Exhibit 99.1 


BIONIK Laboratories Announces Fiscal 2020 Financial Results


TORONTO & BOSTON – June 30, 2020 - BIONIK Laboratories Corp. (OTCQB:BNKL) ("BIONIK"), a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, today announced financial results for the fiscal year ended March 31, 2020.


Financial highlights for the fiscal year 2020 and recent weeks include:


·Reported sales of $2,153,354 for the fiscal year ended March 31, 2020.


·Increased sales of service contracts and warranties, which are building a deferred revenue base for consistent future service revenues, representing $616,063 for the fiscal year ended March 31, 2020, a $148,285 increase from fiscal year 2019.


·Increased margin of 58.5% for the fiscal year ended March 31, 2020 compared to 49.8% for fiscal year 2019, primarily due to efficiencies in outsourced manufacturing.


·Launched new offering of up to $7 million in convertible loans to be converted no later than March 31, 2021.


·Raised $70,000 in convertible indebtedness in the new offering during fiscal year 2020 and approximately $1,502,569 has been committed or received subsequent to fiscal year-end.


·Received a loan of $2,000,000 from a major shareholder with a maturity date of March 2022 or at the option of the loan holder can be converted in common stock of the Company.


·Received a loan of $459,912 pursuant to the Paycheck Protection Program under the U.S. CARES Act. The Company intends to apply for forgiveness for all or a portion of the loans in accordance with applicable law.


Corporate highlights for the fiscal year ended March 31, 2020 and recent weeks include:


·On June 25, 2020, launched InMotion Connect™, a cloud-based data analytics solution, which combines real-time robot data with deep expertise of BIONIK’s clinical specialists to partner with each clinic, promoting robot utilization, supporting clinician engagement, and enhancing patient care by providing contextual and relevant data to reach hospital clinicians and management teams when it matters the most.


·Received regulatory approval in January 2020 from the South Korea Food and Drug Ministry for the Company's InMotion® ARM; days later the Company's exclusive distributor in South Korea reported its first sale of the InMotion® ARM to SeoSung Rehabilitation Hospital.


Management Commentary


Commenting on the 2020 fiscal year, Dr. Eric Dusseux, BIONIK’s Chief Executive Officer, said, “Over the past two years, BIONIK has reimagined its portfolio of products, software, and data-management solutions. In the last year, the launch of an improved Graphic User interface for our InMotion® products, and now the launch of InMotion ConnectTM in June 2020 improved greatly the interest in BIONIK’s suite of products but delayed some strategic account opportunities, given their decision cycles. Although BIONIK put in place a Business Continuity Plan to assure a minimal impact to our customers and our business partners, the COVID-19 pandemic impacted negatively the sales during our last quarter. BIONIK shipped several units during this quarter and donated one InMotion® robotic system to Einstein Healthcare Network’s MossRehab for use in its new pioneering COVID-19 rehab unit. Additionally, we successfully installed for one of our U.S. clients our recently launched cloud-based data solution platform InMotion ConnectTM, the single platform that can be accessed anywhere, anytime, and helps increase technology adoption due to convenience and ease-of-use for the clinician, hospital management and headquarter teams. This is a new step for BIONIK in providing powerful data solutions to improve neurological rehabilitation.”





BIONIK continues to expect to achieve the following milestones during fiscal year 2021:


·Continue to expand sales channels in North America and abroad, integrating in our strategy the recent termination of the Company’s 3-year old cooperative joint venture and distribution and licencing arrangement in China.


·Further develop InMotion Connect™ solutions to serve clinical rehabilitation providers.


·Work with our commercial outsourced manufacturing partner to enhance effectiveness in order to support the expected increase in product demand and introduction of new products.


·Increase sales of data solutions, service contracts and warranties.


Financial Results


Sales for the fiscal year ended March 31, 2020 were $2,153,354, compared with $3,246,038 for the fiscal year ended March 31, 2019. The decrease reflects the sale of 17 InMotion® robots for the fiscal year ended March 31, 2020 compared to 33 InMotion® robots during the fiscal year ended March 31, 2019. In addition, deferred revenue, comprised of training to be provided and extended warranties, increased to $616,063 at March 31, 2020 from $467,778 at March 31, 2019. Extended warranties and training are important and growing parts of the Company’s business.


Gross margin for the fiscal year ended March 31, 2020 was $1,259,980 or 58.5%, compared to $1,615,872 or 49.8%, for the fiscal year ended in March 31, 2019. The high gross margin percentages reported for the fiscal year are due to efficiencies in the Company’s outsourced manufacturing of its InMotion® robots.


