BioSyent Releases Results for Third Quarter and First Nine Months of 2017
November 15 2017 - 8:00AM
BioSyent Inc. (“BioSyent”) (TSX Venture:RX) released today a
summary of its financial results for the three and nine months
ended September 30, 2017. Key highlights include:
- Third quarter (Q3) 2017 Net Revenues of $5,403,600 increased by
13% versus Q3 2016
- First nine months (YTD) 2017 Net Revenues of $14,861,267
increased by 15% versus YTD 2016
- Q3 2017 Pharmaceutical Net Revenues of $4,799,039 increased by
15% versus Q3 2016
- Q3 2017 Canadian Pharmaceutical Net Revenues of $4,228,711
increased by 16% versus Q3 2016 and International Pharmaceutical
Net Revenues of $570,328 increased by 5% versus Q3 2016
- YTD 2017 Pharmaceutical Net Revenues of $13,527,391 increased
by 15% versus YTD 2016
- YTD 2017 Canadian Pharmaceutical Net Revenues of $11,919,406
increased by 12% versus YTD 2016 and International Pharmaceutical
Net Revenues of $1,607,985 increased by 53% versus YTD 2016
- Q3 2017 EBITDA1 of $1,735,580 increased by 5% versus Q3
2016
- YTD 2017 EBITDA1 of $4,949,818 increased by 15% versus YTD
2016
- Q3 2017 Net Income After Tax (NIAT) of $1,294,575 increased by
4% versus Q3 2016
- YTD 2017 NIAT of $3,749,049 increased by 17% versus YTD
2016
- Q3 2017 NIAT percentage to Net Revenues of 24% compares to 26%
in Q3 2016
- YTD 2017 NIAT percentage to Net Revenues of 25% compares to 25%
in YTD 2016
- Q3 2017 Fully Diluted EPS of $0.09 was 13% higher than Q3 2016
Fully Diluted EPS of $0.08
- YTD 2017 Fully Diluted EPS of $0.26 was 18% higher than YTD
2016 Fully Diluted EPS of $0.22
- Trailing Twelve Months Fully Diluted EPS of $0.34 for the
twelve months ended September 30, 2017 was 26% higher as compared
to $0.27 for the twelve months ended September 30, 2016
- As at September 30, 2017, the Company had cash, cash
equivalents, and short term investments totalling $16,509,281 as
compared to $13,739,286 as at December 31, 2016 – a 20%
increase
- At September 30, 2017, the Company remained free of debt and
had available total credit facilities of $2,560,000 including an
unutilized revolving demand credit facility of $1,500,000
- Total Shareholders’ Equity increased by 24% from $16,726,716 at
December 31, 2016 to $20,739,115 at September 30, 2017
- Trailing Twelve Months Return on Equity for the twelve months
ended September 30, 2017 was 27%
“Our pharmaceutical business showed continued
momentum in Q3 2017, with sales growing by 15% over Q3 2016,”
commented René Goehrum, President and CEO of BioSyent. “With
continued organic growth in our Canadian business from our existing
product portfolio and growing demand in our International markets,
we expect the momentum in our pharmaceutical business to
continue.”
The CEO’s presentation on the Q3 2017 Results is
available at the following link: www.biosyent.com/q3-17/
The Company’s Interim Unaudited Condensed
Consolidated Financial Statements and Management's Discussion and
Analysis for the three and nine months ended September 30, 2017 and
2016 will be posted on www.sedar.com on November 15, 2017.
For a direct market quote (15 minutes delay) for
the TSX Venture Exchange and other Company financial information
please visit www.tmxmoney.com.
PDFs accompanying this announcement are
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/c8a86d1f-5bfd-41b5-8222-51f5b8da623d
http://www.globenewswire.com/NewsRoom/AttachmentNg/b1dce78e-8293-462c-b0a6-928f9aee57f1
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 14,491,295 shares issued and outstanding.
