BioSyent Releases Results for Fourth Quarter and Full Year 2017
March 21 2018 - 8:00AM
BioSyent Inc. (“BioSyent”) (TSX Venture:RX) released today a
summary of its financial results for the three and twelve months
ended December 31, 2017. Key highlights include:
- Fourth quarter (Q4) 2017 Net Revenues of $5,901,488 increased
by 18% versus Q4 2016
- Full Year (FY) 2017 Net Revenues of $20,762,755 increased by
16% versus FY 2016
- Q4 2017 Canadian Pharmaceutical Net Revenues of $4,937,297
increased by 12% versus Q4 2016 and International Pharmaceutical
Net Revenues of $868,917 increased by 75% versus Q4 2016
- FY 2017 Canadian Pharmaceutical Net Revenues of $16,856,703
increased by 12% versus FY 2016 and International Pharmaceutical
Net Revenues of $2,476,902 increased by 60% versus FY 2016
- Q4 2017 EBITDA1 of $1,961,159 increased by 23% versus Q4
2016
- FY 2017 EBITDA1 of $6,910,977 increased by 17% versus FY
2016
- Q4 2017 Net Income After Tax (NIAT) of $1,457,228 increased by
33% versus Q4 2016
- FY 2017 NIAT of $5,206,277 increased by 21% versus FY 2016
- Q4 2017 NIAT percentage to Net Revenues of 25% compares to 22%
in Q4 2016
- FY 2017 NIAT percentage to Net Revenues of 25% compares to 24%
in FY 2016
- Q4 2017 Fully Diluted EPS of $0.10 was 25% higher than Q4 2016
Fully Diluted EPS of $0.08
- FY 2017 Fully Diluted EPS of $0.36 was 20% higher than FY 2016
Fully Diluted EPS of $0.30
- As at December 31, 2017, the Company had cash, cash
equivalents, and short term investments totalling $19,338,435 as
compared to $13,739,286 as at December 31, 2016 – a 41%
increase
- Total Shareholders’ Equity increased by 33% from $16,726,716 at
December 31, 2016 to $22,212,927 at December 31, 2017
- Return on Equity for 2017 was 27% as compared to 30% for
2016
“BioSyent had a strong finish to 2017 with both
our Canadian and International Pharmaceutical businesses posting
record quarterly sales in Q4,” commented René Goehrum, President
and CEO of BioSyent. “Overall, 2017 was a year of continued
organic growth, with our total sales of $20.8 million growing by
16% year-over-year. While we continued to shepherd three new
products through the regulatory approval process during the year,
we maintained a net profit margin of 25%. Once these new
products are approved by Health Canada, they will add to the
breadth and diversity of the Company’s product portfolio. We
look forward to the year ahead as we continue to grow our existing
brands and strive to bring new, innovative pharmaceutical and
healthcare products to market.”
The CEO’s presentation on the Q4 and FY 2017
Results is available at the following link:
www.biosyent.com/q4-17/
The Company’s Audited Consolidated Financial
Statements and Management's Discussion and Analysis for the years
ended December 31, 2017 and 2016 will be posted on www.sedar.com on
March 21, 2018.
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 14,509,095 shares issued and outstanding.
BioSyent Inc. |
Consolidated Statements of Comprehensive
Income |
|
|
|
|
|
|
|
In Canadian Dollars |
Q4 2017 |
|
Q4 2016 |
|
% Change |
|
2017 |
|
2016 |
|
% Change |
|
Net Revenues |
5,901,488 |
|
5,009,668 |
|
18 |
% |
20,762,755 |
|
17,922,270 |
|
16 |
% |
Cost Of Goods Sold |
1,390,975 |
|
1,142,398 |
|
22 |
% |
4,788,085 |
|
3,795,833 |
|
26 |
% |
Gross Profit |
4,510,513 |
|
3,867,270 |
|
17 |
% |
15,974,670 |
|
14,126,437 |
|
13 |
% |
Operating Expenses and Finance Income |
2,561,066 |
|
2,306,180 |
|
11 |
% |
9,124,506 |
|
8,256,582 |
|
11 |
% |
Net Income Before Tax |
1,949,447 |
|
1,561,090 |
|
25 |
% |
6,850,164 |
|
5,869,855 |
|
17 |
% |
Tax (including Deferred Tax) |
492,219 |
|
466,268 |
|
6 |
% |
1,643,887 |
|
1,560,350 |
|
5 |
% |
Net Income After Tax |
1,457,228 |
|
1,094,822 |
|
33 |
% |
5,206,277 |
|
4,309,505 |
|
21 |
% |
Net Income After Tax % to Net Revenues |
25 |
% |
22 |
% |
|
25 |
% |
24 |
% |
|
EBITDA |
1,961,159 |
|
1,591,047 |
|
23 |
% |
6,910,977 |
|
5,900,080 |
|
17 |
% |
EBITDA % to Net Revenues |
33 |
% |
32 |
% |
|
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. |
Consolidated Statements of Financial
Position |
|
|
|
|
|
|
AS
AT |
|
December 31, 2017 |
December 31, 2016 |
% Change |
ASSETS |
|
|
|
|
|
|
|
|
|
Trade and other
receivables |
|
$ |
2,236,695 |
$ |
1,941,177 |
15 |
% |
Inventory |
|
|
908,825 |
|
1,560,050 |
-42 |
% |
Prepaid expenses and
deposits |
|
|
147,326 |
|
269,704 |
-45 |
% |
Income tax
recoverable |
|
|
71,924 |
|
- |
|
Derivative asset |
|
|
- |
|
32,025 |
-100 |
% |
Cash, cash equivalents
and short-term investments |
|
|
19,338,435 |
|
13,739,286 |
41 |
% |
Current Assets |
|
|
22,703,205 |
|
17,542,242 |
29 |
% |
|
|
|
|
|
Equipment |
|
|
290,926 |
|
291,331 |
0 |
% |
Intangible assets |
|
|
1,670,210 |
|
1,277,235 |
31 |
% |
Loans receivable |
|
|
393,860 |
|
- |
|
Deferred tax asset |
|
|
46,647 |
|
137,375 |
-66 |
% |
TOTAL NON CURRENT
ASSETS |
|
|
2,401,643 |
|
1,705,941 |
41 |
% |
|
|
|
|
|
TOTAL ASSETS |
|
$ |
25,104,848 |
$ |
19,248,183 |
30 |
% |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
$ |
2,615,594 |
$ |
2,358,226 |
11 |
% |
Deferred tax
liability |
|
|
276,327 |
|
163,241 |
69 |
% |
Long term debt |
|
|
- |
|
- |
0 |
% |
Total Equity |
|
|
22,212,927 |
|
16,726,716 |
33 |
% |
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
$ |
25,104,848 |
$ |
19,248,183 |
30 |
% |
|
|
|
|
|
|
|
|
For further information please
contact:
Mr. René C. GoehrumPresident and CEOBioSyent
Inc.Tel: (905) 206-0013E-Mail: investors@biosyent.comWeb:
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.
The Financial Statements accompanying this announcement are
available
at http://resource.globenewswire.com/Resource/Download/ab1ac254-8246-4c94-a01a-bc47c4e83a69
The Management's Discussion and Analysis accompanying this
announcement is available
at http://resource.globenewswire.com/Resource/Download/a9968c21-336e-4039-83b5-f7d0097962e8
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