08:43 AM EDT, 08/14/2024 (MT Newswires) -- Microbix Biosystems ( MBXBF ) said on Wednesday that it swung to a profit in the third quarter despite a decline in revenue.

The company, which creates proprietary biological products for human health, booked net income of $246,746, improving from a loss of $769,108 in the year-ago quarter.

Revenue fell to $5.1 million from $5.5 million due to non-recurring fees linked to Kinlytic license fees.

Microbix said it plans to continue driving sales growth across its business lines, while working to improve percentage gross margins and drive bottom-line results.

"Management currently expects Microbix to generate meaningful year-over-year growth in revenues and net earnings across full-year fiscal 2024," the company said.