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 |
% |
|
- 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
