VIVXF - Avivagen Inc. (VIVXF)(VIV:CA) - Names A President Reports Fiscal 2021 Results
4Q21 Results. Avivagen's management reported revenue of $368,504 (all figures in Canadian $) in the quarter, up from $287,897 last year, but down from our estimated revenue of $1.4 million. The miss is mostly due to a Philippines order that will be recognized in the first quarter of fiscal 2022. Net loss for the quarter was $1.4 million, or $0.03 per share versus a net loss of $1.2 million, or $0.03 per share, in 4Q20. We had forecasted a net loss of $993,00, or $0.02 per share.FY21 Results. Revenue for the 2021 fiscal year was reported at $1.3 million, a $0.1 million increase over the prior year's $1.2 million. Operating loss for the year totaled $4.1 million compared to a loss of $3.4 million in fiscal 2020, due to an increase in finance cost and increasing operational expenses. Net loss was reported at $6.4 million or $0.12 per share, versus a $4.8 million loss, or $0.12 per share in fiscal 2020.Names New President. On Tuesday, Avivagen announced long-term Company insider James Nickerson as President. Mr. Nickerson has contributed to both the science behind the OxC-beta product as well as identifying and establishing relationships with key customers and distributors.Updated Projections. Given the slower than anticipated roll-out, we are taking a conservative approach to our estimates. We continue to believe it is a matter of when, not if, OxC-beta achieves widespread adoption. For the fiscal first quarter we are projecting revenue of $300,000 and a net loss of $1.4 million, or $0.03 per share. For the full year, we are at revenue of $2.45 million and a loss of $5.18 million or $0.10 per share.Maintaining Outperform. We are maintaining our Outperform rating and US$1.00 12-month price target. Avivagen is an early-stage revenue company focused on developing and commercializing products for livestock, companion animals, and humans. We believe the Company is at an inflection point with significant sales increases just around the corner and presents a favorable risk/reward proposition. Read More >>