BioSyent Inc.
TSX VENTURE : RX

BioSyent Inc.

May 22, 2013 08:00 ET

BioSyent Releases First Quarter Results-Sales Increase 70%, Profit Before Tax Up 76%

TORONTO, ONTARIO--(Marketwired - May 22, 2013) - BioSyent Inc. (TSX VENTURE:RX) ("BioSyent") released today a summary of its First Quarter (Q1) 2013 financial results.

  • Q1 2013 Sales of $1,541,843 increased by 70% versus Q1 2012
  • Q1 2013 Pharmaceutical Sales were up by 72% versus Q1 2012
  • Net Income Before Tax increased by 76% in Q1 2013 versus Q1 2012
  • Q1 2013 Tax was $137,553 compared to $0 in Q1 2012
  • Q1 2013 Net Income After Tax of $344,410 increased by 26% compared to Q1 2012
  • Q1 2013 basic earnings per share of $0.03 versus $0.02 in Q1 2012
  • Selected as a TSX Venture 50 Top Performer for two consecutive years - 2012 and 2013

Total sales for Q1 2013 of $1,541,843, were 70% higher compared to $904,488 in the corresponding prior year period.

Net Income Before Tax for the first quarter of 2013 was $481,963, which is 76% higher than $273,184 in the first quarter of 2012.

The first quarter of 2013 has a tax provision of $137,553 whereas there was no tax provision in Q1 2012 due to available carry forward losses from previous years. In spite of this, Net Income After Tax increased by 26% from $273,184 in Q1 2012 to $344,410 in Q1 2013. The Total Comprehensive Income of $348,354 for Q1 2013 was 28% higher than that of $272,852 in Q1 2012.

Working capital, which is the difference between current assets and current liabilities, has increased by 16% from $2,509,278 as at December 31, 2012 to $ 2,913,609 as at March 31, 2013.Total Shareholder's Equity increased by 14% from $2,839,409 at December 31, 2012 to $3,232,464 at March 31, 2013. This is mainly due to increase in retained earnings for Q1 2013.

The Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on May 22, 2013.

For a direct market quote (15 minutes delay) for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.

About BioSyent Inc.

Listed on the Toronto Venture Exchange under the trading symbol "RX", BioSyent is a profitable growth oriented specialty pharmaceutical company which searches the globe to in-license or acquire innovative pharmaceutical products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients and supporting the healthcare professionals that treat them.

Once a product of interest has been found, BioSyent then acquires the exclusive rights to the product and manages it through the Canadian governmental regulatory approval process. Once approved, BioSyent markets the product throughout Canada.

At the date of this press release the Company had 13,571,195 shares issued and outstanding.

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.

BioSyent Inc. Interim Consolidated Statement of Comprehensive Income
(Unaudited - Abbreviated)
3 months ended March 31
In Canadian Dollars 2013 2012 % Change
Revenues 1,541,843 904,488 70%
Cost of Goods Sold 308,469 188,596 64%
Gross Profit 1,233,374 715,892 72%
Total Operating Expenses 751,411 442,708 70%
Profit Before Tax 481,963 273,184 76%
Tax (including Deferred Tax) 137,553 -
Profit After Tax 344,410 273,184 26%
Profit After Tax % to Sales 22.3% 30.2%
BioSyent Inc. Interim Consolidated Statement of Financial Position
(Unaudited - Abbreviated)
AS AT March 2013 December 2012 % Change
ASSETS
Receivables 1,109,951 589,697 88%
Inventory 327,137 345,630 -5%
Prepaids 86,651 71,257 22%
Cash and Cash Equivalents 2,123,348 2,316,055 -8%
Current Assets 3,647,087 3,322,639 10%
Equipment 100,568 97,932 3%
Deferred Tax 218,287 232,199 -6%
TOTAL ASSETS 3,965,942 3,652,770 9%
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities 733,478 813,361 -10%
Total Equity 3,232,464 2,839,409 14%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3,965,942 3,652,770 9%

The TSX Venture Exchange assumes no responsibility for the accuracy of this release and neither approves nor disapproves of the same.

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