TORONTO, Aug. 16, 2017 (GLOBE NEWSWIRE) -- BioSyent Inc.’s (“BioSyent”) (TSX Venture:RX) press release issued at 8:00am ET on August 16, 2017 contained erroneous information regarding the grant of incentive stock options. This press release has been revised with corrected information regarding the grant of incentive stock options:
BioSyent Inc. (“BioSyent”) (TSX Venture:RX) released today a summary of its financial results for the three and six months ended June 30, 2017. Key highlights include:
“Q2 2017 was a record quarter for BioSyent, bolstered by our established brands and by continued growth in our international markets,” commented René Goehrum, President and CEO of BioSyent. “We are pleased to have delivered a 28% net margin along with strong sales growth in the second quarter. While we continue to invest in growing our launch brands, our overall H1 2017 sales growth of 16% is in line with our expectations and the solid net margin of 26% for H1 2017 is in line with our strategy of delivering profitable growth.”
The CEO’s presentation on the Q2 2017 Results is available at the following link: www.biosyent.com/q2-17/
The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2017 and 2016 will be posted on www.sedar.com on August 16, 2017.
PDFs accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/9657b5a9-1b69-44c8-b32d-199a7cdb2bcb
http://www.globenewswire.com/NewsRoom/AttachmentNg/0af057bb-181d-4ecd-97ae-897aefc0b577
The Company also wishes to announce that its Board of Directors has passed a resolution to grant 5,921 stock options to a member of senior management of the Company. The option grant is made under the Company’s Incentive Stock Option Plan re-approved by shareholders on May 24, 2017. Each option entitles the optionee to purchase one common share of the Company at an exercise price of $8.60. Upon vesting, these options are excerciseable for a period of ten years from the date of grant.
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 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 14,476,353 shares issued and outstanding.
BioSyent Inc. | ||||||||||||
Interim Unaudited Consolidated Statements of Comprehensive Income | ||||||||||||
In Canadian Dollars | Q2 2017 | Q2 2016 | % Change | H1 2017 | H1 2016 | % Change | ||||||
Net Revenues | 5,636,405 | 4,373,353 | 29 | % | 9,457,667 | 8,145,816 | 16 | % | ||||
Cost Of Goods Sold | 1,398,018 | 877,400 | 59 | % | 2,187,048 | 1,594,502 | 37 | % | ||||
Gross Profit | 4,238,387 | 3,495,953 | 21 | % | 7,270,619 | 6,551,314 | 11 | % | ||||
Operating Expenses and Finance Income | 2,235,160 | 2,104,927 | 6 | % | 4,084,965 | 3,856,378 | 6 | % | ||||
Net Income Before Tax | 2,003,227 | 1,391,026 | 44 | % | 3,185,654 | 2,694,936 | 18 | % | ||||
Tax (including Deferred Tax) | 450,309 | 375,577 | 20 | % | 731,180 | 727,633 | 0 | % | ||||
Net Income After Tax | 1,552,918 | 1,015,449 | 53 | % | 2,454,474 | 1,967,303 | 25 | % | ||||
Net Income After Tax % to Net Revenues | 28 | % | 23 | % | 26 | % | 24 | % | ||||
EBITDA1 | 2,023,234 | 1,399,558 | 45 | % | 3,214,558 | 2,662,412 | 21 | % | ||||
EBITDA1 % to Net Revenues | 36 | % | 32 | % | 34 | % | 33 | % | ||||
BioSyent Inc. | ||||||
Interim Unaudited Consolidated Statements of Financial Position | ||||||
AS AT | June 30, 2017 | December 31, 2016 | % Change | |||
ASSETS | ||||||
Trade and other receivables | $ | 2,705,117 | $ | 1,941,177 | 39 | % |
Inventory | 1,482,113 | 1,560,050 | -5 | % | ||
Prepaid expenses and deposits | 323,713 | 269,704 | 20 | % | ||
Income tax recoverable | 75,818 | - | ||||
Derivative asset | 108,280 | 32,025 | 238 | % | ||
Cash, cash equivalents and short-term investments | 14,702,627 | 13,739,286 | 7 | % | ||
Current Assets | 19,397,668 | 17,542,242 | 11 | % | ||
Equipment | 305,248 | 291,331 | 5 | % | ||
Intangible assets | 1,508,282 | 1,277,235 | 18 | % | ||
Loans receivable | 391,500 | - | ||||
Deferred tax asset | 119,567 | 137,375 | -13 | % | ||
TOTAL NON CURRENT ASSETS | 2,324,597 | 1,705,941 | 36 | % | ||
TOTAL ASSETS | $ | 21,722,265 | $ | 19,248,183 | 13 | % |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities | $ | 2,163,172 | $ | 2,358,226 | -8 | % |
Deferred tax liability | 199,760 | 163,241 | 22 | % | ||
Long term debt | - | - | 0 | % | ||
Total Equity | 19,359,333 | 16,726,716 | 16 | % | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 21,722,265 | $ | 19,248,183 | 13 | % |
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.
CONTACT: For further information please contact: Mr. René C. Goehrum President and CEO BioSyent Inc. Tel: (905) 206-0013 E-Mail: [email protected] Web: www.biosyent.com