Board Change • Jul 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 11 highly experienced directors. Independent Lead Director Paul Mesburis was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Sep 30
Third quarter 2023 earnings released: CA$0.01 loss per share (vs CA$0.03 loss in 3Q 2022) Third quarter 2023 results: CA$0.01 loss per share (improved from CA$0.03 loss in 3Q 2022). Revenue: CA$40.5k (down 17% from 3Q 2022). Net loss: CA$932.9k (loss narrowed 51% from 3Q 2022). Reported Earnings • Jun 07
Second quarter 2023 earnings released: CA$0.016 loss per share (vs CA$0.022 loss in 2Q 2022) Second quarter 2023 results: CA$0.016 loss per share (improved from CA$0.022 loss in 2Q 2022). Revenue: CA$77.7k (down 12% from 2Q 2022). Net loss: CA$1.24m (loss narrowed 4.5% from 2Q 2022). Reported Earnings • Feb 22
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: CA$0.092 loss per share (improved from CA$0.12 loss in FY 2021). Revenue: CA$939.2k (down 28% from FY 2021). Net loss: CA$6.07m (loss narrowed 5.1% from FY 2021). Revenue exceeded analyst estimates by 61%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is forecast to grow 109% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Announcement • Feb 07
Avivagen Inc., Annual General Meeting, Apr 19, 2023 Avivagen Inc., Annual General Meeting, Apr 19, 2023. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 9 highly experienced directors. Independent Director Aubrey Dan was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Oct 16
Avivagen Inc. announced that it expects to receive CAD 1 million in funding Avivagen Inc. announced a non-brokered private placement of 5,000,000 common shares at a price of CAD 0.2 per share for gross proceeds of up to CAD 1,000,000 on October 14, 2022. The company may pay finders’ fees of 8% cash and 8% finders’ warrants. All securities to be issued will be subject to a four-month and one day hold period. The transaction is subject to acceptance of the TSX Venture Exchange. Announcement • Sep 17
Avivagen Inc. Appoints Ira Levy as Interim CFO Avivagen Inc. announced the appointment of Mr. Ira Levy as interim CFO, effective immediately. Mr. Levy has over 15 years of experience in a wide range of high-growth, early-stage companies, both public and private, with an MBA from the Schulich School of Business in addition to his professional designation as a Chartered Accountant. Reported Earnings • Sep 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: CA$0.03 loss per share (further deteriorated from CA$0.026 loss in 3Q 2021). Revenue: CA$48.6k (down 90% from 3Q 2021). Net loss: CA$1.90m (loss widened 27% from 3Q 2021). Revenue missed analyst estimates by 76%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 103% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 16
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: CA$0.022 loss per share (up from CA$0.041 loss in 2Q 2021). Revenue: CA$88.4k (down 45% from 2Q 2021). Net loss: CA$1.30m (loss narrowed 41% from 2Q 2021). Revenue missed analyst estimates by 75%. Earnings per share (EPS) exceeded analyst estimates by 20%. Over the next year, revenue is forecast to grow 380%, compared to a 106% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Announcement • Jun 10
Avivagen Announces Successful Completion of Formal Safety and Toxicology Evaluation of Fully Oxidized Beta-Carotene (OxBC) Avivagen Inc. announced that it has completed a series of important safety evaluations of fully oxidized beta-carotene (OxBC), the proprietary and critical active ingredient in the company’s highly-regarded OxC-beta™ product line. Results of the Avivagen-initiated toxicology study, conducted following standardized and internationally recognized protocols, provided further evidence of the safety and effectiveness of OxBC and the OxC-beta™product line for use in human and animal applications. Based on previously conducted scientific testing, OxBC and Avivagen’s OxC-beta™ product line have achieved self-affirmed GRAS status in the United States and have already secured regulatory approval in a number of other important food and feed markets, including China, Brazil, Philippines, Mexico, Taiwan, New Zealand, Thailand, Vietnam, Australia, and Malaysia. While there have been zero reports of product-related adverse events from OxBC or OxC-beta™to date, the present toxicology tests were initiated by Avivagen to further reinforce OxBC’s applicability as a very safe ingredient in a wide range of products and provide further formal evidence to support continued regulatory approval and adoption in both new jurisdictions and product applications. Toxicology testing consisted of three separate studies, all of which are conducted in animals, typically rats. The first test demonstrated that in rats the maximum tolerated single oral dose of OxBC and the LD50 were 5,000 and 30,079 mg/kg body weight, respectively. The second test, a 14-day, repeat-dose acute oral toxicity test demonstrated an initial No Observable Adverse Effect. Announcement • May 13
