BioSyent Reports Financial Results for the First Quarter of 2024 - Latest Global News

BioSyent Reports Financial Results for the First Quarter of 2024

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MISSISSAUGA, Ontario, May 16, 2024 (GLOBE NEWSWIRE) — BioSyent Inc. (“BioSyent”, TSX Venture: RX) today reported its financial results for the three months (Q1) ended March 31, 2024. Key highlights include:

(CAD) 1st quarter 2024 % change vs.
1st quarter 2023
Twelve months behind schedule
(TTM)
March 31, 2024
% change vs.
TTM
March 31, 2023
Canadian pharmaceutical sales 7,546,144 18 % 30,689,349 16 %
International pharmaceutical sales 0 % 1,047,747 789 %
Total sales of the company 7,733,636 19 % 32,841,244 20 %
EBITDA1 2,204,193 45 % 8,614,037 28 %
Net Income After Tax (NIAT) 1,768,727 50 % 7,053,608 40 %
Fully diluted EPS 0.15 50 % 0.59 44 %

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  • Return on equity for TTM was 21% as of March 31, 2024, compared to 15% for TTM as of March 31, 2023
  • During the first quarter of 2024, a total of 156,200 common shares were repurchased for cancellation under a Normal Course Issuer Bid (NCIB).
  • A quarterly cash dividend of $0.045 per common share was paid on March 15, 2024, an increase of 12.5% ​​from the previous quarterly dividend

“Our Canadian pharmaceutical business got off to a fast start in the first quarter of 2024 with sales growth of 18% compared to the comparable 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 to slight, incremental growth in the first quarter of 2024. We remain focused on further growing our Canadian pharmaceutical business through continued sales and advertising investments in our launch brands throughout the remainder of the year. I look forward to reporting on our progress in 2024.”

The CEO’s presentation on the first quarter 2024 results is available at the following link: www.biosyent.com/investors/

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The Company’s preliminary unaudited condensed consolidated financial statements and management’s discussion and analysis for the three months ended March 31, 2024 and 2023 will be posted on www.sedarplus.ca on May 16, 2024.

For a direct market quote from 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 are successfully developed, safe and effective and have a proven track record of success Improving the lives of patients. 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.

BioSyent Inc.
Preliminary, unaudited, condensed, consolidated statement of comprehensive income
In Canadian dollars 1st quarter 2024 1st quarter 2023 % Change
Net sales 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 financial income/costs 3,737,443 3,735,758 0%
Net income before taxes 2,406,431 1,598,974 50%
Taxes (including deferred taxes) 637,704 423,728 50%
Net income after taxes 1,768,727 1,175,246 50%
Net income after taxes % of net sales 23% 18%
EBITDA 2,204,193 1,516,634 45%
EBITDA % to net sales 29% 23%

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  1. EBITDA is a non-IFRS financial measure. The term EBITDA does not have a standardized meaning under International Financial Reporting Standards (IFRS) and therefore may not be comparable to similar metrics used by other companies. The company defines EBITDA as earnings before interest income or expense, income taxes, depreciation, and amortization.
BioSyent Inc.
Preliminary unaudited condensed consolidated balance sheets
AS IN March 31, 2024 December 31, 2023 % Change
FINANCIAL ASSETS
Cash, cash equivalents and short-term investments $ 23,687,796 $ 26,187,011 -10 %
Trade receivables and other receivables 2,791,794 3,477,096 -20 %
inventory 5,718,882 5,894,495 -3 %
Derivative asset 11,550 100 %
Prepaid Expenses and Deposits 569,144 243,460 134 %
Loan receivables – short-term 73,452 69,419 6 %
CURRENT ASSETS 32,852,618 35,871,481 -8th %
Long term investments 4,106,547 2,500,000 64 %
Loan receivables – long-term 205,182 205,182 0 %
Deferred tax claim 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 EQUITY
CURRENT LIABILITIES $ 4,256,689 $ 5,533,850 -23 %
LONG-TERM LIABILITIES 1,187,820 1,235,333 -4 %
Long-term liabilities 0 %
Total capital 34,551,925 34,759,756 -1 %
TOTAL LIABILITIES AND EQUITY $ 39,996,434 $ 41,528,939 -4 %

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For further information please contact:
Mr. René C. Goehrum
President and CEO
BioSyent Inc.
Email: [email protected]
Phone: 905-206-0013
Internet: www.biosyent.com

This press release may contain forward-looking information or statements. The content contained herein reflects our judgment as of the date hereof and is subject to risks and uncertainties that could cause actual results to differ materially from any 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 receipt of 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 release.


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