BioSyent Releases Q2 and H1 2022 Financial Results
August 23 2022 - 4:45PM
BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its
financial results for the three and six months ended June 30, 2022.
Key highlights include:
- Second quarter (Q2) 2022 Total Company Net Revenues of
$6,634,875 decreased by 9% versus Q2 2021
- First half (H1) 2022 Total Company Net Revenues of $13,672,286
decreased by 7% versus H1 2021
- Q2 2022 Canadian Pharmaceutical Net Revenues from continuing
brands of $6,272,185 increased by 1% versus Q2 2021(excluding
discontinued Aguettant System® and Cysview® brands)
- H1 2022 Canadian Pharmaceutical Net Revenues from continuing
brands of $12,591,069 increased by 4% versus H1 2021(excluding
discontinued Aguettant System® and Cysview® brands)
- Q2 2022 International Pharmaceutical Net Revenues were $nil as
compared to $165,038 for Q2 2021
- H1 2022 International Pharmaceutical Net Revenues of $565,787
decreased by 57% versus H1 2021
- Q2 2022 EBITDA1 of $1,688,583 increased by 13% versus Q2
2021
- H1 2022 EBITDA1 of $3,915,945 increased by 2% versus H1
2021
- Q2 2022 Net Income After Taxes (NIAT) of $1,217,883 increased
by 20% versus Q2 2021
- H1 2022 NIAT of $2,805,787 increased by 5% versus H1 2021
- Q2 2022 NIAT percentage to Net Revenues of 18% compares to 14%
in Q2 2021
- H1 2022 NIAT percentage to Net Revenues of 21% compares to 18%
in H1 2021
- Q2 2022 Fully Diluted EPS of $0.10 was $0.02 higher than Q2
2021 Fully Diluted EPS of $0.08
- H1 2022 Fully Diluted EPS of $0.22 was $0.01 higher than H1
2021 Fully Diluted EPS of $0.21
- Fully Diluted EPS for the Trailing Twelve Months ended June 30,
2022 was $0.50 as compared to $0.33 for the Trailing Twelve Months
ended June 30, 2021
- As at June 30, 2022, the Company had cash, cash equivalents,
and short-term investments totalling $27,898,550, a 1% decrease as
compared to $28,211,670 as at December 31, 2021
- Total Shareholders’ Equity increased by 4% to $32,727,240 at
June 30, 2022 from $31,554,926 at December 31, 2021
- Return on Equity for the Trailing Twelve Months ended June 30,
2022 was 21% as compared to 16% for the Trailing Twelve Months
ended June 30, 2021
- During H1 2022, repurchased for cancellation a total of 207,300
common shares under a Normal Course Issuer Bid (NCIB)
- Since commencing first NCIB in December 2018, expended more
than $13.5 million for repurchase and cancellation of more than 2
million common shares to date – a 14% decrease in number of fully
diluted shares outstanding
“Our access to healthcare professionals improved
during Q2 2022 as our expanded field salesforce had more
opportunities for in-person engagement with these professionals
during the quarter than since the outset of the COVID-19 pandemic
in March 2020,” commented Mr. René Goehrum, President and CEO of
BioSyent. “This improved access benefited our launch brands,
Tibella® and Combogesic® in particular, which both posted
double-digit unit sales growth during the quarter. Overall, our
Canadian pharmaceutical sales from continuing brands grew
marginally during the quarter (excluding the discontinued Aguettant
System® and Cysview® brands), with some inventory rebalancing at
the wholesale level for certain products in the comparative
quarter. Q2 2022 marked BioSyent’s 48th consecutive profitable
quarter with a healthy net profit margin of 18%, improving from the
comparative period on changes in product mix as well as certain
non-recurring launch-related promotional expenditures incurred in
Q2 2021. Our track record of growth and 12 consecutive years of
profitability gives us confidence in our ability to return capital
to shareholders.”
The CEO’s presentation on the Q2 2022 Results is
available at the following link: www.biosyent.com/q2-22/.
The Company’s Interim Unaudited Condensed
Consolidated Financial Statements and Management's Discussion and
Analysis for the three and six months ended June 30, 2022 and 2021
will be posted on www.sedar.com on August 23, 2022.
