BioSyent Releases Financial Results for Q1 2021
May 27 2021 - 7:00AM
BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its
financial results for the three months ended March 31, 2021. Key
highlights include:
- Record first quarter (Q1) 2021 Net Revenues of $7,419,889
increased by 22% versus Q1 2020
- Q1 2021 Canadian Pharmaceutical Net Revenues of $6,233,763
increased by 5% versus Q1 2020
- Q1 2021 International Pharmaceutical Net Revenues of $1,140,279
increased by 1,578% versus Q1 2020
- Q1 2021 EBITDA1 of $2,359,085 increased by 18% versus Q1
2020
- Q1 2021 EBITDA percentage to Net Revenues of 32% compares to
33% in Q1 2020
- Q1 2021 Net Income After Taxes (NIAT) of $1,664,368 increased
by 15% versus Q1 2020
- Q1 2021 NIAT percentage to Net Revenues of 22% compares to 24%
in Q1 2020
- Q1 2021 Fully Diluted EPS of $0.13 was $0.02 higher than Q1
2020 Fully Diluted EPS of $0.11
- Fully Diluted EPS for the Trailing Twelve Months ended March
31, 2021 was $0.31 as compared to $0.35 for the Trailing Twelve
Months ended March 31, 2020
- As at March 31, 2021, the Company had cash, cash equivalents,
and short term investments totalling $24,024,252 as compared to
$25,577,706 as at December 31, 2020 – a 6% decrease
- Total Shareholders’ Equity increased by 4% to $27,748,707 at
March 31, 2021 from $26,795,956 at December 31, 2020
- Return on Equity for the Trailing Twelve Months ended March 31,
2021 was 15% as compared to 19% for the Trailing Twelve Months
ended March 31, 2020
- During Q1 2021, repurchased and cancelled a total of 74,500
common shares under a Normal Course Issuer Bid (NCIB)
“We recorded double-digit sales growth overall
in Q1 2021 thanks to continued growth in our Canadian
pharmaceutical business and the shipment during the quarter of our
largest single international pharmaceutical order to date,”
commented Mr. René Goehrum, President and CEO of BioSyent. “Due in
part to the incremental sales generated by our new products
Tibella® and Combogesic®, our Canadian pharmaceutical business
delivered 5% growth against a particularly strong Q1 2020 during
which we experienced a short-term surge in demand for certain
products at the outset of the COVID-19 pandemic in Canada. For
reference, in Q1 2020 our Canadian pharmaceutical business showed
39% revenue growth versus the comparable quarter in the prior year.
Our Canadian pharmaceutical business has shown remarkable
resilience over the last year operating in a COVID-19 environment.
Q1 2021 marked our 43rd consecutive profitable quarter, with a 22%
net profit margin, even as we continued to invest in our
launch-stage products. As we look to emerge from the third wave of
COVID-19 in Canada, we hope to have improved access to our
customers moving forward.”
The CEO’s presentation on the Q1 2021 Results is
available at the following link: www.biosyent.com/q1-21/.
The Company’s Interim Unaudited Condensed
Consolidated Financial Statements and Management's Discussion and
Analysis for the three months ended March 31, 2021 and 2020 will be
posted on www.sedar.com on May 27, 2021.
Q1 2021 Interim Financial Statements PDF
available
at: http://ml.globenewswire.com/Resource/Download/5be8c629-c858-4327-9f4f-ef92bc648df1
Q1 2021 MD&A PDF available
at: http://ml.globenewswire.com/Resource/Download/b090185f-4c00-4cd9-b302-d6fef42e01c7
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 12,702,375 common shares outstanding.
BioSyent Inc. |
Interim Unaudited Condensed Consolidated Statements of
Comprehensive Income |
|
|
|
|
In Canadian Dollars |
Q1 2021 |
|
Q1 2020 |
|
% Change |
|
Net Revenues |
7,419,889 |
|
6,062,846 |
|
22 |
% |
Cost of Goods Sold |
1,563,894 |
|
1,261,103 |
|
24 |
% |
Gross Profit |
5,855,995 |
|
4,801,743 |
|
22 |
% |
Operating Expenses and Finance Income/Costs |
3,602,281 |
|
2,866,385 |
|
26 |
% |
Net Income Before Tax |
2,253,714 |
|
1,935,358 |
|
16 |
% |
Tax (including Deferred Tax) |
589,346 |
|
483,840 |
|
22 |
% |
Net Income After Tax |
1,664,368 |
|
1,451,518 |
|
15 |
% |
Net Income After Tax % to Net Revenues |
22 |
% |
24 |
% |
|
EBITDA |
2,359,085 |
|
1,997,987 |
|
18 |
% |
EBITDA % to Net Revenues |
32 |
% |
33 |
% |
|
- 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 |
March 31, 2021 |
December 31, 2020 |
% Change |
ASSETS |
|
|
|
|
|
|
|
Cash, cash equivalents and short term investments |
$ |
24,024,252 |
$ |
25,577,706 |
-6 |
% |
Trade and other
receivables |
|
2,393,207 |
|
1,815,015 |
32 |
% |
Inventory |
|
2,706,144 |
|
2,073,561 |
31 |
% |
Prepaid expenses and
deposits |
|
426,816 |
|
307,599 |
100 |
% |
CURRENT ASSETS |
|
29,550,419 |
|
29,773,881 |
-1 |
% |
|
|
|
|
Property and equipment |
|
2,090,447 |
|
2,161,698 |
-3 |
% |
Intangible assets |
|
965,319 |
|
1,007,822 |
-4 |
% |
Loans receivable |
|
598,805 |
|
597,332 |
0 |
% |
Deferred tax asset |
|
45,445 |
|
30,481 |
49 |
% |
TOTAL NON CURRENT ASSETS |
|
3,700,016 |
|
3,797,333 |
-3 |
% |
TOTAL ASSETS |
$ |
33,250,435 |
$ |
33,571,214 |
-1 |
% |
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
CURRENT LIABILITIES |
$ |
3,892,157 |
$ |
5,138,674 |
-24 |
% |
NON CURRENT LIABILITIES |
|
1,609,571 |
|
1,636,584 |
-2 |
% |
Long term debt |
|
- |
|
- |
0 |
% |
Total Equity |
|
27,748,707 |
|
26,795,956 |
4 |
% |
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
33,250,435 |
$ |
33,571,214 |
-1 |
% |
For further information please
contact:
Mr. René C. GoehrumPresident and CEOBioSyent
Inc.E-Mail: investors@biosyent.comPhone: 905-206-0013Web:
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.
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