Welcome!

News Feed Item

BioSyent Releases Q2 and Six Month Results-Q2 Sales Increase 72%, Net Income After Tax Up 112%

TORONTO, ONTARIO -- (Marketwired) -- 08/21/14 -- BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) released today a summary of its Second Quarter (Q2 2014) and first half (H1 2014) financial results for the three and six months ending June 30, 2014. Key highlights include:

--  Q2 2014 Sales of $3,072,395 increased by 72% versus Q2 2013
--  First six months (H1 2014) Sales of $5,520,496 increased by 66% versus
    H1 2013
--  Q2 2014 Revenue has grown at a compound annual growth rate (CAGR) of 68%
    over the corresponding quarters of the last three years
--  First six months (H1 2014) Revenue has grown at a compound annual growth
    rate (CAGR) of 70% over the corresponding 3 years period
--  Q2 2014 Pharmaceutical Sales of $2,893,162 were up 72% versus Q2 2013
--  H1 2014 Pharmaceutical Sales of $5,236,170 increased by 75% versus H1
    2013
--  Nineteen consecutive quarters of continued pharmaceutical sales growth
--  Q2 2014 Net Income Before Tax of $1,219,855 increased by 125% versus Q2
    2013
--  H1 2014 Net Income Before Tax of $1,907,527 increased by 86% versus
    $1,024,927 in H1 2013
--  Q2 2014 Net Income After Tax of $888,805 increased by 112% versus Q2
    2013
--  H1 2014 Net Income After Tax of $1,400,226 increased by 84% versus H1
    2013
--  Q2 2014 Diluted EPS of $0.06 versus $0.03 in Q2 2013
--  Trailing twelve months (TTM) fully diluted EPS of $0.18
--  The company remains debt-free and has an unutilized operating line of
    credit with Royal Bank of Canada
--  New Urgent Care product received Health Canada marketing approval in Q2
    2014
--  Launched new Women's Health Product - RepaGyn® in Q2 2014
--  Pre-launch activity for a new Gastrointestinal Health product - launch
    planned for fourth quarter of 2014
--  In July BioSyent in-licensed a third new Urgent Care Drug Product from
    the same European partner
--  Selected as a TSX Venture 50 Top Performer for three consecutive years -
    2012, 2013 and 2014
--  For the second consecutive year BioSyent named as one of Canada's
    fastest growing companies in the Profit 500 rankings with a five year
    growth rate of 608%

Total sales for Q2 2014 of $3,072,395, were 72% higher compared to $1,786,684 in the corresponding prior year period. Total Sales for H1 2014 of $5,520,496 were 66% higher than H1 2013.

Pharmaceutical Sales in Q2 2014 increased by 72% from $1,683,793 in Q2 2013 to $2,893,162 in Q2 2014. Total Pharmaceutical Sales for H1 2014 of $5,236,170 were 75% higher than H1 2013.

Net Income Before Tax for Q2 2014 was $1,219,855, which was 125% higher than $542,964 in Q2 2013. Net Income Before Tax for H1 2014 was $1,907,527 or 86% higher than the corresponding prior year period.

Net Income After Tax increased by 112% from $418,325 in Q2 2013 to $888,805 in Q2 2014. Net Income After Tax for H1 2014 was $1,400,226 or 84% higher than the corresponding prior year period.

Basic & Dilluted Earnings Per Share (EPS) was $0.06 in Q2 2014 vs. $0.03 in Q2 2013. H1 2014 Basic EPS was $0.10 vs. $0.06 in H1 2013. Diluted EPS in H1 2014 was $0.10 vs. $0.05 in H1 2013.

Working capital, which is the difference between current assets and current liabilities, increased by 34% from $4,405,910 as at December 31, 2013 to $5,890,238 as at June 30, 2014. Total Cash included in working capital on June 30, 2014 is $4,830,796. Total Shareholder's Equity increased by 31% from $4,854,630 at December 31, 2013 to $6,337,976 at June 30, 2014.

The Company plans to launch a new Gastrointestinal product in the fourth quarter of 2014. The Company also received Health Canada approval on one of its two urgent care products and is planning to launch the product in late 2014 or early 2015.

On July 23, 2014 BioSyent Pharma in-licensed a third urgent care product from an existing European partner. This product will be launched after Health Canada approval.

The Company's Consolidated Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on August 21, 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 Second Quarter at the following link www.biosyent.com/q2-14/.

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 13,801,195 shares issued and outstanding.


                               BioSyent Inc.
      Interim Unaudited Consolidated Statement of Comprehensive Income

----------------------------------------------------------------------------
                                              %                           %
In Canadian Dollars    Q2 2014   Q2 2013 Change    H1 2014   H1 2013 Change
----------------------------------------------------------------------------
Revenues             3,072,395 1,786,685     72% 5,520,496 3,328,528     66%
Cost Of Goods Sold     633,754   387,337     64% 1,173,278   695,806     69%
Gross Profit         2,438,641 1,399,348     74% 4,347,218 2,632,722     65%
Total Operating
 Expense             1,218,786   856,384     42% 2,439,691 1,607,795     52%
Profit Before Tax    1,219,855   542,964    125% 1,907,527 1,024,927     86%
Tax (including
 Deferred Tax)         331,050   124,639     NA    507,301   262,192     NA
Profit After Tax       888,805   418,325    112% 1,400,226   762,735     84%
Profit After Tax % to
 Sales                      29%       23%               25%       23%
----------------------------------------------------------------------------

                               BIOSYENT INC.
       INTERIM UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                                   -----------------------------------------
                                         June 30,   December 31,          %
AS AT                                        2014           2013     Change
                                   -----------------------------------------
ASSETS
Receivables                             1,393,864        585,519        138%
Inventory                                 814,113        522,787         56%
Prepaid expenses & deposits               133,658        136,511         -2%
Cash & Cash Equivalents                 4,830,796      4,381,137         10%
                                   -----------------------------------------
Current Assets                          7,172,431      5,625,954         27%

Equipment                                 167,490        141,025         19%
Intangible Assets                          56,387         52,994          6%
Deferred Tax                              240,719        271,559        -11%
                                   -----------------------------------------
TOTAL NON CURRENT ASSETS           $      464,596 $      465,578          0%

                                   -----------------------------------------
TOTAL ASSETS                            7,637,027      6,091,532         25%
                                   -----------------------------------------
                                   -----------------------------------------

LIABILITIES AND SHAREHOLDERS'
 EQUITY

Current Liabilities                     1,282,193      1,220,044          5%
Deferred Tax Liability                     16,858         16,858
Total Equity                            6,337,976      4,854,630         31%
                                   -----------------------------------------
TOTAL LIABILITIES AND
 SHAREHOLDERS' EQUITY                   7,637,027      6,091,532         25%
                                   -----------------------------------------
                                   -----------------------------------------

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 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
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
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...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"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.
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 ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, 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.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, 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.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...