TORONTO, March 20, 2019 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today a summary of its financial results for the three and twelve months ended December 31, 2018. Key highlights include:
“Though Q4 2018 was a record quarter for BioSyent’s Canadian pharmaceutical business, sales growth for this business was just 2% over Q4 2017,” commented René Goehrum, President and CEO of BioSyent. “On a year-over-year basis, our Canadian pharmaceutical sales grew by 10% in 2018 with growth generated from across our brand portfolio. Of note was the performance of growth stage brands in our Hospital Business: Though accounting for a relatively small proportion of our Canadian pharmaceutical business, both Cysview® and the Aguettant System® line of PFS products achieved significant growth in 2018. There were some encouraging developments in our International pharmaceutical business in Q4 2018 as well when a backlog of international FeraMAX® orders were shipped to customers after having been delayed due to ongoing permit issues during much of 2018. As a result of these issues, International pharmaceutical sales declined by 11% in 2018 on a year-over-year basis. We continue to adapt our business model in response to changing market conditions in the International Business. As we look ahead to the balance of 2019, we are focused on growing both our Canadian and International pharmaceutical businesses.”
The CEO’s presentation on the Q4 2018 Results is available at the following link: www.biosyent.com/q4-18/.
The Company’s Annual Audited Consolidated Financial Statements and Management's Discussion and Analysis for the years ended December 31, 2018 and 2017 will be posted on www.sedar.com on March 20, 2019.
The Annual Audited Consolidated Financial Statements are available at: http://ml.globenewswire.com/Resource/Download/a6daca1d-7b36-4024-824a-665eeb240576
The Management's Discussion and Analysis is available at: http://ml.globenewswire.com/Resource/Download/46849bc9-6808-4df1-926c-2b0448ddddf2
The Company also wishes to announce that its Board of Directors has passed a resolution to grant a total of 34,211 stock options to certain employees of BioSyent. These option grants are made under the Company’s Incentive Stock Option Plan (“the Plan”) approved by shareholders on May 29, 2018. Each option entitles the optionee to purchase one common share of the Company at an exercise price of $8.22. These options are exercisable for a period of ten years from the date of grant.
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, hospital and international business units.
As of the date of this press release, the Company has 14,382,815 common shares issued and outstanding.
BioSyent Inc. | ||||||||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||||||||
In Canadian Dollars | Q4 2018 | Q4 2017 | % Change | FY 2018 | FY 2017 | % Change | ||||||||||
Net Revenues | 5,910,965 | 5,901,488 | 0 | % | 21,527,028 | 20,762,755 | 4 | % | ||||||||
Cost Of Goods Sold | 1,409,893 | 1,390,975 | 1 | % | 4,952,864 | 4,788,085 | 3 | % | ||||||||
Gross Profit | 4,501,072 | 4,510,513 | 0 | % | 16,574,164 | 15,974,670 | 4 | % | ||||||||
Operating Expenses and Finance Income | 2,332,901 | 2,561,066 | -9 | % | 9,027,358 | 9,124,506 | -1 | % | ||||||||
Net Income Before Tax | 2,168,171 | 1,949,447 | 11 | % | 7,546,806 | 6,850,164 | 10 | % | ||||||||
Tax (including Deferred Tax) | 496,761 | 492,219 | 1 | % | 1,841,420 | 1,643,887 | 12 | % | ||||||||
Net Income After Tax | 1,671,410 | 1,457,228 | 15 | % | 5,705,386 | 5,206,277 | 10 | % | ||||||||
Net Income After Tax % to Net Revenues | 28 | % | 25 | % | 27 | % | 25 | % | ||||||||
EBITDA | 2,109,998 | 1,961,159 | 8 | % | 7,405,988 | 6,910,977 | 7 | % | ||||||||
EBITDA % to Net Revenues | 36 | % | 33 | % | 34 | % | 33 | % |
BioSyent Inc. | ||||||
Consolidated Statements of Financial Position | ||||||
AS AT | December 31, 2018 | December 31, 2017 | % Change | |||
ASSETS | ||||||
Trade and other receivables | $ | 2,115,293 | $ | 2,236,695 | -5 | % |
Inventory | 1,483,392 | 908,825 | 63 | % | ||
Prepaid expenses and deposits | 300,821 | 147,326 | 104 | % | ||
Income tax recoverable | - | 71,924 | ||||
Derivative asset | 27,344 | - | ||||
Cash, cash equivalents and short-term investments | 24,425,101 | 19,338,435 | 26 | % | ||
Current Assets | 28,351,951 | 22,703,205 | 25 | % | ||
Equipment | 271,785 | 290,926 | -7 | % | ||
Intangible assets | 1,942,682 | 1,670,210 | 16 | % | ||
Loans receivable | 576,929 | 393,860 | 46 | % | ||
Deferred tax asset | 45,144 | 46,647 | -3 | % | ||
TOTAL NON CURRENT ASSETS | 2,836,540 | 2,401,643 | 18 | % | ||
TOTAL ASSETS | $ | 31,188,491 | $ | 25,104,848 | 24 | % |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities | $ | 3,213,777 | $ | 2,615,594 | 23 | % |
Deferred tax liability | 369,052 | 276,327 | 34 | % | ||
Long term debt | - | - | 0 | % | ||
Total Equity | 27,605,662 | 22,212,927 | 24 | % | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 31,188,491 | $ | 25,104,848 | 24 | % |
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.
For further information please contact:
Mr. René C. Goehrum
President and CEO
BioSyent Inc.
E-Mail: investors@biosyent.com
Web: www.biosyent.com