TORONTO, ONTARIO--(May 13, 2015) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its First Quarter (Q1 2015) financial results. Key highlights include:
Total sales for Q1 2015 of $3,306,100, were 35% higher compared to $2,448,101 in the corresponding prior year period.
EBITDA1 for Q1 2015 of $1,314,324 was 92% higher than $686,283 in Q1 2014.
Q1 2015 Net Income After Tax of $962,712 increased by 88% over $511,421in Q1 2014.
Working capital, which is the difference between current assets and current liabilities, increased by 13% from $7,786,460 as at December 31, 2014 to $8,824,549 as at March 31, 2015.
Total Shareholder's Equity increased by 13% from $8,160,092 at December 31, 2014 to $9,190,388 at March 31, 2015.
"Our first quarter results were powered by our Canadian pharma business" commented René Goehrum, President and CEO of BioSyent. "In Canada, both FeraMAX 150® and RepaGyn® had their best quarter of shipments ever. This was backed up with strong year over year growth for Cathejell™ at +107% and FeraMAX Powder® at +122% versus Q1 of 2014. Our growing order backlog for FeraMAX® international customers points to good progress in that business as well."
The CEO presentation on the First Quarter of 2015 is available at the following link www.biosyent.com/q1-15/
The Company's Consolidated Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on May 13, 2015.
For a direct market quote (15 minutes delay) for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.
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 13,871,195 shares issued and outstanding.
|Interim Unaudited Consolidated Statement of Comprehensive Income|
|In Canadian Dollars||Q1 2015||Q1 2014||% Change|
|Cost Of Goods Sold||708,735||539,524||31||%|
|Total Operating Expense||1,277,432||1,220,905||5||%|
|Net Income Before Tax||1,319,933||687,672||92||%|
|Tax (including Deferred Tax)||357,221||176,251||NA|
|Net Income After Tax||962,712||511,421||88||%|
|Net Income After Tax % to Sales||29||%||21||%|
|EBITDA % to Sales||40||%||28||%|
1EBITDA - is a Non-IFRS Financial Measure. The term EBITDA does not have any standardized meaning under International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest income or expense, income taxes, depreciation and amortization.
|INTERIM UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION|
|Prepaid expenses & deposits||236,622||203,532||16||%|
|Cash & Cash Equivalents||5,741,620||6,989,171||-18||%|
|TOTAL NON CURRENT ASSETS||$||389,214||$||397,007||-2||%|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Deferred Tax Liability||23,375||23,375||0||%|
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY||10,880,925||10,644,907||2||%|
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.
Mr. Rene C. Goehrum
President and CEO