The Company reported a comprehensive loss for the fiscal year ended March 31, 2020 of $(25,016,497), or a loss per share of $(5.61), compared with a comprehensive loss of $(10,556,601), or a loss per share of $(4.47), for the fiscal year ended March 31, 2019. The higher loss is principally due to impairment losses from a write-off of goodwill of $11,222,291 and technology and other assets of $2,700,540.


BIONIK had cash and cash equivalents of $2,269,747 as of March 31, 2020, compared with $446,779 as of March 31, 2019. The Company’s working capital surplus was $626,923 as of March 31, 2020, compared a surplus of $479,408 as of March 31, 2019.






About BIONIK Laboratories Corp.


BIONIK Laboratories is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and three products in varying stages of development.


For more information, please visit www.BIONIKlabs.com and connect with us on Twitter, LinkedIn, and Facebook.


Forward-Looking Statements


Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "should," "would," "will," "could," "scheduled," "expect," "anticipate," "estimate," "believe," "intend," "seek," or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of robotic rehabilitation products and other Company products, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, pipeline of potential sales, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the market and projected market for our existing and planned products and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances, and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions, and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the inability to meet listing standards to uplist to a national stock exchange, the significant length of time and resources associated with the development of our products and related insufficient cash flows and resulting illiquidity, the impact on the Company’s business as a result of the Covid-19 pandemic, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, volatility in the price of the Company's raw materials, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company does not undertake to update these forward-looking statements.


Media contact:

Matthew Bretzius
FischTank PR





BIONIK Laboratories Corp.
Consolidated Balance Sheets

(Amounts expressed in US Dollars)


   As at   As at 
   March 31,2020
   March 31, 2019
Cash and cash equivalents   2,269,747    446,779 
Accounts receivable, net of allowance for doubtful accounts of $167,500 (March 31, 2019 - $Nil)   846,964    1,523,193 
Prepaid expenses and other receivables   1,632,555    1,355,032 
Inventories   1,059,462    405,682 
Due from related parties   17,840    18,585 
Total Current Assets   5,826,568    3,749,271 
Equipment   154,144    192,528 
Technology and other assets   1,449,924    4,427,722 
Goodwill   11,085,984    22,308,275 
Total Assets   18,516,620    30,677,796 
Liabilities and Shareholders' Equity          
Accounts Payable   857,093    1,148,852 
Accrued liabilities   1,647,656    1,653,233 
Demand Loans   2,078,833    - 
Deferred revenue - Contract Liabilities   616,063    467,778 
Total Current Liabilities   5,199,645    3,269,863 
Shareholders' Equity          
Preferred Stock, par value $0.001; Authorized 10,000,000 Special Voting Preferred Stock, par value          
$0.001; Authorized; Issued and outstanding - 1 (March 31, 2019 – 1)   -    - 
Common Shares, par value $0.001; Authorized - 500,000,000; Issued and outstanding 5,009,151 and 117,683 Exchangeable Shares (March 31, 2019 – 3,661,838 and 196,799 Exchangeable Shares)   5,126    3,858 
Additional paid in capital   84,643,570    73,719,299 
Deficit   (71,373,870)   (46,357,373)
Accumulated other comprehensive income   42,149    42,149 
Total Shareholders' Equity   13,316,975    27,407,933 
Total Liabilities and Shareholders' Equity   18,516,620    30,677,796 





BIONIK Laboratories Corp.
Consolidated Statements of Operations and Comprehensive Loss

For the years ended March 31, 2020 and 2019
(Amounts expressed in U.S. Dollars)  


   March 31, 2020
   March 31, 2019
Sales   2,153,354    3,246,038 
Cost of Sales   893,374    1,630,166 
Gross Margin   1,259,980    1,615,872 
Operating expenses          
Sales and marketing   2,172,972    2,339,359 
Research and development   3,889,461    3,174,892 
General and administrative   4,199,400    3,893,393 
Share-based compensation expense   1,781,612    1,347,399 
Amortization   277,258    278,997 
Depreciation   103,388    69,212 
Total operating expenses   12,424,091    11,103,252 
Other (income) expenses          
Goodwill impairment   11,222,291    - 
Technology and other assets impairment   2,700,540    - 
Accretion expense   -    3,266,918 
Fair Value Adjustment   -    (337,923)
Gain/Loss on mark to market re-evaluation   -    (2,048,697)
Other expense   181,914    262,596 
Other income   (100,165)   (73,166)
Foreign exchange   (152,194)   (507)
Total other (income) expenses   13,852,386)   1,069,221 
Net loss and comprehensive loss for the year   (25,016,497)   (10,556,601)
Loss per share - basic and diluted   (5.61)   (4.47)
Weighted average number of shares outstanding – basic and diluted   4,455,755    2,363,107 




BIONIK Laboratories Corp.

