TORONTO, Aug. 22, 2018 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today a summary of its financial results for the three and six months ended June 30, 2018. Key highlights include:
“Q2 2018 was a record quarter for our Canadian pharmaceutical business and our business overall, marking BioSyent’s 32nd consecutive profitable quarter,” remarked René Goehrum, President and CEO of BioSyent. “Overall, our Canadian pharmaceutical business grew by 16% in Q2 2018 as both established brands and launch brands delivered growth during the quarter. While our FeraMAX® products continued to drive growth in the business, we were also particularly pleased with the growth in our Hospital Business during the quarter, which delivered revenue growth of 71% over Q2 2017.”
The CEO’s presentation on the Q2 2018 Results is available at the following link: www.biosyent.com/q2-18/.
The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2018 and 2017 will be posted on www.sedar.com on August 22, 2018.
The Interim Unaudited Condensed Consolidated Financial Statements are available at http://resource.globenewswire.com/Resource/Download/3c33aca1-b8e7-4d38-ae13-2209ab079ea7.
The Management's Discussion and Analysis is available at http://resource.globenewswire.com/Resource/Download/ba0d9dc9-0821-47c5-952b-448cd59e9682.
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 14,519,603 common shares issued and outstanding.
In Canadian Dollars | Q2 2018 | Q2 2017 | % Change | H1 2018 | H1 2017 | % Change | ||||||
Net Revenues | 5,909,423 | 5,636,405 | 5 | % | 10,356,570 | 9,457,667 | 10 | % | ||||
Cost Of Goods Sold | 1,356,906 | 1,398,018 | -3 | % | 2,387,800 | 2,187,048 | 9 | % | ||||
Gross Profit | 4,552,517 | 4,238,387 | 7 | % | 7,968,770 | 7,270,619 | 10 | % | ||||
Operating Expenses and Finance Income | 2,433,977 | 2,235,160 | 9 | % | 4,356,531 | 4,084,965 | 7 | % | ||||
Net Income Before Tax | 2,118,540 | 2,003,227 | 6 | % | 3,612,239 | 3,185,654 | 13 | % | ||||
Tax (including Deferred Tax) | 498,307 | 450,309 | 11 | % | 848,876 | 731,180 | 16 | % | ||||
Net Income After Tax | 1,620,233 | 1,552,918 | 4 | % | 2,763,363 | 2,454,474 | 13 | % | ||||
Net Income After Tax % to Net Revenues | 27 | % | 28 | % | 27 | % | 26 | % | ||||
EBITDA | 2,088,638 | 2,023,234 | 3 | % | 3,566,405 | 3,214,558 | 11 | % | ||||
EBITDA % to Net Revenues | 35 | % | 36 | % | 34 | % | 34 | % | ||||
BioSyent Inc. | ||||||
Interim Unaudited Condensed Consolidated Statements of Financial Position | ||||||
AS AT | June 30, 2018 | December 31, 2017 | % Change | |||
ASSETS | ||||||
Trade and other receivables | $ | 2,507,474 | $ | 2,236,695 | 12 | % |
Inventory | 1,734,295 | 908,825 | 91 | % | ||
Prepaid expenses and deposits | 215,454 | 147,326 | 46 | % | ||
Income tax recoverable | 54,543 | 71,924 | -24 | % | ||
Derivative asset | 146,179 | - | ||||
Cash, cash equivalents and short-term investments | 21,014,159 | 19,338,435 | 9 | % | ||
Current Assets | 25,672,104 | 22,703,205 | 13 | % | ||
Equipment | 273,197 | 290,926 | -6 | % | ||
Intangible assets | 1,928,250 | 1,670,210 | 15 | % | ||
Loans receivable | 395,813 | 393,860 | ||||
Deferred tax asset | 44,246 | 46,647 | -5 | % | ||
TOTAL NON CURRENT ASSETS | 2,641,506 | 2,401,643 | 10 | % | ||
TOTAL ASSETS | $ | 28,313,610 | $ | 25,104,848 | 13 | % |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities | $ | 2,771,447 | $ | 2,615,594 | 6 | % |
Deferred tax liability | 358,966 | 276,327 | 30 | % | ||
Long term debt | - | - | 0 | % | ||
Total Equity | 25,183,197 | 22,212,927 | 13 | % | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 28,313,610 | $ | 25,104,848 | 13 | % |
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
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.