BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its
financial results for the three months (Q3) and nine months ending September 30,
2013.
-- Three months (Q3) 2013 Sales of $2,328,064 increased by 48% versus Q3
2012
-- Sales for nine months ending September 2013 of $5,626,591 increased by
53% versus prior year
-- Q3 2013 Pharmaceutical Sales of $1,843,566 were up by 56% versus Q3 2012
-- Pharmaceutical Sales for nine months ending September 2013 of $4,834,868
increased by 61% versus prior year
-- Sixteen consecutive quarters of continued pharmaceutical sales growth
-- Q3 2013 Income Before Tax of $808,789 increased by 89% versus Q3 2012
-- Q3 2013 Tax Expense was $199,040 versus nil in Q3 2012
-- Q3 Net Income After Tax of $609,749 increased by 43% versus Q3 2012
-- Q3 Basic EPS of $0.05; Q3 Fully Diluted EPS of $0.04
-- Income Before Tax for nine months ending September 2013 of $1,833,716
increased by 77% versus prior year
-- Tax for nine months ending September 2013 was $461,232 versus nil in the
prior year period. (Tax for nine months ending September 2013 equivalent
to $0.03/share)
-- Net Income After Tax for nine months ending September 2013 of $1,372,484
increased by 32% versus prior year
-- Basic earnings per share for nine months ending September 2013 of $0.10
versus $0.08 in prior year period
-- Cash Generation for nine months ending September 2013 of $864,777
-- Selected as a TSX Venture 50 Top Performer for two consecutive years -
2012 and 2013
-- Named as one of Canada's fastest growing companies in the Profit 500
rankings for 2013
-- 2 New Products submitted to Health Canada awaiting marketing approval
-- Pre-launch activity for a new Women's Health product - launch planned
for first half of 2014
Total sales for Q3 2013 of $2,328,064, were 48% higher compared to $1,575,598 in
the corresponding prior year period. Total sales for the nine months ending
September 2013 of $5,626,591 were 53% higher than the first nine months of 2012.
Income Before Tax for Q3 2013 was $808,789, which is 89% higher than $427,265 in
Q3 2012. Income Before Tax for the nine months ending September 30, 2013 was
1,833,716, an increase of 77% over the corresponding prior year period.
The first nine months of 2013 have a tax provision of $461,232 whereas there was
no tax provision in the prior year period due to available carry forward losses
from previous years. In spite of this difference in tax expense, Net Income
After Tax increased by 32% from $1,037,885 in the first nine months of 2012 to
$1,372,484 in 2013.
Working capital, which is the difference between current assets and current
liabilities, has increased by 56% from $2,509,278 as at December 31, 2012 to
$3,906,449 as at September 30, 2013. Cash accounted for 81% of working capital
as at September 30, 2013. Total Cash on September 30, 2013 was $3,180,832. Total
Shareholder's Equity increased by 51% from $2,839,409 at December 31, 2012 to
$4,281,892 at September 30, 2013. This is mainly due to an increase in retained
earnings in the first nine months of 2013.
Subsequent to the end of the quarter, BioSyent's subsidiary BioSyent Pharma Inc.
signed an exclusive Canadian Licence and Distribution Agreement with its third
European partner for a Women's Health product that has prior approval from
Health Canada. The product has been widely approved in Europe and is
successfully marketed in countries such as Germany, France, Italy, Spain,
Sweden, Poland, Austria, and Belgium. The Company plans to launch the product in
the first half of 2014.
The Financial Statements and Management's Discussion & Analysis will be posted
on www.sedar.com on November 21, 2013.
For a direct market quote (15 minutes delay) for the TSX Venture Exchange and
other Company financial information please visit www.tmxmoney.com.
BioSyent will also release a CEO presentation on the Third Quarter Financial
Results at the following link http://www.biosyent.com/q3/ .
About BioSyent Inc.
Listed on the Toronto Venture Exchange under the trading symbol "RX", BioSyent
is a profitable growth oriented specialty pharmaceutical company which searches
the globe to in-license or acquire innovative pharmaceutical products that have
been successfully developed, are safe and effective, and have a proven track
record of improving the lives of patients and supporting the healthcare
professionals that treat them.
Once a product of interest has been found, BioSyent then acquires the exclusive
rights to the product and manages it through the Canadian governmental
regulatory approval process. Once approved, BioSyent markets the product
throughout Canada.
At the date of this press release the Company had 13,571,195 shares issued and
outstanding.
BioSyent Inc.
Interim Consolidated Statement of Comprehensive Income
(Unaudited - Abbreviated)
----------------------------------------------------------------------------
YTD YTD
In Canadian September September %
Dollars Q3 2013 Q3 2012 % Change 2013 2012 Change
----------------------------------------------------------------------------
Revenues 2,328,064 1,575,598 48% 5,656,591 3,696,201 53%
Cost Of Goods Sold 499,846 350,074 43% 1,195,652 788,735 52%
Gross Profit 1,828,218 1,225,524 49% 4,460,939 2,907,466 53%
Total Operating
Expense 1,019,429 798,259 28% 2,627,223 1,869,581 41%
Profit Before Tax 808,789 427,265 89% 1,833,716 1,037,885 77%
Tax (including
Deferred Tax) 199,040 - NA 461,232 - NA
Profit After Tax 609,749 427,265 43% 1,372,484 1,037,885 32%
Profit After Tax %
to Sales 26% 27% 24% 28%
----------------------------------------------------------------------------
BIOSYENT INC.
INTERIM UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT
(Unaudited - Abbreviated)
-----------------------------------
September
30, December 31, % Change
AS AT 2013 2012
------------------------------------
ASSETS
Receivables 1,202,061 589,697 104%
Inventory 637,069 345,630 84%
Prepaid expenses & deposits 181,155 71,257 154%
Cash & Cash Equivalents 3,180,832 2,316,055 37%
------------------------------------
Current Assets 5,201,117 3,322,639 57%
Equipment 147,985 97,932 51%
Intangible Assets 36,997 -
Deferred Tax 190,461 232,199 -18%
------------------------------------
TOTAL ASSETS 5,576,560 3,652,770 53%
------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities 1,294,668 813,361 59%
Total Equity 4,281,892 2,839,409 51%
------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 5,576,560 3,652,770 53%
------------------------------------
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.
The TSX Venture Exchange assumes no responsibility for the accuracy of this
release and neither approves nor disapproves of the same.
FOR FURTHER INFORMATION PLEASE CONTACT:
BioSyent Inc.
Mr. Rene C. Goehrum
President and CEO
(905) 206-0013
investors@biosyent.com
www.biosyent.com
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