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
Excitement and interest in APIs has skyrocketed in recent years. However, if you ask a room full of IT professionals "What is an API", you will get a wide array of answers. There exists a wide knowledge gap between API experts and those that have a general idea of what they are, but are unsure of what they have been for in the past, what they look like now, and how they can be used to expand your business in the future. In this session John will cover what the history of APIs, what an API looks ...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
DevOps with IBMz? You heard right. Maybe you're wondering what a developer can do to speed up the entire development cycle--coding, testing, source code management, and deployment-? In this session you will learn about how to integrate z application assets into a DevOps pipeline using familiar tools like Jenkins and UrbanCode Deploy, plus z/OSMF workflows, all of which can increase deployment speeds while simultaneously improving reliability. You will also learn how to provision mainframe syste...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
The challenges of aggregating data from consumer-oriented devices, such as wearable technologies and smart thermostats, are fairly well-understood. However, there are a new set of challenges for IoT devices that generate megabytes or gigabytes of data per second. Certainly, the infrastructure will have to change, as those volumes of data will likely overwhelm the available bandwidth for aggregating the data into a central repository. Ochandarena discusses a whole new way to think about your next...
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
"We do one of the best file systems in the world. We learned how to deal with Big Data many years ago and we implemented this knowledge into our software," explained Jakub Ratajczak, Business Development Manager at MooseFS, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Today, we have more data to manage than ever. We also have better algorithms that help us access our data faster. Cloud is the driving force behind many of the data warehouse advancements we have enjoyed in recent years. But what are the best practices for storing data in the cloud for machine learning and data science applications?
The hierarchical architecture that distributes "compute" within the network specially at the edge can enable new services by harnessing emerging technologies. But Edge-Compute comes at increased cost that needs to be managed and potentially augmented by creative architecture solutions as there will always a catching-up with the capacity demands. Processing power in smartphones has enhanced YoY and there is increasingly spare compute capacity that can be potentially pooled. Uber has successfully ...