BioSyent Releases Financial Results for Fourth Quarter and Full Year 2023
MISSISSAUGA, Ontario, March 13, 2024 (GLOBE NEWSWIRE) — BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its financial results for the fourth quarter (Q4) and full year (FY) ended December 31, 2023. Key highlights include:
| (CAD) | Q4 2023 | % Change vs. Q4 2022 | FY 2023 | % Change vs. FY 2022 | ||
| Canadian Pharma Sales | 7,989,098 | 10 | % | 29,554,899 | 13 | % |
| International Pharma Sales | 54,750 | -54 | % | 1,047,747 | 53 | % |
| Total Company Sales | 8,273,686 | 11 | % | 31,590,302 | 13 | % |
| EBITDA1 | 1,650,301 | 5 | % | 7,926,478 | 7 | % |
| Net Income After Taxes (NIAT) | 1,450,791 | 21 | % | 6,460,127 | 18 | % |
| Fully Diluted EPS | 0.12 | 33 | % | 0.53 | 20 | % |
- Return on Equity for FY 2023 was 19% as compared to 17% for FY 2022
- During FY 2023, repurchased for cancellation a total of 400,100 common shares under a Normal Course Issuer Bid (NCIB)
- Paid quarterly dividends of $0.04 per common share on March 15, 2023, June 15, 2023, September 15, 2023, December 15, 2023 and declared subsequent quarterly dividend of $0.045 per common share to be paid on March 15, 2024
“We reported our highest ever Canadian pharmaceutical sales in Q4 2023 with 10% growth over the prior period, driven by our established products,” commented Mr. René Goehrum, President and CEO of BioSyent. During Q4 2023, we also commenced distribution of the new Gelclair® oncology supportive care product in Canada. Gelclair® was our third new product launch in Canada in 2023, preceded by Inofolic® in the third quarter, and FeraMAX® Pd Maintenance 45 in the first quarter. Although we incurred incremental selling and marketing expenses associated with these three launch products during 2023, our net profit margin of 20% for the year was consistent with 2022. As we continued to execute and invest in our strategic priorities of profitable long-term growth and product portfolio diversification during 2023, we are also proud to have concurrently returned nearly $5 million in capital to our shareholders during the year through both regular quarterly dividends and ongoing share buybacks. I look forward to reporting on our continued progress towards our strategic priorities during 2024.”
The CEO’s presentation on the Q4 and FY 2023 Results is available at the following link: www.biosyent.com/investors/.
The Company’s Audited Consolidated Financial Statements and Management’s Discussion and Analysis for the years ended December 31, 2023 and 2022 will be posted on www.sedarplus.ca on March 13, 2024.
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 11,612,179 common shares outstanding.
| BioSyent Inc. | ||||||||||||
| Consolidated Statements of Comprehensive Income | ||||||||||||
| In Canadian Dollars | Q4 2023 | Q4 2022 | % Change | FY 2023 | FY 2022 | % Change | ||||||
| Net Revenues | 8,273,686 | 7,461,930 | 11 | % | 31,590,302 | 27,925,187 | 13 | % | ||||
| Cost of Goods Sold | 1,569,181 | 1,268,322 | 24 | % | 5,992,359 | 5,067,304 | 18 | % | ||||
| Gross Profit | 6,704,505 | 6,193,608 | 8 | % | 25,597,943 | 22,857,883 | 12 | % | ||||
| Operating Expenses and Finance Income/Costs | 4,849,767 | 4,541,558 | 7 | % | 17,064,090 | 15,427,232 | 11 | % | ||||
| Net Income Before Tax | 1,854,738 | 1,652,050 | 12 | % | 8,533,853 | 7,430,651 | 15 | % | ||||
| Tax (including Deferred Tax) | 403,947 | 452,534 | -11 | % | 2,073,726 | 1,972,306 | 5 | % | ||||
| Net Income After Taxes | 1,450,791 | 1,199,516 | 21 | % | 6,460,127 | 5,458,345 | 18 | % | ||||
| Net Income After Taxes % to Net Revenues | 18 | % | 16 | % | 20 | % | 20 | % | ||||
| EBITDA1 | 1,650,301 | 1,568,032 | 5 | % | 7,926,478 | 7,432,996 | 7 | % | ||||
| EBITDA1 % to Net Revenues | 20 | % | 21 | % | 25 | % | 27 | % | ||||
1. 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, 2023 | December 31, 2022 | % Change | |||
| ASSETS | ||||||
| Cash, cash equivalents and short-term investments | $ | 26,187,011 | $ | 28,695,644 | -9 | % |
| Trade and other receivables | 3,477,096 | 3,498,355 | -1 | % | ||
| Inventory | 5,894,495 | 4,535,343 | 30 | % | ||
| Prepaid expenses and deposits | 243,460 | 254,958 | -5 | % | ||
| Loans receivable – current | 69,419 | 158,529 | -56 | % | ||
| CURRENT ASSETS | 35,871,481 | 37,142,829 | -3 | % | ||
| Long term investments | 2,500,000 | – | 100 | % | ||
| Loans receivable – non current | 205,182 | 258,240 | -21 | % | ||
| Deferred tax asset | 359,470 | 210,281 | 71 | % | ||
| Property and equipment | 1,439,930 | 1,673,036 | -14 | % | ||
| Intangible assets | 1,152,876 | 1,200,878 | -4 | % | ||
| TOTAL NON CURRENT ASSETS | 5,657,458 | 3,342,435 | 69 | % | ||
| TOTAL ASSETS | $ | 41,528,939 | $ | 40,485,264 | 3 | % |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| CURRENT LIABILITIES | $ | 5,533,850 | $ | 5,719,314 | -3 | % |
| NON CURRENT LIABILITIES | 1,235,333 | 1,403,427 | -12 | % | ||
| Long term debt | – | – | 0 | % | ||
| Total Equity | 34,759,756 | 33,362,523 | 4 | % | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 41,528,939 | $ | 40,485,264 | 3 | % |
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.