BioSyent Inc. |
Interim Unaudited Condensed Consolidated
Statements of Comprehensive Income |
|
|
|
|
|
|
|
In Canadian Dollars |
Q3 2017 |
|
Q3 2016 |
|
% Change |
YTD 2017 |
|
YTD 2016 |
|
% Change |
Net Revenues |
5,403,600 |
|
4,766,786 |
|
13 |
% |
14,861,267 |
|
12,912,602 |
|
15 |
% |
Cost Of Goods Sold |
1,210,062 |
|
1,058,933 |
|
14 |
% |
3,397,110 |
|
2,653,435 |
|
28 |
% |
Gross Profit |
4,193,538 |
|
3,707,853 |
|
13 |
% |
11,464,157 |
|
10,259,167 |
|
12 |
% |
Operating Expenses and Finance Income |
2,478,475 |
|
2,094,024 |
|
18 |
% |
6,563,440 |
|
5,950,402 |
|
10 |
% |
Net Income Before Tax |
1,715,063 |
|
1,613,829 |
|
6 |
% |
4,900,717 |
|
4,308,765 |
|
14 |
% |
Tax (including Deferred Tax) |
420,488 |
|
366,449 |
|
15 |
% |
1,151,668 |
|
1,094,082 |
|
5 |
% |
Net Income After Tax |
1,294,575 |
|
1,247,380 |
|
4 |
% |
3,749,049 |
|
3,214,683 |
|
17 |
% |
Net Income After Tax % to Net Revenues |
24 |
% |
26 |
% |
|
25 |
% |
25 |
% |
|
EBITDA |
1,735,580 |
|
1,646,621 |
|
5 |
% |
4,949,818 |
|
4,309,033 |
|
15 |
% |
EBITDA % to Net Revenues |
32 |
% |
35 |
% |
|
33 |
% |
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, 2017 |
December 31, 2016 |
% Change |
ASSETS |
|
|
|
|
|
|
|
Trade and other
receivables |
$ |
2,503,193 |
$ |
1,941,177 |
29 |
% |
Inventory |
|
1,275,050 |
|
1,560,050 |
-18 |
% |
Prepaid expenses and
deposits |
|
307,958 |
|
269,704 |
14 |
% |
Income tax
recoverable |
|
57,942 |
|
- |
|
Derivative asset |
|
- |
|
32,025 |
-100 |
% |
Cash, cash equivalents
and short-term investments |
|
16,509,281 |
|
13,739,286 |
20 |
% |
Current Assets |
|
20,653,424 |
|
17,542,242 |
18 |
% |
|
|
|
|
Equipment |
|
323,425 |
|
291,331 |
11 |
% |
Intangible assets |
|
1,569,469 |
|
1,277,235 |
23 |
% |
Loans receivable |
|
391,500 |
|
- |
|
Deferred tax asset |
|
88,462 |
|
137,375 |
-36 |
% |
TOTAL NON CURRENT
ASSETS |
|
2,372,856 |
|
1,705,941 |
39 |
% |
|
|
|
|
TOTAL ASSETS |
$ |
23,026,280 |
$ |
19,248,183 |
20 |
% |
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current
liabilities |
$ |
2,094,016 |
$ |
2,358,226 |
-11 |
% |
Deferred tax
liability |
|
193,149 |
|
163,241 |
18 |
% |
|
|
|
|
|
|
|
Long term debt |
|
- |
|
- |
0 |
% |
Total Equity |
|
20,739,115 |
|
16,726,716 |
24 |
% |
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
23,026,280 |
$ |
19,248,183 |
20 |
% |
|
|
|
|
|
|
|
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.
For further information please
contact:
Mr. René C. Goehrum President and
CEOBioSyent Inc.Tel: (905) 206-0013E-Mail:
investors@biosyent.comWeb: www.biosyent.com
Biosyent (TSXV:RX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Biosyent (TSXV:RX)
Historical Stock Chart
From Sep 2023 to Sep 2024