BioSyent Releases Q3 and YTD 2022 Financial Results
November 16 2022 - 7:07PM
BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its
financial results for the three and nine months ended September 30,
2022. Key highlights include:
- Third quarter (Q3) 2022 Total Company Net Revenues of
$6,790,971 increased by 2% versus Q3 2021
- Q3 2022 Total Company Net Revenues adjusted for discontinued
brands increased by 9% versus Q3 2021 (excluding discontinued
Aguettant System® and Cysview® brands)
- Year-to-date (YTD) 2022 Total Company Net Revenues of
$20,463,257 decreased by 4% versus YTD 2021
- YTD 2022 Total Company Net Revenues adjusted for discontinued
brands increased by 1% versus YTD 2021 (excluding discontinued
Aguettant System® and Cysview® brands)
- Q3 2022 Canadian Pharmaceutical Net Revenues from continuing
brands of $6,371,751 increased by 7% versus Q3 2021 (excluding
discontinued Aguettant System® and Cysview® brands)
- YTD 2022 Canadian Pharmaceutical Net Revenues from continuing
brands of $18,962,820 increased by 4% versus YTD 2021(excluding
discontinued Aguettant System® and Cysview® brands)
- Q3 2022 International Pharmaceutical Net Revenues were $nil as
compared to $nil for Q3 2021
- YTD 2022 International Pharmaceutical Net Revenues of $565,787
decreased by 57% versus YTD 2021
- Q3 2022 EBITDA1 of $1,949,019 decreased by 15% versus Q3
2021
- YTD 2022 EBITDA1 of $5,864,964 decreased by 5% versus YTD
2021
- Q3 2022 Net Income After Taxes (NIAT) of $1,453,042 decreased
by 16% versus Q3 2021
- YTD 2022 NIAT of $4,258,829 decreased by 3% versus YTD
2021
- Q3 2022 NIAT percentage to Net Revenues of 21% compares to 26%
in Q3 2021
- YTD 2022 NIAT percentage to Net Revenues of 21% compares to 21%
in YTD 2021
- Q3 2022 Fully Diluted EPS of $0.12 was $0.01 lower than Q3 2021
Fully Diluted EPS of $0.13
- YTD 2022 Fully Diluted EPS of $0.34 was equal to YTD 2021 Fully
Diluted EPS of $0.34
- Fully Diluted EPS for the Trailing Twelve Months ended
September 30, 2022 was $0.49 as compared to $0.39 for the Trailing
Twelve Months ended September 30, 2021
- Return on Equity for the Trailing Twelve Months ended September
30, 2022 was 19% as compared to 18% for the Trailing Twelve Months
ended September 30, 2021
- During YTD 2022, repurchased for cancellation a total of
361,000 common shares under a Normal Course Issuer Bid (NCIB)
“We saw growth from both established brands and
launch brands in our Canadian pharmaceutical business during the
third quarter, with double and triple-digit unit sales growth from
our launch brands, Tibella® and Combogesic®, respectively,”
commented Mr. René Goehrum, President and CEO of BioSyent.
“BioSyent posted its 49th consecutive profitable quarter in Q3 2022
even as we continued to invest in growth and portfolio
diversification with focused selling and marketing investment in
existing products as well as development and pre-launch investment
in new products. Launch preparations are underway for a new women’s
health product as well as a new FeraMAX® Pd product to be
introduced to the Canadian market in 2023. While these investments
will create short-term pressure on profitability in the fourth
quarter of 2022, we look forward to the revenue growth these
investments will provide starting next year. Even as we continue to
focus investment in our strategic priorities of long-term growth
and portfolio diversification, we strive to concurrently return
capital to shareholders through share buybacks in our ongoing NCIB
program and through cash dividends.”
The CEO’s presentation on the Q3 2022 Results is
available at the following link: www.biosyent.com/q3-22/.
