ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) Q2 2024 Earnings Conference Call December 14, 2023 10:30 AM ET

Company Participants

Jennifer Bath - President and Chief Executive Officer

Kristin Taylor - Chief Financial Officer

Conference Call Participants

Arthur He - H.C. Wainwright

Will McHale - Ingalls & Snyder

Operator

Good morning, ladies and gentlemen. Thank you for joining us today for IPA’s Earnings Call covering the Second Quarter of Fiscal Year 2024. I am Sarah and I have the privilege of hosting this call.

Before we commence, I would like to draw your attention to the fact that our discussion today may include forward-looking statements. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from what we express or imply. We strongly encourage you to review our filings with the Securities and Exchange Commission for a comprehensive discussion of these risks and uncertainties. IPA remains committed to complying with legal requirements and will update forward-looking statements only as mandated by law.

During today's conference call, as well as in the accompanying presentation slides, we will be employing non-GAAP financial measures to assist investors and analysts in comprehending IPA's business performance. Adjusted EBITDA in particular allows for meaningful comparisons and analysis of trends in our business over different periods. For a detailed explanation and reconciliation of these non-GAAP measures to GAAP measures, please refer to the Management Discussion and Analysis Section of our filing on EDGAR and SEDAR.

Now without further ado, I would like to pass the floor to IPA’s CEO Dr. Jennifer Bath, who will provide an overview of our quarterly results.

Jennifer Bath

Thank you, Sarah. Good morning, everyone, and thank you for joining us. IPA has consistently invested in its end-to-end antibody services, encompassing discovery through development, aimed at reducing the risk, cost, and time needed to bring novel therapies to the clinic.

Reflecting on the effectiveness of this approach, the company's second quarter financial and operational results reveal a third consecutive record quarter with revenue of $6.2 million. This number represents an 18.6% increase above the same period last year. We continue to see strong growth across several areas of our service offerings, including our laboratory B-cell select platform and our manufacturing facility with its expanded capacity. Importantly, our strategic efforts have enabled us to be successful in growing revenue while also reducing our cash burn from $1.6 million in our first quarter of this fiscal year to $700,000 this quarter.