Welcome!

News Feed Item

BioSyent Releases First Quarter 2014 Results-Sales Increase 59%, Net Income After Tax Up 49%

TORONTO, ONTARIO -- (Marketwired) -- 05/16/14 -- BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its First Quarter (Q1 2014) financial results. Key highlights include:

--  Q1 2014 Sales of $2,448,101 increased by 59% versus Q1 2013 
--  Q1 2014 Revenue has grown at a compound annual growth rate (CAGR) of 65%
    over the corresponding quarters of the last three years 
--  Q1 2014 Pharmaceutical Sales of $2,343,008 were up 79% versus Q1 2013 
--  Eighteen consecutive quarters of continued pharmaceutical sales growth 
--  Repeat orders for FeraMAX® 150 international customer 
--  Net Income Before Tax of $687,672 increased by 43% in Q1 2014 versus Q1
    2013 
--  Q1 2014 Net Income After Tax of $511,421 increased by 49% versus Q1 2013
--  Q1 2014 Diluted EPS of $0.04 versus $0.02 in Q1 2013 
--  Trailing twelve months (TTM) fully diluted EPS of $0.15 
--  The company remains debt-free and has an unutilized operating line of
    credit with Royal Bank of Canada 
--  Selected as a TSX Venture 50 Top Performer for three consecutive years -
    2012, 2013 and 2014 
--  2 new Urgent Care products awaiting Health Canada marketing approval 
--  Pre-launch activity for a new Women's Health product - launch planned
    for second quarter of 2014 
--  Pre-launch activity for a new Gastrointestinal Health product - launch
    planned for fourth quarter of 2014 

Total sales for Q1 2014 of $2,448,101, were 59% higher compared to $1,541,843 in the corresponding prior year period.

Pharmaceutical Sales in Q1 2014 increased by 79% from $1,307,510 in Q1 2013 to $2,343,008 in Q1 2014.

Net Income Before Tax for Q1 2014 was $687,672, which was 43% higher than $481,963 in Q1 2013.

Net Income After Tax increased by 49% from $344,410 in Q1 2013 to $511,421 in Q1 2014. The Total Comprehensive Income of $515,667 for Q1 2014 was 48% higher than that of $348,354 in Q1 2013.

Earnings per share (EPS) - Basic EPS was $0.04 in Q1 2014 vs. $0.03 in Q1 2013. Diluted EPS in Q1 2014 was $0.04 vs. $0.02 in Q1 2013.

Working capital, which is the difference between current assets and current liabilities, increased by 13% from $4,405,910 as at December 31, 2013 to $4,979,762 as at March 31, 2014. Total Cash included in working capital on March 31, 2014 is $4,381,137. Total Shareholder's Equity increased by 12% from $4,854,630 at December 31, 2013 to $5,445,050 at March 31, 2014.

The Company plans to launch a new Women's Health product in the second quarter of 2014.

On March 04, 2014 BioSyent Pharma in-licensed a new Gastrointestinal Health product from an existing European partner. This product is approved by Health Canada and is being prepared for launch in Q4 2014.

The Company's Consolidated Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on May 16, 2014.

For a direct market quote (15 minutes delay) for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.

BioSyent will also release a CEO presentation on the First Quarter at the following link www.biosyent.com/q1/.

About BioSyent Inc.

Listed on the Toronto Venture Exchange under the trading symbol "RX", BioSyent is a profitable growth oriented specialty pharmaceutical company which searches the globe to in-license or acquire innovative pharmaceutical products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients and supporting the healthcare professionals that treat them.

Once a product of interest has been found, BioSyent then acquires the exclusive rights to the product and manages it through the Canadian governmental regulatory approval process. Once approved, BioSyent markets the product throughout Canada.

At the date of this press release the Company had 13,776,195 shares issued and outstanding.

                                                                            
                               BioSyent Inc.                                
                                                                            
      Interim Unaudited Consolidated Statement of Comprehensive Income      
                                                                            
                                                    3 Months Ended March 31 
                                                                            
----------------------------------------------------------------------------
                                                                            
                                                                            
In Canadian Dollars                       Q1 2014       Q1 2013    % Change 
----------------------------------------------------------------------------
Revenues                                2,448,101     1,541,843          59%
Cost Of Goods Sold                        539,524       308,469          75%
Gross Profit                            1,908,577     1,233,374          55%
Total Operating Expense                 1,220,905       751,411          62%
Profit Before Tax                         687,672       481,963          43%
Tax (including Deferred Tax)              176,251       137,553          NA 
Profit After Tax                          511,421       344,410          48%
Profit After Tax % to Sales                    21%           22%            
----------------------------------------------------------------------------
                                                                            
                               BIOSYENT INC.                                
                                                                            
    INTERIM UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT    
                                                                            
                                      --------------------------------------
                                         March 31,   December 31,           
AS AT                                         2014           2013  % Change 
                                      --------------------------------------
                                                                            
ASSETS                                                                      
                                                                            
Receivables                              1,416,061        585,519       142%
Inventory                                  619,199        522,787        18%
Prepaid expenses & deposits                112,601        136,511       -18%
Cash & Cash Equivalents                  3,787,138      4,381,137       -14%
                                      --------------------------------------
Current Assets                           5,934,999      5,625,954         5%
                                                                            
Equipment                                  169,498        141,025        20%
Intangible Assets                           52,994         52,994           
Deferred Tax                               259,654        271,559        -4%
                                      --------------------------------------
TOTAL NON CURRENT ASSETS               $   482,146 $      465,578         4%
                                      --------------------------------------
                                                                            
TOTAL ASSETS                             6,417,145      6,091,532         5%
                                      --------------------------------------
                                      --------------------------------------
                                                                            
LIABILITIES AND SHAREHOLDERS' EQUITY                                        
                                                                            
Current Liabilities                        955,237      1,220,044       -22%
Deferred Tax Liability                      16,858         16,858           
Total Equity                             5,445,050      4,854,630        12%
                                      --------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS'                                         
 EQUITY                                  6,417,145      6,091,532         5%
                                      --------------------------------------

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.

Contacts:
BioSyent Inc.
Mr. Rene C. Goehrum
President and CEO
(905) 206-0013
[email protected]
www.biosyent.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to close th...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
"WineSOFT is a software company making proxy server software, which is widely used in the telecommunication industry or the content delivery networks or e-commerce," explained Jonathan Ahn, COO of WineSOFT, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...