News
BioSyent releases financial results for the first quarter of 2024
BioSyent Inc.
MISSISSAUGA, Ontario, May 16, 2024 (GLOBE NEWSWIRE) — BioSyent Inc. (“BioSyent”, TSX Venture: RX) today released its financial results for the three months (Q1) ended March 31, 2024. Key highlights include:
|
(CAFAJESTE) |
1st quarter of 2024 |
% change vs. |
Last Twelve Months |
% change vs. |
||
|
Canadian pharmaceutical sales |
7,546,144 |
18 |
% |
30,689,349 |
16 |
% |
|
International Pharmaceutical Sales |
– |
0 |
% |
1,047,747 |
789 |
% |
|
Total company sales |
7,733,636 |
19 |
% |
32,841,244 |
20 |
% |
|
EBITDA1 |
2,204,193 |
45 |
% |
8,614,037 |
28 |
% |
|
Net profit after tax (NIAT) |
1,768,727 |
50 |
% |
7,053,608 |
40 |
% |
|
Fully diluted EPS |
0.15 |
50 |
% |
0.59 |
44 |
% |
-
The return on equity for TTM as of March 31, 2024 was 21% compared to 15% for TTM as of March 31, 2023
-
During the first quarter of 2024, repurchased for cancellation a total of 156,200 shares of common stock under a Normal Course Issuer Bid (NCIB)
-
Paid a quarterly cash dividend of $0.045 per share of common stock on March 15, 2024, a 12.5% increase from the previous quarterly dividend
“Our Canadian pharmaceutical business got off to a fast start in the first quarter of 2024, with revenue growth of 18% during the comparative period,” said René Goehrum, president and CEO of BioSyent. “All of our Canadian pharmaceutical brands contributed to this growth during the quarter. Our three launch brands, FeraMAX® Pd Maintenance 45, Inofolic® and Gelclair®, also contributed modest incremental growth during the first quarter of 2024. We remain focused on continuing to grow our Canadian pharmaceutical business throughout the remainder of the year with continued sales and promotional investment in our launch brands. I look forward to reporting on our progress in 2024.”
The CEO’s presentation on the results for the 1st quarter of 2024 is available at the following link: www.biosyent.com/investors/
The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management’s Discussion and Analysis for the three months ended March 31, 2024 and 2023 will be published in www.sedarplus.ca on May 16, 2024.
For a direct market quote for the TSX Venture Exchange and other company financial information, visit www.tmxmoney.com.
About BioSyent Inc.
Listed on the TSX Venture Exchange under the ticker symbol “RX”, BioSyent is a profitable, growth-oriented specialty pharmaceutical company focused on licensing or acquiring innovative pharmaceuticals and other healthcare products that have been successfully developed, are safe and effective and have a proven track record of improving patients’ lives. BioSyent supports the healthcare professionals who treat these patients by marketing its products through its community, specialty and international business units.
As of the date of this press release, the Company has 11,585,169 shares of common stock outstanding.
The story continues
|
BioSyent Inc. |
||||||
|
Unaudited interim condensed consolidated statements of comprehensive income |
||||||
|
In Canadian dollars |
1st quarter of 2024 |
1st quarter of 2023 |
% To change |
|||
|
Net income |
7,733,636 |
6,482,694 |
19% |
|||
|
Cost of goods sold |
1,589,762 |
1,147,962 |
38% |
|||
|
Gross profit |
6,143,874 |
5,334,732 |
15% |
|||
|
Operating Expenses and Revenue/Financial Costs |
3,737,443 |
3,735,758 |
0% |
|||
|
Net profit before taxes |
2,406,431 |
1,598,974 |
50% |
|||
|
Tax (including deferred tax) |
637,704 |
423,728 |
50% |
|||
|
Net profit after tax |
1,768,727 |
1,175,246 |
50% |
|||
|
Net profit after tax% in relation to net income |
23% |
18% |
||||
|
EBITDA |
2,204,193 |
1,516,634 |
45% |
|||
|
EBITDA % of net revenue |
29% |
23% |
||||
-
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 profit before interest income or expenses, income tax, depreciation and amortization.
|
BioSyent Inc. |
||||||
|
Unaudited interim condensed consolidated statements of financial position |
||||||
|
AS IN |
March 31, 2024 |
December 31, 2023 |
% To change |
|||
|
ACTIVE |
||||||
|
Cash, cash equivalents and short-term investments |
$ |
23,687,796 |
$ |
26,187,011 |
-10 |
% |
|
Trade and other accounts receivable |
2,791,794 |
3,477,096 |
-20 |
% |
||
|
Inventory |
5,718,882 |
5,894,495 |
-3 |
% |
||
|
Derivative asset |
11,550 |
– |
100 |
% |
||
|
Expenses and prepaid deposits |
569,144 |
243,460 |
134 |
% |
||
|
Loans receivable – current |
73,452 |
69,419 |
6 |
% |
||
|
CURRENT ASSETS |
32,852,618 |
35,871,481 |
-8 |
% |
||
|
Long-term investments |
4,106,547 |
2,500,000 |
64 |
% |
||
|
Loans receivable – non-current |
205,182 |
205,182 |
0 |
% |
||
|
Deferred tax asset |
343,607 |
359,470 |
-4 |
% |
||
|
Property and equipment |
1,373,868 |
1,439,930 |
-5 |
% |
||
|
Intangible assets |
1,114,612 |
1,152,876 |
-3 |
% |
||
|
TOTAL NON-CURRENT ASSETS |
7,143,816 |
5,657,458 |
26 |
% |
||
|
TOTAL ASSETS |
$ |
39,996,434 |
$ |
41,528,939 |
-4 |
% |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||
|
CURRENT LIABILITIES |
$ |
4,256,689 |
$ |
5,533,850 |
-23 |
% |
|
NON-CURRENT LIABILITIES |
1,187,820 |
1,235,333 |
-4 |
% |
||
|
Long-term debt |
– |
– |
0 |
% |
||
|
Total Equity |
34,551,925 |
34,759,756 |
-1 |
% |
||
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
39,996,434 |
$ |
41,528,939 |
-4 |
% |
For more information, please contact:
Mr. René C. Goehrum
President and CEO
BioSyent Inc.
Email: investors@biosyent.com
Phone: 905-206-0013
Network: www.biosyent.com
This press release may contain forward-looking information or statements. The content presented here represents our judgment, as of the release date, and is subject to risks and uncertainties that could cause actual results to differ materially from forward-looking information or statements. Potential risks may include, but are not limited to, those associated with clinical trials, product development, future revenues, operations, profitability and obtaining regulatory approvals. Neither the 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.
