BioSyent Releases Q3 and YTD 2022 Financial Results

BioSyent Releases Q3 and YTD 2022 Financial Results

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

MISSISSAUGA, Ontario, Nov. 16, 2022 (GLOBE NEWSWIRE) — BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its financial results for the three and nine months ended September 30, 2022. Key highlights include:  

  • Third quarter (Q3) 2022 Total Company Net Revenues of $6,790,971 increased by 2% versus Q3 2021
    • Q3 2022 Total Company Net Revenues adjusted for discontinued brands increased by 9% versus Q3 2021 (excluding discontinued Aguettant System® and Cysview® brands)
  • Year-to-date (YTD) 2022 Total Company Net Revenues of $20,463,257 decreased by 4% versus YTD 2021
    • YTD 2022 Total Company Net Revenues adjusted for discontinued brands increased by 1% versus YTD 2021 (excluding discontinued Aguettant System® and Cysview® brands)
  • Q3 2022 Canadian Pharmaceutical Net Revenues from continuing brands of $6,371,751 increased by 7% versus Q3 2021 (excluding discontinued Aguettant System® and Cysview® brands)
  • YTD 2022 Canadian Pharmaceutical Net Revenues from continuing brands of $18,962,820 increased by 4% versus YTD 2021(excluding discontinued Aguettant System® and Cysview® brands)
  • Q3 2022 International Pharmaceutical Net Revenues were $nil as compared to $nil for Q3 2021
  • YTD 2022 International Pharmaceutical Net Revenues of $565,787 decreased by 57% versus YTD 2021
  • Q3 2022 EBITDA1 of $1,949,019 decreased by 15% versus Q3 2021
  • YTD 2022 EBITDA1 of $5,864,964 decreased by 5% versus YTD 2021
  • Q3 2022 Net Income After Taxes (NIAT) of $1,453,042 decreased by 16% versus Q3 2021
  • YTD 2022 NIAT of $4,258,829 decreased by 3% versus YTD 2021
  • Q3 2022 NIAT percentage to Net Revenues of 21% compares to 26% in Q3 2021
  • YTD 2022 NIAT percentage to Net Revenues of 21% compares to 21% in YTD 2021
  • Q3 2022 Fully Diluted EPS of $0.12 was $0.01 lower than Q3 2021 Fully Diluted EPS of $0.13
  • YTD 2022 Fully Diluted EPS of $0.34 was equal to YTD 2021 Fully Diluted EPS of $0.34
  • Fully Diluted EPS for the Trailing Twelve Months ended September 30, 2022 was $0.49 as compared to $0.39 for the Trailing Twelve Months ended September 30, 2021
  • Return on Equity for the Trailing Twelve Months ended September 30, 2022 was 19% as compared to 18% for the Trailing Twelve Months ended September 30, 2021
  • During YTD 2022, repurchased for cancellation a total of 361,000 common shares under a Normal Course Issuer Bid (NCIB)

“We saw growth from both established brands and launch brands in our Canadian pharmaceutical business during the third quarter, with double and triple-digit unit sales growth from our launch brands, Tibella® and Combogesic®, respectively,” commented Mr. René Goehrum, President and CEO of BioSyent. “BioSyent posted its 49th consecutive profitable quarter in Q3 2022 even as we continued to invest in growth and portfolio diversification with focused selling and marketing investment in existing products as well as development and pre-launch investment in new products. Launch preparations are underway for a new women’s health product as well as a new FeraMAX® Pd product to be introduced to the Canadian market in 2023. While these investments will create short-term pressure on profitability in the fourth quarter of 2022, we look forward to the revenue growth these investments will provide starting next year. Even as we continue to focus investment in our strategic priorities of long-term growth and portfolio diversification, we strive to concurrently return capital to shareholders through share buybacks in our ongoing NCIB program and through cash dividends.”

The CEO’s presentation on the Q3 2022 Results is available at the following link: www.biosyent.com/q3-22/.

The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2022 and 2021 will be posted on www.sedar.com on November 16, 2022.

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 12,099,661 common shares outstanding.

BioSyent Inc.
Interim Unaudited Condensed Consolidated Statements of Net Income and Comprehensive Income
             
In Canadian Dollars Q3 2022   Q3 2021   % Change   YTD 2022   YTD 2021   % Change  
Net Revenues 6,790,971   6,690,419   2%   20,463,257   21,399,562   -4%  
Cost of Goods Sold 1,181,522   1,433,239   -18%   3,798,982   4,583,301   -17%  
Gross Profit 5,609,449   5,257,180   7%   16,664,275   16,816,261   -1%  
Operating Expenses and Finance Income/Costs 3,630,154   3,057,582   19%   10,885,674   10,984,378   -1%  
Net Income Before Tax 1,979,295   2,199,598   -10%   5,778,601   5,831,883   -1%  
Tax (including Deferred Tax) 526,253   478,278   10%   1,519,772   1,428,121   6%  
Net Income After Tax 1,453,042   1,721,320   -16%   4,258,829   4,403,762   -3%  
Net Income After Tax % to Net Revenues 21%   26%     21%   21%    
EBITDA 1,949,019   2,293,173   -15%   5,864,964   6,144,581   -5%  
EBITDA % to Net Revenues 29%   34%     29%   29%    
                     
  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.  
Interim Unaudited Condensed Consolidated Statements of Financial Position  
         
AS AT September 30, 2022 December 31, 2021 % Change
ASSETS        
         
Cash, cash equivalents and short-term investments $ 27,784,645   $ 28,211,670   -2 %
Trade and other receivables   3,391,784     2,787,305   22 %
Inventory   4,170,044     2,204,331   89 %
Prepaid expenses and deposits   361,484     456,034   -21 %
Loans receivable – current   66,519     420,104   -84 %
CURRENT ASSETS   35,774,476     34,079,444   5 %
         
Property and equipment   1,800,526     1,931,569   -7 %
Intangible assets   943,014     874,026   8 %
Loans receivable – non current   348,133     183,201   90 %
Deferred tax asset   148,958     99,216   50 %
TOTAL NON CURRENT ASSETS   3,240,631     3,088,012   5 %
         
TOTAL ASSETS $ 39,015,017   $ 37,167,456   5 %
         
LIABILITIES AND SHAREHOLDERS’ EQUITY        
         
CURRENT LIABILITIES $ 4,514,228   $ 4,137,266   9 %
NON CURRENT LIABILITIES   1,505,634     1,475,264   2 %
                 
Long term debt   –     –   0 %
Total Equity   32,995,245     31,554,926   5 %
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 39,015,107   $ 37,167,456   5 %
                 

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.

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.