BioSyent Releases Third Quarter 2011 Financial Results-Pharma Sales More Than Triple; YTD Sales Growth 73%
November 15 2011 - 4:00PM
Marketwired
BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) today released a
summary of its Third Quarter (Q3) 2011 financial results.
Total Sales for Q3 2011, hit a new record and were 60% higher at
$983,857 compared to $616,964 in the corresponding prior year
period. The pharmaceutical business sales grew 215% from $191,716
in Q3 2010 to $604,523 in Q3 2011.
Total Sales for the nine months ending September 30, 2011 were
73% higher at $2,105,329 compared to $1,216,019 in the prior year
period. In the nine months ending September 30, 2011, sales in the
pharmaceutical business were $1,392,334, demonstrating growth of
225% over the prior year period sales at $427,977. Over the last 6
quarters the compounded quarterly growth in the company's
pharmaceutical business has averaged 40%.
The Company earned total comprehensive income of $235,998 in Q3
2011, which was 85% higher than the total comprehensive income for
Q3 2010 of $127,389. In the nine months ending September 30, 2011,
the Company earned comprehensive income of $349,452 compared to a
comprehensive loss of ($31,987) in the nine months ending September
30, 2010.
Total cash flow for the nine months ending September 30, 2011,
was $355,830 versus a negative cash flow of ($3,646) in the prior
year period.
Full details of Q3 2011 results including Sept 30, 2011
Financial Statements and Management's Discussion & Analysis
will be posted on sedar.com on November 15, 2011.
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. The Company is
focused on medications that occupy a niche in the market, that are
unique either due to complexity of manufacture or provide novel
technological or therapeutic advantages, or that are backed by
strong partners holding intellectual property rights that are
defendable. This strategy allows the Company to market these
medications as brands owned by, or licensed to, it.
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
CEOwww.biosyent.com
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