BioSyent further announces that its Board of
Directors has approved a grant of 1,813 Restricted Share Units
“RSUs” to certain employees of the Company pursuant to the
Company’s Restricted Share Unit Plan (the “RSU Plan”). These RSUs
will fully vest within three years of the applicable grant
date.
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 12,213,111 common shares outstanding.
BioSyent Inc. |
Interim Unaudited Condensed Consolidated Statements of Net
Income and Comprehensive Income |
|
|
|
|
|
|
|
In Canadian Dollars |
Q2 2022 |
|
Q2 2021 |
|
% Change |
|
H1 2022 |
|
H1 2021 |
|
% Change |
|
Net Revenues |
6,634,875 |
|
7,289,254 |
|
-9% |
|
13,672,286 |
|
14,709,143 |
|
-7% |
|
Cost of Goods Sold |
1,170,804 |
|
1,586,168 |
|
-26% |
|
2,617,460 |
|
3,150,062 |
|
-17% |
|
Gross Profit |
5,464,071 |
|
5,703,086 |
|
-4% |
|
11,054,826 |
|
11,559,081 |
|
-4% |
|
Operating Expenses and Finance Income/Costs |
3,814,940 |
|
4,324,515 |
|
-12% |
|
7,255,520 |
|
7,926,796 |
|
-8% |
|
Net Income Before Tax |
1,649,131 |
|
1,378,571 |
|
20% |
|
3,799,306 |
|
3,632,285 |
|
5% |
|
Tax (including Deferred Tax) |
431,248 |
|
360,497 |
|
20% |
|
993,519 |
|
949,843 |
|
5% |
|
Net Income After Tax |
1,217,883 |
|
1,018,074 |
|
20% |
|
2,805,787 |
|
2,682,442 |
|
5% |
|
Net Income After Tax % to Net Revenues |
18% |
|
14% |
|
|
21% |
|
18% |
|
|
EBITDA |
1,688,583 |
|
1,491,783 |
|
13% |
|
3,915,945 |
|
3,850,868 |
|
2% |
|
EBITDA % to Net Revenues |
25% |
|
20% |
|
|
29% |
|
26% |
|
|
- 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, 2022 |
December 31, 2021 |
% Change |
ASSETS |
|
|
|
|
|
|
|
Cash, cash equivalents and short-term investments |
$ |
27,898,550 |
$ |
28,211,670 |
-1 |
% |
Income tax recoverable |
|
78,067 |
|
- |
100 |
% |
Trade and other
receivables |
|
3,347,572 |
|
2,787,305 |
20 |
% |
Inventory |
|
2,775,473 |
|
2,204,331 |
26 |
% |
Prepaid expenses and
deposits |
|
563,785 |
|
456,034 |
24 |
% |
Loans receivable -
current |
|
64,869 |
|
420,104 |
100 |
% |
CURRENT ASSETS |
|
34,728,316 |
|
34,079,444 |
2 |
% |
|
|
|
|
Property and equipment |
|
1,804,937 |
|
1,931,569 |
-7 |
% |
Intangible assets |
|
950,759 |
|
874,026 |
9 |
% |
Loans receivable - non
current |
|
347,677 |
|
183,201 |
90 |
% |
Deferred tax asset |
|
148,066 |
|
99,216 |
49 |
% |
TOTAL NON CURRENT ASSETS |
|
3,251,439 |
|
3,088,012 |
5 |
% |
|
|
|
|
TOTAL ASSETS |
$ |
37,979,755 |
$ |
37,167,456 |
2 |
% |
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
CURRENT LIABILITIES |
$ |
3,737,352 |
$ |
4,137,266 |
-10 |
% |
NON CURRENT LIABILITIES |
|
1,515,163 |
|
1,475,264 |
3 |
% |
Long term debt |
|
- |
|
- |
0 |
% |
Total Equity |
|
32,727,240 |
|
31,554,926 |
4 |
% |
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
37,979,755 |
$ |
37,167,456 |
2 |
% |
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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