MISSISSAUGA, Ontario, Nov. 20, 2019 (GLOBE NEWSWIRE) — BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today a summary of its financial results for the three and nine months ended September 30, 2019. Key highlights include:
Record third quarter (Q3) 2019 Net Revenues of $6,219,748 increased by 18% versus Q3 2018First nine months (YTD) 2019 Net Revenues of $15,855,038 increased by 2% versus YTD 2018Q3 2019 Canadian Pharmaceutical Net Revenues of $4,789,629 increased by 2% versus Q3 2018YTD 2019 Canadian Pharmaceutical Net Revenues of $13,903,859 increased by 3% versus YTD 2018Q3 2019 International Pharmaceutical Net Revenues of $1,013,071 increased by 259% versus Q3 2018YTD 2019 International Pharmaceutical Net Revenues of $1,013,071 decreased by 25% versus YTD 2018Q3 2019 EBITDA1 of $1,985,461 increased by 15% versus Q3 2018YTD 2019 EBITDA1 of $4,046,866 decreased by 24% versus YTD 2018Q3 2019 Net Income After Taxes (NIAT) of $1,532,426 increased by 21% versus Q3 2018YTD 2019 NIAT of $3,201,450 decreased by 21% versus YTD 2018Q3 2019 NIAT percentage to Net Revenues of 25% compares to 24% in Q3 2018YTD 2019 NIAT percentage to Net Revenues of 20% compares to 26% in YTD 2018Q3 2019 Fully Diluted EPS of $0.11 was $0.02 higher than Q3 2018 Fully Diluted EPS of $0.09YTD 2019 Fully Diluted EPS of $0.23 was $0.05 lower than YTD 2018 Fully Diluted EPS of $0.28Fully Diluted EPS for the Trailing Twelve Months ended September 30, 2019 was $0.34 as compared to $0.38 for the Trailing Twelve Months ended September 30, 2018Repurchased for cancellation a total of 172,132 common shares under a Normal Course Issuer Bid (NCIB) during Q3 2019 and a further 67,100 common shares subsequent to Q3 2019950,000 common shares repurchased to date under the NCIB commenced on December 10, 2018 – the maximum permitted during the 12-month period ending on December 9, 2019Fully diluted issued and outstanding common shares reduced from 14,583,139 at December 31, 2018 to 13,758,957 as of November 20, 2019As at September 30, 2019, the Company had cash, cash equivalents, and short-term investments totalling $19,812,331 as compared to $24,425,101 as at December 31, 2018 – a 19% decreaseTotal Shareholders’ Equity decreased by 8% from $27,605,662 at December 31, 2018 to $25,384,369 at September 30, 2019Return on Equity for the Trailing Twelve Months ended September 30, 2019 was 19% as compared to 24% for the Trailing Twelve Months ended September 30, 2018René Goehrum, President and CEO of BioSyent, commented, “We recorded our highest ever quarterly sales in Q3 2019 due in large part to the shipment of a backlog of international FeraMAX® orders during the quarter. We continue to experience delays in shipping international FeraMAX® orders due to the transactional challenges inherent to this business. In our Canadian business, we saw modest growth during the quarter with single-digit sales growth of FeraMAX® and continued headwinds in our Hospital Business.” Mr. Goehrum continued, “We maintained a healthy net profit margin during the quarter while we continued to invest in our existing brands and to prepare for the future launch of the new Tibella® women’s health product to the Canadian market. We also made further investment in our NCIB share buyback and have repurchased a total of 950,000 common shares to date since commencing the NCIB in December 2018. Our cash position and balance sheet remain strong as we seek out new products to enhance our portfolio of brands in Canada.”The CEO’s presentation on the Q3 2019 Results is available at the following link: www.biosyent.com/q3-19/.The Interim Unaudited Condensed Consolidated Financial Statements are available at: http://ml.globenewswire.com/Resource/Download/a282cdd5-3064-491e-b6f3-7f19cf1b267fThe Management’s Discussion and Analysis is available at: http://ml.globenewswire.com/Resource/Download/9cdb1c46-aea5-4f6e-9854-e8df74f3df7eThe Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2019 and 2018 will be posted on www.sedar.com on November 20, 2019.For a direct market quote for the TSX Venture Exchange and other Company financial information, please visit www.tmxmoney.com.About BioSyent Inc.Listed on the TSX Venture Exchange under the trading symbol “RX”, BioSyent is a profitable growth-oriented specialty pharmaceutical company focused on in-licensing or acquiring innovative pharmaceutical and other healthcare products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients. BioSyent supports the healthcare professionals that treat these patients by marketing its products through its community, hospital and international business units.As of the date of this press release, the Company has 13,581,445 common shares issued and outstanding.EBITDA – is a Non-IFRS Financial Measure. The term EBITDA does not have any standardized meaning under International Financial Reporting Standards (IFRS) and therefore may not be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest income or expense, income taxes, depreciation and amortization.
For further information please contact:
Mr. René C. Goehrum
President and CEO
BioSyent Inc.
E-Mail: investors@biosyent.com
Web: www.biosyent.comThis 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. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.PDF Available: http://ml.globenewswire.com/Resource/Download/a282cdd5-3064-491e-b6f3-7f19cf1b267fPDF Available: http://ml.globenewswire.com/Resource/Download/9cdb1c46-aea5-4f6e-9854-e8df74f3df7e
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