BioSyent Releases Financial Results for Q2 and H1 2024
27 August 2024 - 6:45AM
BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its
financial results for the three months (Q2) and six months (H1)
ended June 30, 2024. Key highlights include:
(CAD) |
Q2 2024 |
|
% Change vs.Q2 2023 |
|
H1 2024 |
|
% Change vs.H1 2023 |
|
Trailing Twelve Months (TTM) June 30, 2024 |
|
% Change vs. TTM June 30, 2023 |
|
Canadian Pharma Sales |
8,535,480 |
|
+11% |
|
16,081,624 |
|
+14% |
|
31,503,083 |
|
+13% |
|
Total Company Sales |
8,944,566 |
|
+12% |
|
16,678,202 |
|
+15% |
|
33,823,010 |
|
+18% |
|
EBITDA1 |
2,048,071 |
|
+10% |
|
4,252,264 |
|
+26% |
|
8,802,177 |
|
+28% |
|
Net Income After Taxes (NIAT) |
1,580,289 |
|
+7% |
|
3,349,016 |
|
+26% |
|
7,150,707 |
|
+35% |
|
Fully Diluted EPS |
0.13 |
|
+8% |
|
0.28 |
|
+27% |
|
0.60 |
|
+40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Return on Average Equity for TTM June 30, 2024 was 21% as
compared to 16% for TTM June 30, 2023
- During H1 2024, repurchased for cancellation a total of 162,300
common shares under a Normal Course Issuer Bid (NCIB)
- Paid quarterly cash dividends of $0.045 per common share on
March 15, 2024 and June 15, 2024
- Declared subsequent cash dividend of $0.045 per common share to
be paid on September 15, 2024
“We are pleased to report our highest-ever
quarterly Canadian Pharma sales and Total Company sales for Q2
2024,” remarked René Goehrum, President and CEO of BioSyent. “All
of the Company’s Canadian pharmaceutical brands delivered sales
growth during the quarter, contributing to 11% overall sales growth
in the Canadian pharmaceutical business over the comparative
quarter. This double-digit Q2 2024 sales growth follows strong
growth in Q1 2024, with 15% total Company sales growth overall for
H1 2024 over the comparative period.”
Mr. Goehrum continued, “We continued to invest
in the promotion of our launch-stage brands, FeraMAX® Pd
Maintenance 45, Inofolic®, and Gelclair®, as well as in the ongoing
development of a new FeraMAX® Pd product, all of which impacted our
Q2 net profit margin. We believe such launch-stage support of our
brands is necessary for these brands to reach their sales potential
and drive long-term growth in line with our strategic objectives of
profitable growth and portfolio diversification. To this end,
during the quarter, we also announced that BioSyent Pharma had
in-licensed the Canadian distribution rights to a new endocrinology
product with significant future revenue potential. We plan to
submit this product for regulatory approval to Health Canada by the
end of 2024. I look forward to reporting on the future progress of
these strategic initiatives as well as our active business
development pipeline.”
The CEO’s presentation on the Q2 and H1 2024
Results is available at the following link:
www.biosyent.com/investors/
The Company’s Interim Unaudited Condensed
Consolidated Financial Statements and Management's Discussion and
Analysis for the three and six months ended June 30, 2024 and 2023
will be posted on www.sedarplus.ca on August 26, 2024.
BioSyent also announces the grant today
of 9,060 Restricted Share Units (“RSUs”) to certain management
of the Company pursuant to the Company’s Restricted Share Unit
Plan.
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 11,586,914 common shares outstanding.
|
BioSyent Inc. |
Interim Unaudited Condensed Consolidated Statements of
Comprehensive Income |
|
|
|
|
|
|
|
In Canadian Dollars |
Q2 2024 |
|
Q2 2023 |
|
% Change |
|
H1 2024 |
|
H1 2023 |
|
% Change |
|
Net Revenues |
8,944,566 |
|
7,962,800 |
|
12% |
|
16,678,202 |
|
14,445,494 |
|
15% |
|
Cost of
Goods Sold |
1,873,731 |
|
1,466,192 |
|
28% |
|
3,463,493 |
|
2,614,154 |
|
32% |
|
Gross
Profit |
7,070,835 |
|
6,496,608 |
|
9% |
|
13,214,709 |
|
11,831,340 |
|
12% |
|
Operating
Expenses and Finance Income/Costs |
4,920,781 |
|
4,478,662 |
|
10% |
|
8,658,224 |
|
8,214,420 |
|
5% |
|
Net
Income Before Tax |
2,150,054 |
|
2,017,946 |
|
7% |
|
4,556,485 |
|
3,616,920 |
|
26% |
|
Tax
(including Deferred Tax) |
569,765 |
|
534,756 |
|
7% |
|
1,207,469 |
|
958,484 |
|
26% |
|
Net
Income After Tax |
1,580,289 |
|
1,483,190 |
|
7% |
|
3,349,016 |
|
2,658,436 |
|
26% |
|
Net
Income After Tax % to Net Revenues |
18% |
|
19% |
|
|
20% |
|
18% |
|
|
EBITDA |
2,048,071 |
|
1,859,931 |
|
10% |
|
4,252,264 |
|
3,376,565 |
|
26% |
|
EBITDA % to Net Revenues |
23% |
|
23% |
|
|
25% |
|
23% |
|
|
|
|
|
|
|
|
|
|
|
|
|
- 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, 2024 |
December 31, 2023 |
% Change |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and short-term investments |
|
$ |
17,407,711 |
|
$ |
26,187,011 |
-34 |
% |
Trade and other
receivables |
|
|
5,761,939 |
|
|
3,477,096 |
66 |
% |
Inventory |
|
|
6,029,561 |
|
|
5,894,495 |
2 |
% |
Prepaid expenses and
deposits |
|
|
810,953 |
|
|
243,460 |
233 |
% |
Loans receivable -
current |
|
|
66,145 |
|
|
69,419 |
-5 |
% |
Derivative asset |
|
|
22,049 |
|
|
- |
100 |
% |
CURRENT ASSETS |
|
|
30,098,358 |
|
|
35,871,481 |
-16 |
% |
|
|
|
|
|
Long term investments |
|
|
8,400,504 |
|
|
2,500,000 |
236 |
% |
Property and equipment |
|
|
1,312,471 |
|
|
1,439,930 |
-9 |
% |
Intangible assets |
|
|
1,171,531 |
|
|
1,152,876 |
2 |
% |
Loans receivable - non
current |
|
|
157,479 |
|
|
205,182 |
-23 |
% |
Deferred tax asset |
|
|
338,033 |
|
|
359,470 |
-6 |
% |
TOTAL NON CURRENT ASSETS |
|
|
11,380,018 |
|
|
5,657,458 |
101 |
% |
TOTAL ASSETS |
|
$ |
41,478,376 |
|
$ |
41,528,939 |
0 |
% |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
$ |
4,908,298 |
|
$ |
5,533,850 |
-11 |
% |
NON CURRENT LIABILITIES |
|
|
1,152,188 |
|
|
1,235,333 |
-7 |
% |
Long term debt |
|
|
- |
|
|
- |
0 |
% |
Total Equity |
|
|
35,417,890 |
|
|
34,759,756 |
2 |
% |
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
$ |
41,478,376 |
|
$ |
41,528,939 |
0 |
% |
|
|
|
|
|
|
|
|
|
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.
Biosyent (TSXV:RX)
Historical Stock Chart
From Jul 2024 to Aug 2024
Biosyent (TSXV:RX)
Historical Stock Chart
From Aug 2023 to Aug 2024