BioSyent Releases Q2 and Six Month Results: Six Month Sales Increase 57% and Profit Before Tax Up 68%
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/22/13 -- BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) released today a summary of its second quarter (Q2) and first half (H1) 2013 financial results for the three and six months ending June 30, 2013.
Total sales for Q2 2013 of $1,786,685, were 47% higher compared to $1,216,115 in the corresponding prior year period. Total sales for H1 2013 of $3,328,528, were 57% higher than H1 2012.
Income Before Tax for Q2 2013 was $542,964, which is 61% higher than $337,437 in Q2 2012. Income Before Tax for H1 2013 was 1,024,927, an increase of 68% over the corresponding prior year period.
H1 2013 has a tax provision of $262,192 whereas there was no tax provision in H1 2012 due to available carry forward losses from previous years. In spite of this difference in tax expense, Net Income After Tax increased by 25% from $610,620 in H1 2012 to $762,735 in H1 2013.
Working capital, which is the difference between current assets and current liabilities, has increased by 33% from $2,509,278 as at December 31, 2012 to $3,336,433 as at June 30, 2013. Cash accounted for 79% of working capital as at June 30, 2013. Total Cash on June 30 2013 was $2,629,650. Total Shareholder's Equity increased by 29% from $2,839,409 at December 31, 2012 to $3,663,185 at June 30, 2013. This is mainly due to an increase in retained earnings for H1 2013.
The Financial Statements and Management's Discussion & Analysis will be posted on on August 22, 2013.
For a direct market quote (15 minutes delay) for the TSX Venture Exchange and other Company financial information please visit .
BioSyent will also release a CEO presentation on the Second Quarter Financial Results at the following link: .
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 13,571,195 shares issued and outstanding.
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.
Contacts:
BioSyent Inc.
Mr. Rene C. Goehrum
President and CEO
(905) 206-0013
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Datum: 22.08.2013 - 06:00 Uhr
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