Tuesday, September 20, 2022
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.
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Results for Q3. Total revenue for the quarter was $48,606 (all figures are in Canadian $), down from $505,886 the previous year and below our estimate of $100,000. The decrease was due to lower sales in the OxC-Beta product. Net loss was at $1.9 million versus a loss of $1.5 million in the prior year and our loss estimate of $1.54 million. The increased net loss was due to higher salaries expense and a decrease in government grants.
Sales Update for OxC-Beta. Avivagen sold a total of 350 kilograms of OxC-Beta during the third quarter, down from 925 kg in Q2 and 2,550 kg in Q1. Thailand ordered 250 kg during the quarter while Taiwan ordered 100 kg. The average price per kilogram in the quarter was $103.10 versus $102.27 in the second quarter.
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*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.