BioSyent Releases Results for Third Quarter and First Nine Months of 2017

TORONTO, Nov. 15, 2017 (GLOBE NEWSWIRE) — BioSyent Inc. (“BioSyent”) (TSX Venture:RX) released today a summary of its financial results for the three and nine months ended September 30, 2017. Key highlights include:

  • Third quarter (Q3) 2017 Net Revenues of $5,403,600 increased by 13% versus Q3 2016
  • First nine months (YTD) 2017 Net Revenues of $14,861,267 increased by 15% versus YTD 2016
  • Q3 2017 Pharmaceutical Net Revenues of $4,799,039 increased by 15% versus Q3 2016
  • Q3 2017 Canadian Pharmaceutical Net Revenues of $4,228,711 increased by 16% versus Q3 2016 and International Pharmaceutical Net Revenues of $570,328 increased by 5% versus Q3 2016
  • YTD 2017 Pharmaceutical Net Revenues of $13,527,391 increased by 15% versus YTD 2016
  • YTD 2017 Canadian Pharmaceutical Net Revenues of $11,919,406 increased by 12% versus YTD 2016 and International Pharmaceutical Net Revenues of $1,607,985 increased by 53% versus YTD 2016
  • Q3 2017 EBITDA1 of $1,735,580 increased by 5% versus Q3 2016
  • YTD 2017 EBITDA1 of $4,949,818 increased by 15% versus YTD 2016
  • Q3 2017 Net Income After Tax (NIAT) of $1,294,575 increased by 4% versus Q3 2016
  • YTD 2017 NIAT of $3,749,049 increased by 17% versus YTD 2016
  • Q3 2017 NIAT percentage to Net Revenues of 24% compares to 26% in Q3 2016
  • YTD 2017 NIAT percentage to Net Revenues of 25% compares to 25% in YTD 2016
  • Q3 2017 Fully Diluted EPS of $0.09 was 13% higher than Q3 2016 Fully Diluted EPS of $0.08
  • YTD 2017 Fully Diluted EPS of $0.26 was 18% higher than YTD 2016 Fully Diluted EPS of $0.22
  • Trailing Twelve Months Fully Diluted EPS of $0.34 for the twelve months ended September 30, 2017 was 26% higher as compared to $0.27 for the twelve months ended September 30, 2016
  • As at September 30, 2017, the Company had cash, cash equivalents, and short term investments totalling $16,509,281 as compared to $13,739,286 as at December 31, 2016 – a 20% increase
  • At September 30, 2017, the Company remained free of debt and had available total credit facilities of $2,560,000 including an unutilized revolving demand credit facility of $1,500,000
  • Total Shareholders’ Equity increased by 24% from $16,726,716 at December 31, 2016 to $20,739,115 at September 30, 2017
  • Trailing Twelve Months Return on Equity for the twelve months ended September 30, 2017 was 27%

“Our pharmaceutical business showed continued momentum in Q3 2017, with sales growing by 15% over Q3 2016,” commented René Goehrum, President and CEO of BioSyent.  “With continued organic growth in our Canadian business from our existing product portfolio and growing demand in our International markets, we expect the momentum in our pharmaceutical business to continue.”

The CEO’s presentation on the Q3 2017 Results is available at the following link: www.biosyent.com/q3-17/

The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2017 and 2016 will be posted on www.sedar.com on November 15, 2017.

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

PDFs accompanying this announcement are available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/c8a86d1f-5bfd-41b5-8222-51f5b8da623d

http://www.globenewswire.com/NewsRoom/AttachmentNg/b1dce78e-8293-462c-b0a6-928f9aee57f1

About BioSyent Inc.

Listed on the TSX Venture Exchange under the trading symbol “RX”, BioSyent is a profitable growth-oriented specialty pharmaceutical company focused on in-licensing or acquiring innovative pharmaceutical and other healthcare products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients.  BioSyent supports the healthcare professionals that treat these patients by marketing its products through its community, hospital and international business units.

As of the date of this press release, the Company has 14,491,295 shares issued and outstanding.

BioSyent Inc.
Interim Unaudited Condensed Consolidated Statements of Comprehensive Income
             
In Canadian Dollars Q3 2017   Q3 2016   % Change YTD 2017   YTD 2016   % Change
Net Revenues 5,403,600   4,766,786   13 % 14,861,267   12,912,602   15 %
Cost Of Goods Sold 1,210,062   1,058,933   14 % 3,397,110   2,653,435   28 %
Gross Profit 4,193,538   3,707,853   13 % 11,464,157   10,259,167   12 %
Operating Expenses and Finance Income 2,478,475   2,094,024   18 % 6,563,440   5,950,402   10 %
Net Income Before Tax 1,715,063   1,613,829   6 % 4,900,717   4,308,765   14 %
Tax (including Deferred Tax) 420,488     366,449   15 % 1,151,668     1,094,082   5 %
Net Income After Tax 1,294,575   1,247,380   4 % 3,749,049   3,214,683   17 %
Net Income After Tax % to Net Revenues 24 % 26 %   25 % 25 %  
EBITDA 1,735,580   1,646,621   5 % 4,949,818   4,309,033   15 %
EBITDA % to Net Revenues 32 % 35 %   33 % 33 %  
  1. EBITDA –  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.
 
BioSyent Inc.
Interim Unaudited Condensed Consolidated Statements of Financial Position
 
       
AS AT   September 30, 2017  December 31, 2016 % Change
ASSETS      
       
Trade and other receivables $   2,503,193 $   1,941,177 29 %
Inventory     1,275,050     1,560,050 -18 %
Prepaid expenses and deposits     307,958     269,704 14 %
Income tax recoverable     57,942      –  
Derivative asset     –     32,025 -100 %
Cash, cash equivalents and short-term investments     16,509,281     13,739,286 20 %
Current Assets     20,653,424     17,542,242 18 %
       
Equipment      323,425     291,331 11 %
Intangible assets     1,569,469     1,277,235 23 %
Loans receivable     391,500     –  
Deferred tax asset     88,462     137,375 -36 %
TOTAL NON CURRENT ASSETS     2,372,856     1,705,941 39 %
       
TOTAL ASSETS $   23,026,280 $   19,248,183 20 %
       
LIABILITIES AND SHAREHOLDERS’ EQUITY      
       
Current liabilities $   2,094,016 $   2,358,226 -11 %
Deferred tax liability     193,149     163,241 18 %
             
Long term debt     –     – 0 %
Total Equity     20,739,115     16,726,716 24 %
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $   23,026,280 $   19,248,183 20 %
             

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. 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

For further information please contact:

Mr. René C. Goehrum 
President and CEO
BioSyent Inc.
Tel: (905) 206-0013
E-Mail: investors@biosyent.com
Web: www.biosyent.com