Wed, Aug 14, 6:16 PM (153 days ago)
BioNexus Gene Lab Corp. (BGLC) reported a mixed financial performance for Q2 2024, showing a 23.1% decline in revenue to $1,974,564, primarily driven by decreased selling prices amid market competition. The cost of revenue also fell by 24.3%, leading to a gross profit of $288,720, down 15% year-over-year. Notably, other income surged 274.1% to $730,105, enhancing overall profitability. The company achieved a net profit of $199,104, contrasting with a loss of $259,251 in Q2 2023. For the six months ended June 30, 2024, total revenue decreased by 11.9% to $4,356,415, with Chemrex contributing 99.8% of this figure. Operating expenses rose slightly by 4.4% to $1,405,563, while the profit from operations stood at $180,140, a significant improvement from the prior year’s loss. The company maintained a working capital of $6,443,511 as of June 30, 2024, indicating stable liquidity. Cash flows showed a net decrease of $515,303 due to operational challenges, yet the company remains optimistic about sustaining operations over the next year. Future operations may be influenced by ongoing market conditions and potential strategic investments.