Click here to close now.

SYS-CON MEDIA Authors: Pat Romanski, XebiaLabs Blog, Elizabeth White, Carmen Gonzalez, Plutora Blog

News Feed Item

BioSyent Releases First Quarter 2014 Results-Sales Increase 59%, Net Income After Tax Up 49%

TORONTO, ONTARIO -- (Marketwired) -- 05/16/14 -- BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) released today a summary of its First Quarter (Q1 2014) financial results. Key highlights include:


--  Q1 2014 Sales of $2,448,101 increased by 59% versus Q1 2013
--  Q1 2014 Revenue has grown at a compound annual growth rate (CAGR) of 65%
    over the corresponding quarters of the last three years
--  Q1 2014 Pharmaceutical Sales of $2,343,008 were up 79% versus Q1 2013
--  Eighteen consecutive quarters of continued pharmaceutical sales growth
--  Repeat orders for FeraMAX® 150 international customer
--  Net Income Before Tax of $687,672 increased by 43% in Q1 2014 versus Q1
    2013
--  Q1 2014 Net Income After Tax of $511,421 increased by 49% versus Q1 2013
--  Q1 2014 Diluted EPS of $0.04 versus $0.02 in Q1 2013
--  Trailing twelve months (TTM) fully diluted EPS of $0.15
--  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
--  2 new Urgent Care products awaiting Health Canada 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 Q1 2014 of $2,448,101, were 59% higher compared to $1,541,843 in the corresponding prior year period.

Pharmaceutical Sales in Q1 2014 increased by 79% from $1,307,510 in Q1 2013 to $2,343,008 in Q1 2014.

Net Income Before Tax for Q1 2014 was $687,672, which was 43% higher than $481,963 in Q1 2013.

Net Income After Tax increased by 49% from $344,410 in Q1 2013 to $511,421 in Q1 2014. The Total Comprehensive Income of $515,667 for Q1 2014 was 48% higher than that of $348,354 in Q1 2013.

Earnings per share (EPS) - Basic EPS was $0.04 in Q1 2014 vs. $0.03 in Q1 2013. Diluted EPS in Q1 2014 was $0.04 vs. $0.02 in Q1 2013.

Working capital, which is the difference between current assets and current liabilities, increased by 13% from $4,405,910 as at December 31, 2013 to $4,979,762 as at March 31, 2014. Total Cash included in working capital on March 31, 2014 is $4,381,137. Total Shareholder's Equity increased by 12% from $4,854,630 at December 31, 2013 to $5,445,050 at March 31, 2014.

The Company plans to launch a new Women's Health product in the second quarter of 2014.

On March 04, 2014 BioSyent Pharma 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 May 16, 2014.

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 First Quarter at the following link www.biosyent.com/q1/.

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 13,776,195 shares issued and outstanding.



                               BioSyent Inc.

      Interim Unaudited Consolidated Statement of Comprehensive Income

                                                    3 Months Ended March 31

----------------------------------------------------------------------------


In Canadian Dollars                       Q1 2014       Q1 2013    % Change
----------------------------------------------------------------------------
Revenues                                2,448,101     1,541,843          59%
Cost Of Goods Sold                        539,524       308,469          75%
Gross Profit                            1,908,577     1,233,374          55%
Total Operating Expense                 1,220,905       751,411          62%
Profit Before Tax                         687,672       481,963          43%
Tax (including Deferred Tax)              176,251       137,553          NA
Profit After Tax                          511,421       344,410          48%
Profit After Tax % to Sales                    21%           22%
----------------------------------------------------------------------------

                               BIOSYENT INC.

    INTERIM UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT

                                      --------------------------------------
                                         March 31,   December 31,
AS AT                                         2014           2013  % Change
                                      --------------------------------------

ASSETS

Receivables                              1,416,061        585,519       142%
Inventory                                  619,199        522,787        18%
Prepaid expenses & deposits                112,601        136,511       -18%
Cash & Cash Equivalents                  3,787,138      4,381,137       -14%
                                      --------------------------------------
Current Assets                           5,934,999      5,625,954         5%

Equipment                                  169,498        141,025        20%
Intangible Assets                           52,994         52,994
Deferred Tax                               259,654        271,559        -4%
                                      --------------------------------------
TOTAL NON CURRENT ASSETS               $   482,146 $      465,578         4%
                                      --------------------------------------

TOTAL ASSETS                             6,417,145      6,091,532         5%
                                      --------------------------------------
                                      --------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities                        955,237      1,220,044       -22%
Deferred Tax Liability                      16,858         16,858
Total Equity                             5,445,050      4,854,630        12%
                                      --------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS'
 EQUITY                                  6,417,145      6,091,532         5%
                                      --------------------------------------

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Containers Expo Blog covers the world of containers, as this lightweight alternative to virtual machines enables developers to work with identical dev environments and stacks. Containers Expo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Bookmark Containers Expo Blog ▸ Here Follow new article posts on Twitter at @ContainersExpo
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud en...
EMC Corporation on Tuesday announced it has entered into a definitive agreement to acquire privately held Virtustream. When the transaction closes, Virtustream will form EMC’s new managed cloud services business. The acquisition represents a transformational element of EMC’s strategy to help customers move all applications to cloud-based IT environments. With the addition of Virtustream, EMC completes the industry’s most comprehensive hybrid cloud portfolio to support all applications, all workl...
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
If cloud computing benefits are so clear, why have so few enterprises migrated their mission-critical apps? The answer is often inertia and FUD. No one ever got fired for not moving to the cloud - not yet. In his session at 15th Cloud Expo, Michael Hoch, SVP, Cloud Advisory Service at Virtustream, discussed the six key steps to justify and execute your MCA cloud migration.
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
You often hear the two titles of "DevOps" and "Immutable Infrastructure" used independently. In his session at DevOps Summit, John Willis, Technical Evangelist for Docker, will cover the union between the two topics and why this is important. He will cover an overview of Immutable Infrastructure then show how an Immutable Continuous Delivery pipeline can be applied as a best practice for "DevOps." He will end the session with some interesting case study examples.
Docker is becoming very popular--we are seeing every major private and public cloud vendor racing to adopt it. It promises portability and interoperability, and is quickly becoming the currency of the Cloud. In his session at DevOps Summit, Bart Copeland, CEO of ActiveState, discussed why Docker is so important to the future of the cloud, but will also take a step back and show that Docker is actually only one piece of the puzzle. Copeland will outline the bigger picture of where Docker fits a...
SYS-CON Media named Andi Mann editor of DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Andi Mann, Vice President, Strategic Solutions, at CA Technologies, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, communicator, and thought lea...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Even though it’s now Microservices Journal, long-time fans of SOA World Magazine can take comfort in the fact that the URL – soa.sys-con.com – remains unchanged. And that’s no mistake, as microservices are really nothing more than a new and improved take on the Service-Oriented Architecture (SOA) best practices we struggled to hammer out over the last decade. Skeptics, however, might say that this change is nothing more than an exercise in buzzword-hopping. SOA is passé, and now that people are ...
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
An effective way of thinking in Big Data is composed of a methodical framework for dealing with the predicted shortage of 50-60% of the qualified Big Data resources in the U.S. This holistic model comprises the scientific and engineering steps that are involved in accelerating Big Data solutions: problem, diagnosis, facts, analysis, hypothesis, solution, prototype and implementation. In his session at Big Data Expo®, Tony Shan focused on the concept, importance, and considerations for each of t...