Avivagen Inc. Announces Oxidized Carotenoid-Based Feed Additive Product Receive Approval for Use in China Avivagen Inc. announced that the company's oxidized carotenoid-based feed additive product has received approval for use in China. The approval comes as a result of the company working closely with COFCO Biotech and follows successful trials across numerous species. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 9 highly experienced directors. Independent Director Aubrey Dan was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Apr 01
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: CA$0.027 loss per share. Revenue: CA$271.2k (up 3.5% from 1Q 2021). Net loss: CA$1.55m (loss widened 23% from 1Q 2021). Revenue missed analyst estimates by 32%. Earnings per share (EPS) exceeded analyst estimates by 20%. Over the next year, revenue is forecast to grow 226%, compared to a 136% growth forecast for the industry in Canada. Announcement • Mar 29
Avivagen Inc. announced that it has received CAD 5.678 million in funding On March 28, 2022, Avivagen Inc. closed the transaction. The company has received gross proceeds of CAD 5,678,000 in the transaction. On the first anniversary of the issuance, the company shall also pay the debenture holders a maintenance fee of 3% of the outstanding principal amount in cash. The company shall not be entitled to prepay the debentures at any time prior to the first anniversary of closing, other than in the case of a change of control of company. If the company repays the debentures at any time prior to the first anniversary of closing it will pay a fee equal to 6% of the outstanding principal amount and if the company prepays the debentures at any time thereafter, it will pay a fee equal to 3% of the outstanding principal amount. purchasers of debentures also received 5,678,000 common shares in the capital of the company as bonus shares, an amount equal to 20% of the principal amount of the debentures divided by CAD 0.20 per share. Announcement • Feb 24
Avivagen Announces Approval in Vietnam Avivagen Inc. announced that Avivagen’s oxidized carotenoid-based feed additive product has received approval for use in Vietnam. Vietnam represents the feed market in Southeast Asia according to a report by the US Grains Council, which indicates total annual feed consumption of over 32 MMT in 2020. Additionally, The Grains Council report states that Vietnam is a strong growth market which is expected to surpass 35 MMT of feed within the next few years.i Production within the country is dominated by swine, with feed for swine accounting for approximately 38% of total feed, followed by poultry accounting for 21.6% of total feed. (2020)ii. In addition to swine and poultry Vietnam has a surprisingly large and rapidly growing dairy industry which represents an important third target market segment for use of Avivagen’s product. Avivagen’s OxC-beta™ technology is derived from Avivagen discoveries about ß-carotene and other carotenoids, compounds that give certain fruits and vegetables their bright colours. Through support of immune function the technology provides a non-antibiotic means of promoting health and growth. OxC-beta™ Livestock is a proprietary product shown to be an effective and economic alternative to the antibiotics commonly added to livestock feeds. The product is currently available for sale in the United States, Philippines, Mexico, Taiwan, New Zealand, Thailand, Brazil, Australia, and Malaysia. Avivagen’s OxC-beta™ Livestock product is safe, effective and could fulfill the global mandate to remove all in-feed antibiotics as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta™ Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics. Announcement • Jan 30
Avivagen Inc., Annual General Meeting, Apr 08, 2022 Avivagen Inc., Annual General Meeting, Apr 08, 2022. Reported Earnings • Jan 21
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: CA$0.12 loss per share (down from CA$0.12 loss in FY 2020). Revenue: CA$1.30m (up 10.0% from FY 2020). Net loss: CA$6.39m (loss widened 35% from FY 2020). Revenue missed analyst estimates by 44%. Earnings per share (EPS) exceeded analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 687%, compared to a 86% growth forecast for the pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Board Change • Dec 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 8 highly experienced directors. Independent Director Aubrey Dan was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Breakeven Date Change • Nov 25
No longer forecast to breakeven The 2 analysts covering Avivagen no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CA$900.0k in 2023. New consensus forecast suggests the company will make a loss of CA$100.0k in 2023. Reported Earnings • Oct 01
Third quarter 2021 earnings released: CA$0.026 loss per share (vs CA$0.019 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: CA$505.9k (down 17% from 3Q 2020). Net loss: CA$1.50m (loss widened 91% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Breakeven Date Change • Jul 28
No longer forecast to breakeven The 2 analysts covering Avivagen no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of CA$900.0k in 2023. New consensus forecast suggests the company will make a loss of CA$100.0k in 2023. Reported Earnings • Jun 04
Second quarter 2021 earnings released: CA$0.041 loss per share (vs CA$0.034 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: CA$159.6k (up 439% from 2Q 2020). Net loss: CA$2.20m (loss widened 58% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Breakeven Date Change • Jun 04
