Biosyent appears to be getting back on track. Stellar balance sheet, almost $10M in share repurchases, two new products rolling out later this year. Upbeat and confident presentation is worth a listen.
MISSISSAUGA, Ontario, May 28, 2020 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today a summary of its financial results for the three months ended March 31, 2020. Key highlights include:
First quarter (Q1) 2020 Net Revenues of $6,062,846 increased by 35% versus Q1 2019Q1 2020 Canadian Pharmaceutical Net Revenues of $5,955,561 increased by 39% versus Q1 2019Q1 2020 EBITDA1 of $1,997,987 increased by 66% versus Q1 2019Q1 2020 Net Income After Taxes (NIAT) of $1,451,518 increased by 48% versus Q1 2019Q1 2020 NIAT percentage to Net Revenues of 24% compares to 22% in Q1 2019Q1 2020 Fully Diluted EPS of $0.11 was $0.04 higher than Q1 2019 Fully Diluted EPS of $0.07Fully Diluted EPS for the Trailing Twelve Months ended March 31, 2020 was $0.35 as compared to $0.38 for the Trailing Twelve Months ended March 31, 2019As at March 31, 2020, the Company had cash, cash equivalents, and short-term investments totalling $21,191,502 as compared to $21,973,477 as at December 31, 2019 – a 4% decreaseTotal Shareholders’ Equity decreased by 1% from $25,794,510 at December 31, 2019 to $25,651,258 at March 31, 2020Return on Equity for the Trailing Twelve Months ended March 31, 2020 was 19% as compared to 22% for the Trailing Twelve Months ended March 31, 2019During Q1 2020, repurchased for cancellation a total of 261,875 common shares under a Normal Course Issuer Bid (NCIB)Fully diluted outstanding common shares reduced from 13,707,957 at December 31, 2019 to 13,114,807 at May 27, 2020
Q1 2020 was a record quarter for our Canadian Pharmaceutical Business with growth from across our product portfolio,” commented Mr. René Goehrum, President and CEO of BioSyent. “We saw solid sales growth in the months of January and February 2020 and exceptional sales growth in the month of March 2020 at the outset of the COVID-19 pandemic in Canada. The increased sales activity in the latter part of March was largely due to a short-term surge in consumer demand for certain products and some accumulation of safety stocks by wholesalers, pharmacies, and hospitals in response to COVID-19 uncertainty. While we are managing the challenges of the current business environment, we nonetheless remain focused on the long-term and continue to make investments in future growth as we prepare for the Canadian launch of the new Tibella® women’s health product and the Combogesic® pain management product. I look forward to reporting on our progress over the coming months.”
The CEO’s presentation on the Q1 2020 Results is available at the following link: www.biosyent.com/q1-20/. |
