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Independent Reviews for Venture Investors

IBT.V - Inflection?

IBEX Technologies Inc. (IBT.V) manufactures and market enzymes for biomedical use internationally. Clients include manufacturers of medical devices, quality control labs and academic research institutions.

The company offers high purity enzymes for in-vitro diagnostics and ELISA kits for osteoarthritis research. In addition, IBT.V also provides lyophilization services, custom fermentation services, and has a few patents.

Coverage was initiated on November 2018 with a note June 2019 and April 2020. Below is an update.

News Releases

June 24 - Reports Results for the Third Quarter and the Nine Months Ended April 30, 2020. Near record sales in the current quarter as compared to an exceptionally poor YoY. Some of this gain, however, may have been the result of customers advancing orders to secure their supply chain, which may have a negative impact on subsequent quarters”.

- Mr. Baehr IBEX President & CEO.

The increase in revenues traces mainly to changes in quarterly purchasing patterns on the part of several of our major customers. It is possible that some customers may have advanced their order due to the COVID-19 situation.


During the third quarter, IBT.V accepted an offer from a third party to purchase the land, buildings and equipment owned by the Company’s Bio-Research Products subsidiary in Iowa. The transaction closed on June 19, 2020.

IBT.V has taken a non-cash impairment of approximately $37,000 related to the land, buildings and equipment.

IBT.V expects the sale of the site will reduce annual expenses by approximately $170,000 USD per annum.


The COVID-19 has impact on some of our developmental programs which rely heavily on external suppliers.

We expect some of these programs to resume in the fourth quarter.

Aug. 27 - Reports Management Change. Richard Collin, Director of Finance, has advised IBEX that he will leave the Company effective September 3, 2020. IBT.V reports that a search for a replacement CFO is underway.

Sep. 30 - Reports Management Change: Belinda Franco, CPA, CA has joined IBEX as Director of Finance and CFO.

Nov. 5 - Reports Results for the Year Ended July 31, 2020. he strong financial performance resulted from near-record revenues and a significant reduction in expenses, tracing mainly to the closure of the Iowa production facility.

The increase in revenues was driven by strong sales to customers of heparinase-based products.

Looking forward: We do not foresee Fiscal 2021 to be as profitable as Fiscal 2020 as customers may have advanced purchases in Fiscal 2020 to protect against supply-chain interruptions.

IBT.V continues to work on a number of new heparinase-containing clinical device projects with key customers, some of which may result in additional revenues in Fiscal 2021. However, as with all developmental projects, we cannot give assurances that any of these customer-driven projects will come to market and produce significant revenues.


Since the last note (April 8, 2020), IBT.V's valuation went from $0.12 to $0.305 cents. This change in price is reflected in the revenues reported in the last two quarters (Q3 and Q4 19-20) which on average are 50% more than Q1 and Q2.

As referred to in the year end July 31 earnings: The increase in revenues was driven by strong sales to customers of heparinase-based products. IBT.V's Heparinase products are used in multiple modalities, including diagnostics.

Due to its high purity and reaction time IBEX Heparinase I is the only heparinase used in FDA and EU approved hemostasis-measuring Point Of Care devices.

On April 20, 2020, the article Chinese expert consensus on diagnosis and treatment of coagulation dysfunction in COVID-19 was published. It was instrumental in highlighting the usage of heparinase in dealing with Covid-19.

Recommendation 8: In severe COVID-19 patients with coagulation dysfuntion, a TEG heparinase comparison test is recommended to monitor unfractionated heparin dosage.

Since then, there has been a number of papers which points to the use of heparinase in the treatment of Covid-19. Hence, it appears that there is a direct link between these and the financial performance of IBT.V to date.

In addition to becoming profitable in the last two quarters (Q3 and Q4 19-20), IBT.V closed FY 19-20 with a profit for the first time since FY 16-17. Moreover, IBT.V ended the Q4 19-20 with the highest funds in last four year: $3.70M.

On Friday IBT.V closed at a 52 week high which is also a multi-year high, at least since 2018. However, looking back at a 20 year window, IBT.V has not often broken these levels upon reaching them (at least not in the last 15 years).

IBT.V seems at this cross road once again. The question now is will this time be different? Covid-19 has definitely been a white swan for IBEX's bottom line. Other than raising awareness of its heparinase, its likely that the diagnostic projects that the company has been working on with its partners would receive more attention and potentially a higher profile since heparinase usage extends well beyond Covid-19. Will IBT.V deploy its extra capital towards these?

The Company continues to work on a number of new heparinase-containing clinical device projects with its key customers, some of which may result in additional revenues in Fiscal 2021 and beyond; however, as with all developmental projects, we cannot give any assurances that any of these will come to market and produce significant revenues.

IBT.V "Selected Diagnostic Partnership" includes the likes of Haemonetics, Abbott Point of Care, TEM, Medtronics and Siemens which are well known entities in the Diagnostic space.

For now, Covid-19 cases continue to be on the rise worldwide with US and India accounting for a third of all cases. The fight is still not over with no firm vaccine release date in sight and hospitals still very active in treating the illness.

Historically, IBT.V is known to trade sporadically with very low volume but recent trading action suggest some activity in alternate exchanges. Last Friday, 32,000 shares were traded with 23,000 on the TSX-V.


Could it be that IBT.V is on its way to a point of inflection?

DISCLAIMER: The work included in this article is based on current events, technical charts, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The content of rally is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions - rally cannot take responsibility for your investment decisions.


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