BioSyent Releases Q2 and H1 2022 Financial Results

BioSyent Releases Q2 and H1 2022 Financial Results




BioSyent Releases Q2 and H1 2022 Financial Results

MISSISSAUGA, Ontario, Aug. 23, 2022 (GLOBE NEWSWIRE) — 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%    
  1. 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. 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.