BioSyent Inc.

TSX VENTURE : RX


BioSyent Inc.

August 22, 2013 08:00 ET

BioSyent Releases Q2 and Six Month Results: Six Month Sales Increase 57% and Profit Before Tax Up 68%

TORONTO, ONTARIO--(Marketwired - Aug. 22, 2013) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its second quarter (Q2) and first half (H1) 2013 financial results for the three and six months ending June 30, 2013.

  • Q2 2013 Sales of $1,786,685 increased by 47% versus Q2 2012
  • First six months (H1) 2013 Sales of $3,328,528 increased by 57% versus H1 2012
  • Q2 2013 Pharmaceutical Sales of $1,683,793 were up by 60% versus Q2 2012, and 29% versus Q1 2013
  • H1 Pharmaceutical Sales of $2,991,303 increased by 65% versus H1 2012
  • Fifteen consecutive quarters of continued pharmaceutical sales growth
  • Q2 2013 Income Before Tax of $542,964 increased by 61% versus Q2 2012
  • Q2 2013 Tax Expense was $124,639 versus nil in Q2 2012
  • Q2 Net Income After Tax of $418,325 increased by 24% versus Q2 2012
  • H1 2013 Income Before Tax of $1,024,927 increased by 68% versus H1 2012
  • H1 2013 Tax was $262,192 versus nil in H1 2012 (H1 2013 Tax equivalent to $0.02/share)
  • H1 2013 Net Income After Tax of $762,735 increased by 25% compared to H1 2012
  • H1 2013 basic earnings per share of $0.06 versus $0.05 in H1 2012
  • H1 2013 Cash Generation of $313,595 represents a 396% increase over the prior year period
  • FeraMAX® Powder, an innovative new product, was launched in June 2013
  • Selected as a TSX Venture 50 Top Performer for two consecutive years - 2012 and 2013
  • Named as one of Canada's fastest growing companies in the Profit 500 rankings for 2013
  • 2 New Products submitted to Health Canada for marketing approval

Total sales for Q2 2013 of $1,786,685, were 47% higher compared to $1,216,115 in the corresponding prior year period. Total sales for H1 2013 of $3,328,528, were 57% higher than H1 2012.

Income Before Tax for Q2 2013 was $542,964, which is 61% higher than $337,437 in Q2 2012. Income Before Tax for H1 2013 was 1,024,927, an increase of 68% over the corresponding prior year period.

H1 2013 has a tax provision of $262,192 whereas there was no tax provision in H1 2012 due to available carry forward losses from previous years. In spite of this difference in tax expense, Net Income After Tax increased by 25% from $610,620 in H1 2012 to $762,735 in H1 2013.

Working capital, which is the difference between current assets and current liabilities, has increased by 33% from $2,509,278 as at December 31, 2012 to $3,336,433 as at June 30, 2013. Cash accounted for 79% of working capital as at June 30, 2013. Total Cash on June 30 2013 was $2,629,650. Total Shareholder's Equity increased by 29% from $2,839,409 at December 31, 2012 to $3,663,185 at June 30, 2013. This is mainly due to an increase in retained earnings for H1 2013.

The Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on August 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.

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

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.

BioSyent Inc.
Interim Consolidated Statement of Comprehensive Income
(Unaudited - Abbreviated)
In Canadian Dollars Q2
2013
Q2
2012
%
Change
H1
2013
H1
2012
%
Change
Revenues 1,786,685 1,216,115 47 % 3,328,528 2,120,603 57 %
Cost Of Goods Sold 387,337 250,065 55 % 695,806 438,661 59 %
Gross Profit 1,399,348 966,050 45 % 2,632,722 1,681,942 57 %
Total Operating Expense 856,384 628,613 36 % 1,607,795 1,071,322 50 %
Profit Before Tax 542,964 337,437 61 % 1,024,927 610,620 68 %
Tax (including Deferred Tax) 124,639 - NA 262,192 - NA
Profit After Tax 418,325 337,437 24 % 762,735 610,620 25 %
Profit After Tax % to Sales 23 % 28 % 23 % 29 %
BIOSYENT INC.
INTERIM UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT
(Unaudited - Abbreviated)
AS AT June 30,
2013
December 31,
2012
%
Change
ASSETS
Receivables 1,074,972 589,697 82 %
Inventory 796,908 345,630 131 %
Prepaid expenses & deposits 162,463 71,257 128 %
Cash & Cash Equivalents 2,629,650 2,316,055 14 %
Current Assets 4,663,993 3,322,639 40 %
Equipment 122,379 97,932 25 %
Deferred Tax 204,373 232,199 -12 %
TOTAL ASSETS 4,990,745 3,652,770 37 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities 1,327,560 813,361 63 %
Total Equity 3,663,185 2,839,409 29 %
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,990,745 3,652,770 37 %

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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