Forecast to breakeven in 2023 The 2 analysts covering Avivagen expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 34% per year to 2022. The company is expected to make a profit of CA$900.0k in 2023. Average annual earnings growth of 78% is required to achieve expected profit on schedule. Announcement • Mar 05
Avivagen Inc. Announces Manuscript Reporting the Benefits of OxC-betaTM Livestock for Broiler Poultry Has Been Approved for Publication by Poultry Science Avivagen Inc. announced that a manuscript reporting the benefits of OxC-betaTM Livestock for broiler poultry has been approved for publication by Poultry Science. The paper, entitled "Effect of Oxidized -Carotene (OxBC) on the Growth and Feed Efficiency of Broilers" reports on the positive results of two dietary supplementation trials in which OxC-beta was used with broiler poultry. In both trials, birds in the OxC-beta groups achieved significantly improved growth performance measures, including average daily weight gain and feed utilization efficiency, when compared to birds in control groups. These findings demonstrate that dietary supplementation with OxC-beta helps broiler poultry achieve their full growth potential under real world commercial conditions without the use of antibiotics. The first of the two comprehensive studies was conducted in Canada, with birds being reared under typical commercial conditions for broiler production in Ontario. The second study was conducted in Scotland under typical commercial conditions for broiler production in the United Kingdom. Reported Earnings • Mar 05
First quarter 2021 earnings released: CA$0.03 loss per share (vs CA$0.037 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: CA$262.0k (up 5.7% from 1Q 2020). Net loss: CA$1.27m (loss narrowed 4.9% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 05
Revenue behind estimates Revenue missed analyst estimates by 56%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 312%, compared to a 221% growth forecast for the Pharmaceuticals industry in Canada. Announcement • Feb 19
Avivagen Inc. Announces the Publication of Its New Zealand OxC-beta Livestock Dairy Trial for Use Against Sub-Clinical Mastitis Avivagen Inc. announced that a paper "Evaluation of fully oxidized -carotene as a feed ingredient to reduce bacterial infection and somatic cell counts in cows with subclinical mastitis" reporting an independent trial conducted in New Zealand by Dr. Scott McDougall has been accepted for publication in the New Zealand Veterinary Journal. The company previously reported the positive outcome of the trial to shareholders on February 24, 2020. The two seminal findings of the trial were that treatment with OxC-beta: Resulted in a 100% increase in the number of udder-quarters testing negative for the presence of bacteria in milk at the end of the 42-day study; Significantly reduced the number of udder-quarters that progressed from subclinical to full clinical mastitis. The company has already successfully leveraged the results of the New Zealand trial with dairy customers in Mexico leading to a multi-tonne order of OxC-beta. Publication in the peer-reviewed NZVJ will further increase the value of the results with potential customers in several important dairy markets around the world. Mastitis is one of the costliest diseases for treatment in the dairy industry, as animals infected with mastitis must be treated by antibiotics, requiring that the infected dairy cows be removed from milk production until fully healthy in order to ensure that their milk does not contain antibiotics. Announcement • Feb 17
Avivagen Inc. has completed a Composite Units Offering in the amount of CAD 7.5 million. Avivagen Inc. has completed a Composite Units Offering in the amount of CAD 7.5 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 15,000,000
Price\Range: CAD 0.5
Discount Per Security: CAD 0.035 Is New 90 Day High Low • Feb 03
New 90-day high: CA$0.67 The company is up 68% from its price of CA$0.40 on 04 November 2020. The Canadian market is up 14% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Pharmaceuticals industry, which is up 70% over the same period. Announcement • Jan 30
Avivagen Inc., Annual General Meeting, Apr 08, 2021 Avivagen Inc., Annual General Meeting, Apr 08, 2021. Announcement • Jan 28
Avivagen Inc. Announces Six Tonne Order of OxC-beta Livestock from New Customer in Mexico Avivagen Inc. announced that it has secured a six tonne order of OxC-betaTM Livestock from Transformadora Agricola de Alimentos S.A. de C.V in Mexico. The order, comprised of monthly fulfilments of 500 kilograms each over a one-year period starting in April 2021, is the first order of OxC-betaTM Livestock from the new customer. The order represents the second of significant size in Mexico in recent months, following a ten tonne order by Industrias Melder in September 2020. Avivagen expects the first shipment to commence in April 2021. This order was received through Avivagen's Mexican consultant Meyenberg International Group. Is New 90 Day High Low • Jan 07
