MISSISSAUGA, Ontario, Nov. 18, 2021 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its financial results for the three and nine months ended September 30, 2021. Key highlights include:
- Third quarter (Q3) 2021 Net Revenues of $6,690,419 increased by 16% versus Q3 2020
- Year-to-date (YTD) 2021 Net Revenues of $21,399,562 increased by 29% versus YTD 2020
- Canadian Pharmaceutical Net Revenues in Q3 2021 of $6,409,809 increased by 17% versus Q3 2020
- YTD 2021 Canadian Pharmaceutical Net Revenues of $19,313,894 increased by 22% versus YTD 2020
- Q3 2021 International Pharmaceutical Net Revenues of $Nil as compared to $6,306 in Q3 2020
- YTD 2021 International Pharmaceutical Net Revenues of $1,305,317 increased by 675% versus YTD 2020
- Q3 2021 EBITDA1 of $2,293,713 increased by 64% versus Q3 2020
- YTD 2021 EBITDA1 of $6,144,581 increased by 38% versus YTD 2020
- Q3 2021 Net Income After Taxes (NIAT) of $1,721,320 increased by 80% versus Q3 2020
- YTD 2021 NIAT of $4,403,762 increased by 41% versus YTD 2020
- Q3 2021 NIAT percentage to Net Revenues of 26% compares to 17% in Q3 2020
- YTD 2021 NIAT percentage to Net Revenues of 21% compares to 19% in YTD 2020
- Q3 2021 Fully Diluted EPS of $0.13 was $0.06 higher than Q3 2020 Fully Diluted EPS of $0.07
- YTD 2021 Fully Diluted EPS of $0.34 was $0.10 higher than YTD 2020 Fully Diluted EPS of $0.24
- Fully Diluted EPS for the Trailing Twelve Months ended September 30, 2021 was $0.39 as compared to $0.32 for the Trailing Twelve Months ended September 30, 2020
- As at September 30, 2021, the Company had cash, cash equivalents, and short-term investments totalling $27,101,933, a 6% increase as compared to $25,577,706 as at December 31, 2020
- Total Shareholders’ Equity increased by 13% to $30,332,390 at September 30, 2021 from $26,795,956 at December 31, 2020
- Return on Equity for the Trailing Twelve Months ended September 30, 2021 was 18% as compared to 17% for the Trailing Twelve Months ended September 30, 2020
- During YTD 2021, repurchased and cancelled a total of 79,700 common shares under a Normal Course Issuer Bid (NCIB)
“Q3 2021 marked BioSyent’s 45th consecutive profitable quarter as well as its most profitable quarter to date with record NIAT of $1,721,320 increasing by 80% over Q3 2020. Our established Canadian pharmaceutical brands, led by FeraMAX® Pd, continued to drive topline growth and profitability while we continued to invest in launch brands, resulting in a healthy 26% net profit margin overall in the quarter. Together with growth contributed by launch brands, Tibella® and Combogesic®, Canadian pharmaceutical sales showed double-digit growth overall for the quarter as we navigated through the ongoing impacts of COVID-19 on the business and healthcare environments in Canada,” commented Mr. René Goehrum, President and CEO of BioSyent. “We generated $2.3 million of cash during Q3 2021 and have maintained our commitment to our NCIB, having bought back 142,650 shares to date during 2021. In October of this year, we launched FeraMAX® Pd Powder 15, the second product using the patented PDIC oral iron delivery system, following on the success of FeraMAX® Pd Therapeutic 150, launched in November 2020. We are planning for further innovative FeraMAX® Pd product extensions while we continue to invest in our launch brands and future additions to our product portfolio.”
The CEO’s presentation on the Q3 2021 Results is available at the following link: www.biosyent.com/q3-21/.
The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2021 and 2020 will be posted on www.sedar.com on November 18, 2021.
Q3 2021 Interim Financial Statements PDF available at: http://ml.globenewswire.com/Resource/Download/222ed00f-b757-4727-becb-1538d0102244
Q3 2021 MD&A PDF available at: http://ml.globenewswire.com/Resource/Download/80248e90-986e-49e5-a05c-9503a469be08
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, specialty and international business units.
