BioSyent
  • BioSyent (TSXV:RX) released its financial results for the three months ended March 31, 2023
  • First quarter (Q1) 2023 Canadian Pharmaceutical Net Revenues of $6,411,694 increased by  per cent versus Q1 2022
  • Q1 2023 EBITDA of $1,516,634 decreased by 32 per cent against Q1 2022
  • BioSyent is a growth-oriented specialty pharmaceutical company
  • BioSyent Inc. (RX) is down 4.83 per cent, trading at C$7.49 per share at 1:10 pm ET

BioSyent (TSXV:RX) released its financial results for the three months ended March 31, 2023.

Key highlights:

  • First quarter (Q1) 2023 Canadian Pharmaceutical Net Revenues of $6,411,694 increased by 1 per cent versus Q1 2022
  • Q1 2023 International Pharmaceutical Net Revenues were $nil compared to sales of $565,787 in Q1 2022
  • Q1 2023 Total Company Net Revenues of $6,482,694 decreased by 8 per cent versus Q1 2022
  • Q1 2023 EBITDA of $1,516,634 decreased by 32 per cent against Q1 2022
  • Q1 2023 Net Income After Taxes of $1,175,246 decreased by 26 per cent against Q1 2022
  • Q1 2023 NIAT percentage to Net Revenues of 18 per cent compares to 23 per cent in Q1 2022
  • Q1 2023 Fully Diluted Earnings per Share (EPS) of $0.10 versus Q1 2022 Fully Diluted EPS of $0.13
  • Fully Diluted EPS for the Trailing Twelve Months ended March 31, 2023 was $0.41 versus Fully Diluted EPS of $0.49 for the Trailing Twelve Months ended March 31, 2022
  • Return on Equity for the Trailing Twelve Months ended March 31, 2023 was 15 per cent as compared to 21 per cent for the same period last year
  • During Q1 2023, repurchased a total of 52,800 common shares under Normal Course Issuer Bid (NCIB)
  • Paid quarterly dividend of $0.04 per common share on March 15, 2023 and declared subsequent quarterly dividend of $0.04 per common share to be paid on June 15, 2023

René Goehrum, President and CEO of BioSyent, commented on the news.

“End market demand growth was strong for our Canadian pharmaceutical products in the first quarter of 2023. This is based on sales of our products by wholesalers to retailers during the period, as reported by IQVIA. This end market demand growth was not reflected in the 1 per cent growth rate in our net revenues from sales to wholesalers during the first quarter, following strong growth in such sales to wholesalers in the fourth quarter of 2022.”

“However, with continued demand growth in our Canadian pharmaceutical business, we are currently on track to deliver revenue growth in 2023. We also made significant investments during the quarter in current and coming new product launches. We look forward to additional revenue generation from this and other new product launches in the near term, including a new women’s health product, as we execute on one of our key strategic objectives of portfolio diversification.”

About BioSyent

BioSyent is a growth-oriented specialty pharmaceutical company. It focuses on in-licensing or acquiring innovative pharmaceutical and other successful healthcare products which are safe and effective, and have a track record of improving patients lives.

BioSyent Inc. (RX) is down 4.83 per cent, trading at C$7.49 per share at 1:10 pm ET.

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