MISSISSAUGA, Ontario, March 18, 2020 (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, 2019. Key highlights include:
René Goehrum, President and CEO of BioSyent, commented, “While we saw modest sales growth in our Canadian Pharmaceutical Business in 2019, our International Pharmaceutical sales declined by 35% following transactional challenges in the first half of the year resulting in delayed shipments to customers. While we shipped additional international FeraMAX® orders in Q4 2019, we expect continued variability in sales levels for the international business. Although we delivered our 38th consecutive profitable quarter in Q4 2019, our net profit margin was adversely impacted by non-cash impairment charges on intangible assets during the year.” Mr. Goehrum continued, “We are currently focused on growing our existing business as well as preparing for the launch of two exciting new products to Canada, namely, the Tibella® women’s health product and the Combogesic® pain management product. We will continue to make investments behind our new and existing brands, and I look forward to reporting on our progress during 2020.”
The CEO’s presentation on the Q4 2019 Results is available at the following link: www.biosyent.com/q4-19/.
The Company’s Audited Consolidated Financial Statements and Management's Discussion and Analysis for the years ended December 31, 2019 and 2018 will be posted on www.sedar.com on March 18, 2020.
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 13,408,745 common shares issued and outstanding.
BioSyent Inc. | ||||||
Consolidated Statements of Comprehensive Income | ||||||
In Canadian Dollars | Q4 2019 | Q4 2018 | % Change | FY 2019 | FY 2018 | % Change |
Net Revenues | 5,569,286 | 5,910,965 | -6% | 21,424,324 | 21,527,028 | 0% |
Cost of Goods Sold | 1,206,641 | 1,409,893 | -14% | 4,778,069 | 4,952,864 | -4% |
Gross Profit | 4,362,645 | 4,501,072 | -3% | 16,646,255 | 16,574,164 | 0% |
Operating Expenses and Finance Income | 2,693,492 | 2,332,901 | 15% | 10,775,724 | 9,027,358 | 19% |
Net Income Before Tax | 1,669,153 | 2,168,171 | -23% | 5,870,531 | 7,546,806 | -22% |
Tax (including Deferred Tax) | 501,308 | 496,761 | 1% | 1,501,236 | 1,841,420 | -18% |
Net Income After Tax | 1,167,845 | 1,671,410 | -30% | 4,369,295 | 5,705,386 | -23% |
Net Income After Tax % to Net Revenues | 21% | 28% | 20% | 27% | ||
EBITDA | 1,700,840 | 2,109,998 | -19% | 5,747,706 | 7,405,988 | -22 |
EBITDA % to Net Revenues | 31% | 36% | 27% | 34% |
BioSyent Inc. | |||||
Consolidated Statements of Financial Position | |||||
AS AT | December 31, 2019 | December 31, 2018 | % Change | ||
ASSETS | |||||
Trade and other receivables | $ | 2,083,723 | $ | 2,115,293 | -1% |
Inventory | 2,139,127 | 1,483,392 | 44% | ||
Prepaid expenses and deposits | 648,781 | 300,821 | 116% | ||
Derivative asset | - | 27,344 | -100% | ||
Cash, cash equivalents and short-term investments | 21,973,477 | 24,425,101 | -10% | ||
Current Assets | 26,845,108 | 28,351,951 | -5% | ||
Property and equipment | 2,482,266 | 271,785 | 813% | ||
Intangible assets | 1,023,378 | 1,942,682 | -47% | ||
Loans receivable | 588,467 | 576,929 | 2% | ||
Deferred tax asset | 26,095 | 45,144 | -42% | ||
TOTAL NON-CURRENT ASSETS | 4,120,206 | 2,836,540 | 45% | ||
TOTAL ASSETS | $ | 30,965,314 | $ | 31,188,491 | -1% |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current liabilities | $ | 3,359,041 | $ | 3,213,777 | 5% |
Deferred tax liability | 102,902 | 369,052 | -72% | ||
Lease liability non-current | 1,708,861 | - | |||
Total Equity | 25,794,510 | 27,605,662 | -7% | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 30,965,314 | $ | 31,188,491 | -1% |
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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