BioSyent Releases Q4 & Full Year 2013 Results: Full Year Sales Increase 55%, Net Income Up 25%, 3 Year CAGR 67%, Q4 Sales Inc...
March 12 2014 - 8:00AM
Marketwired
BioSyent Releases Q4 and Full Year 2013 Results: Full Year Sales
Increase 55%, Net Income Up 25%, 3 Year CAGR 67%, Q4 Sales Increase
61%
TORONTO, ONTARIO--(Marketwired - Mar 12, 2014) - BioSyent Inc.
("BioSyent") (TSX-VENTURE:RX) released today a summary of its
Fiscal 2013 and Fourth Quarter (Q4 2013) financial results. Key
highlights include:
- Full year 2013 Sales of $7,799,426 increased by 55% versus
2012
- Revenue has grown at a compound annual growth rate (CAGR) of
67% over the last three years
- Full year 2013 Pharmaceutical Sales of $6,969,031 increased by
63% versus 2012
- Seventeen consecutive quarters of continued pharmaceutical
sales growth
- 2013 Net Income Before Tax of $2,452,840 increased year over
year by 75%
- 2013 Tax Expense (net of deferred tax credit) was $524,812
versus ($142,195) in 2012
- Net Income After Tax of $1,928,028 increased by 25% versus
2012
- 2013 Basic EPS of $0.14; Fully Diluted EPS of $0.13
- Cash Generation in 2013 of $2,065,082 was 64% higher than
2012
- The company ended 2013 with $4,405,910 in working capital of
which cash was $4,381,137
- The company remains debt-free and has an unutilized operating
line of credit with Royal Bank of Canada
- Selected as a TSX Venture 50 Top Performer for three
consecutive years - 2012, 2013 and 2014
- Named as one of Canada's fastest growing companies in the
Profit 500 rankings for 2013
- 2 New Products submitted to Health Canada awaiting marketing
approval
- Pre-launch activity for a new Women's Health product - launch
planned for second quarter of 2014
- Pre-launch activity for a new Gastrointestinal Health product -
launch planned for fourth quarter of 2014
Total sales for Q4
2013 of $2,142,835, were 61% higher compared to $1,327,953 in the
corresponding prior year period. On a full year basis, sales in
2013 of $7,799,426 were 55% higher than the previous year sales
$5,024,154.
Income Before Tax
for Q4 2013 was $619,124, which was 71% higher than $361,237 in Q4
2012. Net Income Before Tax for full year 2013 was $2,452,840, an
increase of 75% over the corresponding prior year period.
The Company
recognized a deferred tax credit of $232,199 in the fourth quarter
of 2012. The Company further recognized a deferred tax credit of
$123,332 in the fourth quarter of 2013. These deferred tax credits
pertain to the full year of 2012 and 2013. The increase of Net
Income After Tax in the fourth quarter of 2013 is 59% over the
fourth quarter of 2012 reckoned without these deferred tax
credits.
The Company has
provided for tax of $524,812 (net of deferred tax credit) in 2013
versus ($142,195) in 2012. Inspite of this difference in tax
expense, Net Income After Tax increased by 25% from $1,541,317 in
2012 to $1,928,028 in 2013.
Working capital,
which is the difference between current assets and current
liabilities, increased by 76% from $2,509,278 as at December 31,
2012 to $4,405,910 as at December 31, 2013. Total Cash included in
working capital on December 31, 2013 was $4,381,137. Total
Shareholder's Equity increased by 71% from $2,839,409 at December
31, 2012 to $4,854,630 at December 31, 2013. This is mainly due to
an increase in retained earnings in 2013.
On October 1, 2013
the Company signed an exclusive Canadian Licence and Distribution
Agreement with a new European Partner for a Women's Health product
that has prior approval from Health Canada. The Company plans to
launch the product in the second quarter of 2014.
Subsequent to
year-end, BioSyent in-licensed a new Gastrointestinal Health
product from an existing European partner. This product is approved
by Health Canada and is being prepared for launch in Q4 2014.
