BioSyent Releases Results for Fourth Quarter and Full Year 2017

TORONTO, March 21, 2018 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”) (TSX Venture:RX) released today a summary of its financial results for the three and twelve months ended December 31, 2017. Key highlights include:

  • Fourth quarter (Q4) 2017 Net Revenues of $5,901,488 increased by 18% versus Q4 2016
  • Full Year (FY) 2017 Net Revenues of $20,762,755 increased by 16% versus FY 2016
  • Q4 2017 Canadian Pharmaceutical Net Revenues of $4,937,297 increased by 12% versus Q4 2016 and International Pharmaceutical Net Revenues of $868,917 increased by 75% versus Q4 2016
  • FY 2017 Canadian Pharmaceutical Net Revenues of $16,856,703 increased by 12% versus FY 2016 and International Pharmaceutical Net Revenues of $2,476,902 increased by 60% versus FY 2016
  • Q4 2017 EBITDA1 of $1,961,159 increased by 23% versus Q4 2016
  • FY 2017 EBITDA1 of $6,910,977 increased by 17% versus FY 2016
  • Q4 2017 Net Income After Tax (NIAT) of $1,457,228 increased by 33% versus Q4 2016
  • FY 2017 NIAT of $5,206,277 increased by 21% versus FY 2016
  • Q4 2017 NIAT percentage to Net Revenues of 25% compares to 22% in Q4 2016
  • FY 2017 NIAT percentage to Net Revenues of 25% compares to 24% in FY 2016
  • Q4 2017 Fully Diluted EPS of $0.10 was 25% higher than Q4 2016 Fully Diluted EPS of $0.08
  • FY 2017 Fully Diluted EPS of $0.36 was 20% higher than FY 2016 Fully Diluted EPS of $0.30
  • As at December 31, 2017, the Company had cash, cash equivalents, and short term investments totalling $19,338,435 as compared to $13,739,286 as at December 31, 2016 – a 41% increase
  • Total Shareholders’ Equity increased by 33% from $16,726,716 at December 31, 2016 to $22,212,927 at December 31, 2017
  • Return on Equity for 2017 was 27% as compared to 30% for 2016

“BioSyent had a strong finish to 2017 with both our Canadian and International Pharmaceutical businesses posting record quarterly sales in Q4,” commented René Goehrum, President and CEO of BioSyent. “Overall, 2017 was a year of continued organic growth, with our total sales of $20.8 million growing by 16% year-over-year. While we continued to shepherd three new products through the regulatory approval process during the year, we maintained a net profit margin of 25%. Once these new products are approved by Health Canada, they will add to the breadth and diversity of the Company’s product portfolio. We look forward to the year ahead as we continue to grow our existing brands and strive to bring new, innovative pharmaceutical and healthcare products to market.”

The CEO’s presentation on the Q4 and FY 2017 Results is available at the following link: www.biosyent.com/q4-17/

The Company’s Audited Consolidated Financial Statements and Management's Discussion and Analysis for the years ended December 31, 2017 and 2016 will be posted on www.sedar.com on March 21, 2018.

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 14,509,095 shares issued and outstanding.

BioSyent Inc.
Consolidated Statements of Comprehensive Income
In Canadian DollarsQ4 2017 Q4 2016 % Change 2017 2016 % Change
Net Revenues 5,901,488 5,009,668 18%20,762,755 17,922,270 16%
Cost Of Goods Sold1,390,975 1,142,398 22%4,788,085 3,795,833 26%
Gross Profit 4,510,513 3,867,270 17%15,974,670 14,126,437 13%
Operating Expenses and Finance Income2,561,066 2,306,180 11%9,124,506 8,256,582 11%
Net Income Before Tax 1,949,447 1,561,090 25%6,850,164 5,869,855 17%
Tax (including Deferred Tax)492,219 466,268 6%1,643,887 1,560,350 5%
Net Income After Tax1,457,228 1,094,822 33%5,206,277 4,309,505 21%
Net Income After Tax % to Net Revenues 25%22% 25%24%
EBITDA1,961,159 1,591,047 23%6,910,977 5,900,080 17%
EBITDA % to Net Revenues33%32% 33%33%

  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.

BioSyent Inc.
Consolidated Statements of Financial Position
AS AT December 31, 2017 December 31, 2016 % Change
ASSETS
Trade and other receivables $2,236,695 $1,941,177 15%
Inventory 908,825 1,560,050 -42%
Prepaid expenses and deposits 147,326 269,704 -45%
Income tax recoverable 71,924 -
Derivative asset - 32,025 -100%
Cash, cash equivalents and short-term investments 19,338,435 13,739,286 41%
Current Assets 22,703,205 17,542,242 29%
Equipment 290,926 291,331 0%
Intangible assets 1,670,210 1,277,235 31%
Loans receivable 393,860 -
Deferred tax asset 46,647 137,375 -66%
TOTAL NON CURRENT ASSETS 2,401,643 1,705,941 41%
TOTAL ASSETS $25,104,848 $19,248,183 30%
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $2,615,594 $2,358,226 11%
Deferred tax liability 276,327 163,241 69%
Long term debt - - 0%
Total Equity 22,212,927 16,726,716 33%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $25,104,848 $19,248,183 30%

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.

The Financial Statements accompanying this announcement are available at http://resource.globenewswire.com/Resource/Download/ab1ac254-8246-4c94-a01a-bc47c4e83a69

The Management's Discussion and Analysis accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/a9968c21-336e-4039-83b5-f7d0097962e8

Source:BioSyent Inc.