MISSISSAUGA, Ontario, Nov. 26, 2020 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its financial results for the three and nine months ended September 30, 2020. Key highlights include:
- Third quarter (Q3) 2020 Net Revenues of $5,771,739 decreased by 7% versus Q3 2019
- First nine months (YTD) 2020 Net Revenues of $16,605,840 increased by 5% versus YTD 2019
- Q3 2020 Canadian Pharmaceutical Net Revenues of $5,470,569 increased by 14% versus Q3 2019
- YTD 2020 Canadian Pharmaceutical Net Revenues of $15,842,030 increased by 14% versus YTD 2019
- Q3 2020 International Pharmaceutical Net Revenues of $6,306 decreased by 99% versus Q3 2019 in which a backlog of International Pharmaceutical orders shipped concurrently
- YTD 2020 International Pharmaceutical Net Revenues of $168,471 decreased by 83% versus YTD 2019
- Q3 2020 EBITDA1 of $1,399,781 decreased by 29% versus Q3 2019
- YTD 2020 EBITDA1 of $4,460,350 increased by 10% versus YTD 2019
- Q3 2020 Net Income After Taxes (NIAT) of $955,909 decreased by 38% versus Q3 2019
- YTD 2020 NIAT of $3,129,633 decreased by 2% versus YTD 2019
- Q3 2020 NIAT percentage to Net Revenues of 17% compares to 25% in Q3 2019
- YTD 2020 NIAT percentage to Net Revenues of 19% compares to 20% in YTD 2019
- Q3 2020 Fully Diluted EPS of $0.07 was $0.04 lower than Q3 2019 Fully Diluted EPS of $0.11
- YTD 2020 Fully Diluted EPS of $0.24 was $0.01 higher than YTD 2019 Fully Diluted EPS of $0.23
- Fully Diluted EPS for the Trailing Twelve Months ended September 30, 2020 was $0.32 as compared to $0.34 for the Trailing Twelve Months ended September 30, 2019
- As at September 30, 2020, the Company had cash, cash equivalents, and short-term investments totalling $23,702,401 as compared to $21,973,477 as at December 31, 2019 – an 8% increase
- Total Shareholders’ Equity increased by 1% to $26,119,884 at September 30, 2020 from $25,794,510 at December 31, 2019
- Return on Equity for the Trailing Twelve Months ended September 30, 2020 was 17% as compared to 19% for the Trailing Twelve Months ended September 30, 2019
- During YTD 2020, repurchased and cancelled a total of 594,275 common shares under a Normal Course Issuer Bid (NCIB)
“We experienced double-digit growth in our core Canadian pharmaceutical business in both the third quarter and year-to-date 2020 periods as our brands showed continued resilience during this COVID-19 era,” commented Mr. Ren Goehrum, President and CEO of BioSyent. “Our overall sales growth was impacted during the period as a result of declines in our international pharmaceutical business and legacy business which have been negatively impacted by COVID-19. Our profit margin was impacted during the period as a result of significant re-investment in the Canadian pharmaceutical business, including product development and new product launches, as we lay the foundations for future growth. We continue to invest and make progress on a number of long-term growth initiatives, including the recent launches of Tibella® and FeraMAX® Pd Therapeutic 150, as well as the upcoming launches of Combogesic® and a new women’s health product in-licensed last month. This product launch schedule is ambitious and we look forward to reporting on the continued progress of these exciting initiatives which will significantly expand our Canadian pharmaceutical business.”