BioSyent Releases 2010 Third Quarter Financial Results
November 24 2010 - 4:01PM
Marketwired
BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) today released a
summary of its 2010 third quarter (Q3) financial results.
Total Sales were 33% higher at $1,216,019 in the first nine
months of 2010 compared to $911,543 in the corresponding previous
year period. The sales in Q3 2010 were also 14% higher at $616,964
compared to $540,870 in Q3 2009. Gross Margins increased from 64.7%
in the first nine months of 2009, to 72.8% in the first nine months
of 2010.
The Company incurred a loss of ($31,987) in the first nine
months of 2010, 64% lower than a loss of ($90,146) in the first
nine months of 2009. During the quarter, the Company incurred one
time costs of $57,354 on account of a June 2010 product recall of
one of its products.
Full details of 2010 third quarter results including September
30, 2010 Financial Statements and Management's Discussion &
Analysis will be posted on sedar.com on November 23, 2010.
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.
Contacts: BioSyent Inc. Rene C. Goehrum President and CEO (905)
206-0013 (905) 206-1413 (FAX) www.biosyent.com
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