TORONTO, ONTARIO--(Marketwire - March 21, 2013) - BioSyent Inc. ("BioSyent") (TSX VENTURE:RX) released today a summary of its Fiscal 2012 and Fourth Quarter (Q4) 2012 financial results. Key highlights include:
- Full year 2012 Sales of $5,024,154 increased 79% versus 2011
- Revenue has grown at a compound annual growth rate of 70% over the last three years
- Net Income before Tax margin increased to 28% in 2012 from 15% in 2011
- Full year 2012 Net Income after Tax of $1,541,317 increased 267% compared to 2011
- 2012 represented the 3rd consecutive year of profitability for the Company
- 2012 was the first year the Company paid income tax
- EPS (Basic) was $0.12
- The Company ended 2012 with $2,509,278 of working capital including $2,316,055 of cash
- The Company remains debt-free and has an unutilized operating line of credit with Royal Bank of Canada
- Selected as a TSX Venture 50 Top Performer for two consecutive years - 2012 and 2013
Total sales for Q4 2012 of $1,327,953, were 89% higher compared to $703,337 in the corresponding prior year period. On a full year basis, sales in 2012 of $5,024,154 were 79% higher than the previous year sales of $2,808,666.
Net Income Before Tax for the fourth quarter of 2012 was $361,237 which is 454% higher than $65,220 in the fourth quarter of 2011. Net Income Before Tax for full year 2012 was $1,399,122 or 233% higher than $420,392 in corresponding prior year 2011. The Net Income before Tax margin increased to 28% in 2012 from 15% in 2011. The Company has chosen to use Net Income Before Tax as a key measure of performance as it is independent of tax fluctuations that might occur due to the utilization of carried forward loses from previous years or changes in tax rates.
The Company has provided for an income tax liability of $90,004 for the fourth quarter of 2012, for the first time. The Company has also recognized a deferred tax credit for the first time - $232,199, arising mainly from accumulated losses carried forward from previous years while correspondingly recognizing a deferred tax asset of like value on its consolidated statements of financial position. The full year 2012 Net Income after Tax (NIAT) of $1,541,317 increased 267% compared to $420,392 in 2011. Without the one-time recognition of the deferred tax credit, Net Income after Tax for full year 2012 would have been $1,309,118. The Total Comprehensive Income of $1,539,317 for 2012 was 268% higher than that of $417,950 in 2011. Earnings per share (EPS) for full year 2012 were $0.12 Basic and $0.11 Diluted compared to $0.03 Basic and $0.03 Diluted in 2011.
Working capital, which is the difference between current assets and current liabilities, has increased by 122% from $1,128,065 as at December 31, 2011 to $ 2,509,278 as at December 31, 2012. Cash and cash equivalents on December 31, 2012 of $2,316,055 were 92% of working capital compared to 94% as at December 31, 2011. Cash Generation, or the increase in Cash and Cash Equivalents, of $1,258,009 in 2012, represents a 114% increase over $586,951 in the prior year period.
The Financial Statements and Management's Discussion & Analysis will be posted on www.sedar.com on March 21, 2012. The launch of FeraMAX® Powder has been delayed due to scale-up of production.
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 13,271,195 shares issued and outstanding.
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.
Mr. Rene C. Goehrum
President and CEO