BioSyent Releases Fiscal and Q4 2010 Financial Results
March 14 2011 - 5:59PM
Marketwired
BioSyent Inc. ("BioSyent")(TSX VENTURE: RX) today released a
summary of its 2010 financial results.
Total Sales were 63% higher at $1,681,210 in 2010 compared to
$1,029,902 in 2009 driven primarily by growth in the pharmaceutical
segment of the business.
Gross Margins increased from 64.4% in 2009, to 73.5% in 2010
primarily because of mix in favour of higher margin products.
The Company earned a profit of $52,160 in 2010 which represented
a significant turn around of $312,717 versus the loss of ($260,557)
in 2009. The 2010 full year profit of $52,160 included one time
costs of $62,589 incurred due to a June 2010 precautionary product
recall.
Sales for the fourth quarter ending December 31, 2010 of
$465,191 were 293% higher than the sales in the corresponding
quarter in 2009. This signifies a greater contribution from the
pharmaceutical business. Net income for the fourth quarter ending
December 31, 2010 was $84,147 compared to a loss of ($170,410) in
the fourth quarter of 2009.
Full details of 2010 results including December 31, 2010
Financial Statements and Management's Discussion & Analysis
will be published in the company's 2010 Annual Report and will be
posted on sedar.com on March 14, 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.
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 www.biosyent.com
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