TORONTO, ONTARIO--(Marketwired - Nov. 11, 2015) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its financial results for the three and nine months ending September 30, 2015. Key highlights include:
- Third quarter (Q3) 2015 Revenues of $4,646,236 increased by 28% versus Q3 2014
- First nine months (YTD) 2015 Revenues of $11,546,334 increased by 26% versus YTD 2014
- YTD 2015 Pharmaceutical Revenues of $10,633,525 increased by 28% versus YTD 2014
- YTD 2015 Net Revenues have grown at a compound annual growth rate (CAGR) of 43% over the corresponding previous two years
- Q3 2015 EBITDA(1) of $1,619,701 increased by 20% over Q3 2014
- YTD 2015 EBITDA of $4,110,130 increased by 27% over YTD 2014
- Q3 2015 Net Income After Tax of $1,188,536 increased by 19% versus Q3 2014
- YTD 2015 Net Income After Tax of $3,002,287 increased by 25% over YTD 2014
- Q3 2015 Fully Diluted EPS was $0.08 as compared to $0.07 in the prior year period
- YTD 2015 Fully Diluted EPS of $0.21 grew by 24% over YTD 2014
- Trailing Twelve Month (TTM) Fully Diluted EPS(2) of $0.26 was 24% higher than $0.21 in the corresponding prior year period
- Return on Equity was 40% for the preceding 12 months ending September 30, 2015
- In Canada, the FeraMAX®150 share of the oral iron market (doses) increased by 19% in the January - August 2015 period versus the corresponding 2014 period (source data: IMS Health™)
- 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 28% from $7,786,460 as at December 31, 2014 to $9,955,794 as at September 30, 2015
- Total Shareholders' Equity increased by 39% from $8,160,092 at December 31, 2014 to $11,329,548 at September 30, 2015
"During the third quarter of 2015, while the Company's existing products continued to grow, the Company also signed an exlusive license agreement to sell the Cysview® product in Canada," commented René Goehrum, President and CEO of BioSyent. "Cysview® is an innovative technology that aids in the diagnosis and management of non-muscle-invasive bladder cancer. Cysview® is synergistic with our existing product portfolio and represents a significant investment in our Hospital Business Unit. The marketing authorization for Cysview® was recently successfully transferred to BioSyent Pharma from our partner, Photocure ASA. The Company is now in final preparations for the launch of Cysview® to the Canadian market."
The CEO presentation on the Q3 2015 Results is available at the following link: www.biosyent.com/q3-15/.
The Company's Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on November 11, 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 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 13,966,195 shares issued and outstanding.
| BioSyent Inc. | |||||||||||||||||||
| Interim Unaudited Consolidated Statements of Comprehensive Income | |||||||||||||||||||
| In Canadian Dollars | Q3 2015 | Q3 2014 | % Change | YTD 2015 | YTD 2014 | % Change | |||||||||||||
| Net Revenues | 4,646,236 | 3,632,128 | 28 | % | 11,546,334 | 9,152,624 | 26 | % | |||||||||||
| EBITDA | 1,619,701 | 1,346,008 | 20 | % | 4,110,130 | 3,243,387 | 27 | % | |||||||||||
| EBITDA % to Revenues | 35 | % | 37 | % | 36 | % | 35 | % | |||||||||||
| Cost Of Goods Sold | 1,084,943 | 841,994 | 29 | % | 2,532,723 | 2,015,272 | 26 | % | |||||||||||
| Gross Profit | 3,561,293 | 2,790,134 | 28 | % | 9,013,611 | 7,137,352 | 26 | % | |||||||||||
| Total Operating Expense | 1,939,373 | 1,439,489 | 35 | % | 4,897,336 | 3,879,180 | 26 | % | |||||||||||
| Net Income Before Tax | 1,621,920 | 1,350,645 | 20 | % | 4,116,275 | 3,258,172 | 26 | % | |||||||||||
| Tax (including Deferred Tax) | 433,384 | 349,991 | 24 | % | 1,113,988 | 857,292 | 30 | % | |||||||||||
| Net Income After Tax | 1,188,536 | 1,000,654 | 19 | % | 3,002,287 | 2,400,880 | 25 | % | |||||||||||
| Net Income After Tax % to Revenues | 26 | % | 28 | % | 26 | % | 26 | % | |||||||||||
| 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. |
| 2. | Trailing Twelve Months (TTM) Fully Diluted Earnings per Share (EPS) - is a Non-IFRS Financial Measure. The term TTM Fully Diluted EPS does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. The Company defines TTM fully diluted EPS as the sum of the fully diluted EPS of the four most recently completed financial quarters. |
| BioSyent Inc. | |||||||||
| Interim Unaudited Consolidated Statements of Financial Position | |||||||||
| AS AT | September 30, 2015 | December 31, 2014 | % Change | ||||||
| ASSETS | |||||||||
| Trade and other receivables | $ | 1,617,489 | $ | 640,691 | 152 | % | |||
| Inventory | 1,677,233 | 1,271,910 | 32 | % | |||||
| Prepaid expenses and deposits | 177,821 | 203,532 | -13 | % | |||||
| Derivative assets | 65,551 | 142,627 | -54 | % | |||||
| Short-Term investments | 3,846,080 | 999,969 | 285 | % | |||||
| Cash and cash equivalents | 4,537,638 | 6,989,171 | -35 | % | |||||
| Current Assets | 11,921,812 | 10,247,900 | 16 | % | |||||
| Equipment | 219,908 | 156,907 | 40 | % | |||||
| Intangible assets | 1,020,155 | 66,720 | 1,429 | % | |||||
| Deferred tax asset | 157,066 | 173,380 | -9 | % | |||||
| TOTAL NON CURRENT ASSETS | 1,397,129 | 397,007 | 252 | % | |||||
| TOTAL ASSETS | $ | 13,318,941 | $ | 10,644,907 | 25 | % | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
| Current Liabilities | $ | 1,966,018 | $ | 2,461,440 | -20 | % | |||
| Deferred tax liability | 23,375 | 23,375 | 0 | % | |||||
| Total Equity | 11,329,548 | 8,160,092 | 39 | % | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 13,318,941 | $ | 10,644,907 | 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 of the same.
Contact Information:
Mr. Rene C. Goehrum
President and CEO
(905) 206-0013
investors@biosyent.com
www.biosyent.com