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.

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
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.