TORONTO, ONTARIO--(Marketwire - Nov. 15, 2012) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) today released a summary of its Third Quarter (Q3) 2012 financial results.
- Q3 2012 Sales of $1,575,598 sets an all time quarterly record and grew by 60% over Q3 2011
- Q3 2012 Pharmaceutical Sales of $1,180,718 grew by 95% vs. $604,523 in Q3 2011
- Sales for the nine months ended September 30, 2012 of $3,696,201 grew by 76% over the prior year period
- Total Comprehensive Income for Q3, 2012 of $423,015 hit an all time quarterly record and was higher than that of 2011 by 79%
- Total Comprehensive Income for the nine months ended September 30, 2012 of $1,034,828 grew by 196% over the corresponding prior year period
- Cash generation of $878,751 for the nine months ended September 30, 2012 increased by 147% over the corresponding period in 2011
- Q3 2012 basic earnings per share (EPS) were $0.03
- Cumulative Basic EPS over the last 4 consecutive quarters is $0.09
Total Sales for Q3 2012 hit a new quarter record and were $1,575,598 or 60% higher compared to $983,857 in the corresponding prior year period and 30% higher than the immediately preceding quarter (Q2 2012) which had sales of $1,216,115. For the nine months ended September 30, 2012, the Total Sales of $3,696,201 were 76% higher than the corresponding prior year period.
Pharmaceutical Sales were $1,180,718 in Q3 2012, or 95% higher than the corresponding prior year period sales which were $604,523. For the nine months ended September 30, 2012, Pharmaceutical Sales of $2,996,115 were 115% higher than $1,392,334 in the corresponding prior year period.
The Company earned Total Comprehensive Income of $423,015 in Q3 2012, which was 79% higher than the Total Comprehensive Income of $235,999 in Q3 2011. For the nine months ended September 30, 2012, the Total Comprehensive Income of $1,034,828 was 196% higher than $349,452 in the corresponding prior year period.
Working capital has increased by 94% from $1,128,065 as at December 31, 2011 to $2,184,891 as at September 30, 2012. Cash and cash equivalents on September 30, 2012 were 89% of working capital compared to 94% as at December 31, 2011. Total Cash generation for the nine months ended September 30, 2012 of $878,751 increased by 147% over the corresponding prior year period.
The Company's subsidiary BioSyent Pharma Inc. is completing preparations for a Q1 2013 launch of FeraMAX® Powder which was approved by Health Canada earlier this year.
The Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on November 15, 2012.
As at the date of this press release the Company had 12,921,195 shares issued and outstanding.
For a direct market quote (15 minutes delay) for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.
BioSyent Inc. continues to concentrate on its pharmaceutical strategy to source products that have been successfully developed and proven to be safe and effective; manage these products through the regulatory process and product registration (approval); and once approved, market these products in Canada. The Company is focused on medications that occupy a niche in the market, that are unique either due to complexity of manufacture or provide novel technological or therapeutic advantages, or that are backed by strong partners holding intellectual property rights that are defendable. This strategy allows the Company to market these medications as brands owned by, or licensed to, it.
BioSyent Inc. is a publicly traded specialty pharmaceutical company whose wholly owned subsidiary, BioSyent Pharma Inc., sources, acquires or in-licences pharmaceutical products and markets these products in Canada. Wholly owned BioSyent subsidiary Hedley Technologies Ltd. operates the company's legacy business marketing bio and health friendly non-chemical insecticides. BioSyent common shares are listed for trading on the TSX Venture Exchange (TSXV) under the symbol RX.
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.
Rene C. Goehrum
President and CEO