Microbix Biosystems Inc.

Good morning, everyone. Thanks for joining us. We have an update with Microbix focused on their Q3 fiscal financials that they reported this morning. For those of you who have not seen them, you can find them on CEEDAR and I believe the website. As always, I don't believe we're going to work off a presentation today, but I promise to get an updated one on the website later today. But as always, this presentation will contain forward-looking statements. If you'd like to know more about those, you can find them on the presentation on the company's website. And with me today, I have Cameron Groom, CEO, Ken Hughes, COO, and Jim Curry, CFO. I think the format will be Cameron's going to do a bit of an overview on the quarter, and then we'll jump into Q&A and then have closing remarks. With all of that out of the way, Cameron, nice to see you.

Thank you, Deborah. Great to see you as well.

And thank you, Ken and Jim also. This morning, we reported the results for our third quarter of fiscal 2025. That's the quarter ended June 30, 2025. And it was interesting. a weak quarter, our weakest in about three years, due to lower sales to two clients, one to our distributor into China, and second, a customer that cancelled a major development program that we were supporting. So those were very material impacts on us, slowdowns with two large clients. And as with any smaller businesses, you're building it, you inevitably end up with some customer concentration. And I think we could have readily withstood a slowdown from one customer, but a slowdown from two creates a situation where you can't backfill the revenues quickly enough. So then there's some downstream impacts in relation to that on margins as the fixed portion of manufacturing costs has to be covered across a fewer number of units produced. which pulls down margin and of course leads to negative figures on the net earnings perspective as there aren't weren't enough sales to cover the five to five and a half million break-even point for which we've engineered the business so um so admittedly a tough quarter our um Viewpoint is that we'll continue to move past this and resume our growth, although it will take some quarters to move us back through that. We did continue to see double digit year over year growth in our caps business if we remove the one customer that canceled that program. And we find certainly that quite encouraging. And the year-over-year sales are not particularly different for the recurring sales over the period, 14.8 versus 14.6, but obviously the customer setbacks clipped the growth we were expecting and resulted in a net loss that we were not targeting. Jim, did you want to comment any further about this specific civic quarter?