BioSyent Releases Financial Results for Fourth Quarter and Full Year 2022
22 March 2023 - 7:30AM
BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its
financial results for the three and twelve months ended December
31, 2022. Key highlights include:
- Fourth quarter (Q4) 2022 Total Company Net Revenues of
$7,461,930 increased by 3% versus Q4 2021
- Q4 2022 Total Company Net Revenues from continuing brands
increased by 15% versus Q4 2021 (excluding brands discontinued at
the end of 2021)
- Full year (FY) 2022 Total Company Net Revenues of $27,925,187
decreased by 2% versus FY 2021
- FY 2022 Total Company Net Revenues from continuing brands
increased by 5% versus FY 2021 (excluding brands discontinued at
the end of 2021)
- Q4 2022 Canadian Pharmaceutical Net Revenues from continuing
brands of $7,289,023 increased by 27% versus Q4 2021 (excluding
brands discontinued at the end of 2021)
- FY 2022 Canadian Pharmaceutical Net Revenues from continuing
brands of $26,251,843 increased by 11% versus FY 2021 (excluding
brands discontinued at the end of 2021)
- Q4 2022 International Pharmaceutical Net Revenues of $117,791
decreased by 63% versus Q4 2021
- FY 2022 International Pharmaceutical Net Revenues of $683,578
decreased by 58% versus FY 2021
- Q4 2022 EBITDA1 of $1,568,032 decreased by 41% versus Q4
2021
- FY 2022 EBITDA1 of $7,432,996 decreased by 15% versus FY
2021
- Q4 2022 Net Income After Taxes (NIAT) of $1,199,516 decreased
by 36% versus Q4 2021
- FY 2022 NIAT of $5,458,345 decreased by 13% versus FY 2021
- Q4 2022 NIAT percentage to Net Revenues of 16% compares to 26%
in Q4 2021
- FY 2022 NIAT percentage to Net Revenues of 20% compares to 22%
in FY 2021
- Q4 2022 Fully Diluted EPS of $0.09 was $0.06 lower than Q4 2021
Fully Diluted EPS of $0.15
- FY 2022 Fully Diluted EPS of $0.44 was $0.05 lower than FY 2021
Fully Diluted EPS of $0.49
- Return on Equity for the year ended December 31, 2022 was 17%
as compared to 21% for the year ended December 31, 2021
- During FY 2022, repurchased a total of 424,700 common shares
under a Normal Course Issuer Bid (NCIB) and paid inaugural
quarterly dividend of $0.04 per common share in Q4 2022
“We finished 2022 with a strong fourth quarter
in our Canadian pharmaceutical business with 27% sales growth on
our continuing brands over the comparative period,” commented Mr.
René Goehrum, President and CEO of BioSyent. “Although we
experienced some inconsistency in the sales growth of our
international pharma and legacy businesses, we saw growth from
across our Canadian pharma product portfolio in the fourth quarter
and full year 2022, led by FeraMAX®, with launch brands Tibella®
and Combogesic® contributing further growth. Q4 2022 marked
BioSyent’s 50th consecutive profitable quarter and first quarterly
dividend payment, even as we made significant selling and marketing
investments, including certain non-recurring investments, to drive
sales growth from our existing brands and to prepare for new
product launches in 2023, including the recently announced launch
of FeraMAX® Pd Maintenance 45 in Canada. We will continue to make
investments in our strategic priorities of profitable growth and
portfolio diversification in 2023 with an ongoing commitment to
delivering long-term value to our shareholders.”
The CEO’s presentation on the Q4 2022 Results is
available at the following link: www.biosyent.com/q4-22/.
The Company’s Audited Consolidated Financial
Statements and Management's Discussion and Analysis for the three
and twelve months ended December 31, 2022 and 2021 will be posted
on www.sedar.com on March 21, 2023.
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 12,097,861 common shares outstanding.
BioSyent Inc. |
Consolidated Statements of Comprehensive
Income |
|
|
|
|
|
|
|
In Canadian Dollars |
Q4 2022 |
|
Q4 2021 |
|
% Change |
|
FY 2022 |
|
FY 2021 |
|
% Change |
|
Net
Revenues |
7,461,930 |
|
7,218,656 |
|
3 |
% |
27,925,187 |
|
28,618,218 |
|
-2 |
% |
Cost of
Goods Sold |
1,268,322 |
|
1,397,055 |
|
-9 |
% |
5,067,304 |
|
5,980,356 |
|
-15 |
% |
Gross
Profit |
6,193,608 |
|
5,821,601 |
|
6 |
% |
22,857,883 |
|
22,637,862 |
|
1 |
% |
Operating
Expenses and Finance Income/Costs |
4,541,558 |
|
3,275,063 |
|
39 |
% |
15,427,232 |
|
14,259,441 |
|
8 |
% |
Net
Income Before Taxes |
1,652,050 |
|
2,546,538 |
|
-35 |
% |
7,430,651 |
|
8,378,421 |
|
-11 |
% |
Tax
(including Deferred Tax) |
452,534 |
|
668,734 |
|
-32 |
% |
1,972,306 |
|
2,096,855 |
|
-6 |
% |
Net
Income After Taxes |
1,199,516 |
|
1,877,804 |
|
-36 |
% |
5,458,345 |
|
6,281,566 |
|
-13 |
% |
Net
Income After Taxes % to Net Revenues |
16 |
% |
26 |
% |
|
20 |
% |
22 |
% |
|
EBITDA |
1,568,032 |
|
2,639,145 |
|
-41 |
% |
7,432,996 |
|
8,783,726 |
|
-15 |
% |
EBITDA % to Net Revenues |
21 |
% |
37 |
% |
|
27 |
% |
31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
- 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. |
Consolidated Statements of Financial Position |
|
|
|
|
|
|
AS AT |
|
December 31, 2022 |
December 31, 2021 |
% Change |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and short-term investments |
|
$ |
28,695,644 |
|
$ |
28,211,670 |
|
2 |
% |
Trade and other
receivables |
|
|
3,498,355 |
|
|
2,787,305 |
|
26 |
% |
Inventory |
|
|
4,535,343 |
|
|
2,204,331 |
|
106 |
% |
Prepaid expenses and
deposits |
|
|
254,958 |
|
|
456,034 |
|
-44 |
% |
Loans receivable -
current |
|
|
158,529 |
|
|
420,104 |
|
-62 |
% |
CURRENT ASSETS |
|
|
37,142,829 |
|
|
34,079,444 |
|
9 |
% |
|
|
|
|
|
Property and equipment |
|
|
1,673,036 |
|
|
1,931,569 |
|
-13 |
% |
Intangible assets |
|
|
1,200,878 |
|
|
874,026 |
|
37 |
% |
Loans receivable - non
current |
|
|
258,240 |
|
|
183,201 |
|
41 |
% |
Deferred tax asset |
|
|
210,281 |
|
|
99,216 |
|
112 |
% |
TOTAL NON CURRENT ASSETS |
|
|
3,342,435 |
|
|
3,088,012 |
|
8 |
% |
TOTAL ASSETS |
|
$ |
40,485,264 |
|
$ |
37,167,456 |
|
9 |
% |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
$ |
5,719,314 |
|
$ |
4,137,266 |
|
38 |
% |
NON CURRENT LIABILITIES |
|
|
1,403,427 |
|
|
1,475,264 |
|
-5 |
% |
Long term debt |
|
|
- |
|
|
- |
|
0 |
% |
Total Equity |
|
|
33,362,523 |
|
|
31,554,926 |
|
6 |
% |
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
40,485,264 |
|
$ |
37,167,456 |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
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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