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TORONTO, ONTARIO -- (Marketwired) -- 08/12/15 -- BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) released today a summary of its Second Quarter (Q2 2015) and first half financial results for the three and six months ending June 30, 2015. Key highlights include:
Working capital, which is the difference between current assets and current liabilities, increased by 24% from $7,786,460 as at December 31, 2014 to $9,641,260 as at June 30, 2015.
Total Shareholder's Equity increased by 24% from $8,160,092 at December 31, 2014 to $10,087,481 at June 30, 2015.
An international FeraMAX® order of $627,512 received in Q1 2015, originally planned for Q2 2015 shipping, was postponed to Q3 2015 due to delay in obtaining necessary importation clearances. If this order had shipped as originally requested by the customer, H1 2015 sales would have grown by 36% versus H1 2014 and Q2 2015 pharma sales would have been +37% versus Q2 2014. This order has been shipped as of the date of this press release and will have a correspondingly positive effect on Q3 2015 results.
"For the first time, in June and July 2015, the Company's sales exceeded $1.5 million per month for two consective months," commented Rene Goehrum, President and CEO of BioSyent. "In Canada, in the second quarter both FeraMAX 150® and RepaGyn® had their second consective quarter of record shipments. This was backed up with strong year over year growth for Cathejell and FeraMAX Powder®. Additionally with the shipment of our largest FeraMAX® order ever to an overseas customer -- the international pharma business is on track to more than double this year."
The CEO presentation on the Second Quarter of 2015 is available at the following link www.biosyent.com/q2-15/
The Company's Consolidated Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on August 12, 2015.
For a direct market quote (15 minutes delay) for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.
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 13,936,195 shares issued and outstanding.
(1) 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.Contacts: BioSyent Inc. Mr. René C. Goehrum President and CEO (905) 206-0013 NEXT ARTICLE
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