TORONTO, ONTARIO--(Marketwired - Aug. 12, 2016) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its financial results for the three and six months ending June 30, 2016. Key highlights include:
|(1)||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.|
"Q2 2016 was a record quarter for BioSyent's Canadian pharmaceutical business, with sales exceeding $3.75 million" commented René Goehrum, President and CEO of BioSyent. "Our international business also saw significant growth with Q2 2016 sales more than doubling over Q2 2015. During the quarter, we signed an agreement with a European partner for the exclusive Canadian distribution rights to two innovative cardiovascular products which, upon reaching peak sales, will add $20 million to the Company's business. We also established a new wholly-owned subsidiary, BioSyent Pharma International Inc., to facilitate the future growth and expansion of our international pharmaceutial business. We continued to grow our business during the first half of 2016, while maintaining a healthy net profit margin of 24%. These results speak to the strength of our business model in delivering consistent, profitable growth."
The CEO presentation on the Q2 2016 Results is available at the following link: www.biosyent.com/q2-16/
The Company's Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion & Analysis for the three and six months ended June 30, 2016 and 2015 will be posted on www.sedar.com on August 12, 2016.
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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 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, hospital and international business units.
As of the date of this press release, the Company has 14,066,087 shares issued and outstanding.
|Interim Unaudited Consolidated Statements of Comprehensive Income|
|In Canadian Dollars||Q2 2016||Q2 2015||% Change||H1 2016||H1 2015||% Change|
|Cost Of Goods Sold||877,400||739,045||19||%||1,594,502||1,447,780||10||%|
|Net Income Before Tax||1,391,026||1,174,422||18||%||2,694,936||2,494,355||8||%|
|Tax (including Deferred Tax)||375,577||323,383||16||%||727,633||680,604||7||%|
|NIAT % to Net Revenues||23||%||24||%||24||%||26||%|
|EBITDA % to Net Revenues||32||%||33||%||33||%||36||%|
|Interim Unaudited Consolidated Statements of Financial Position|
|AS AT||June 30, 2016||December 31, 2015||% Change|
|Prepaid expenses and deposits||345,446||297,791||16||%|
|Short term investments||477,689||5,322,859||-91||%|
|Cash and cash equivalents||9,977,866||4,392,617||127||%|
|Deferred tax asset||120,208||120,208||0||%|
|TOTAL NON CURRENT ASSETS||1,562,006||1,429,951||9||%|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Deferred tax liability||100,254||100,254||0||%|
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY||$||16,367,336||$||14,608,001||12||%|
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.