BIOYF - BioSyent Releases First Six Months 2015 Results-Six Month Sales Up 25%; Pharma Sales Up 25%; EBITDA Up 31%; Net Income Up 30%; Return on Equity 40%
TORONTO, ONTARIO -- (Marketwired) -- 08/12/15 -- BioSyent Inc.(BIOYF) ("BioSyent") 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:
First six months (H1 2015) Sales of $6,900,098 increased by 25% versus H1 2014
H1 2015 Pharma sales of $6,565,300 increased by 25% versus H1 2014
First six months (H1 2015) Revenue has grown at a compound annual growth rate (CAGR) of 44% over the corresponding previous two years
H1 2015 EBITDA1 of $2,490,429 increased by 31% over H1 2014
H1 2015 Net Income After Tax of $1,813,751 increased by 30% over H1 2014
H1 2015 Fully Diluted EPS of $0.13 grew by 30% over H1 2014
Trailing Twelve Month (TTM) fully diluted EPS of $0.25 was 39% higher than $0.18 in the TTM period ending June 30, 2014
H1 2015 Return on Equity was 40% annualized
In Canada, FeraMAX® 150 share of doses increased by more than 18% in the January - May 2015 period versus a year ago ( Source data : IMS Health™ )
A large international FeraMAX® order representing sales of $627,512 received in the first quarter was postponed to Q3 2015 due to a delay in obtaining necessary importation clearances. Had this order been shipped in H1 2015, H1 2015 sales would have grown by 36% versus H1 2014. This order was shipped in the first week of August 2015
The Company remains debt-free and has an unutilized operating line of credit with Royal Bank of Canada of $1.55MM
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 René Goehrum, President and CEO of BioSyent(BIOYF). "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.
