TORONTO, March 21, 2018 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”) (TSX Venture:RX) released today a summary
of its financial results for the three and twelve months ended December 31, 2017. Key highlights include:
- Fourth quarter (Q4) 2017 Net Revenues of $5,901,488 increased by 18% versus Q4 2016
- Full Year (FY) 2017 Net Revenues of $20,762,755 increased by 16% versus FY 2016
- Q4 2017 Canadian Pharmaceutical Net Revenues of $4,937,297 increased by 12% versus Q4 2016 and International Pharmaceutical
Net Revenues of $868,917 increased by 75% versus Q4 2016
- FY 2017 Canadian Pharmaceutical Net Revenues of $16,856,703 increased by 12% versus FY 2016 and International Pharmaceutical
Net Revenues of $2,476,902 increased by 60% versus FY 2016
- Q4 2017 EBITDA1 of $1,961,159 increased by 23% versus Q4 2016
- FY 2017 EBITDA1 of $6,910,977 increased by 17% versus FY 2016
- Q4 2017 Net Income After Tax (NIAT) of $1,457,228 increased by 33% versus Q4 2016
- FY 2017 NIAT of $5,206,277 increased by 21% versus FY 2016
- Q4 2017 NIAT percentage to Net Revenues of 25% compares to 22% in Q4 2016
- FY 2017 NIAT percentage to Net Revenues of 25% compares to 24% in FY 2016
- Q4 2017 Fully Diluted EPS of $0.10 was 25% higher than Q4 2016 Fully Diluted EPS of $0.08
- FY 2017 Fully Diluted EPS of $0.36 was 20% higher than FY 2016 Fully Diluted EPS of $0.30
- As at December 31, 2017, the Company had cash, cash equivalents, and short term investments totalling $19,338,435 as compared
to $13,739,286 as at December 31, 2016 – a 41% increase
- Total Shareholders’ Equity increased by 33% from $16,726,716 at December 31, 2016 to $22,212,927 at December 31, 2017
- Return on Equity for 2017 was 27% as compared to 30% for 2016
“BioSyent had a strong finish to 2017 with both our Canadian and International Pharmaceutical businesses posting
record quarterly sales in Q4,” commented René Goehrum, President and CEO of BioSyent. “Overall, 2017 was a year of continued
organic growth, with our total sales of $20.8 million growing by 16% year-over-year. While we continued to shepherd three new
products through the regulatory approval process during the year, we maintained a net profit margin of 25%. Once these new
products are approved by Health Canada, they will add to the breadth and diversity of the Company’s product portfolio. We
look forward to the year ahead as we continue to grow our existing brands and strive to bring new, innovative pharmaceutical and
healthcare products to market.”
The CEO’s presentation on the Q4 and FY 2017 Results is available at the following link: www.biosyent.com/q4-17/
The Company’s Audited Consolidated Financial Statements and Management's Discussion and Analysis for the years
ended December 31, 2017 and 2016 will be posted on www.sedar.com on March 21, 2018.
For a direct market quote 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 14,509,095 shares issued and outstanding.
| BioSyent Inc. |
| Consolidated Statements of
Comprehensive Income |
| |
|
|
|
|
|
|
| In
Canadian Dollars |
Q4 2017 |
|
Q4 2016 |
|
% Change |
|
2017 |
|
2016 |
|
% Change |
|
| Net Revenues |
5,901,488 |
|
5,009,668 |
|
18 |
% |
20,762,755 |
|
17,922,270 |
|
16 |
% |
| Cost Of Goods Sold |
1,390,975 |
|
1,142,398 |
|
22 |
% |
4,788,085 |
|
3,795,833 |
|
26 |
% |
| Gross Profit |
4,510,513 |
|
3,867,270 |
|
17 |
% |
15,974,670 |
|
14,126,437 |
|
13 |
% |
| Operating Expenses and Finance
Income |
2,561,066 |
|
2,306,180 |
|
11 |
% |
9,124,506 |
|
8,256,582 |
|
11 |
% |
| Net Income Before Tax |
1,949,447 |
|
1,561,090 |
|
25 |
% |
6,850,164 |
|
5,869,855 |
|
17 |
% |
| Tax (including Deferred Tax) |
492,219 |
|
466,268 |
|
6 |
% |
1,643,887 |
|
1,560,350 |
|
5 |
% |
| Net Income After Tax |
1,457,228 |
|
1,094,822 |
|
33 |
% |
5,206,277 |
|
4,309,505 |
|
21 |
% |
| Net Income After Tax % to Net
Revenues |
25 |
% |
22 |
% |
|
25 |
% |
24 |
% |
|
| EBITDA |
1,961,159 |
|
1,591,047 |
|
23 |
% |
6,910,977 |
|
5,900,080 |
|
17 |
% |
| EBITDA % to
Net Revenues |
33 |
% |
32 |
% |
|
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. |
| Consolidated Statements of Financial
Position |
| |
| |
|
|
|
|
| AS AT |
|
December 31, 2017 |
December 31, 2016 |
% Change |
| ASSETS |
|
|
|
|
| |
|
|
|
|
| Trade and other receivables |
|
$ |
2,236,695 |
$ |
1,941,177 |
15 |
% |
| Inventory |
|
|
908,825 |
|
1,560,050 |
-42 |
% |
| Prepaid expenses and deposits |
|
|
147,326 |
|
269,704 |
-45 |
% |
| Income tax recoverable |
|
|
71,924 |
|
- |
|
| Derivative asset |
|
|
- |
|
32,025 |
-100 |
% |
| Cash, cash equivalents and short-term investments |
|
|
19,338,435 |
|
13,739,286 |
41 |
% |
| Current Assets |
|
|
22,703,205 |
|
17,542,242 |
29 |
% |
| |
|
|
|
|
| Equipment |
|
|
290,926 |
|
291,331 |
0 |
% |
| Intangible assets |
|
|
1,670,210 |
|
1,277,235 |
31 |
% |
| Loans receivable |
|
|
393,860 |
|
- |
|
| Deferred tax asset |
|
|
46,647 |
|
137,375 |
-66 |
% |
| TOTAL NON CURRENT ASSETS |
|
|
2,401,643 |
|
1,705,941 |
41 |
% |
| |
|
|
|
|
| TOTAL ASSETS |
|
$ |
25,104,848 |
$ |
19,248,183 |
30 |
% |
| |
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
| |
|
|
|
|
| Current liabilities |
|
$ |
2,615,594 |
$ |
2,358,226 |
11 |
% |
| Deferred tax liability |
|
|
276,327 |
|
163,241 |
69 |
% |
| Long term debt |
|
|
- |
|
- |
0 |
% |
| Total Equity |
|
|
22,212,927 |
|
16,726,716 |
33 |
% |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
25,104,848 |
$ |
19,248,183 |
30 |
% |
| |
|
|
|
|
|
|
|
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
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.
The Financial Statements accompanying this announcement are available at http://resource.globenewswire.com/Resource/Download/ab1ac254-8246-4c94-a01a-bc47c4e83a69
The Management's Discussion and Analysis accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/a9968c21-336e-4039-83b5-f7d0097962e8
