BioSyent Inc.
TSX VENTURE : RX

BioSyent Inc.

August 12, 2015 08:00 ET

BioSyent Releases First Six Months 2015 Results-Six Month Sales Up 25%; Pharma Sales Up 25%; EBITDA Up 31%; Net Income Up 30%; Return on Equity 40%

TORONTO, ONTARIO--(Marketwired - Aug. 12, 2015) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its Second Quarter (Q2 2015) and first half financial results for the three and six months ending June 30, 2015. Key highlights include:

  • First six months (H1 2015) Sales of $6,900,098 increased by 25% versus H1 2014
  • H1 2015 Pharma sales of $6,565,300 increased by 25% versus H1 2014
  • First six months (H1 2015) Revenue has grown at a compound annual growth rate (CAGR) of 44% over the corresponding previous two years
  • H1 2015 EBITDA1 of $2,490,429 increased by 31% over H1 2014
  • H1 2015 Net Income After Tax of $1,813,751 increased by 30% over H1 2014
  • H1 2015 Fully Diluted EPS of $0.13 grew by 30% over H1 2014
  • Trailing Twelve Month (TTM) fully diluted EPS of $0.25 was 39% higher than $0.18 in the TTM period ending June 30, 2014
  • H1 2015 Return on Equity was 40% annualized
  • In Canada, FeraMAX® 150 share of doses increased by more than 18% in the January - May 2015 period versus a year ago ( Source data : IMS Health™ )
  • A large international FeraMAX® order representing sales of $627,512 received in the first quarter was postponed to Q3 2015 due to a delay in obtaining necessary importation clearances. Had this order been shipped in H1 2015, H1 2015 sales would have grown by 36% versus H1 2014. This order was shipped in the first week of August 2015
  • The Company remains debt-free and has an unutilized operating line of credit with Royal Bank of Canada of $1.55MM

Working capital, which is the difference between current assets and current liabilities, increased by 24% from $7,786,460 as at December 31, 2014 to $9,641,260 as at June 30, 2015.

Total Shareholder's Equity increased by 24% from $8,160,092 at December 31, 2014 to $10,087,481 at June 30, 2015.

An international FeraMAX® order of $627,512 received in Q1 2015, originally planned for Q2 2015 shipping, was postponed to Q3 2015 due to delay in obtaining necessary importation clearances. If this order had shipped as originally requested by the customer, H1 2015 sales would have grown by 36% versus H1 2014 and Q2 2015 pharma sales would have been +37% versus Q2 2014. This order has been shipped as of the date of this press release and will have a correspondingly positive effect on Q3 2015 results.

"For the first time, in June and July 2015, the Company's sales exceeded $1.5 million per month for two consective months," commented René Goehrum, President and CEO of BioSyent. "In Canada, in the second quarter both FeraMAX 150® and RepaGyn® had their second consective quarter of record shipments. This was backed up with strong year over year growth for Cathejell™ and FeraMAX Powder®. Additionally with the shipment of our largest FeraMAX® order ever to an overseas customer -- the international pharma business is on track to more than double this year."

The CEO presentation on the Second Quarter of 2015 is available at the following link www.biosyent.com/q2-15/

The Company's Consolidated Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on August 12, 2015.

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 13,936,195 shares issued and outstanding.

BioSyent Inc.
Interim Unaudited Consolidated Statement of Comprehensive Income
In Canadian Dollars Q2 2015 Q2 2014 %
Change
H1 2015 H2 2014 %
Change
Revenues 3,593,998 3,072,395 17% 6,900,098 5,520,496 25%
EBITDA 1,176,105 1,211,096 -3% 2,490,429 1,897,379 31%
Cost Of Goods Sold 739,045 633,754 17% 1,447,780 1,173,278 23%
Gross Profit 2,854,953 2,438,641 17% 5,452,318 4,347,218 25%
Total Operating Expense 1,680,531 1,218,786 38% 2,957,963 2,439,691 21%
Net Income Before Tax 1,174,422 1,219,855 -4% 2,494,355 1,907,527 31%
EBITDA % to Sales 33% 39% 36% 34%
Tax (including Deferred Tax) 323,383 331,050 NA 680,604 507,301 NA
Net Income After Tax 851,039 888,805 -4% 1,813,751 1,400,226 30%
Net Income After Tax % to Sales 24% 29% 26% 25%

1 EBITDA is a Non-IFRS Financial Measure. The term EBITDA does not have any standardized meaning under International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest income or expense, income taxes, depreciation and amortization.

BIOSYENT INC.
INTERIM UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT June 30,
2015
December 31,
2014
%
Change
ASSETS
Receivables 1,568,546 640,691 145%
Inventory 2,213,698 1,271,910 74%
Prepaid expenses & deposits 136,927 203,532 -33%
Derivative Asset 65,551 142,627 -54%
Short-Term Investments 1,500,000 999,969 50%
Cash & Cash Equivalents 5,976,906 6,989,171 -14%
Current Assets 11,461,628 10,247,900 12%
Equipment 214,692 156,907 37%
Intangible Assets 88,651 66,720 33%
Deferred Tax 166,253 173,380 -4%
TOTAL NON CURRENT ASSETS $ 469,596 $ 397,007 18%
TOTAL ASSETS 11,931,224 10,644,907 12%
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities 1,820,368 2,461,440 -26%
Deferred Tax Liability 23,375 23,375 0%
Total Equity 10,087,481 8,160,092 24%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 11,931,224 10,644,907 12%

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