Category: Pharmaceuticals

BioSyent Inc ( RX )

Published: 16 May 2014
Written by Editor
TSX Venture   Financial Results   Up on News  

BioSyent Releases First Quarter 2014 Results-Sales Increase 59%, Net Income After Tax Up 49%

TORONTO, ONTARIO-- May 16, 2014) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its First Quarter (Q1 2014) financial results. Key highlights include:

  • Q1 2014 Sales of $2,448,101 increased by 59% versus Q1 2013
  • Q1 2014 Revenue has grown at a compound annual growth rate (CAGR) of 65% over the corresponding quarters of the last three years
  • Q1 2014 Pharmaceutical Sales of $2,343,008 were up 79% versus Q1 2013
  • Eighteen consecutive quarters of continued pharmaceutical sales growth
  • Repeat orders for FeraMAX® 150 international customer
  • Net Income Before Tax of $687,672 increased by 43% in Q1 2014 versus Q1 2013
  • Q1 2014 Net Income After Tax of $511,421 increased by 49% versus Q1 2013
  • Q1 2014 Diluted EPS of $0.04 versus $0.02 in Q1 2013
  • Trailing twelve months (TTM) fully diluted EPS of $0.15
  • The company remains debt-free and has an unutilized operating line of credit with Royal Bank of Canada
  • Selected as a TSX Venture 50 Top Performer for three consecutive years - 2012, 2013 and 2014
  • 2 new Urgent Care products awaiting Health Canada marketing approval
  • Pre-launch activity for a new Women's Health product - launch planned for second quarter of 2014
  • Pre-launch activity for a new Gastrointestinal Health product - launch planned for fourth quarter of 2014

Total sales for Q1 2014 of $2,448,101, were 59% higher compared to $1,541,843 in the corresponding prior year period.

Pharmaceutical Sales in Q1 2014 increased by 79% from $1,307,510 in Q1 2013 to $2,343,008 in Q1 2014.

Net Income Before Tax for Q1 2014 was $687,672, which was 43% higher than $481,963 in Q1 2013.

Net Income After Tax increased by 49% from $344,410 in Q1 2013 to $511,421 in Q1 2014. The Total Comprehensive Income of $515,667 for Q1 2014 was 48% higher than that of $348,354 in Q1 2013.

Earnings per share (EPS) - Basic EPS was $0.04 in Q1 2014 vs. $0.03 in Q1 2013. Diluted EPS in Q1 2014 was $0.04 vs. $0.02 in Q1 2013.

Working capital, which is the difference between current assets and current liabilities, increased by 13% from $4,405,910 as at December 31, 2013 to $4,979,762 as at March 31, 2014. Total Cash included in working capital on March 31, 2014 is $4,381,137. Total Shareholder's Equity increased by 12% from $4,854,630 at December 31, 2013 to $5,445,050 at March 31, 2014.

The Company plans to launch a new Women's Health product in the second quarter of 2014.

On March 04, 2014 BioSyent Pharma in-licensed a new Gastrointestinal Health product from an existing European partner. This product is approved by Health Canada and is being prepared for launch in Q4 2014.

The Company's Consolidated Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on May 16, 2014.

For a direct market quote (15 minutes delay) for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.

BioSyent will also release a CEO presentation on the First Quarter at the following link www.biosyent.com/q1/.

About BioSyent Inc.

Listed on the Toronto Venture Exchange under the trading symbol "RX", BioSyent is a profitable growth oriented specialty pharmaceutical company which searches the globe to in-license or acquire innovative pharmaceutical products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients and supporting the healthcare professionals that treat them.

Once a product of interest has been found, BioSyent then acquires the exclusive rights to the product and manages it through the Canadian governmental regulatory approval process. Once approved, BioSyent markets the product throughout Canada.

At the date of this press release the Company had 13,776,195 shares issued and outstanding.

   
BioSyent Inc.  
   
Interim Unaudited Consolidated Statement of Comprehensive Income  
   
      3 Months Ended March 31  
         
             
             
In Canadian Dollars Q1 2014   Q1 2013   % Change  
Revenues 2,448,101   1,541,843   59 %
Cost Of Goods Sold 539,524   308,469   75 %
Gross Profit 1,908,577   1,233,374   55 %
Total Operating Expense 1,220,905   751,411   62 %
Profit Before Tax 687,672   481,963   43 %
Tax (including Deferred Tax) 176,251   137,553   NA  
Profit After Tax 511,421   344,410   48 %
Profit After Tax % to Sales 21 % 22 %    
   
BIOSYENT INC.  
   
INTERIM UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT  
             
AS AT   March 31, 2014   December 31, 2013 % Change  
             
ASSETS            
             
Receivables   1,416,061   585,519 142 %
Inventory   619,199   522,787 18 %
Prepaid expenses & deposits   112,601   136,511 -18 %
Cash & Cash Equivalents   3,787,138   4,381,137 -14 %
Current Assets   5,934,999   5,625,954 5 %
             
Equipment   169,498   141,025 20 %
Intangible Assets   52,994   52,994    
Deferred Tax   259,654   271,559 -4 %
TOTAL NON CURRENT ASSETS $ 482,146 $ 465,578 4 %
             
TOTAL ASSETS   6,417,145   6,091,532 5 %
             
LIABILITIES AND SHAREHOLDERS' EQUITY            
             
Current Liabilities   955,237   1,220,044 -22 %
Deferred Tax Liability   16,858   16,858    
Total Equity   5,445,050   4,854,630 12 %
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   6,417,145   6,091,532 5 %

This press release may contain information or statements that are forward-looking. The contents herein represent our judgment, as at the release date, and are subject to risks and uncertainties that may cause actual results or outcomes to be materially different from the forward-looking information or statements. Potential risks may include, but are not limited to, those associated with clinical trials, product development, future revenue, operations, profitability and obtaining regulatory approvals.

The TSX Venture Exchange assumes no responsibility for the accuracy of this release and neither approves nor disapproves of the same.

Contact:

BioSyent Inc.
Mr. Rene C. Goehrum
President and CEO
(905) 206-0013
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.biosyent.com