BioSyent Releases Q3 and Nine Month Results-Nine Month Sales Increase 53% and Profit Before Tax Up 77%
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/21/13 -- BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) released today a summary of its financial results for the three months (Q3) and nine months ending September 30, 2013.
Total sales for Q3 2013 of $2,328,064, were 48% higher compared to $1,575,598 in the corresponding prior year period. Total sales for the nine months ending September 2013 of $5,626,591 were 53% higher than the first nine months of 2012.
Income Before Tax for Q3 2013 was $808,789, which is 89% higher than $427,265 in Q3 2012. Income Before Tax for the nine months ending September 30, 2013 was 1,833,716, an increase of 77% over the corresponding prior year period.
The first nine months of 2013 have a tax provision of $461,232 whereas there was no tax provision in the prior year period due to available carry forward losses from previous years. In spite of this difference in tax expense, Net Income After Tax increased by 32% from $1,037,885 in the first nine months of 2012 to $1,372,484 in 2013.
Working capital, which is the difference between current assets and current liabilities, has increased by 56% from $2,509,278 as at December 31, 2012 to $3,906,449 as at September 30, 2013. Cash accounted for 81% of working capital as at September 30, 2013. Total Cash on September 30, 2013 was $3,180,832. Total Shareholder's Equity increased by 51% from $2,839,409 at December 31, 2012 to $4,281,892 at September 30, 2013. This is mainly due to an increase in retained earnings in the first nine months of 2013.
Subsequent to the end of the quarter, BioSyent's subsidiary BioSyent Pharma Inc. signed an exclusive Canadian Licence and Distribution Agreement with its third European partner for a Women's Health product that has prior approval from Health Canada. The product has been widely approved in Europe and is successfully marketed in countries such as Germany, France, Italy, Spain, Sweden, Poland, Austria, and Belgium. The Company plans to launch the product in the first half of 2014.
The Financial Statements and Management's Discussion & Analysis will be posted on on November 21, 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 Third 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: 21.11.2013 - 05:00 Uhr
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