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BioSyent Releases Results for Third Quarter and First Nine Months of 2018

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 Revenues5,259,493 5,403,600 -3% 15,616,063 14,861,267 5% 
 Cost Of Goods Sold1,155,171 1,210,062 -5% 3,542,971 3,397,110 4% 
 Gross Profit4,104,322 4,193,538 -2% 12,073,092 11,464,157 5% 
 Operating Expenses and Finance Income2,337,926 2,478,475 -6% 6,694,457 6,563,440 2% 
 Net Income Before Tax1,766,396 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 Tax1,270,613 1,294,575 -2% 4,033,976 3,749,049 8% 
 Net Income After Tax % to Net Revenues24% 24%  26% 25%  
 EBITDA1,729,585 1,735,580 -1% 5,295,990 4,949,818 7% 
 EBITDA % to Net Revenues33% 32%  34% 33%  
  1. 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$  2,236,6953%
Inventory   1,340,010    908,82547%
Prepaid expenses and deposits   470,760   147,326220%
Income tax recoverable   -   71,924-100%
Derivative asset    37,884   - 100 %
Cash, cash equivalents and short-term investments   22,604,792   19,338,43517%
Current Assets   26,750,638   22,703,20518%
    
Equipment    256,769   290,926-12%
Intangible assets   1,925,878   1,670,21015%
Loans receivable   396,806   393,8601%
Deferred tax asset   42,518   46,647-9%
TOTAL NON CURRENT ASSETS   2,621,971   2,401,6439%
    
TOTAL ASSETS$  29,372,609$   25,104,84817%
    
LIABILITIES AND SHAREHOLDERS' EQUITY   
    
Current liabilities$  2,461,743$  2,615,594-6%
Deferred tax liability   356,556   276,32729%
Long term debt   -   -0%
Total Equity   26,554,310   22,212,92720%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$  29,372,609$   25,104,84817%
       

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.

Wednesday, November 21, 2018 - 08:00