B: BioSyent Releases Full Year 2012 Results-Sales Increase 79%, N
et Income Up 267%; 3 Year CAGR 70%; Q4 Sales Increase
B: BioSyent Releases Full Year 2012 Results-Sales Increase 79%, Net Income Up 26
7%; 3 Year CAGR 70%; Q4 Sales Increase 89% ( Marketwire )
TORONTO, ONTARIO, Mar 21, 2013 (MARKETWIRE via COMTEX) --
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(R) 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.
