TORONTO, Nov. 21, 2018 (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, 2018. Key highlights include:
- Third quarter (Q3) 2018 Net Revenues of $5,259,493 decreased by 3% versus Q3 2017
- First nine months (YTD) 2018 Net Revenues of $15,616,063 increased by 5% versus YTD 2017
- Q3 2018 Canadian Pharmaceutical Net Revenues of $4,709,409 increased by 11% versus Q3 2017 and International Pharmaceutical
Net Revenues of $281,801 decreased by 51% versus Q3 2017
- YTD 2018 Canadian Pharmaceutical Net Revenues of $13,506,185 increased by 13% versus YTD 2017 and International
Pharmaceutical Net Revenues of $1,359,125 decreased by 15% versus YTD 2017
- Q3 2018 EBITDA1 of $1,729,585 decreased by 1% versus Q3 2017
- YTD 2018 EBITDA1 of $5,295,990 increased by 7% versus YTD 2017
- Q3 2018 Net Income After Tax (NIAT) of $1,270,613 decreased by 2% versus Q3 2017
- YTD 2018 NIAT of $4,033,976 increased by 8% versus YTD 2017
- Q3 2018 NIAT percentage to Net Revenues of 24% compares to 24% in Q3 2017
- YTD 2018 NIAT percentage to Net Revenues of 26% compares to 25% in YTD 2017
- Q3 2018 Fully Diluted EPS of $0.09 compares to $0.09 Fully Diluted EPS for Q3 2017
- YTD 2018 Fully Diluted EPS of $0.28 was $0.02 higher than YTD 2017 Fully Diluted EPS of $0.26
- Fully Diluted EPS for the Trailing Twelve Months ended September 30, 2018 was $0.38 as compared to $0.34 for the Trailing
Twelve Months ended September 30, 2017
- As at September 30, 2018, the Company had cash, cash equivalents, and short term investments totalling $22,604,792 as
compared to $19,338,435 as at December 31, 2017 – a 17% increase
- Total Shareholders’ Equity increased by 20% from $22,212,927 at December 31, 2017 to $26,554,310 at September 30, 2018
- Return on Equity for the Trailing Twelve Months ended September 30, 2018 was 24%
“Q3 2018 marked BioSyent’s 33rd consecutive profitable quarter,” noted René Goehrum, President and
CEO of BioSyent. “Our Canadian pharmaceutical business delivered 11% growth during the quarter, with growth generated from
across our product portfolio. Our International pharmaceutical business faced some challenges due to trade restrictions in a
particular export market which resulted in reductions in the number and size of planned international FeraMAX® shipments
during the quarter. While we don’t expect these challenges to persist over the long-term, we anticipate further instability
in international FeraMAX® sales in the near-term. Growth in our Legacy Business during the quarter also declined
when compared with a particularly strong Q3 2017. Although there was an overall decline of 3% in total Company sales for the
third quarter of 2018 versus Q3 2017, we are nevertheless encouraged by continued growth in our core pharmaceutical business in
Canada.
The CEO’s presentation on the Q3 2018 Results is available at the following link: www.biosyent.com/q3-18/.
The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and
Analysis for the three and nine months ended September 30, 2018 and 2017 will be posted on www.sedar.com on November 21, 2018.
The Interim Unaudited Condensed Consolidated Financial Statements are available at: http://resource.globenewswire.com/Resource/Download/dcd37611-f54b-442c-8c27-4bf8d6af7b5c
The Management's Discussion and Analysis is available at: http://resource.globenewswire.com/Resource/Download/8a806b81-b2ec-44af-82c2-521c397b27d4
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 14,521,154 common shares issued and outstanding.
| |
| BioSyent Inc. |
| Interim Unaudited Condensed
Consolidated Statements of Comprehensive Income |
| |
In Canadian Dollars |
Q3 2018 |
|
Q3 2017 |
|
% Change |
|
YTD 2018 |
|
YTD 2017 |
|
% Change |
|
| Net Revenues |
5,259,493 |
|
5,403,600 |
|
-3% |
|
15,616,063 |
|
14,861,267 |
|
5% |
|
| Cost Of Goods Sold |
1,155,171 |
|
1,210,062 |
|
-5% |
|
3,542,971 |
|
3,397,110 |
|
4% |
|
| Gross Profit |
4,104,322 |
|
4,193,538 |
|
-2% |
|
12,073,092 |
|
11,464,157 |
|
5% |
|
| Operating Expenses and Finance
Income |
2,337,926 |
|
2,478,475 |
|
-6% |
|
6,694,457 |
|
6,563,440 |
|
2% |
|
| Net Income Before Tax |
1,766,396 |
|
1,715,063 |
|
3% |
|
5,378,635 |
|
4,900,717 |
|
10% |
|
| Tax (including Deferred
Tax) |
495,783 |
|
420,488 |
|
18% |
|
1,344,659 |
|
1,151,668 |
|
17% |
|
| Net Income After Tax |
1,270,613 |
|
1,294,575 |
|
-2% |
|
4,033,976 |
|
3,749,049 |
|
8% |
|
| Net Income After Tax % to Net
Revenues |
24% |
|
24% |
|
|
26% |
|
25% |
|
|
| EBITDA |
1,729,585 |
|
1,735,580 |
|
-1% |
|
5,295,990 |
|
4,949,818 |
|
7% |
|
| EBITDA %
to Net Revenues |
33% |
|
32% |
|
|
34% |
|
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, 2018 |
December 31, 2017 |
%
Change |
| ASSETS |
|
|
|
| |
|
|
|
| Trade and other receivables |
$ |
2,297,192 |
$ |
2,236,695 |
3 |
% |
| Inventory |
|
1,340,010 |
|
908,825 |
47 |
% |
| Prepaid expenses and deposits |
|
470,760 |
|
147,326 |
220 |
% |
| Income tax recoverable |
|
- |
|
71,924 |
-100 |
% |
| Derivative asset |
|
37,884 |
|
- |
100 |
% |
| Cash, cash equivalents and short-term investments |
|
22,604,792 |
|
19,338,435 |
17 |
% |
| Current Assets |
|
26,750,638 |
|
22,703,205 |
18 |
% |
| |
|
|
|
| Equipment |
|
256,769 |
|
290,926 |
-12 |
% |
| Intangible assets |
|
1,925,878 |
|
1,670,210 |
15 |
% |
| Loans receivable |
|
396,806 |
|
393,860 |
1 |
% |
| Deferred tax asset |
|
42,518 |
|
46,647 |
-9 |
% |
| TOTAL NON CURRENT ASSETS |
|
2,621,971 |
|
2,401,643 |
9 |
% |
| |
|
|
|
| TOTAL ASSETS |
$ |
29,372,609 |
$ |
25,104,848 |
17 |
% |
| |
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
| |
|
|
|
| Current liabilities |
$ |
2,461,743 |
$ |
2,615,594 |
-6 |
% |
| Deferred tax liability |
|
356,556 |
|
276,327 |
29 |
% |
| Long term debt |
|
- |
|
- |
0 |
% |
| Total Equity |
|
26,554,310 |
|
22,212,927 |
20 |
% |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
29,372,609 |
$ |
25,104,848 |
17 |
% |
| |
|
|
|
|
|
|
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.
