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TORONTO, Nov. 15, 2017 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”) (TSX Venture:RX) released today a summary of its financial results for the three and nine months ended September 30, 2017. Key highlights include:
“Our pharmaceutical business showed continued momentum in Q3 2017, with sales growing by 15% over Q3 2016,” commented René Goehrum, President and CEO of BioSyent. “With continued organic growth in our Canadian business from our existing product portfolio and growing demand in our International markets, we expect the momentum in our pharmaceutical business to continue.”
The CEO’s presentation on the Q3 2017 Results is available at the following link: www.biosyent.com/q3-17/
The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2017 and 2016 will be posted on www.sedar.com on November 15, 2017.
For a direct market quote (15 minutes delay) for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.
PDFs accompanying this announcement are available at
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, hospital and international business units.
As of the date of this press release, the Company has 14,491,295 shares issued and outstanding.
|Interim Unaudited Condensed Consolidated Statements of Comprehensive Income|
|In Canadian Dollars||Q3 2017||Q3 2016||% Change||YTD 2017||YTD 2016||% Change|
|Cost Of Goods Sold||1,210,062||1,058,933||14||%||3,397,110||2,653,435||28||%|
|Operating Expenses and Finance Income||2,478,475||2,094,024||18||%||6,563,440||5,950,402||10||%|
|Net Income Before Tax||1,715,063||1,613,829||6||%||4,900,717||4,308,765||14||%|
|Tax (including Deferred Tax)||420,488||366,449||15||%||1,151,668||1,094,082||5||%|
|Net Income After Tax||1,294,575||1,247,380||4||%||3,749,049||3,214,683||17||%|
|Net Income After Tax % to Net Revenues||24||%||26||%||25||%||25||%|
|EBITDA % to Net Revenues||32||%||35||%||33||%||33||%|
|Interim Unaudited Condensed Consolidated Statements of Financial Position|
|AS AT||September 30, 2017||December 31, 2016||% Change|
|Trade and other receivables||$||2,503,193||$||1,941,177||29||%|
|Prepaid expenses and deposits||307,958||269,704||14||%|
|Income tax recoverable||57,942||-|
|Cash, cash equivalents and short-term investments||16,509,281||13,739,286||20||%|
|Deferred tax asset||88,462||137,375||-36||%|
|TOTAL NON CURRENT ASSETS||2,372,856||1,705,941||39||%|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Deferred tax liability||193,149||163,241||18||%|
|Long term debt||-||-||0||%|
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY||$||23,026,280||$||19,248,183||20||%|
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
For further information please contact:
Mr. René C. Goehrum
President and CEO
Tel: (905) 206-0013
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