BioSyent Releases Third Quarter Results; Record Quarterly Sales and Profit: Sales Up 60%, Profit Up 79%
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/15/12 -- BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) today released a summary of its Third Quarter (Q3) 2012 financial results.
Total Sales for Q3 2012 hit a new quarter record and were $1,575,598 or 60% higher compared to $983,857 in the corresponding prior year period and 30% higher than the immediately preceding quarter (Q2 2012) which had sales of $1,216,115. For the nine months ended September 30, 2012, the Total Sales of $3,696,201 were 76% higher than the corresponding prior year period.
Pharmaceutical Sales were $1,180,718 in Q3 2012, or 95% higher than the corresponding prior year period sales which were $604,523. For the nine months ended September 30, 2012, Pharmaceutical Sales of $2,996,115 were 115% higher than $1,392,334 in the corresponding prior year period.
The Company earned Total Comprehensive Income of $423,015 in Q3 2012, which was 79% higher than the Total Comprehensive Income of $235,999 in Q3 2011. For the nine months ended September 30, 2012, the Total Comprehensive Income of $1,034,828 was 196% higher than $349,452 in the corresponding prior year period.
Working capital has increased by 94% from $1,128,065 as at December 31, 2011 to $2,184,891 as at September 30, 2012. Cash and cash equivalents on September 30, 2012 were 89% of working capital compared to 94% as at December 31, 2011. Total Cash generation for the nine months ended September 30, 2012 of $878,751 increased by 147% over the corresponding prior year period.
The Company's subsidiary BioSyent Pharma Inc. is completing preparations for a Q1 2013 launch of FeraMAX® Powder which was approved by Health Canada earlier this year.
The Financial Statements and Management's Discussion & Analysis will be posted on on November 15, 2012.
As at the date of this press release the Company had 12,921,195 shares issued and outstanding.
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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.
Contacts:
BioSyent Inc.
Rene C. Goehrum
President and CEO
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Datum: 15.11.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 204047
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