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BioSyent Releases Q2 and H1 2018 Results
TORONTO, Aug. 22, 2018 (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, 2018. Key highlights include:
- Record second quarter (Q2) 2018 Net Revenues of $5,909,423 increased by 5% versus a strong Q2 2017 in which growth over Q2 2016 was 29%
- First half (H1) 2018 Net Revenues of $10,356,570 increased by 10% versus H1 2017
- Q2 2018 Canadian Pharmaceutical Net Revenues of $5,031,138 increased by 16% versus Q2 2017 and International Pharmaceutical Net Revenues of $511,483 decreased by 31% versus Q2 2017 – An International Pharmaceutical order originally scheduled for Q2 2018 shipment was held back for shipping subsequent to quarter-end
- H1 2018 Canadian Pharmaceutical Net Revenues of $8,796,776 increased by 14% versus H1 2017 and International Pharmaceutical Net Revenues of $1,077,324 increased by 4% versus H1 2017
- Q2 2018 EBITDA1 of $2,088,638 increased by 3% versus Q2 2017
- H1 2018 EBITDA1 of $3,566,405 increased by 11% versus H1 2017
- Q2 2018 Net Income After Tax (NIAT) of $1,620,233 increased by 4% versus Q2 2017
- H1 2018 NIAT of $2,763,363 increased by 13% versus H1 2017
- Q2 2018 NIAT percentage to Net Revenues of 27% compares to 28% in Q2 2017
- H1 2018 NIAT percentage to Net Revenues of 27% compares to 26% in H1 2017
- Q2 2018 Fully Diluted EPS of $0.11 compares to $0.11 Fully Diluted EPS for Q2 2017
- H1 2018 Fully Diluted EPS of $0.19 was $0.02 higher than H1 2017 Fully Diluted EPS of $0.17
- Fully Diluted EPS for the Trailing Twelve Months ended June 30, 2018 was $0.38 as compared to $0.33 for the Trailing Twelve Months ended June 30, 2017
- As at June 30, 2018, the Company had cash, cash equivalents, and short term investments totalling $21,014,159 as compared to $19,338,435 as at December 31, 2017 – a 9% increase
- Total Shareholders’ Equity increased by 13% from $22,212,927 at December 31, 2017 to $25,183,197 at June 30, 2018
- Return on Equity for the Trailing Twelve Months ended June 30, 2018 was 25%
“Q2 2018 was a record quarter for our Canadian pharmaceutical business and our business overall, marking BioSyent’s 32nd consecutive profitable quarter,” remarked René Goehrum, President and CEO of BioSyent. “Overall, our Canadian pharmaceutical business grew by 16% in Q2 2018 as both established brands and launch brands delivered growth during the quarter. While our FeraMAX® products continued to drive growth in the business, we were also particularly pleased with the growth in our Hospital Business during the quarter, which delivered revenue growth of 71% over Q2 2017.”
The CEO’s presentation on the Q2 2018 Results is available at the following link: www.biosyent.com/q2-18/.
The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2018 and 2017 will be posted on www.sedar.com on August 22, 2018.
The Interim Unaudited Condensed Consolidated Financial Statements are available at http://resource.globenewswire.com/Resource/Download/3c33aca1-b8e7-4d38-ae13-2209ab079ea7.
The Management's Discussion and Analysis is available at http://resource.globenewswire.com/Resource/Download/ba0d9dc9-0821-47c5-952b-448cd59e9682.
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 14,519,603 common shares issued and outstanding.
|In Canadian Dollars||Q2 2018||Q2 2017||% Change||H1 2018||H1 2017||% Change|
|Cost Of Goods Sold||1,356,906||1,398,018||-3||%||2,387,800||2,187,048||9||%|
|Operating Expenses and Finance Income||2,433,977||2,235,160||9||%||4,356,531||4,084,965||7||%|
|Net Income Before Tax||2,118,540||2,003,227||6||%||3,612,239||3,185,654||13||%|
|Tax (including Deferred Tax)||498,307||450,309||11||%||848,876||731,180||16||%|
|Net Income After Tax||1,620,233||1,552,918||4||%||2,763,363||2,454,474||13||%|
|Net Income After Tax % to Net Revenues||27||%||28||%||27||%||26||%|
|EBITDA % to Net Revenues||35||%||36||%||34||%||34||%|
- 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.
|Interim Unaudited Condensed Consolidated Statements of Financial Position|
|AS AT||June 30, 2018||December 31, 2017||% Change|
|Trade and other receivables||$||2,507,474||$||2,236,695||12||%|
|Prepaid expenses and deposits||215,454||147,326||46||%|
|Income tax recoverable||54,543||71,924||-24||%|
|Cash, cash equivalents and short-term investments||21,014,159||19,338,435||9||%|
|Deferred tax asset||44,246||46,647||-5||%|
|TOTAL NON CURRENT ASSETS||2,641,506||2,401,643||10||%|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Deferred tax liability||358,966||276,327||30||%|
|Long term debt||-||-||0||%|
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY||$||28,313,610||$||25,104,848||13||%|
For further information please contact:
Mr. René C. Goehrum
President and CEO
Tel: (905) 206-0013
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.