BioSyent Releases 2007 Financial Results
April 02 2008 - 8:25PM
Marketwired
MISSISSAUGA, ONTARIO (TSX VENTURE: RX) today released a summary
of its 2007 financial results. For the twelve months ending
December 31, 2007, sales decreased from $1,514,491 in 2006 to
$1,104,325 in 2007. In 2006 total sales registered a high due to
the confluence of favourable climatic and market conditions. 2007
sales reflect a higher plateau as compared to years prior to 2006.
Sales for FeraMAX(TM) were modest in 2007 as it was not yet listed
on various formularies, restricting its reimbursement.
Gross Margins increased to 69.0% in 2007, from 67.8% in the year
ago period primarily because of margin improvement efforts and the
lower cost of USD input costs.
The company incurred a loss of ($125,991) in 2007 compared to a
profit of $383,145 in 2006. This loss is predominantly due to
selling and marketing expenses to promote FeraMAX(TM) which was
first shipped in April 2007 and lower sales of Protect-It� in 2007
as compared to 2006.
Total positive cash flow for 2007 was $27,566 versus cash
generation of $214,241 in 2006. Total net working capital decreased
from $1,201,720 on December 31, 2006 to $1,097,491 on December 31,
2007. Cash and cash equivalents increased from $1,050,206 in 2006
to $1,077,772.
Full details of 2007 results including December 31, 2006
Financial Statements and Management's Discussion & Analysis
will be posted on sedar.com on April 2, 2008.
The company has licensed a new pharmaceutical product which will
be launched in quarter two, 2008.
BioSyent Inc. continues to concentrate on its pharmaceutical
strategy to source products that have been successfully developed
and proven to be safe and effective; manage these products through
the regulatory process and product registration (approval); and
once approved, market these products in Canada. These
pharmaceuticals will compete in both the branded and generic market
segments and will not require further product development
investment other than regulatory costs.
BioSyent Inc. is a publicly traded specialty pharmaceutical
company whose wholly owned subsidiary, BioSyent Pharma Inc.,
sources, acquires or in-licences pharmaceutical products and
markets these products in Canada. Wholly owned BioSyent subsidiary
Hedley Technologies Ltd. operates the company's legacy business
marketing bio and health friendly non-chemical insecticides.
BioSyent common shares are listed for trading on the TSX Venture
Exchange (TSXV) under the symbol RX.
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.
Contacts: BioSyent Inc. Rene C. Goehrum President and CEO (905)
206-0013 (905) 206-1413 (FAX) Email: rgoehrum@biosyent.com Website:
www.biosyent.com
Biosyent (TSXV:RX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Biosyent (TSXV:RX)
Historical Stock Chart
From Jul 2023 to Jul 2024