Consolidated Statements of Changes in Shareholders' Equity

For the years ended March 31, 2020 and March 31, 2019

(Amounts expressed in U.S. Dollars)


    Special Voting     Common Shares     Paid             Comprehensive        
    Shares     Total     Amount     Shares     Amount     in Capital     Deficit     Income  
          $           $     $     $     $     $  
Balance, March 31, 2018     1       -       1,664,002       1,664       56,195,541       (35,776,340 )     42,149       20,463,014  
Conversion of Promissory notes     -       -       263,639       264       2,470,358       -       -       2,470,622  
Conversion of Promissory notes - July 20, 2018     -       -       683,395       683       4,732,170       -       -       4,732,853  
Conversion of Promissory notes - March 28, 2019     -       -       1,247,099       1,247       6,009,370       -       -       6,010,617  
Stock option and warrant reclassification     -               -       -       1,173,534       -       -       1,173,534  
Share compensation expense     -       -       -       -       1,347,399       -       -       1,347,399  
Fair value of Anti-dilution feature     -       -       -       -       1,766,495       -       -       1,766,495  
Loss on warrant down round feature     -       -       -       -       24,432       (24,432 )     -       -  
Net loss for the year     -       -       -       -       -       (10,556,601 )     -       (10,556,601 )
Adjustment due to 1:150 share consolidation round-up     -       -       502       -       -       -       -       -  
Balance, March 31, 2019     1       -       3,858,637       3,858       73,719,299       (46,357,373 )     42,149       27,407,933  
Share compensation expense                                     1,781,612                       1,781,612  
Conversion of Promissory Notes                     1,268,191       1,268       9,142,659                       9.143,927  
Net Loss for the Year Adjustment due to 1:50 share consolidation round-up                     6                       (25,016,497 )             (25,016497 )
Balance March 31, 2020     1               5,126,834       5,126       84,643,570       (71,373,870 )     42,149       13,316,975  





BIONIK Laboratories Corp.
Consolidated Statements of Cash Flows
For the years ended March 31, 2020 and 2019
(Amounts expressed in U.S. Dollars)


   March 31, 2020   March 31, 2019 
   $   $ 
Operating activities          
Net loss for the year   (25,016,497)   (10,556,601)
Adjustment for items not affecting cash          
Depreciation   103,388    69,212 
Amortization   277,258    278,997 
Write-off of demonstration equipment   94,641    - 
Goodwill impairment   11,222,291    - 
Technology and other assets impairment   2,700,540    - 
Interest expense   176,593    255,833 
Share based compensation expense   1,781,612    1,347,399 
Accretion expense   -    3,266,918 
Fair Value Adjustment   -    (337,923)
Gain/Loss on mark to market re-evaluation   -    (2,048,697)
Allowance for doubtful accounts   167,500    (19,694)
    (8,492,674)   (7,744,556)
Changes in non-cash working capital items          
Accounts receivable   508,729    (1,290,769)
Prepaid expenses and other receivables   (277,523)   (921,377)
Due from related parties   745    312 
Inventories   (653,780)   (168,239)
Accounts payable   (291,759)   424,179 
Accrued liabilities   (5,577)   122,928 
Deferred revenue   148,285    345,111 
Net cash (used in) operating activities   (9,063,554)   (9,232,411)
Investing activities          
Acquisition of equipment   (159,645)   (101,779)
Net cash (used in) investing activities   (159,645)   (101,779)
Financing activities          
Proceeds from convertible loans   2,070,000    - 
Proceeds from convertible loans   9,000,000    9,326,633 
Repayment of Demand notes principal   -    (50,000)
Repayment of Demand notes interest        (2,975)
Proceeds from short-term loan   500,000    - 
Repayment of short-term loan   (523,833)   - 
Net cash provided by financing activities   11,046,167    9,273,658 
Net increase (decrease) in cash and cash equivalents for the year   1,822,968    (60,532)
Cash and cash equivalents, beginning of the year   446,779    507,311 
Cash and cash equivalents, end of the year   2,269,747    446,779