BioSyent Releases Financial Results for Q1 2023
May 26 2023 - 8:00AM
BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its
financial results for the three months ended March 31, 2023. Key
highlights include:
- First quarter (Q1) 2023 Canadian Pharmaceutical Net Revenues of
$6,411,694 increased by 1% versus Q1 2022
- Q1 2023 International Pharmaceutical Net Revenues were $nil as
compared to sales of $565,787 in Q1 2022
- Q1 2023 Total Company Net Revenues of $6,482,694 decreased by
8% versus Q1 2022
- Q1 2023 EBITDA1 of $1,516,634 decreased by 32% versus Q1
2022
- Q1 2023 Net Income After Taxes (NIAT) of $1,175,246 decreased
by 26% versus Q1 2022
- Q1 2023 NIAT percentage to Net Revenues of 18% compares to 23%
in Q1 2022
- Q1 2023 Fully Diluted Earnings per Share (EPS) of $0.10 versus
Q1 2022 Fully Diluted EPS of $0.13
- Fully Diluted EPS for the Trailing Twelve Months ended March
31, 2023 was $0.41 versus Fully Diluted EPS of $0.49 for the
Trailing Twelve Months ended March 31, 2022
- Return on Equity for the Trailing Twelve Months ended March 31,
2023 was 15% as compared to 21% for the Trailing Twelve Months
ended March 31, 2022
- During Q1 2023, repurchased a total of 52,800 common shares
under Normal Course Issuer Bid (NCIB)
- Paid quarterly dividend of $0.04 per common share on March 15,
2023 and declared subsequent quarterly dividend of $0.04 per common
share to be paid on June 15, 2023
“End market demand growth was strong for our
Canadian pharmaceutical products in the first quarter of 2023 based
on sales of our products by wholesalers to retailers during the
priod, as reported by IQVIA,” commented Mr. René Goehrum, President
and CEO of BioSyent. “This end market demand growth was not
reflected in the 1% growth rate in our net revenues from sales to
wholesalers during the first quarter, following strong growth in
such sales to wholesalers in the fourth quarter of 2022. We are
accustomed to such trade fluctuations in our Canadian
pharmaceutical business from quarter to quarter as inventory moves
through the supply chain. Our international pharmaceutical revenues
continued to be lumpy with no exports during the first quarter of
2023 versus a comparatively strong Q1 2022, resulting in an 8%
decline in total Company revenues overall. However, with continued
demand growth in our Canadian pharmaceutical business, we are
currently on track to deliver revenue growth in 2023. We also made
significant investments during the quarter in current and coming
new product launches. We are pleased to have launched FeraMAX® Pd
Maintenance 45 in March 2023 with incremental revenue during the
first quarter. We look forward to additional revenue generation
from this and other new product launches in the near term,
including a new women’s health product, as we execute on one of our
key strategic objectives of portfolio
diversification.”
The CEO’s presentation on the Q1 2023 Results is
available at the following link: www.biosyent.com/q1-23/
The Company’s Interim Unaudited Condensed
Consolidated Financial Statements and Management's Discussion and
Analysis for the three months ended March 31, 2023 and 2022 will be
posted on www.sedar.com on May 26, 2023.
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, specialty
and international business units.
As of the date of this press release, the
Company has 12,091,919 common shares outstanding.
BioSyent Inc. |
Interim Unaudited Condensed Consolidated Statements of
Comprehensive Income |
|
|
|
|
In Canadian Dollars |
Q1 2023 |
|
Q1 2022 |
|
% Change |
|
Net Revenues |
6,482,694 |
|
7,037,411 |
|
-8% |
|
Cost of Goods Sold |
1,147,962 |
|
1,446,656 |
|
-21% |
|
Gross Profit |
5,334,732 |
|
5,590,755 |
|
-5% |
|
Operating Expenses and Finance Income/Costs |
3,735,758 |
|
3,440,580 |
|
9% |
|
Net Income Before Tax |
1,598,974 |
|
2,150,175 |
|
-26% |
|
Tax (including Deferred Tax) |
423,728 |
|
562,271 |
|
-25% |
|
Net Income After Tax |
1,175,246 |
|
1,587,904 |
|
-26% |
|
Net Income After Tax % to Net Revenues |
18% |
|
23% |
|
|
EBITDA |
1,516,634 |
|
2,227,362 |
|
-32% |
|
EBITDA % to Net Revenues |
23% |
|
32% |
|
|
- 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. |
Interim Unaudited Condensed Consolidated Statements of
Financial Position |
|
|
|
|
|
AS AT |
March 31, 2023 |
December 31, 2022 |
% Change |
ASSETS |
|
|
|
|
|
|
|
Cash, cash equivalents and
short-term investments |
$ |
26,249,485 |
$ |
28,695,644 |
-9 |
% |
Trade and other
receivables |
|
3,878,584 |
|
3,498,355 |
11 |
% |
Inventory |
|
4,708,293 |
|
4,535,343 |
4 |
% |
Prepaid expenses and
deposits |
|
413,672 |
|
254,958 |
62 |
% |
Loans receivable -
current |
|
163,553 |
|
158,529 |
3 |
% |
Income tax recoverable |
|
179,632 |
|
- |
100 |
% |
CURRENT ASSETS |
|
35,593,219 |
|
37,142,829 |
-4 |
% |
|
|
|
|
Property and equipment |
|
1,601,781 |
|
1,673,036 |
-4 |
% |
Intangible assets |
|
1,257,738 |
|
1,200,878 |
5 |
% |
Loans receivable - non
current |
|
258,240 |
|
258,240 |
0 |
% |
Deferred tax asset |
|
37,763 |
|
210,281 |
-82 |
% |
TOTAL NON CURRENT ASSETS |
|
3,155,522 |
|
3,342,435 |
-6 |
% |
TOTAL ASSETS |
$ |
38,748,741 |
$ |
40,485,264 |
-4 |
% |
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
CURRENT LIABILITIES |
$ |
3,947,432 |
$ |
5,719,314 |
-31 |
% |
NON CURRENT LIABILITIES |
|
1,381,815 |
|
1,403,427 |
-2 |
% |
Long term debt |
|
- |
|
- |
0 |
% |
Total Equity |
|
33,419,494 |
|
33,362,523 |
0 |
% |
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
38,748,741 |
$ |
40,485,264 |
-4 |
% |
For further information please
contact:
Mr. René C. GoehrumPresident and CEOBioSyent
Inc.E-Mail: investors@biosyent.comPhone: 905-206-0013Web:
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.
Biosyent (TSXV:RX)
Historical Stock Chart
From Apr 2024 to May 2024
Biosyent (TSXV:RX)
Historical Stock Chart
From May 2023 to May 2024