MISSISSAUGA, Ontario, Nov. 16, 2023 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, TSX Venture: RX) released today its financial results for the three months (Q3) and nine months (YTD) ended September 30, 2023. Key highlights include:

• Return on Equity for the Trailing Twelve Months ended September 30, 2023 was 18% as compared to 19% for the Trailing Twelve Months ended September 30, 2022
• During YTD 2023, repurchased for cancellation a total of 306,700 common shares under a Normal Course Issuer Bid (NCIB)
• Paid quarterly dividends of $0.04 per common share on March 15, 2023, June 15, 2023, and September 15, 2023 and declared subsequent quarterly dividend of $0.04 per common share to be paid on December 15, 2023

“We earned record quarterly revenues in Q3 2023 thanks to double-digit growth in our Canadian pharmaceutical business as well as the shipment of international FeraMAX^® orders during the quarter, which continue to be uneven from period to period,” commented Mr. René Goehrum, President and CEO of BioSyent. “While we continued to make selling and marketing investments in our 2023 launch products: FeraMAX^® Pd Maintenance 45 (launched in March 2023); Inofolic^® (launched in August 2023); and Gelclair^® (to be launched in Q4 2023), we reported a healthy net profit margin of 27% for the third quarter as a result of our sales growth. We plan to make further selling and marketing investments in our launch products in the fourth quarter of 2023 and throughout 2024. While we expect continued overall profit growth in the near-term, these launch investments will have a moderating effect on our profit margins relative to revenues until these products gain wider adoption and usage in the market. Over the long-term, we expect our expanded product portfolio to deliver continued revenue growth and profit margins that are more in line with our established brands.” 

The CEO’s presentation on the Q3 2023 Results is available at the following link: www.biosyent.com/q3-23/.

The Company’s Interim Unaudited Condensed Consolidated Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2023 and 2022 will be posted on www.sedarplus.ca on November 16, 2023.

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, specialty and international business units.

As of the date of this press release, the Company has 11,824,618 common shares 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.
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: 905-206-0013
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.}