The Company’s Interim Unaudited Condensed
Consolidated Financial Statements and Management's Discussion and
Analysis for the three and nine months ended September 30, 2022 and
2021 will be posted on www.sedar.com on November 16, 2022.
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 12,099,661 common shares outstanding.
BioSyent Inc. |
Interim Unaudited Condensed Consolidated Statements of Net
Income and Comprehensive Income |
|
|
|
|
|
|
|
In Canadian Dollars |
Q3 2022 |
|
Q3 2021 |
|
% Change |
|
YTD 2022 |
|
YTD 2021 |
|
% Change |
|
Net Revenues |
6,790,971 |
|
6,690,419 |
|
2% |
|
20,463,257 |
|
21,399,562 |
|
-4% |
|
Cost of Goods Sold |
1,181,522 |
|
1,433,239 |
|
-18% |
|
3,798,982 |
|
4,583,301 |
|
-17% |
|
Gross Profit |
5,609,449 |
|
5,257,180 |
|
7% |
|
16,664,275 |
|
16,816,261 |
|
-1% |
|
Operating Expenses and Finance Income/Costs |
3,630,154 |
|
3,057,582 |
|
19% |
|
10,885,674 |
|
10,984,378 |
|
-1% |
|
Net Income Before Tax |
1,979,295 |
|
2,199,598 |
|
-10% |
|
5,778,601 |
|
5,831,883 |
|
-1% |
|
Tax (including Deferred Tax) |
526,253 |
|
478,278 |
|
10% |
|
1,519,772 |
|
1,428,121 |
|
6% |
|
Net Income After Tax |
1,453,042 |
|
1,721,320 |
|
-16% |
|
4,258,829 |
|
4,403,762 |
|
-3% |
|
Net Income After Tax % to Net Revenues |
21% |
|
26% |
|
|
21% |
|
21% |
|
|
EBITDA |
1,949,019 |
|
2,293,173 |
|
-15% |
|
5,864,964 |
|
6,144,581 |
|
-5% |
|
EBITDA % to Net Revenues |
29% |
|
34% |
|
|
29% |
|
29% |
|
|
|
|
|
|
|
|
|
|
|
|
|
- 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 |
September 30, 2022 |
December 31, 2021 |
% Change |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and short-term investments |
$ |
27,784,645 |
|
$ |
28,211,670 |
|
-2 |
% |
Trade and other
receivables |
|
3,391,784 |
|
|
2,787,305 |
|
22 |
% |
Inventory |
|
4,170,044 |
|
|
2,204,331 |
|
89 |
% |
Prepaid expenses and
deposits |
|
361,484 |
|
|
456,034 |
|
-21 |
% |
Loans receivable –
current |
|
66,519 |
|
|
420,104 |
|
-84 |
% |
CURRENT ASSETS |
|
35,774,476 |
|
|
34,079,444 |
|
5 |
% |
|
|
|
|
|
Property and equipment |
|
1,800,526 |
|
|
1,931,569 |
|
-7 |
% |
Intangible assets |
|
943,014 |
|
|
874,026 |
|
8 |
% |
Loans receivable - non
current |
|
348,133 |
|
|
183,201 |
|
90 |
% |
Deferred tax asset |
|
148,958 |
|
|
99,216 |
|
50 |
% |
TOTAL NON CURRENT ASSETS |
|
3,240,631 |
|
|
3,088,012 |
|
5 |
% |
|
|
|
|
|
TOTAL ASSETS |
$ |
39,015,017 |
|
$ |
37,167,456 |
|
5 |
% |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
$ |
4,514,228 |
|
$ |
4,137,266 |
|
9 |
% |
NON CURRENT LIABILITIES |
|
1,505,634 |
|
|
1,475,264 |
|
2 |
% |
|
|
|
|
|
|
|
|
|
Long term debt |
|
- |
|
|
- |
|
0 |
% |
Total Equity |
|
32,995,245 |
|
|
31,554,926 |
|
5 |
% |
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
39,015,107 |
|
$ |
37,167,456 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
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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