Tuesday, June 21, 2022

Avivagen Inc. (VIVXF)
Waiting for Upturn in End Markets

Avivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that, by safely supporting immune function, promote general health and performance. It is a public corporation traded on the TSX Venture Exchange under the symbol VIV and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada. For more information, visit www.avivagen.com. The contents of the website are expressly not incorporated by reference in this press release.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q2 Results. Avivagen reported revenue of $88,438 (all figures are in Canadian $), down from $159,614 the prior year and below our estimate of $400,000. Net loss for the quarter was at $1.3 million or $0.02 per share, an increase over the prior year’s $2.2 million or $0.04 per share, and better than our estimate of a loss of $1.4 million or $0.03 per share. The decrease in revenue was due to lower sales of OxC-Beta, with the net loss decrease due to an adjustment on the Company’s ACOA liabilities.

Modest OxC-beta Sales. During 2Q22, Avivagen sold just 925 kilograms of OxC-beta Livestock, down from 2,550 kg in 1Q22. Nearly half, or 400 kgs, was sold in Brazil, Other sales were made in Thailand, 150 kgs, Taiwan, 350 kgs, and Mexico, 25 kgs. The average price of OxC-Beta per kilogram was $102.27 in the quarter from a previous $106.33 in 1Q22….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.