The Company's
Consolidated Financial Statements and Management's Discussion &
Analysis will be posted on www.sedar.com on March 12, 2013.
For a direct market
quote (15 minutes delay) for the TSX Venture Exchange and other
Company financial information please visit www.tmxmoney.com.
BioSyent will also
release a CEO presentation on the Fourth Quarter and Full Year 2013
Financial Results at the following link: www.biosyent.com/q4/.
About BioSyent
Inc.
Listed on the
Toronto Venture Exchange under the trading symbol "RX", BioSyent is
a profitable growth oriented specialty pharmaceutical company which
searches the globe to in-license or acquire innovative
pharmaceutical products that have been successfully developed, are
safe and effective, and have a proven track record of improving the
lives of patients and supporting the healthcare professionals that
treat them.
Once a product of
interest has been found, BioSyent then acquires the exclusive
rights to the product and manages it through the Canadian
governmental regulatory approval process. Once approved, BioSyent
markets the product throughout Canada.
At the date of this
press release the Company had 13,626,195 shares issued and
outstanding.
BioSyent Inc. |
Consolidated Statement of
Comprehensive Income |
|
In Canadian Dollars |
Q4 2013 |
|
Q4 2012 |
|
% Change |
|
Full Year 2013 |
|
Full Year 2012 |
|
% Change |
|
Revenues |
2,142,835 |
|
1,327,953 |
|
61 |
% |
7,799,426 |
|
5,024,154 |
|
55 |
% |
Cost Of Goods Sold |
448,614 |
|
251,401 |
|
78 |
% |
1,644,266 |
|
1,040,136 |
|
58 |
% |
Total Operating Expense |
1,075,097 |
|
715,315 |
|
50 |
% |
3,702,320 |
|
2,584,896 |
|
43 |
% |
Net Income Before Tax |
619,124 |
|
361,237 |
|
71 |
% |
2,452,840 |
|
1,399,122 |
|
75 |
% |
Tax (including Deferred Tax) |
63,580 |
|
(142,195 |
) |
NA |
|
524,812 |
|
(142,195 |
) |
NA |
|
Net Income After Tax |
555,544 |
|
503,432 |
|
10 |
% |
1,928,028 |
|
1,541,317 |
|
25 |
% |
Net Income After Tax % to Sales |
26 |
% |
38 |
% |
|
|
25 |
% |
31 |
% |
|
|
|
|
BIOSYENT INC. |
|
ANNUAL CONSOLIDATED STATEMENT OF FINANCIAL
POSITION |
|
|
|
|
|
|
|
December 31, |
December 31, |
% |
|
AS AT |
2013 |
2012 |
Change |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Receivables |
585,519 |
589,697 |
-1 |
% |
Inventory |
522,787 |
345,630 |
51 |
% |
Prepaid expenses & deposits |
136,511 |
71,257 |
92 |
% |
Cash
& Cash Equivalents |
4,381,137 |
2,316,055 |
89 |
% |
Current Assets |
5,625,954 |
3,322,639 |
69 |
% |
|
|
|
|
|
Equipment |
141,025 |
97,932 |
44 |
% |
Intangible Assets |
52,994 |
- |
|
|
Deferred Tax |
271,559 |
232,199 |
17 |
% |
TOTAL
ASSETS |
6,091,532 |
3,652,770 |
67 |
% |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current Liabilities |
1,220,044 |
813,361 |
50 |
% |
Deferred Tax Liability |
16,858 |
- |
|
|
Total
Equity |
4,854,630 |
2,839,409 |
71 |
% |
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY |
6,091,532 |
3,652,770 |
67 |
% |
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.
The TSX
Venture Exchange assumes no responsibility for the accuracy of this
release and neither approves nor disapproves of the same.
BioSyent Inc.Mr. Rene C. GoehrumPresident and CEO(905)
206-0013investors@biosyent.comwww.biosyent.com
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