TORONTO, ONTARIO -- (Marketwire) -- 05/22/12 -- BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) today released a summary of its First Quarter (Q1) 2012 financial results.
-- Operating Net Income sets all-time record for any quarter -- Net Income increased from a loss of $886 in Q1 2011 to a profit of $272,851 in Q1 2012 -- Q1 diluted earnings per share of $0.02 -- Q1 2012 Pharmaceutical Sales grow 136% vs. Q1 2011
Sales for Q1 2012 were 89% higher at $ 904,488 compared to $ 478,295 in the corresponding prior year period. The strong growth was driven by the pharmaceuticals business which grew by 136% from $322,648 in Q1 2011 to $ 761,372 in Q1 2012.
The Company earned total comprehensive (net) income of $272,851 in Q1 2012 compared to a total comprehensive loss of ($886) in Q1 2011. The Company has utilized losses carried forward from prior years and therefore has no tax provision for Q1 2012.
During the quarter Working Capital increased by 24% from $1,128,065 as at December 31, 2011 to $1,394,641 on March 31, 2012. Cash and cash equivalents as at March 31, 2012 were $1,059,036. The Company continues to be free of long term debt, and has not utilized any of its bank facilities to fund the continued strong increase in sales. During the First Quarter the Company channelled most of the incremental cash flow resulting from Net Income into investments in non-cash working capital, primarily inventory.
Shares issued and outstanding as of quarter end March 31, 2012 were 12,791,195.
The Financial Statements and Management's Discussion & Analysis will be posted on sedar.com on May 22, 2012.
BioSyent Inc. continues to concentrate on its pharmaceutical strategy to source products that have been successfully developed and proven to be safe and effective; manage these products through the regulatory process and product registration (approval); and once approved, market these products in Canada. The Company is focused on medications that occupy a niche in the market, that are unique either due to complexity of manufacture or provide novel technological or therapeutic advantages, or that are backed by strong partners holding intellectual property rights that are defendable. This strategy allows the Company to market these medications as brands owned by, or licensed to, it.
BioSyent Inc. is a publicly traded specialty pharmaceutical company whose wholly owned subsidiary, BioSyent Pharma Inc., sources, acquires or in-licences pharmaceutical products and markets these products in Canada. Wholly owned BioSyent subsidiary Hedley Technologies Ltd. operates the company's legacy business marketing bio and health friendly non-chemical insecticides. BioSyent common shares are listed for trading on the TSX Venture Exchange (TSXV) under the symbol RX.
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.
The TSX Venture Exchange assumes no responsibility for the accuracy of this release and neither approves nor disapproves of the same.
Rene C. Goehrum
President and CEO