TORONTO, ONTARIO--(Marketwired - Aug. 21, 2014) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its Second Quarter (Q2 2014) and first half (H1 2014) financial results for the three and six months ending June 30, 2014. Key highlights include:
Total sales for Q2 2014 of $3,072,395, were 72% higher compared to $1,786,684 in the corresponding prior year period. Total Sales for H1 2014 of $5,520,496 were 66% higher than H1 2013.
Pharmaceutical Sales in Q2 2014 increased by 72% from $1,683,793 in Q2 2013 to $2,893,162 in Q2 2014. Total Pharmaceutical Sales for H1 2014 of $5,236,170 were 75% higher than H1 2013.
Net Income Before Tax for Q2 2014 was $1,219,855, which was 125% higher than $542,964 in Q2 2013. Net Income Before Tax for H1 2014 was $1,907,527 or 86% higher than the corresponding prior year period.
Net Income After Tax increased by 112% from $418,325 in Q2 2013 to $888,805 in Q2 2014. Net Income After Tax for H1 2014 was $1,400,226 or 84% higher than the corresponding prior year period.
Basic & Dilluted Earnings Per Share (EPS) was $0.06 in Q2 2014 vs. $0.03 in Q2 2013. H1 2014 Basic EPS was $0.10 vs. $0.06 in H1 2013. Diluted EPS in H1 2014 was $0.10 vs. $0.05 in H1 2013.
Working capital, which is the difference between current assets and current liabilities, increased by 34% from $4,405,910 as at December 31, 2013 to $5,890,238 as at June 30, 2014. Total Cash included in working capital on June 30, 2014 is $4,830,796. Total Shareholder's Equity increased by 31% from $4,854,630 at December 31, 2013 to $6,337,976 at June 30, 2014.
The Company plans to launch a new Gastrointestinal product in the fourth quarter of 2014. The Company also received Health Canada approval on one of its two urgent care products and is planning to launch the product in late 2014 or early 2015.
On July 23, 2014 BioSyent Pharma in-licensed a third urgent care product from an existing European partner. This product will be launched after Health Canada approval.
The Company's Consolidated Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on August 21, 2014.
For a direct market quote (15 minutes delay) for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.
BioSyent will also release a CEO presentation on the Second Quarter at the following link www.biosyent.com/q2-14/.
About BioSyent Inc.
Listed on the Toronto Venture Exchange under the trading symbol "RX", BioSyent is a profitable growth oriented specialty pharmaceutical company which searches the globe to in-license or acquire innovative pharmaceutical products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients and supporting the healthcare professionals that treat them.
Once a product of interest has been found, BioSyent then acquires the exclusive rights to the product and manages it through the Canadian governmental regulatory approval process. Once approved, BioSyent markets the product throughout Canada.
At the date of this press release the Company had 13,801,195 shares issued and outstanding.
BioSyent Inc. | ||||||||||||
Interim Unaudited Consolidated Statement of Comprehensive Income | ||||||||||||
In Canadian Dollars | Q2 2014 | Q2 2013 | % Change | H1 2014 | H1 2013 | % Change | ||||||
Revenues | 3,072,395 | 1,786,685 | 72 | % | 5,520,496 | 3,328,528 | 66 | % | ||||
Cost Of Goods Sold | 633,754 | 387,337 | 64 | % | 1,173,278 | 695,806 | 69 | % | ||||
Gross Profit | 2,438,641 | 1,399,348 | 74 | % | 4,347,218 | 2,632,722 | 65 | % | ||||
Total Operating Expense | 1,218,786 | 856,384 | 42 | % | 2,439,691 | 1,607,795 | 52 | % | ||||
Profit Before Tax | 1,219,855 | 542,964 | 125 | % | 1,907,527 | 1,024,927 | 86 | % | ||||
Tax (including Deferred Tax) | 331,050 | 124,639 | NA | 507,301 | 262,192 | NA | ||||||
Profit After Tax | 888,805 | 418,325 | 112 | % | 1,400,226 | 762,735 | 84 | % | ||||
Profit After Tax % to Sales | 29 | % | 23 | % | 25 | % | 23 | % |
BIOSYENT INC. | |||||||||
INTERIM UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||||||||
AS AT | June 30, 2014 |
December 31, 2013 |
% Change |
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ASSETS | |||||||||
Receivables | 1,393,864 | 585,519 | 138 | % | |||||
Inventory | 814,113 | 522,787 | 56 | % | |||||
Prepaid expenses & deposits | 133,658 | 136,511 | -2 | % | |||||
Cash & Cash Equivalents | 4,830,796 | 4,381,137 | 10 | % | |||||
Current Assets | 7,172,431 | 5,625,954 | 27 | % | |||||
Equipment | 167,490 | 141,025 | 19 | % | |||||
Intangible Assets | 56,387 | 52,994 | 6 | % | |||||
Deferred Tax | 240,719 | 271,559 | -11 | % | |||||
TOTAL NON CURRENT ASSETS | $ | 464,596 | $ | 465,578 | 0 | % | |||
TOTAL ASSETS | 7,637,027 | 6,091,532 | 25 | % | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Current Liabilities | 1,282,193 | 1,220,044 | 5 | % | |||||
Deferred Tax Liability | 16,858 | 16,858 | |||||||
Total Equity | 6,337,976 | 4,854,630 | 31 | % | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 7,637,027 | 6,091,532 | 25 | % |
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 the same.
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