MISSISSAUGA, Ontario, Nov. 20, 2019 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today a summary of its financial results for the three and nine months ended September 30, 2019. Key highlights include:
René Goehrum, President and CEO of BioSyent, commented, “We recorded our highest ever quarterly sales in Q3 2019 due in large part to the shipment of a backlog of international FeraMAX® orders during the quarter. We continue to experience delays in shipping international FeraMAX® orders due to the transactional challenges inherent to this business. In our Canadian business, we saw modest growth during the quarter with single-digit sales growth of FeraMAX® and continued headwinds in our Hospital Business.” Mr. Goehrum continued, “We maintained a healthy net profit margin during the quarter while we continued to invest in our existing brands and to prepare for the future launch of the new Tibella® women’s health product to the Canadian market. We also made further investment in our NCIB share buyback and have repurchased a total of 950,000 common shares to date since commencing the NCIB in December 2018. Our cash position and balance sheet remain strong as we seek out new products to enhance our portfolio of brands in Canada.”
The CEO’s presentation on the Q3 2019 Results is available at the following link: www.biosyent.com/q3-19/.
The Interim Unaudited Condensed Consolidated Financial Statements are available at: http://ml.globenewswire.com/Resource/Download/a282cdd5-3064-491e-b6f3-7f19cf1b267f
The Management's Discussion and Analysis is available at: http://ml.globenewswire.com/Resource/Download/9cdb1c46-aea5-4f6e-9854-e8df74f3df7e
The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2019 and 2018 will be posted on www.sedar.com on November 20, 2019.
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 13,581,445 common shares issued and outstanding.
BioSyent Inc. | ||||||
Interim Unaudited Condensed Consolidated Statements of Comprehensive Income | ||||||
In Canadian Dollars | Q3 2019 | Q3 2018 | % Change | YTD 2019 | YTD 2018 | % Change |
Net Revenues | 6,219,748 | 5,259,493 | 18% | 15,855,038 | 15,616,063 | 2% |
Cost of Goods Sold | 1,527,351 | 1,155,171 | 32% | 3,571,428 | 3,542,971 | 1% |
Gross Profit | 4,692,397 | 4,104,322 | 14% | 12,283,610 | 12,073,092 | 2% |
Operating Expenses and Finance Income | 2,672,750 | 2,337,926 | 14% | 8,082,232 | 6,694,457 | 21% |
Net Income Before Tax | 2,019,647 | 1,766,396 | 14% | 4,201,378 | 5,378,635 | -22% |
Tax (including Deferred Tax) | 487,221 | 495,783 | -2% | 999,928 | 1,344,659 | -26% |
Net Income After Tax | 1,532,426 | 1,270,613 | 21% | 3,201,450 | 4,033,976 | -21% |
Net Income After Tax % to Net Revenues | 25% | 24% | 20% | 26% | ||
EBITDA | 1,985,461 | 1,729,585 | 15% | 4,046,866 | 5,295,990 | -24% |
EBITDA % to Net Revenues | 32% | 33% | 26% | 34% |
BioSyent Inc. | ||||||
Interim Unaudited Condensed Consolidated Statements of Financial Position | ||||||
AS AT | September 30, 2019 | December 31, 2018 | % Change | |||
ASSETS | ||||||
Trade and other receivables | $ | 2,916,160 | $ | 2,115,293 | 38 | % |
Inventory | 2,104,997 | 1,483,392 | 42 | % | ||
Prepaid expenses and deposits | 275,357 | 300,821 | -8 | % | ||
Income tax recoverable | 160,461 | - | ||||
Derivative asset | 33,267 | 27,344 | 22 | % | ||
Cash, cash equivalents and short-term investments | 19,812,331 | 24,425,101 | -19 | % | ||
Current Assets | 25,302,573 | 28,351,951 | -11 | % | ||
Property and equipment | 2,570,305 | 271,785 | 846 | % | ||
Intangible assets | 1,524,824 | 1,942,682 | -22 | % | ||
Loans receivable | 585,559 | 576,929 | 1 | % | ||
Deferred tax asset | 34,383 | 45,144 | -24 | % | ||
TOTAL NON-CURRENT ASSETS | 4,715,071 | 2,836,540 | 66 | % | ||
TOTAL ASSETS | $ | 30,017,644 | $ | 31,188,491 | -4 | % |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities | $ | 2,629,791 | $ | 3,213,777 | -18 | % |
Deferred tax liability | 270,394 | 369,052 | -27 | % | ||
Lease liability non-current | 1,733,090 | - | ||||
Total Equity | 25,384,369 | 27,605,662 | -8 | % | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 30,017,644 | $ | 31,188,491 | -4 | % |
For further information please contact:
Mr. René C. Goehrum
President and CEO
BioSyent Inc.
E-Mail: investors@biosyent.com
Web: www.biosyent.com
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.
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