BioSyent Releases Financial Results for Fourth Quarter and Full Year 2020
MISSISSAUGA, Ontario, March 17, 2021 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its financial results for the three and twelve months ended December 31, 2020. Key highlights include:
- Fourth quarter (Q4) 2020 Net Revenues of $5,726,328 increased by 3% versus Q4 2019
- Full year (FY) 2020 Net Revenues of $22,332,168 increased by 4% versus FY 2019
- Q4 2020 Canadian Pharmaceutical Net Revenues of $5,395,431 increased by 7% versus Q4 2019
- FY 2020 Canadian Pharmaceutical Net Revenues of $21,237,461 increased by 12% versus FY 2019
- Q4 2020 International Pharmaceutical Net Revenues of $56,668 decreased by 87% versus Q4 2019
- FY 2020 International Pharmaceutical Net Revenues of $225,139 decreased by 84% versus FY 2019
- Q4 2020 EBITDA1 of $1,116,856 decreased by 34% versus Q4 2019
- FY 2020 EBITDA1 of $5,577,206 decreased by 3% versus FY 2019
- Q4 2020 Net Income After Taxes (NIAT) of $665,702 decreased by 43% versus Q4 2019
- FY 2020 NIAT of $3,795,335 decreased by 13% versus FY 2019
- Q4 2020 NIAT percentage to Net Revenues of 12% compares to 21% in Q4 2019
- FY 2020 NIAT percentage to Net Revenues of 17% compares to 20% in FY 2019
- Q4 2020 Fully Diluted EPS of $0.05 was $0.03 lower than Q4 2019 Fully Diluted EPS of $0.08
- FY 2020 Fully Diluted EPS of $0.29 was $0.02 lower than FY 2019 Fully Diluted EPS of $0.31
- As at December 31, 2020, the Company had cash, cash equivalents, and short-term investments totalling $25,577,706 as compared to $21,973,477 as at December 31, 2019 – a 16% increase
- Total Shareholders’ Equity increased by 4% to $26,795,956 at December 31, 2020 from $25,794,510 at December 31, 2019
- Return on Equity for the year ended December 31, 2020 was 14% as compared to 16% for the year ended December 31, 2019
- During FY 2020, repurchased and cancelled a total of 594,275 common shares under a Normal Course Issuer Bid (NCIB)
“Our Canadian pharmaceutical business continued to grow in the fourth quarter, with double-digit sales growth overall in the full year 2020 amidst a global pandemic and a challenging business environment,” commented Mr. René Goehrum, President and CEO of BioSyent. “During 2020, we successfully launched FeraMAX® Pd, a new product platform using a patented iron delivery system, as well as three new products in our Canadian pharmaceutical business, namely, Tibella®, FeraMAX® Pd Therapeutic 150, and Combogesic®. We made significant marketing investments of approximately $1.7 million in these new products in 2020. Approximately $0.7 million of these investments were made in the fourth quarter during which two new products were launched. The sales growth in our Canadian pharmaceutical business was offset by investment in new products, as well as challenges in our international pharmaceutical business, resulting in an overall decline in our 2020 net profit margin to 17%. While our international pharmaceutical business was negatively impacted by COVID-19 during 2020, we were encouraged to have shipped a large international FeraMAX® order early in 2021. I look forward to reporting on our progress in 2021, as we continue to invest in new products and long-term growth initiatives, including Tibella®, FeraMAX® Pd, Combogesic®, and a new women’s health product which we in-licensed in Q4 2020.”
The CEO’s presentation on the Q4 2020 Results is available at the following link: www.biosyent.com/q4-20/.
The Company’s Audited Consolidated Financial Statements and Management's Discussion and Analysis for the three and twelve months ended December 31, 2020 and 2019 will be posted on www.sedar.com on March 17, 2021.
2020 Consolidated Financial Statements PDF available at: http://ml.globenewswire.com/Resource/Download/ee30b054-44c1-4025-b351-e279a101211e
2020 MD&A PDF available at: http://ml.globenewswire.com/Resource/Download/644851fa-ee45-47c2-8c0d-760bb2c187ac
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 12,740,775 common shares outstanding.
|Consolidated Statements of Comprehensive Income|
|In Canadian Dollars||Q4 2020||Q4 2019||% Change||FY 2020||FY 2019||% Change|
|Cost of Goods Sold||1,326,613||1,206,641||10||%||4,908,321||4,778,069||3||%|
|Operating Expenses and Finance Income/Costs||3,363,585||2,693,492||25||%||12,186,868||10,775,724||13||%|
|Net Income Before Taxes||1,036,130||1,669,153||-38||%||5,236,979||5,870,531||-11||%|
|Tax (including Deferred Tax)||370,428||501,308||-26||%||1,441,644||1,501,236||-4||%|
|Net Income After Taxes||665,702||1,167,845||-43||%||3,795,335||4,369,295||-13||%|
|Net Income After Taxes % to Net Revenues||12||%||21||%||17||%||20||%|
|EBITDA % to Net Revenues||20||%||31||%||25||%||27||%|
- 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.
|Consolidated Statements of Financial Position|
|AS AT||December 31, 2020||December 31, 2019||% Change|
|Cash, cash equivalents and short-term investments||$||25,577,706||$||21,973,477||16||%|
|Trade and other receivables||1,815,015||2,083,723||-13||%|
|Prepaid expenses and deposits||307,599||648,781||100||%|
|Property and equipment||2,161,698||2,482,266||-13||%|
|Deferred tax asset||30,481||26,095||17||%|
|TOTAL NON CURRENT ASSETS||3,797,333||4,120,206||-8||%|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|NON CURRENT LIABILITIES||1,636,584||1,811,763||-10||%|
|Long term debt||-||-||0||%|
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY||$||33,571,214||$||30,965,314||8||%|
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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.
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