BioSyent Inc.
TSX VENTURE : RX

BioSyent Inc.

August 21, 2014 08:00 ET

BioSyent Releases Q2 and Six Month Results-Q2 Sales Increase 72%, Net Income After Tax Up 112%

TORONTO, ONTARIO--(Marketwired - Aug. 21, 2014) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its Second Quarter (Q2 2014) and first half (H1 2014) financial results for the three and six months ending June 30, 2014. Key highlights include:

  • Q2 2014 Sales of $3,072,395 increased by 72% versus Q2 2013
  • First six months (H1 2014) Sales of $5,520,496 increased by 66% versus H1 2013
  • Q2 2014 Revenue has grown at a compound annual growth rate (CAGR) of 68% over the corresponding quarters of the last three years
  • First six months (H1 2014) Revenue has grown at a compound annual growth rate (CAGR) of 70% over the corresponding 3 years period
  • Q2 2014 Pharmaceutical Sales of $2,893,162 were up 72% versus Q2 2013
  • H1 2014 Pharmaceutical Sales of $5,236,170 increased by 75% versus H1 2013
  • Nineteen consecutive quarters of continued pharmaceutical sales growth
  • Q2 2014 Net Income Before Tax of $1,219,855 increased by 125% versus Q2 2013
  • H1 2014 Net Income Before Tax of $1,907,527 increased by 86% versus $1,024,927 in H1 2013
  • Q2 2014 Net Income After Tax of $888,805 increased by 112% versus Q2 2013
  • H1 2014 Net Income After Tax of $1,400,226 increased by 84% versus H1 2013
  • Q2 2014 Diluted EPS of $0.06 versus $0.03 in Q2 2013
  • Trailing twelve months (TTM) fully diluted EPS of $0.18
  • The company remains debt-free and has an unutilized operating line of credit with Royal Bank of Canada
  • New Urgent Care product received Health Canada marketing approval in Q2 2014
  • Launched new Women's Health Product - RepaGyn® in Q2 2014
  • Pre-launch activity for a new Gastrointestinal Health product - launch planned for fourth quarter of 2014
  • In July BioSyent in-licensed a third new Urgent Care Drug Product from the same European partner
  • Selected as a TSX Venture 50 Top Performer for three consecutive years - 2012, 2013 and 2014
  • For the second consecutive year BioSyent named as one of Canada's fastest growing companies in the Profit 500 rankings with a five year growth rate of 608%

Total sales for Q2 2014 of $3,072,395, were 72% higher compared to $1,786,684 in the corresponding prior year period. Total Sales for H1 2014 of $5,520,496 were 66% higher than H1 2013.

Pharmaceutical Sales in Q2 2014 increased by 72% from $1,683,793 in Q2 2013 to $2,893,162 in Q2 2014. Total Pharmaceutical Sales for H1 2014 of $5,236,170 were 75% higher than H1 2013.

Net Income Before Tax for Q2 2014 was $1,219,855, which was 125% higher than $542,964 in Q2 2013. Net Income Before Tax for H1 2014 was $1,907,527 or 86% higher than the corresponding prior year period.

Net Income After Tax increased by 112% from $418,325 in Q2 2013 to $888,805 in Q2 2014. Net Income After Tax for H1 2014 was $1,400,226 or 84% higher than the corresponding prior year period.

Basic & Dilluted Earnings Per Share (EPS) was $0.06 in Q2 2014 vs. $0.03 in Q2 2013. H1 2014 Basic EPS was $0.10 vs. $0.06 in H1 2013. Diluted EPS in H1 2014 was $0.10 vs. $0.05 in H1 2013.

Working capital, which is the difference between current assets and current liabilities, increased by 34% from $4,405,910 as at December 31, 2013 to $5,890,238 as at June 30, 2014. Total Cash included in working capital on June 30, 2014 is $4,830,796. Total Shareholder's Equity increased by 31% from $4,854,630 at December 31, 2013 to $6,337,976 at June 30, 2014.

The Company plans to launch a new Gastrointestinal product in the fourth quarter of 2014. The Company also received Health Canada approval on one of its two urgent care products and is planning to launch the product in late 2014 or early 2015.

On July 23, 2014 BioSyent Pharma in-licensed a third urgent care product from an existing European partner. This product will be launched after Health Canada approval.

The Company's Consolidated Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on August 21, 2014.

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

BioSyent will also release a CEO presentation on the Second Quarter at the following link www.biosyent.com/q2-14/.

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 13,801,195 shares issued and outstanding.

BioSyent Inc.
Interim Unaudited Consolidated Statement of Comprehensive Income
In Canadian Dollars Q2 2014 Q2 2013 % Change H1 2014 H1 2013 % Change
Revenues 3,072,395 1,786,685 72 % 5,520,496 3,328,528 66 %
Cost Of Goods Sold 633,754 387,337 64 % 1,173,278 695,806 69 %
Gross Profit 2,438,641 1,399,348 74 % 4,347,218 2,632,722 65 %
Total Operating Expense 1,218,786 856,384 42 % 2,439,691 1,607,795 52 %
Profit Before Tax 1,219,855 542,964 125 % 1,907,527 1,024,927 86 %
Tax (including Deferred Tax) 331,050 124,639 NA 507,301 262,192 NA
Profit After Tax 888,805 418,325 112 % 1,400,226 762,735 84 %
Profit After Tax % to Sales 29 % 23 % 25 % 23 %
BIOSYENT INC.
INTERIM UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT June 30,
2014
December 31,
2013
%
Change
ASSETS
Receivables 1,393,864 585,519 138 %
Inventory 814,113 522,787 56 %
Prepaid expenses & deposits 133,658 136,511 -2 %
Cash & Cash Equivalents 4,830,796 4,381,137 10 %
Current Assets 7,172,431 5,625,954 27 %
Equipment 167,490 141,025 19 %
Intangible Assets 56,387 52,994 6 %
Deferred Tax 240,719 271,559 -11 %
TOTAL NON CURRENT ASSETS $ 464,596 $ 465,578 0 %
TOTAL ASSETS 7,637,027 6,091,532 25 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities 1,282,193 1,220,044 5 %
Deferred Tax Liability 16,858 16,858
Total Equity 6,337,976 4,854,630 31 %
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,637,027 6,091,532 25 %

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 the same.

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