BioSyent Releases Q2 and H1 2017 Results

TORONTO, Aug. 16, 2017 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”) (TSX Venture:RX) released today a summary of its financial results for the three and six months ended June 30, 2017. Key highlights include:

• Record second quarter (Q2) 2017 Net Revenues of $5,636,405 increased by 29% versus Q2 2016
• First half (H1) 2017 Net Revenues of $9,457,667 increased by 16% versus H1 2016
• Q2 2017 Pharmaceutical Net Revenues of $5,075,518 increased by 27% versus Q2 2016 with Canadian Pharmaceutical Net Revenues of $4,335,998 increasing by 16% versus Q2 2016 and International Pharmaceutical Net Revenues of $739,520 increasing by 188% versus Q2 2016
• H1 2017 Pharmaceutical Net Revenues of $8,728,352 increased by 16% versus H1 2016 with Canadian Pharmaceutical Net Revenues of $7,690,695 increasing by 9% versus H1 2016 and International Pharmaceutical Net Revenues of $1,037,657 increasing by 103% versus H1 2016
• Q2 2017 EBITDA¹ of $2,023,234 increased by 45% versus Q2 2016
• H1 2017 EBITDA¹ of $3,214,558 increased by 21% versus H1 2016
• Q2 2017 Net Income After Tax (NIAT) of $1,552,918 increased by 53% versus Q2 2016
• H1 2017 NIAT of $2,454,474 increased by 25% versus H1 2016
• Q2 2017 NIAT percentage to Net Revenues of 28% compares to 23% in Q2 2016
• H1 2017 NIAT percentage to Net Revenues of 26% compares to 24% in H1 2016
• Q2 2017 Fully Diluted EPS of $0.11 was 57% higher than Q2 2016 Fully Diluted EPS of $0.07
• H1 2017 Fully Diluted EPS of $0.17 was 21% higher than H1 2016 Fully Diluted EPS of $0.14
• Trailing Twelve Months Fully Diluted EPS of $0.33 for the twelve months ended June 30, 2017 was 22% higher as compared to $0.27 for the twelve months ended June 30, 2016
• As at June 30, 2017, the Company had cash, cash equivalents, and short term investments totalling $14,702,627 as compared to $13,739,286 as at December 31, 2016 – a 7% increase
• At June 30, 2017, the Company remained free of debt and had available total credit facilities of $2,559,000 including an unutilized revolving demand credit facility of $1,500,000
• Total Shareholders’ Equity increased by 16% from $16,726,716 at December 31, 2016 to $19,359,333 at June 30, 2017
• Trailing Twelve Months Return on Equity for the twelve months ended June 30, 2017 was 33%

“Q2 2017 was a record quarter for BioSyent, bolstered by our established brands and by continued growth in our international markets,” commented René Goehrum, President and CEO of BioSyent.  “We are pleased to have delivered a 28% net margin along with strong sales growth in the second quarter.  While we continue to invest in growing our launch brands, our overall H1 2017 sales growth of 16% is in line with our expectations and the solid net margin of 26% for H1 2017 is in line with our strategy of delivering profitable growth.”

The CEO’s presentation on the Q2 2017 Results is available at the following link: www.biosyent.com/q2-17/

The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2017 and 2016 will be posted on www.sedar.com on August 16, 2017.

PDFs accompanying this announcement are available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/9657b5a9-1b69-44c8-b32d-199a7cdb2bcb

http://www.globenewswire.com/NewsRoom/AttachmentNg/0af057bb-181d-4ecd-97ae-897aefc0b577

The Company also announces the grant of 5,924  incentive stock options to an employee of the Company. These incentive stock options are exercisable at a price of $6.85 up to August 18, 2025.

The Company also wishes to announce that its Board of Directors has passed a resolution to grant 5,921 stock options to a member of senior management of the Company.  The option grant is made under the Company’s Incentive Stock Option Plan re-approved by shareholders on May 24, 2017.  Each option entitles the optionee to purchase one common share of the Company at an exercise price of $8.60.  Upon vesting, these options are excerciseable for a period of ten years from the date of grant.

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 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 14,476,353 shares issued and outstanding.

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.

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