ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) Q3 2024 Earnings Conference Call March 14, 2024 10:30 AM ET

Company Participants

Jennifer Bath - Chief Executive Officer and President

Kristin Taylor - Chief Financial Officer

Conference Call Participants

Will McHale - Ingalls and Snyder

Swayampakula Ramakanth - H.C. Wainright

Operator

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

Before we commence, I would like to draw your attention to the fact that our discussions 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 expressed or implied. 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 and the accompanying presentation slides, we will employ non-GAAP financial measures to assist investors and analysts in comprehending IPA's business performance, adjusted EBITDA in particular allows the 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 CEO, Dr. Jennifer Bath who will provide an overview of our quarterly results.

Jennifer Bath

Thank you, Mandeep, and good morning, everyone, and thank you for joining us for our third quarter earnings call for the fiscal year 2024. In this quarter, we've yet again proven our capability to flourish amidst a challenging macroeconomic environment, highlighting the relevance and effectiveness of our strategy, along with our adaptability. Our strategic foresight and comprehensive suite of end-to-end antibody services that we offer have been instrumental in securing this consistent growth. A significant portion of our R&D efforts this quarter has been directed towards supporting BioStrand, our artificial intelligence subsidiary, reflecting our belief in its transformative potential for drug discovery.

By strategically focusing our investments and maintaining prudent cost management, we affirm our commitment to innovation, operational excellence, and the strategic development of our company to meet the evolving needs of industry and our clients. The past quarter was a landmark period where we not only continued our trajectory towards revenue growth, but also achieved notable improvements in our profit margins. This progress underscores our journey toward profitability with a clear focus on sustainable and profitable growth. Strategic investments in our BioStrand platform and an increase in our manufacturing footprint in Europe have been pivotal in securing a larger market share for catering to the increasing demand for our services.