BioSyent Releases Results for Q1 2018

TORONTO, May 30, 2018 (GLOBE NEWSWIRE) -- BioSyent Inc. ("BioSyent") (TSX Venture:RX) released today a summary of its financial results for the three months ended March 31, 2018. Key highlights include:

• First quarter (Q1) 2018 Net Revenues of $4,447,147 increased by 16% versus Q1 2017
• Q1 2018 Canadian Pharmaceutical Net Revenues of $3,765,638 increased by 12% versus Q1 2017 and International Pharmaceutical Net Revenues of $565,841 increased by 90% versus Q1 2017
• Q1 2018 EBITDA¹ of $1,477,767 increased by 24% versus Q1 2017
• Q1 2018 Net Income After Tax (NIAT) of $1,143,130 increased by 27% versus Q1 2017
• Q1 2018 NIAT percentage to Net Revenues of 26% compares to 24% in Q1 2017
• Q1 2018 Fully Diluted EPS of $0.08 was $0.02 higher than Q1 2017 Fully Diluted EPS of $0.06
• Fully Diluted EPS for the Trailing Twelve Months ended March 31, 2018 was $0.38 as compared to $0.29 for the Trailing Twelve Months ended March 31, 2017
• As at March 31, 2018, the Company had cash, cash equivalents, and short term investments totalling $19,639,606 as compared to $19,338,435 as at December 31, 2017 ? a 2% increase
• Total Shareholders' Equity increased by 6% from $22,212,927 at December 31, 2017 to $23,436,253 at March 31, 2018
• Return on Equity for the Trailing Twelve Months ended March 31, 2018 was 26% as compared to 28% for the Trailing Twelve Months ended March 31, 2017

"Q1 2018 was BioSyent's 31^st consecutive profitable quarter," remarked René Goehrum, President and CEO of BioSyent. "Overall, we had a solid start to the year in our Canadian and International pharmaceutical businesses and maintained a healthy net profit margin of 26%. While we are pleased with the sales growth in our International pharmaceutical business, we have come to expect some quarterly variability in this business.  We are also pleased that subsequent to Q1 2018, four additional Canadian hospital sites have recently adopted and ordered our Cysview^® product for blue-light cystoscopy."

The CEO's presentation on the Q1 2018 Results is available at the following link: www.biosyent.com/q1-18/.

The Company's Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three months ended March 31, 2018 and 2017 will be posted on www.sedar.com on May 30, 2018.

The Interim Unaudited Condensed Consolidated Financial Statements are available at http://resource.globenewswire.com/Resource/Download/db6ef13a-24ab-43d0-b2b1-7f6f2654a99e.

The Management's Discussion and Analysis is available at http://resource.globenewswire.com/Resource/Download/877fee71-5dc2-4511-8677-59b824d29d8c.

The Company is also pleased to announce the election of Mr. Joseph Arcuri, CPA, CA, to its Board of Directors on May 29, 2018.  Mr. Arcuri was elected to the Board by shareholders at the Company's recent Annual General Meeting to fill a vacancy left by Mr. Paul Montador who retired and did not seek re-election to the Board of Directors.  Mr. Arcuri was appointed to the Audit Committee of BioSyent's Board of Directors where he will serve as its Chair.

Mr. Arcuri is an accomplished senior executive with extensive financial expertise.  Mr. Arcuri presently serves as Executive Vice President, Operations and Finance, Content Group, at St. Joseph Communications, a marketing communications firm.  Mr. Arcuri previously served as Chief Operating and Chief Financial Officer at TableRock Media Ltd., a streaming service company.  In 2012, Mr. Arcuri was Chief Financial Officer of GlassBOX Television Inc., a television service provider. Between 2007 and 2011, Mr. Arcuri was President of AOL Canada Inc., an internet service provider and previously led Bell Canada's managed services group.  Mr. Arcuri started his professional career with PricewaterhouseCoopers within its assurance group and later transferred to its valuation, and mergers and acquisitions service team. 

"On behalf of the Board of Directors, I want to express our gratitude to Mr. Paul Montador for his service on the Board since 2011 and his contribution to the success of BioSyent," commented René Goehrum. "I am pleased to welcome Mr. Joseph Arcuri to our Board of Directors.  He brings extensive experience and financial knowledge which will serve the Company well in Mr. Arcuri's role as Audit Committee Chair."

The Company also wishes to announce that its Board of Directors has passed a resolution to grant a total of 3,120 stock options to a director of BioSyent.  The option grant is made under the Company's Incentive Stock Option Plan ("the Plan") approved by shareholders on May 29, 2018.  Each option entitles the optionee to purchase one common share of the Company at an exercise price of $9.94.  These options are excerciseable for a period of ten years from the date of grant.

For a direct market quote for the TSX Venture Exchange and other Company financial information please visit www.tmxmoney.com.

About BioSyent Inc.

Listed on the TSX Venture Exchange under the trading symbol "RX", BioSyent is a profitable growth-oriented specialty pharmaceutical company focused on in-licensing or acquiring innovative pharmaceutical and other healthcare products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients.  BioSyent supports the healthcare professionals that treat these patients by marketing its products through its community, hospital and international business units.

As of the date of this press release, the Company has 14,509,095 common shares issued and outstanding.

1. EBITDA ?  is a Non-IFRS Financial Measure. The term EBITDA does not have any standardized meaning under International Financial Reporting Standards (IFRS) and therefore may not be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest income or expense, income taxes, depreciation and amortization.

For further information please contact:

Mr. René C. Goehrum
President and CEO
BioSyent Inc.
Tel: (905) 206-0013
E-Mail: [email protected]
Web: www.biosyent.com

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.