Click here to close now.




















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
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...