BioNexus Gene Lab Corp Releases Q1 2024 10-Q Report

BioNexus Gene Lab Corp, a biotechnology company specializing in genetic testing and molecular diagnostics, has released its Form 10-Q report for the quarter ended March 31, 2024. The report provides a detailed overview of the company's financial performance and operational highlights, reflecting both the challenges and opportunities faced during the period.

Financial Highlights

• Revenue: $2.38 million, marking a slight increase of 0.2% compared to the same period in 2023, primarily due to increased purchases from Chemrex customers.
• Gross Profit: $0.37 million, a decrease of approximately 1% from the prior period, mainly due to selling new stock purchased at higher prices.
• Loss from Operations: $(0.08) million, an increase of approximately 56.1% from the prior period, driven by higher operating expenses.
• Net Loss: $(0.10) million, an increase compared to the same period in 2023, primarily due to increased operating expenses and foreign currency exchange losses.
• Earnings per share - Basic and diluted: $(0.018), reflecting a decrease compared to the same period in 2023 due to the increased net loss.

Business Highlights

• Revenue Segments: Chemrex contributed significantly to the company's revenue, accounting for 99.9% of total revenue for the quarter ended March 31, 2024, with a slight increase of 0.38% from the previous year. MRNA Scientific-Malaysia's contribution was minimal at 0.1%, with a decrease in revenue due to RNA machine breakdowns.
• Geographical Performance: The company's operations are primarily based in Malaysia, with Chemrex and MRNA Scientific-Malaysia being the key subsidiaries. The performance in Malaysia was impacted by the lingering effects of COVID-19, affecting both subsidiaries differently.
• Future Outlook: The company anticipates that cash flow from operations will be sufficient to sustain its current level of operations for at least the next 12 months. However, challenges such as the cost of being a public company and potential increases in administrative and marketing expenses could impact liquidity.

SEC Filing: BioNexus Gene Lab Corp Releases Q1 2024 [ NASDAQ:BGLC ] - 10-Q - May. 15, 2024