BioSyent Releases Financial Results for Fourth Quarter and Full Year 2022
MISSISSAUGA, Ontario, March 21, 2023 (GLOBE NEWSWIRE) — BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its financial results for the three and twelve months ended December 31, 2022. Key highlights include:
- Fourth quarter (Q4) 2022 Total Company Net Revenues of $7,461,930 increased by 3% versus Q4 2021
- Q4 2022 Total Company Net Revenues from continuing brands increased by 15% versus Q4 2021 (excluding brands discontinued at the end of 2021)
- Full year (FY) 2022 Total Company Net Revenues of $27,925,187 decreased by 2% versus FY 2021
- FY 2022 Total Company Net Revenues from continuing brands increased by 5% versus FY 2021 (excluding brands discontinued at the end of 2021)
- Q4 2022 Canadian Pharmaceutical Net Revenues from continuing brands of $7,289,023 increased by 27% versus Q4 2021 (excluding brands discontinued at the end of 2021)
- FY 2022 Canadian Pharmaceutical Net Revenues from continuing brands of $26,251,843 increased by 11% versus FY 2021 (excluding brands discontinued at the end of 2021)
- Q4 2022 International Pharmaceutical Net Revenues of $117,791 decreased by 63% versus Q4 2021
- FY 2022 International Pharmaceutical Net Revenues of $683,578 decreased by 58% versus FY 2021
- Q4 2022 EBITDA1 of $1,568,032 decreased by 41% versus Q4 2021
- FY 2022 EBITDA1 of $7,432,996 decreased by 15% versus FY 2021
- Q4 2022 Net Income After Taxes (NIAT) of $1,199,516 decreased by 36% versus Q4 2021
- FY 2022 NIAT of $5,458,345 decreased by 13% versus FY 2021
- Q4 2022 NIAT percentage to Net Revenues of 16% compares to 26% in Q4 2021
- FY 2022 NIAT percentage to Net Revenues of 20% compares to 22% in FY 2021
- Q4 2022 Fully Diluted EPS of $0.09 was $0.06 lower than Q4 2021 Fully Diluted EPS of $0.15
- FY 2022 Fully Diluted EPS of $0.44 was $0.05 lower than FY 2021 Fully Diluted EPS of $0.49
- Return on Equity for the year ended December 31, 2022 was 17% as compared to 21% for the year ended December 31, 2021
- During FY 2022, repurchased a total of 424,700 common shares under a Normal Course Issuer Bid (NCIB) and paid inaugural quarterly dividend of $0.04 per common share in Q4 2022
“We finished 2022 with a strong fourth quarter in our Canadian pharmaceutical business with 27% sales growth on our continuing brands over the comparative period,” commented Mr. René Goehrum, President and CEO of BioSyent. “Although we experienced some inconsistency in the sales growth of our international pharma and legacy businesses, we saw growth from across our Canadian pharma product portfolio in the fourth quarter and full year 2022, led by FeraMAX®, with launch brands Tibella® and Combogesic® contributing further growth. Q4 2022 marked BioSyent’s 50th consecutive profitable quarter and first quarterly dividend payment, even as we made significant selling and marketing investments, including certain non-recurring investments, to drive sales growth from our existing brands and to prepare for new product launches in 2023, including the recently announced launch of FeraMAX® Pd Maintenance 45 in Canada. We will continue to make investments in our strategic priorities of profitable growth and portfolio diversification in 2023 with an ongoing commitment to delivering long-term value to our shareholders.”
The CEO’s presentation on the Q4 2022 Results is available at the following link: www.biosyent.com/q4-22/.
The Company’s Audited Consolidated Financial Statements and Management’s Discussion and Analysis for the three and twelve months ended December 31, 2022 and 2021 will be posted on www.sedar.com on March 21, 2023.
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, specialty and international business units.
As of the date of this press release, the Company has 12,097,861 common shares outstanding.
| BioSyent Inc. | ||||||||||||
| Consolidated Statements of Comprehensive Income | ||||||||||||
| In Canadian Dollars | Q4 2022 | Q4 2021 | % Change | FY 2022 | FY 2021 | % Change | ||||||
| Net Revenues | 7,461,930 | 7,218,656 | 3 | % | 27,925,187 | 28,618,218 | -2 | % | ||||
| Cost of Goods Sold | 1,268,322 | 1,397,055 | -9 | % | 5,067,304 | 5,980,356 | -15 | % | ||||
| Gross Profit | 6,193,608 | 5,821,601 | 6 | % | 22,857,883 | 22,637,862 | 1 | % | ||||
| Operating Expenses and Finance Income/Costs | 4,541,558 | 3,275,063 | 39 | % | 15,427,232 | 14,259,441 | 8 | % | ||||
| Net Income Before Taxes | 1,652,050 | 2,546,538 | -35 | % | 7,430,651 | 8,378,421 | -11 | % | ||||
| Tax (including Deferred Tax) | 452,534 | 668,734 | -32 | % | 1,972,306 | 2,096,855 | -6 | % | ||||
| Net Income After Taxes | 1,199,516 | 1,877,804 | -36 | % | 5,458,345 | 6,281,566 | -13 | % | ||||
| Net Income After Taxes % to Net Revenues | 16 | % | 26 | % | 20 | % | 22 | % | ||||
| EBITDA | 1,568,032 | 2,639,145 | -41 | % | 7,432,996 | 8,783,726 | -15 | % | ||||
| EBITDA % to Net Revenues | 21 | % | 37 | % | 27 | % | 31 | % | ||||
- 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.
| BioSyent Inc. | |||||||||
| Consolidated Statements of Financial Position | |||||||||
| AS AT | December 31, 2022 | December 31, 2021 | % Change | ||||||
| ASSETS | |||||||||
| Cash, cash equivalents and short-term investments | $ | 28,695,644 | $ | 28,211,670 | 2 | % | |||
| Trade and other receivables | 3,498,355 | 2,787,305 | 26 | % | |||||
| Inventory | 4,535,343 | 2,204,331 | 106 | % | |||||
| Prepaid expenses and deposits | 254,958 | 456,034 | -44 | % | |||||
| Loans receivable – current | 158,529 | 420,104 | -62 | % | |||||
| CURRENT ASSETS | 37,142,829 | 34,079,444 | 9 | % | |||||
| Property and equipment | 1,673,036 | 1,931,569 | -13 | % | |||||
| Intangible assets | 1,200,878 | 874,026 | 37 | % | |||||
| Loans receivable – non current | 258,240 | 183,201 | 41 | % | |||||
| Deferred tax asset | 210,281 | 99,216 | 112 | % | |||||
| TOTAL NON CURRENT ASSETS | 3,342,435 | 3,088,012 | 8 | % | |||||
| TOTAL ASSETS | $ | 40,485,264 | $ | 37,167,456 | 9 | % | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| CURRENT LIABILITIES | $ | 5,719,314 | $ | 4,137,266 | 38 | % | |||
| NON CURRENT LIABILITIES | 1,403,427 | 1,475,264 | -5 | % | |||||
| Long term debt | – | – | 0 | % | |||||
| Total Equity | 33,362,523 | 31,554,926 | 6 | % | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 40,485,264 | $ | 37,167,456 | 9 | % | |||
For further information please contact:
Mr. René C. Goehrum
President and CEO
BioSyent Inc.
E-Mail: investors@biosyent.com
Phone: 905-206-0013
Web: www.biosyent.com
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.
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.
