BioSyent Releases Financial Results for First Quarter 2025
MISSISSAUGA, Ontario, May 15, 2025 (GLOBE NEWSWIRE) -- BioSyent Inc. ('BioSyent', TSX Venture: RX) released today its financial results for the first quarter (Q1) ended March 31, 2025. Key highlights include:
(CAD)
Q1 2025
% Change vs. Q1 2024
Trailing Twelve Months (TTM) Mar 31, 2025
% Change vs. TTM Mar 31, 2024
Canadian Pharma Sales
9,159,652
+21
%
34,544,657
+13
%
International Pharma Sales
1,535,216
n/a
2,465,191
+135
%
Legacy Business Sales
284,092
+52
%
1,266,373
+15
%
Total Company Sales
10,978,960
+42
%
38,276,221
+17
%
EBITDA1
3,201,647
+45
%
10,340,466
+20
%
Net Income After Taxes (NIAT)
2,319,933
+31
%
7,821,310
+11
%
Fully Diluted EPS
0.20
+35
%
0.67
+14
%
Return on Average Equity for TTM March 31, 2025 was 22% as compared to 21% for TTM March 31, 2024
During Q1 2025, repurchased for cancellation a total of 19,500 common shares under Normal Course Issuer Bid (NCIB)
Paid quarterly cash dividend of $0.05 per common share on March 14, 2025
Declared subsequent cash dividend of $0.05 per common share to be paid on June 13, 2025
Delivered first shipments of Tibelia® (tibolone) during Q1 2025 following acquisition of global product rights in September 2024
'2025 got off to a strong start with growth from each of our Canadian Pharma, International Pharma and Legacy businesses,' commented Mr. René Goehrum, President and CEO of BioSyent. 'FeraMAX® Pd sales, which included strong growth from the FeraMAX® Pd Maintenance 45 product (launched in 2023), grew by 18% over the comparative quarter. FeraMAX® Pd's position as Canada's leader in iron health was further bolstered by its recognition in April 2025 as the #1 recommended OTC oral iron supplement by Canadian physicians and pharmacists in an independent national survey for the tenth consecutive year. We continue to build on this leadership position by further developing and expanding the FeraMAX® Pd line of products.'
'Our Tibella® (tibolone) product also continued its sales momentum in Canada during the first quarter with 53% growth over the comparative period. Each Tibella® sale in Canada is now more profitable to BioSyent with improved gross margins following our September 2024 acquisition of the worldwide rights to Tibelia® (tibolone) and a direct source of supply. We also delivered our first international Tibelia® orders to several distributors around the world following the acquisition, generating new revenues of $0.8 million in the first quarter with further deliveries planned throughout the balance of 2025.'
'All of our businesses performed well during the first quarter in spite of the backdrop of uncertainty created by escalating tariffs, counter-measures and threats between international trading partners. The tariff situation is unpredictable and the resulting economic fallout continues to evolve. While there has been no direct impact to the performance of our business from the tariff situation to date, the broader impact of trade barriers on the Canadian economy and the Canadian consumer is uncertain. We continue to monitor this situation and to mitigate any potential risks to our customers, supply chains, and business operations. As always, we remain focused on patients and continuing to deliver on our strategic priorities of long-term, profitable growth and portfolio diversification.'
'In addition to these strong Q1 financial results, I am pleased to announce the election to the Board of Directors today of Mr. Prakash Gowd, who replaces Mr. Larry Andrews upon his retirement from the Board. Mr. Gowd is an accomplished business leader with extensive healthcare industry experience and expertise. He will be an asset to the Board through the next phase of BioSyent's continued growth. I would like to thank Mr. Andrews for his 7 years of service on the Board and his commitment and contributions to BioSyent's continued success during his tenure.'
The CEO's presentation on the Q1 2025 Results is available at the following link: www.biosyent.com/investors/
The Company's Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three months ended March 31, 2025 and 2024 will be posted on www.sedarplus.ca on May 15, 2025.
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 11,254,638 common shares outstanding.
BioSyent Inc.
Interim Unaudited Condensed Consolidated Statements of Comprehensive Income
In Canadian Dollars
Q1 2025
Q1 2024
% Change
Net Revenues
10,978,960
7,733,636
42
%
Cost of Goods Sold
2,641,768
1,589,762
66
%
Gross Profit
8,337,192
6,143,874
36
%
Operating Expenses and Finance Income/Costs
5,180,821
3,737,443
39
%
Net Income Before Tax
3,156,371
2,406,431
31
%
Tax (including Deferred Tax)
836,438
637,704
31
%
Net Income After Taxes
2,319,933
1,768,727
31
%
Net Income After Taxes % to Net Revenues
21
%
23
%
EBITDA1
3,201,647
2,204,193
45
%
EBITDA1 % to Net Revenues
29
%
29
%
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.
BioSyent Inc.
Interim Unaudited Condensed Consolidated Statements of Financial Position
AS AT
March 31, 2025
December 31, 2024
% Change
ASSETS
Cash, cash equivalents and short-term investments
$
17,401,557
$
15,940,971
9
%
Trade and other receivables
5,426,657
2,906,829
87
%
Inventory
5,277,242
5,328,086
-1
%
Prepaid expenses and deposits
484,654
201,971
140
%
Derivative asset
-
5,790
-
Loans receivable - current
52,004
87,433
-41
%
CURRENT ASSETS
28,642,114
24,471,080
17
%
Long term investments
7,497,025
10,103,571
-26
%
Loans receivable - non current
123,170
141,140
-13
%
Deferred tax asset
380,206
401,166
-5
%
Property and equipment
1,153,985
1,200,992
-4
%
Intangible assets
4,965,682
5,041,501
-2
%
NON CURRENT ASSETS
14,120,068
16,888,370
-16
%
TOTAL ASSETS
$
42,762,182
$
41,359,450
3
%
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
$
5,846,653
$
5,405,106
8
%
NON CURRENT LIABILITIES
903,733
951,159
-5
%
Long term debt
-
-
0
%
Total Equity
36,011,796
35,003,185
3
%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
42,762,182
$
41,359,450
3
%
For further information please contact:
Mr. René C. GoehrumPresident and CEOBioSyent Inc.E-Mail: investors@biosyent.comPhone: 905-206-0013Web: 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.
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