VICTORIA, BC / ACCESSWIRE / January 10, 2024 / ImmunoPrecise Antibodies (NASDAQ:IPA) ("IPA"), a leading company in AI-driven biotherapeutic research and technology, has recently provided an update to investors as it reported earnings for Q2 FY2024. The company is known for its pioneering work as a Contract Research Organization (CRO) in the biopharmaceutical industry, particularly distinguished for its adeptness in integrating Vertical AI, a concept that intertwines industry-specific knowledge with artificial intelligence (AI).
IPA's strategy of providing a full continuum of end-to-end antibody discovery and development services utilizing a combination of AI and wet lab technologies seems to be yielding positive outcomes. In the recent quarter, the company achieved revenues of CA$6.2 million and CA$11.8 million for the three- and six-month periods ending on October 31, 2023, respectively. These figures represent year-over-year increases of 18.6% and 19.9%, surpassing the revenues of CA$5.2 million and CA$9.9 million generated during the same periods in 2022. This marks the third consecutive quarter in which IPA experienced record revenue. The laboratory revenue of IPA Canada rose by 17%, while its manufacturing facility in Utrecht, The Netherlands achieved a 43% growth in revenue, solidifying its expansion strategy to meet global customer demands.
The company's AI subsidiary, BioStrand is generating revenue through its LENSai platform by providing fee-for-service while also making progress on their software deliverable to cater to IPA's client base of more than 600 companies. The unique feature of LENSai is its ability to connect the fundamental pillars of the biosphere into one comprehensive framework. These pillars consist of biological sequences, protein structure and protein functions. LENSai, powered by BioStrand's patented HYFTs™ technology, seamlessly integrates vast amounts of multi-omics data, enabling unparalleled analysis in the field of life science discovery. During the second quarter of FY24, BioStrand introduced two significant services: high-throughput in silico epitope mapping and binning. In addition, its software as a service (SaaS) model will have a broader public rollout, with comprehensive data management capabilities and analytical tools.
As of 2022, the global drug discovery market was worth $81.5 billion, and it is expected to reach $181.4 billion by 2032. The patented technology behind IPA, as well as the company's innovative approach to modern medicine, potentially positions the company to become an industry leader.
All numbers are expressed in Canadian dollars.
Featured photo by Braňo on Unsplash.
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SOURCE: ImmunoPrecise Antibodies Ltd.