If you are currently looking into companies making great strides in the artificial intelligence sector, then it may be a good time to consider taking a closer look into ImmunoPrecise Antibodies Ltd (NASDAQ:IPA). It is essentially a Biotherapeutic research and technology company.
On July 7 it had come into focus after it announced that it had announced its financial results for the full fiscal quarter for the year 2023, which had ended on April 30, 2023. The company announced that as it headed into the fiscal year 2024, it was going to carry forward a strong momentum from the major milestones it had managed to hit in the previous fiscal year.
ImmunoPrecise Antibodies managed to generate revenues of $20.7 million in the fiscal year and that reflected a year-on-year rise of 6.7%. If adjusted for currency inflation, it worked out to 9%. Additionally, the company also clocked revenues of $5.6 million in the final quarter of the fiscal year and that was the highest quarterly revenues ever recorded by ImmunoPrecise Antibodies. The milestones were an indication of the strength of its strategies and the diligence of its team of professionals, ImmunoPrecise Antibodies noted in its statement.
ImmunoPrecise Antibodies also revealed that it envisioned significant potential in its in silico suite of services and data management, so it could further enhance its growth and earnings. The company noted that it believed that these services would add significantly to its earnings and result in strong long-term growth.
In the 2023 fiscal year, the expenses on research and development went up to $12.3 million and that reflected a considerable rise from the $7.7 million under the same overhead in the prior fiscal year. Other expenses included compensation expenses of $10.8 million and depreciation of $0.2 million.