BioSyent Inc.
TSX VENTURE : RX

BioSyent Inc.

March 14, 2011 18:00 ET

BioSyent Releases Fiscal and Q4 2010 Financial Results

MISSISSAUGA, ONTARIO--(Marketwire - March 14, 2011) - BioSyent Inc. ("BioSyent")(TSX VENTURE:RX) today released a summary of its 2010 financial results.

Total Sales were 63% higher at $1,681,210 in 2010 compared to $1,029,902 in 2009 driven primarily by growth in the pharmaceutical segment of the business.

Gross Margins increased from 64.4% in 2009, to 73.5% in 2010 primarily because of mix in favour of higher margin products.

The Company earned a profit of $52,160 in 2010 which represented a significant turn around of $312,717 versus the loss of ($260,557) in 2009. The 2010 full year profit of $52,160 included one time costs of $62,589 incurred due to a June 2010 precautionary product recall.

Sales for the fourth quarter ending December 31, 2010 of $465,191 were 293% higher than the sales in the corresponding quarter in 2009. This signifies a greater contribution from the pharmaceutical business. Net income for the fourth quarter ending December 31, 2010 was $84,147 compared to a loss of ($170,410) in the fourth quarter of 2009.

Full details of 2010 results including December 31, 2010 Financial Statements and Management's Discussion & Analysis will be published in the company's 2010 Annual Report and will be posted on sedar.com on March 14, 2010.

BioSyent Inc. continues to concentrate on its pharmaceutical strategy to source products that have been successfully developed and proven to be safe and effective; manage these products through the regulatory process and product registration (approval); and once approved, market these products in Canada. These pharmaceuticals will compete in both the branded and generic market segments.

BioSyent Inc. is a publicly traded specialty pharmaceutical company whose wholly owned subsidiary, BioSyent Pharma Inc., sources, acquires or in-licences pharmaceutical products and markets these products in Canada. Wholly owned BioSyent subsidiary Hedley Technologies Ltd. operates the company's legacy business marketing bio and health friendly non-chemical insecticides. BioSyent common shares are listed for trading on the TSX Venture Exchange (TSXV) under the symbol RX.

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.

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

Contact Information