BioSyent Releases Financial Results for Q2 and H1 2024
MISSISSAUGA, Ontario, Aug. 26, 2024 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its financial results for the three months (Q2) and six months (H1) ended June 30, 2024. Key highlights include:
| (CAD) | Q2 2024 | % Change vs. Q2 2023 | H1 2024 | % Change vs. H1 2023 | Trailing Twelve Months (TTM) June 30, 2024 | % Change vs. TTM June 30, 2023 | ||||||
| Canadian Pharma Sales | 8,535,480 | +11% | 16,081,624 | +14% | 31,503,083 | +13% | ||||||
| Total Company Sales | 8,944,566 | +12% | 16,678,202 | +15% | 33,823,010 | +18% | ||||||
| EBITDA1 | 2,048,071 | +10% | 4,252,264 | +26% | 8,802,177 | +28% | ||||||
| Net Income After Taxes (NIAT) | 1,580,289 | +7% | 3,349,016 | +26% | 7,150,707 | +35% | ||||||
| Fully Diluted EPS | 0.13 | +8% | 0.28 | +27% | 0.60 | +40% | ||||||
- Return on Average Equity for TTM June 30, 2024 was 21% as compared to 16% for TTM June 30, 2023
- During H1 2024, repurchased for cancellation a total of 162,300 common shares under a Normal Course Issuer Bid (NCIB)
- Paid quarterly cash dividends of $0.045 per common share on March 15, 2024 and June 15, 2024
- Declared subsequent cash dividend of $0.045 per common share to be paid on September 15, 2024
“We are pleased to report our highest-ever quarterly Canadian Pharma sales and Total Company sales for Q2 2024,” remarked René Goehrum, President and CEO of BioSyent. “All of the Company’s Canadian pharmaceutical brands delivered sales growth during the quarter, contributing to 11% overall sales growth in the Canadian pharmaceutical business over the comparative quarter. This double-digit Q2 2024 sales growth follows strong growth in Q1 2024, with 15% total Company sales growth overall for H1 2024 over the comparative period.”
Mr. Goehrum continued, “We continued to invest in the promotion of our launch-stage brands, FeraMAX® Pd Maintenance 45, Inofolic®, and Gelclair®, as well as in the ongoing development of a new FeraMAX® Pd product, all of which impacted our Q2 net profit margin. We believe such launch-stage support of our brands is necessary for these brands to reach their sales potential and drive long-term growth in line with our strategic objectives of profitable growth and portfolio diversification. To this end, during the quarter, we also announced that BioSyent Pharma had in-licensed the Canadian distribution rights to a new endocrinology product with significant future revenue potential. We plan to submit this product for regulatory approval to Health Canada by the end of 2024. I look forward to reporting on the future progress of these strategic initiatives as well as our active business development pipeline.”
The CEO’s presentation on the Q2 and H1 2024 Results is available at the following link: www.biosyent.com/investors/
The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2024 and 2023 will be posted on www.sedarplus.ca on August 26, 2024.
BioSyent also announces the grant today of 9,060 Restricted Share Units (“RSUs”) to certain management of the Company pursuant to the Company’s Restricted Share Unit Plan.
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 11,586,914 common shares outstanding.
| BioSyent Inc. | ||||||||||||
| Interim Unaudited Condensed Consolidated Statements of Comprehensive Income | ||||||||||||
| In Canadian Dollars | Q2 2024 | Q2 2023 | % Change | H1 2024 | H1 2023 | % Change | ||||||
| Net Revenues | 8,944,566 | 7,962,800 | 12% | 16,678,202 | 14,445,494 | 15% | ||||||
| Cost of Goods Sold | 1,873,731 | 1,466,192 | 28% | 3,463,493 | 2,614,154 | 32% | ||||||
| Gross Profit | 7,070,835 | 6,496,608 | 9% | 13,214,709 | 11,831,340 | 12% | ||||||
| Operating Expenses and Finance Income/Costs | 4,920,781 | 4,478,662 | 10% | 8,658,224 | 8,214,420 | 5% | ||||||
| Net Income Before Tax | 2,150,054 | 2,017,946 | 7% | 4,556,485 | 3,616,920 | 26% | ||||||
| Tax (including Deferred Tax) | 569,765 | 534,756 | 7% | 1,207,469 | 958,484 | 26% | ||||||
| Net Income After Tax | 1,580,289 | 1,483,190 | 7% | 3,349,016 | 2,658,436 | 26% | ||||||
| Net Income After Tax % to Net Revenues | 18% | 19% | 20% | 18% | ||||||||
| EBITDA | 2,048,071 | 1,859,931 | 10% | 4,252,264 | 3,376,565 | 26% | ||||||
| EBITDA % to Net Revenues | 23% | 23% | 25% | 23% | ||||||||
- 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 | June 30, 2024 | December 31, 2023 | % Change | |||||
| ASSETS | ||||||||
| Cash, cash equivalents and short-term investments | $ | 17,407,711 | $ | 26,187,011 | -34 | % | ||
| Trade and other receivables | 5,761,939 | 3,477,096 | 66 | % | ||||
| Inventory | 6,029,561 | 5,894,495 | 2 | % | ||||
| Prepaid expenses and deposits | 810,953 | 243,460 | 233 | % | ||||
| Loans receivable - current | 66,145 | 69,419 | -5 | % | ||||
| Derivative asset | 22,049 | - | 100 | % | ||||
| CURRENT ASSETS | 30,098,358 | 35,871,481 | -16 | % | ||||
| Long term investments | 8,400,504 | 2,500,000 | 236 | % | ||||
| Property and equipment | 1,312,471 | 1,439,930 | -9 | % | ||||
| Intangible assets | 1,171,531 | 1,152,876 | 2 | % | ||||
| Loans receivable - non current | 157,479 | 205,182 | -23 | % | ||||
| Deferred tax asset | 338,033 | 359,470 | -6 | % | ||||
| TOTAL NON CURRENT ASSETS | 11,380,018 | 5,657,458 | 101 | % | ||||
| TOTAL ASSETS | $ | 41,478,376 | $ | 41,528,939 | 0 | % | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES | $ | 4,908,298 | $ | 5,533,850 | -11 | % | ||
| NON CURRENT LIABILITIES | 1,152,188 | 1,235,333 | -7 | % | ||||
| Long term debt | - | - | 0 | % | ||||
| Total Equity | 35,417,890 | 34,759,756 | 2 | % | ||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 41,478,376 | $ | 41,528,939 | 0 | % | ||
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.