New 90-day high: CA$0.66 The company is up 39% from its price of CA$0.47 on 09 October 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Pharmaceuticals industry, which is up 60% over the same period. Major Estimate Revision • Dec 24
Analysts update estimates The company's losses in 2021 are expected to improve with analysts raising their consensus EPS forecasts from -CA$0.12 to -CA$0.10. No change was made to the revenue estimate which at the last update was CA$3.00m. The Pharmaceuticals industry in Canada is expected to see an average net income growth of 25% next year. The consensus price target of CA$2.20 was unchanged from the last update. Share price is down by 4.6% to CA$0.62 over the past week. Analyst Estimate Surprise Post Earnings • Dec 17
Revenue behind estimates Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 155%, compared to a 107% growth forecast for the Pharmaceuticals industry in Canada. Reported Earnings • Dec 17
Full year 2020 earnings released: CA$0.12 loss per share The company reported a solid full year result with reduced losses and improved revenues and control over expenses. Full year 2020 results: Revenue: CA$1.18m (up 21% from FY 2019). Net loss: CA$4.75m (loss narrowed 1.8% from FY 2019). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 16
New 90-day high: CA$0.59 The company is up 37% from its price of CA$0.43 on 16 September 2020. The Canadian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Pharmaceuticals industry, which is up 46% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: CA$0.55 The company is up 21% from its price of CA$0.46 on 27 August 2020. The Canadian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Pharmaceuticals industry, which is up 33% over the same period. Is New 90 Day High Low • Nov 04
New 90-day low: CA$0.40 The company is down 21% from its price of CA$0.50 on 05 August 2020. The Canadian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 5.0% over the same period. Announcement • Oct 14
Avivagen Announces Record Four Tonne Order from UNAHCO Avivagen Inc. announced a four tonne order from UNAHCO. Avivagen is working diligently with its procurement partner on this order and is uncertain whether the entire order will be fulfilled and the related revenue included in its current fiscal quarter, ending October 31, 2020. The Philippines continues to be an important and growing feed market for Avivagen, with an estimated annual feed production of 18.2 million metric tonnes for 2020, up dramatically from 11.75 million metric tonnes in 2016. Announcement • Oct 07
Avivagen Inc. Receives Multiple New Orders and Joins Influential Industry Associations in Mexico Avivagen Inc. announce multiple introductory purchase orders for OxC-beta Livestock with new clients in Mexico. Along with the new orders, Avivigen has also announced that it has joined both Asociación Nacional de Fabricantes de Alimentos Para Consumo Animal. S.C (ANFACA) and Asociación Mexicana de Productores de Alimentos, A.C. (AMEPA) in Mexico, following a strategic plan developed with Meyenberg International Group., a consulting company with offices in Guadalajara and Mexico City, specializing on helping companies to expand globally. Avivagen has secured purchase agreements with two new customers in Mexico, each for an introductory order of 50kgs. The orders have been secured with: Forrajes Tesistan, a member of ANFACA and the owner of numerous swine farms and a commercial feed mill; Prolea, a large member of AMEPA and owner/manager of a number of dairy, poultry and swine farms in Northern Mexico. Prolea also owns and operates a commercial feed mill. ANFACA and AMEPA represent two of the most important and influential livestock feed and dairy production associations in Mexico, further extending the reach of OxC-beta Livestock in the important and growing feed production region. Each organization will offer OxC-betaTM Livestock to its members as well as conduct new trials for further usage in the region. Announcement • Oct 05
Avivagen Inc. Receives 10 Tonne Purchase Order for OxC-Beta Livestock from Large North American Client Avivagen Inc. announced that it has received a new purchase order for OxC-beta Livestock from Industrias Melder in Mexico through Avivagen’s Mexican consultant Meyenberg International Group. Following its initial two tonne purchase order in May, Industrias Melder has delivered a purchase order for two tonnes of OxC-betaTM Livestock every two months, commencing in December 2020 and continuing for 10 months, for a total amount of ten tonnes. This purchase order further illustrates the significance of the two positive trials of the use of OxC-beta™ Livestock in commercial dairy production conducted earlier this year by a Mexican dairy farm which is a customer of Industrias Melder. The tests evaluated OxC-beta for the ability to improve animal health, productivity and milk quality. Of significant note, a large and well known Fortune 100 global dairy processor that purchases the farm’s milk recognized the farm with three separate financial awards for the improvements in milk yield, quality, and reduced bacterial levels achieved during the test. Is New 90 Day High Low • Oct 02
New 90-day high: CA$0.51 The company is up 9.0% from its price of CA$0.47 on 03 July 2020. The Canadian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 1.0% over the same period. 