As of the date of this press release, the Company has 12,594,758 common shares outstanding.
| BioSyent Inc. |
| Interim Unaudited Condensed Consolidated Statements of Net Income and Comprehensive Income |
|
|
|
|
|
|
|
| In Canadian Dollars |
Q3 2021 |
|
Q3 2020 |
|
% Change |
|
YTD 2021 |
|
YTD 2020 |
|
% Change |
|
| Net Revenues |
6,690,419 |
|
5,771,739 |
|
16 |
% |
21,399,562 |
|
16,605,840 |
|
29 |
% |
| Cost of Goods Sold |
1,433,239 |
|
1,277,645 |
|
12 |
% |
4,583,301 |
|
3,581,708 |
|
28 |
% |
| Gross Profit |
5,257,180 |
|
4,494,094 |
|
17 |
% |
16,816,261 |
|
13,024,132 |
|
29 |
% |
| Operating Expenses and Finance Income/Costs |
3,057,582 |
|
3,191,544 |
|
-4 |
% |
10,984,378 |
|
8,823,283 |
|
24 |
% |
| Net Income Before Taxes |
2,199,598 |
|
1,302,550 |
|
69 |
% |
5,831,883 |
|
4,200,849 |
|
39 |
% |
| Tax (including Deferred Tax) |
478,278 |
|
346,641 |
|
38 |
% |
1,428,121 |
|
1,071,216 |
|
33 |
% |
| Net Income After Taxes |
1,721,320 |
|
955,909 |
|
80 |
% |
4,403,762 |
|
3,129,633 |
|
41 |
% |
| Net Income After Taxes % to Net Revenues |
26 |
% |
17 |
% |
|
21 |
% |
19 |
% |
|
| EBITDA |
2,293,173 |
|
1,399,781 |
|
64 |
% |
6,144,581 |
|
4,460,350 |
|
38 |
% |
| EBITDA % to Net Revenues |
34 |
% |
24 |
% |
|
29 |
% |
27 |
% |
|
- 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, 2021 |
December 31, 2020 |
% Change |
| ASSETS |
|
|
|
|
|
|
|
| Cash, cash equivalents and short term investments |
$ |
27,101,933 |
$ |
25,577,706 |
6 |
% |
| Trade and other receivables |
|
3,742,588 |
|
1,815,015 |
106 |
% |
| Inventory |
|
2,469,958 |
|
2,073,561 |
19 |
% |
| Prepaid expenses and deposits |
|
479,810 |
|
307,599 |
56 |
% |
| Loans receivable |
|
419,056 |
|
- |
100 |
% |
| CURRENT ASSETS |
|
34,213,345 |
|
29,773,881 |
15 |
% |
|
|
|
|
| Property and equipment |
|
1,967,747 |
|
2,161,698 |
-9 |
% |
| Intangible assets |
|
895,437 |
|
1,007,822 |
-11 |
% |
| Loans receivable |
|
182,744 |
|
597,332 |
-69 |
% |
| Deferred tax asset |
|
66,058 |
|
30,481 |
117 |
% |
| TOTAL NON CURRENT ASSETS |
|
3,111,986 |
|
3,797,333 |
-18 |
% |
| TOTAL ASSETS |
$ |
37,325,331 |
$ |
33,571,214 |
11 |
% |
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
| CURRENT LIABILITIES |
$ |
5,430,810 |
$ |
5,138,674 |
6 |
% |
| NON CURRENT LIABILITIES |
|
1,562,131 |
|
1,636,584 |
-5 |
% |
| Long term debt |
|
- |
|
- |
|
| Total Equity |
|
30,332,390 |
$ |
26,795,956 |
13 |
% |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
37,325,331 |
$ |
33,571,214 |
11 |
% |
For further information please contact:
Mr. René C. Goehrum
President and CEO
BioSyent Inc.
E-Mail: investors@biosyent.com
Phone: 905-206-0013
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.
