Gross margins improved from 39 per cent in FY2020 to 42 per cent in FY2021
Bee Vectoring Technologies International released an update letter to shareholders from Chief Executive Officer Ashish Malik announcing financial results for the fourth quarter and fiscal year which ended September 30, 2021.
The company has also made strong progress in key financial metrics: Revenue of $400,000 which represents a year-on-year growth of +47 per cent using constant currency (US$/CAD$) exchange rates for FY2021 and FY2020. As reported, revenue growth is +38 per cent since the CAD strengthened in 2021 as compared to 2020. Gross margins improved from 39 per cent in FY2020 to 42 per cent in FY2021. This improvement was driven by the lower cost of production of BVT’s Clonostachys rosea strain BVT CR-7 and the introduction of the higher-margin honey bee solution.
The company has cash on hand of $2.7 million. The strong cash balance allows the company to continue executing its growth plan as we enter 2022. The company continues to focus on operational efficiency and cash management as evident by a reduction of cash used by operations from $3.67 million in FY2020 to $2.85 million in FY2021.
