TORONTO, ONTARIO--(Marketwired - March 15, 2017) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its financial results for the three and twelve months ended December 31, 2016. Key highlights include:
"Q4 2016 was a record quarter for BioSyent's pharmaceutical business" commented René Goehrum, President and CEO of BioSyent. "Q4 2016 sales exceeded $4.9 million and represented a 30% increase over Q4 2015 pharmaceutical sales. With this strong finish to the year, 2016 pharmaceutical sales grew by 16% over 2015. Both the Canadian and International pharmaceutical businesses showed good growth in 2016 with Canadian pharmaceutical sales of $15,113,621 growing by 14% and International pharmaceutical sales of $1,549,538 growing by 36% over 2015."
Mr. Goehrum continued, "while our existing products showed continued organic growth in 2016, we were also able to launch new products to the Canadian market during the year such as CYSVIEW® with blue light cystoscopy and phenylephrine hydrochloride injection in the Aguettant System® pre-filled syringe. Despite the investment in these launch products, profitability in 2016 was consistent with the previous year with a net profit margin of 24%. We also expanded the breadth and depth of our product portfolio with new license agreements signed in 2016 for exclusive Canadian rights to a women's health product and two cardiovascular products. We look forward to reporting on BioSyent's progress as we continue to cultivate our existing products, expand our product portfolio and launch new and innovative pharmaceutical and healthcare products to the Canadian market."
The CEO's presentation on the Q4 2016 Results is available at the following link: www.biosyent.com/q4-16/
The Company's Audited Consolidated Financial Statements and Management's Discussion & Analysis for the three months and years ended December 31, 2016 and 2015 will be posted on www.sedar.com on March 15, 2017.
The Company also wishes to announce that its Board of Directors has passed a resolution to grant a total of 31,227 stock options to management, officers and directors of BioSyent. The option grant is the result of BioSyent's annual compensation review and is made under the Company's Incentive Stock Option Plan ("the Plan") approved by shareholders on May 26, 2016. Each option entitles the optionee to purchase one common share of the Company at an exercise price of $7.35. These options are excerciseable for a period of ten years from the date of grant.
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About BioSyent Inc.
Listed on the TSX Venture Exchange under the trading symbol "RX", BioSyent is a profitable growth-oriented specialty pharmaceutical company focused on in-licensing or acquiring innovative pharmaceutical and other healthcare products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients. BioSyent supports the healthcare professionals that treat these patients by marketing its products through its community, hospital and international business units.
As of the date of this press release, the Company has 14,403,553 common shares issued and outstanding.
|Consolidated Statements of Comprehensive Income|
|In Canadian Dollars||Q4 2016||Q4 2015||% Change||2016||2015||% Change|
|Cost Of Goods Sold||1,142,398||745,719||53%||3,795,833||3,278,442||16%|
|Net Income Before Tax||1,561,090||1,049,729||49%||5,869,855||5,166,004||14%|
|Tax (including Deferred Tax)||466,268||287,127||62%||1,560,350||1,401,115||11%|
|Net Income After Tax||1,094,822||762,602||44%||4,309,505||3,764,889||14%|
|Net Income After Tax % to Net Revenues||22%||20%||24%||24%|
|EBITDA % to Net Revenues||32%||26%||33%||33%|
|Consolidated Statements of Financial Position|
|AS AT||December 31, 2016||December 31, 2015||% Change|
|Trade receivables||$ 1,924,949||$ 1,341,668||43%|
|Prepaid expenses and deposits||269,704||297,791||-9%|
|Short term investments||683,200||5,322,859||-87%|
|Cash and cash equivalents||13,056,086||4,392,617||197%|
|Deferred tax asset||137,375||120,208||14%|
|TOTAL NON CURRENT ASSETS||1,705,941||1,429,951||19%|
|TOTAL ASSETS||$ 19,248,183||$ 14,608,001||32%|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Current liabilities||$ 2,358,226||$ 2,356,265||0%|
|Deferred tax liability||163,241||100,254||63%|
|Long term debt||-||
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY||$ 19,248,183||$ 14,608,001||32%|
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.