BioSyent Inc.
TSX VENTURE : RX

BioSyent Inc.

August 12, 2016 08:00 ET

BioSyent Releases Q2 and H1 2016 Results

TORONTO, ONTARIO--(Marketwired - Aug. 12, 2016) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its financial results for the three and six months ending June 30, 2016. Key highlights include:

  • Second quarter (Q2) 2016 Net Revenues of $4,373,353 increased by 22% versus Q2 2015
  • First half (H1) 2016 Net Revenues of $8,145,816 increased by 18% versus H1 2015
  • Q2 2016 Pharmaceutical Net Revenues of $4,008,467 increased by 20% versus Q2 2015, with Canadian Pharmaceutical Net Revenues increasing by 17% versus Q2 2015 and International Pharmaceutical Net Revenues more than doubling versus Q2 2015
  • H1 2016 Pharmaceutical Net Revenues of $7,555,075 increased by 15% versus H1 2015, with Canadian Pharmaceutical Net Revenues increasing by 11% over H1 2015 and International Pharmaceutical Net Revenues more than doubling versus H1 2015
  • Q2 2016 EBITDA(1) of $1,399,558 increased by 19% versus Q2 2015
  • H1 2016 EBITDA(1) of $2,662,412 increased by 7% versus H1 2015
  • Q2 2016 Net Income After Tax (NIAT) of $1,015,449 increased by 19% versus Q2 2015
  • H1 2016 NIAT of $1,967,303 increased by 8% versus H1 2015
  • Q2 2016 Fully Diluted EPS was $0.07 as compared to $0.06 in Q2 2015
  • H1 2016 Fully Diluted EPS was $0.14 as compared to $0.13 in H1 2015
  • Trailing Twelve Months Fully Diluted EPS was $0.27 for the twelve months ended June 30, 2016 as compared to $0.25 for the twelve months ended June 30, 2015
  • The Company remains free of long-term debt and has an unutilized operating line of credit
  • As at June 30, 2016, the Company had cash, cash equivalents, and short term investments totalling $10,455,555, as compared to $9,715,476 as at December 31, 2015 - an 8% increase
  • Working capital, which is the difference between current assets and current liabilities, increased by 18% from $10,821,785 as at December 31, 2015 to $12,775,744 as at June 30, 2016
  • Total Shareholders' Equity increased by 17% from $12,151,482 at December 31, 2015 to $14,237,496 at June 30, 2016
  • Trailing Twelve Months Return on Equity to June 30, 2016 was 32%
(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.

"Q2 2016 was a record quarter for BioSyent's Canadian pharmaceutical business, with sales exceeding $3.75 million" commented René Goehrum, President and CEO of BioSyent. "Our international business also saw significant growth with Q2 2016 sales more than doubling over Q2 2015. During the quarter, we signed an agreement with a European partner for the exclusive Canadian distribution rights to two innovative cardiovascular products which, upon reaching peak sales, will add $20 million to the Company's business. We also established a new wholly-owned subsidiary, BioSyent Pharma International Inc., to facilitate the future growth and expansion of our international pharmaceutial business. We continued to grow our business during the first half of 2016, while maintaining a healthy net profit margin of 24%. These results speak to the strength of our business model in delivering consistent, profitable growth."

The CEO presentation on the Q2 2016 Results is available at the following link: www.biosyent.com/q2-16/

The Company's Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion & Analysis for the three and six months ended June 30, 2016 and 2015 will be posted on www.sedar.com on August 12, 2016.

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 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 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 14,066,087 shares issued and outstanding.

BioSyent Inc.
Interim Unaudited Consolidated Statements of Comprehensive Income
In Canadian Dollars Q2 2016 Q2 2015 % Change H1 2016 H1 2015 % Change
Net Revenues 4,373,353 3,593,998 22 % 8,145,816 6,900,098 18 %
Cost Of Goods Sold 877,400 739,045 19 % 1,594,502 1,447,780 10 %
Gross Profit 3,495,953 2,854,953 22 % 6,551,314 5,452,318 20 %
Operating Expenses 2,104,927 1,680,531 25 % 3,856,378 2,957,963 30 %
Net Income Before Tax 1,391,026 1,174,422 18 % 2,694,936 2,494,355 8 %
Tax (including Deferred Tax) 375,577 323,383 16 % 727,633 680,604 7 %
NIAT 1,015,449 851,039 19 % 1,967,303 1,813,751 8 %
NIAT % to Net Revenues 23 % 24 % 24 % 26 %
EBITDA 1,399,558 1,176,105 19 % 2,662,412 2,490,429 7 %
EBITDA % to Net Revenues 32 % 33 % 33 % 36 %
BioSyent Inc.
Interim Unaudited Consolidated Statements of Financial Position
AS AT June 30, 2016 December 31, 2015 % Change
ASSETS
Trade receivables $ 2,165,416 $ 1,341,668 61 %
Other receivables 20,571 43,610 -53 %
Inventory 1,749,335 1,744,936 0 %
Prepaid expenses and deposits 345,446 297,791 16 %
Derivative assets 69,007 34,569 100 %
Short term investments 477,689 5,322,859 -91 %
Cash and cash equivalents 9,977,866 4,392,617 127 %
Current Assets 14,805,330 13,178,050 12 %
Equipment 242,369 230,255 5 %
Intangible assets 1,199,429 1,079,488 11 %
Deferred tax asset 120,208 120,208 0 %
TOTAL NON CURRENT ASSETS 1,562,006 1,429,951 9 %
TOTAL ASSETS $ 16,367,336 $ 14,608,001 12 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 2,029,586 $ 2,356,265 -14 %
Deferred tax liability 100,254 100,254 0 %
Total Equity 14,237,496 12,151,482 17 %
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 16,367,336 $ 14,608,001 12 %

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.

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