TORONTO, May 29, 2019 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today a summary of its financial results for the three months ended March 31, 2019. Key highlights include:
René Goehrum, President and CEO of BioSyent, commented, “in our Canadian Pharmaceutical Business, Q1 2019 growth was driven by our core FeraMAX® brand as well as our Cysview® hospital product and urgent care pre-filled syringe products. While our Canadian Pharmaceutical Business delivered double-digit growth in Q1 2019, we continued to experience quarterly variability in sales in our International Pharmaceutical Business with no shipments to international customers in the first quarter. This variability is not unusual to the International Business, however, it has been exacerbated in 2019 with ongoing import restrictions in certain of our international markets.” Mr. Goehrum continued, “our work to expand our portfolio of marketed products continued during the first quarter. While we were disappointed to have received a Notice of Deficiency from Health Canada in respect of our cardiovascular products, we were pleased to have received approval for our Tibella® women’s health product earlier this month and look forward to making this new drug available to Canadian women.”
The CEO’s presentation on the Q1 2019 Results is available at the following link: www.biosyent.com/q1-19/.
The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three months ended March 31, 2019 and 2018 will be posted on www.sedar.com on May 29, 2019.
The Interim Unaudited Condensed Consolidated Financial Statements are available at: http://ml.globenewswire.com/Resource/Download/6af4a1bd-86ff-4463-9cdd-c55409076aed
The Management's Discussion and Analysis is available at: http://ml.globenewswire.com/Resource/Download/0542b9fd-b47c-421a-9d36-a39e248616cb
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 14,097,015 common shares issued and outstanding.
|Interim Unaudited Condensed Consolidated Statements of Comprehensive Income|
|In Canadian Dollars||Q1 2019||Q1 2018||% Change|
|Cost Of Goods Sold||958,424||1,030,894||-7%|
|Operating Expenses and Finance Income||2,241,722||1,922,554||17%|
|Net Income Before Taxes||1,278,668||1,493,699||-14%|
|Tax (including Deferred Tax)||300,487||350,569||-14%|
|Net Income After Taxes||978,181||1,143,130||-14%|
|Net Income After Taxes % to Net Revenues||22%||26%|
|EBITDA % to Net Revenues||27%||33%|
|Interim Unaudited Condensed Consolidated Statements of Financial Position|
|AS AT||March 31, 2019||December 31, 2018||% Change|
|Trade and other receivables||$||2,197,430||$||2,115,293||-5%|
|Prepaid expenses and deposits||409,834||300,821||104%|
|Cash, cash equivalents and short-term investments||22,458,933||24,425,101||26%|
|Deferred tax asset||42,410||45,144||-3%|
|TOTAL NON CURRENT ASSETS||2,886,484||2,836,540||18%|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Deferred tax liability||372,097||369,052||34%|
|Long term debt||-||-||0%|
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY||$||30,017,356||$||31,188,491||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.
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