1.33
Price to Sales (P/S)1.98
P/FCF Ratio-42.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$0.40Price Target Upside33.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.01
Revenue Forecast (FY)C$18.30M
Microbix Biosystms Business Overview & Revenue Model
Company Description
Microbix Biosystems Inc. is a life science enterprise dedicated to advancing human health globally, including markets across North America and Europe. Established in 1988 and headquartered in Mississauga, Canada, the company specializes in develop...
How the Company Makes Money
Microbix primarily makes money by selling infectious-disease diagnostic quality control and reference materials to customers in the in-vitro diagnostics (IVD) ecosystem. Key revenue streams include: (1) Sales of Quality Assessment Products (QAPs):...
Microbix Biosystms Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Dec 17, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful operational and commercial progress: double-digit YoY growth in Q3 (17%), strong up-ticks in antigen (+20%) and CAPs (+13%), margin improvement, tangible advances on the Kinlytic program (process breakthroughs, comparability work, planned FDA engagement) and accelerating direct end-user (B2C) sales (35% QoQ). Offsetting factors include a continuing net loss (~$800K for the quarter), the protracted recovery in China (down from prior peak to current six-figure levels), ongoing dependence on client timelines for large contracts, and limited orders in certain product lines (VTM/DxTM). Management is balancing share buybacks with cash preservation for scaling production. On balance, the call leaned positive due to clear revenue growth, margin improvement, operational efficiencies, and concrete progress toward regulatory milestones, albeit with remaining execution and market concentration risks.Positive Updates
Quarterly Revenue Growth
Reported solid year-over-year sales growth of 17% in Q3, approaching management's 20% YoY target.
Negative Updates
Ongoing Net Loss and Cash Usage
Company remains a net user of cash and reported a controlled net loss of approximately $800K in the quarter; management is balancing buybacks versus cash reserved for scaling production.
Read all updates
Q3-2026 Updates
Positive
Negative
Quarterly Revenue Growth
Reported solid year-over-year sales growth of 17% in Q3, approaching management's 20% YoY target.
Read all positive updates
Company Guidance
Management guided that Q4 should show continued year‑over‑year and quarter‑over‑quarter revenue improvements, moving the company closer to its engineered breakeven and reducing net cash usage; Q3 delivered ~17% YoY sales growth (antigens +20% YoY, caps +13% YoY, remainder inbound royalties), gross margins improved (transcript cites “4%, up from 41%” for prior‑year Q3), a controlled net loss of about $800k was noted, operating expenses are down vs. prior year, cash on hand is $7.2M, and management expects Q4 to be considerably stronger than Q3. Additional metrics/guidance: one key antigen yield has roughly doubled over two years (improving margins), b‑to‑c caps sales grew ~35% QoQ and are now a seven‑figure stream, China sales recovered to the six‑figure range with a $2–3M normalized target for 2027, NCIB repurchases totaled ~796k shares for $209k in Q3 and ~2.3M shares YTD for ~$571k (buybacks ≈15k shares/day), and the Kinlytic program aims to meet the FDA before year‑end with an SBLA refile planned next year.Microbix Biosystms Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
70
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.40M | 18.59M | 25.39M | 16.51M | 19.08M | 18.59M |
| Gross Profit | 7.07M | 9.85M | 15.39M | 7.48M | 11.12M | 11.04M |
| EBITDA | -2.30M | 428.23K | 6.21M | 1.96M | 3.73M | 5.66M |
| Net Income | -4.88M | -2.25M | 3.52M | -39.48K | 1.79M | 1.63M |
Balance Sheet | ||||||
| Total Assets | 34.06M | 37.41M | 38.10M | 35.65M | 33.15M | 28.83M |
| Cash, Cash Equivalents and Short-Term Investments | 7.16M | 12.11M | 12.96M | 11.61M | 13.49M | 9.99M |
| Total Debt | 6.72M | 6.77M | 6.40M | 6.65M | 5.82M | 7.74M |
| Total Liabilities | 9.80M | 9.62M | 9.80M | 11.03M | 8.21M | 10.27M |
| Stockholders Equity | 24.26M | 27.79M | 28.30M | 24.62M | 24.94M | 18.56M |
Cash Flow | ||||||
| Free Cash Flow | -3.89M | -877.58K | 2.44M | -2.11M | 1.44M | 804.20K |
| Operating Cash Flow | -3.29M | -80.29K | 4.35M | -1.09M | 3.47M | 2.11M |
| Investing Cash Flow | -595.17K | -797.30K | -1.91M | -1.02M | -2.03M | -622.34K |
| Financing Cash Flow | -1.05M | 27.00K | -1.08M | 229.21K | 2.06M | 8.41M |
Microbix Biosystms Technical Analysis
Negative
0.30
Price Trends
0.30
Negative
0.27
Positive
0.26
Positive
Market Momentum
<0.01
Positive
44.42
Neutral
51.85
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MBX, the sentiment is Negative. The current price of 0.3 is below the 20-day moving average (MA) of 0.30, above the 50-day MA of 0.30, and above the 200-day MA of 0.26, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 44.42 is Neutral, neither overbought nor oversold. The STOCH value of 51.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:MBX.
Microbix Biosystms Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | C$42.63M | -8.78 | -21.02% | ― | -27.13% | -1752.63% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | C$40.89M | -0.28 | -147.92% | ― | ― | 85.31% | |
43 Neutral | C$32.67M | -1.98 | 6.67% | ― | ― | 15.04% | |
42 Neutral | C$37.89M | -4.48 | -1661.38% | ― | ― | -40.15% |
* Healthcare Sector Average
TSE:MBX
Microbix Biosystms
0.29
0.05
23.40%
TSE:BCT
BriaCell Therapeutics
4.85
-4.65
-48.95%
TSE:RVX
Resverlogix
0.10
>-0.01
-9.09%
TSE:GSD
Devonian Health Group
10.10
0.50
5.22%
TSE:DTC
Defence Therapeutics
0.50
-0.10
-16.67%
TSE:TTI
Thiogenesis Therapeutics Corp
0.56
-0.25
-31.06%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.