TORONTO, Nov. 21, 2018 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today a summary of its financial results for the three and nine months ended September 30, 2018. Key highlights include:
“Q3 2018 marked BioSyent’s 33rd consecutive profitable quarter,” noted René Goehrum, President and CEO of BioSyent. “Our Canadian pharmaceutical business delivered 11% growth during the quarter, with growth generated from across our product portfolio. Our International pharmaceutical business faced some challenges due to trade restrictions in a particular export market which resulted in reductions in the number and size of planned international FeraMAX® shipments during the quarter. While we don’t expect these challenges to persist over the long-term, we anticipate further instability in international FeraMAX® sales in the near-term. Growth in our Legacy Business during the quarter also declined when compared with a particularly strong Q3 2017. Although there was an overall decline of 3% in total Company sales for the third quarter of 2018 versus Q3 2017, we are nevertheless encouraged by continued growth in our core pharmaceutical business in Canada.
The CEO’s presentation on the Q3 2018 Results is available at the following link: www.biosyent.com/q3-18/.
The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2018 and 2017 will be posted on www.sedar.com on November 21, 2018.
The Interim Unaudited Condensed Consolidated Financial Statements are available at: http://resource.globenewswire.com/Resource/Download/dcd37611-f54b-442c-8c27-4bf8d6af7b5c
The Management's Discussion and Analysis is available at: http://resource.globenewswire.com/Resource/Download/8a806b81-b2ec-44af-82c2-521c397b27d4
For a direct market quote 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 and other healthcare 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 14,521,154 common shares issued and outstanding.
| BioSyent Inc. | ||||||||||||
| Interim Unaudited Condensed Consolidated Statements of Comprehensive Income | ||||||||||||
In Canadian Dollars | Q3 2018 | Q3 2017 | % Change | YTD 2018 | YTD 2017 | % Change | ||||||
| Net Revenues | 5,259,493 | 5,403,600 | -3% | 15,616,063 | 14,861,267 | 5% | ||||||
| Cost Of Goods Sold | 1,155,171 | 1,210,062 | -5% | 3,542,971 | 3,397,110 | 4% | ||||||
| Gross Profit | 4,104,322 | 4,193,538 | -2% | 12,073,092 | 11,464,157 | 5% | ||||||
| Operating Expenses and Finance Income | 2,337,926 | 2,478,475 | -6% | 6,694,457 | 6,563,440 | 2% | ||||||
| Net Income Before Tax | 1,766,396 | 1,715,063 | 3% | 5,378,635 | 4,900,717 | 10% | ||||||
| Tax (including Deferred Tax) | 495,783 | 420,488 | 18% | 1,344,659 | 1,151,668 | 17% | ||||||
| Net Income After Tax | 1,270,613 | 1,294,575 | -2% | 4,033,976 | 3,749,049 | 8% | ||||||
| Net Income After Tax % to Net Revenues | 24% | 24% | 26% | 25% | ||||||||
| EBITDA | 1,729,585 | 1,735,580 | -1% | 5,295,990 | 4,949,818 | 7% | ||||||
| EBITDA % to Net Revenues | 33% | 32% | 34% | 33% | ||||||||
| BioSyent Inc. | ||||||
| Interim Unaudited Condensed Consolidated Statements of Financial Position | ||||||
| AS AT | September 30, 2018 | December 31, 2017 | % Change | |||
| ASSETS | ||||||
| Trade and other receivables | $ | 2,297,192 | $ | 2,236,695 | 3 | % |
| Inventory | 1,340,010 | 908,825 | 47 | % | ||
| Prepaid expenses and deposits | 470,760 | 147,326 | 220 | % | ||
| Income tax recoverable | - | 71,924 | -100 | % | ||
| Derivative asset | 37,884 | - | 100 | % | ||
| Cash, cash equivalents and short-term investments | 22,604,792 | 19,338,435 | 17 | % | ||
| Current Assets | 26,750,638 | 22,703,205 | 18 | % | ||
| Equipment | 256,769 | 290,926 | -12 | % | ||
| Intangible assets | 1,925,878 | 1,670,210 | 15 | % | ||
| Loans receivable | 396,806 | 393,860 | 1 | % | ||
| Deferred tax asset | 42,518 | 46,647 | -9 | % | ||
| TOTAL NON CURRENT ASSETS | 2,621,971 | 2,401,643 | 9 | % | ||
| TOTAL ASSETS | $ | 29,372,609 | $ | 25,104,848 | 17 | % |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
| Current liabilities | $ | 2,461,743 | $ | 2,615,594 | -6 | % |
| Deferred tax liability | 356,556 | 276,327 | 29 | % | ||
| Long term debt | - | - | 0 | % | ||
| Total Equity | 26,554,310 | 22,212,927 | 20 | % | ||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 29,372,609 | $ | 25,104,848 | 17 | % |
For further information please contact:
Mr. René C. Goehrum
President and CEO
BioSyent Inc.
Tel: (905) 206-0013
E-Mail: investors@biosyent.com
Web: www.biosyent.com
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.