Biosyent Releases Financial Results for Q1 2022

BioSyent Inc. ("BioSyent", TSX Venture: RX) released today its financial results for the three months ended March 31, 2022. Key highlights include:

• First quarter (Q1) 2022 Net Revenues of $7,037,411 decreased by 5% versus Q1 2021
• Q1 2022 Net Revenues from continuing brands (excluding discontinued Aguettant System® and Cysview® brands) decreased by 0% versus Q1 2021
• Q1 2022 Canadian Pharmaceutical Net Revenues of $6,318,884 increased by 1% versus Q1 2021
• Q1 2022 Canadian Pharmaceutical Net Revenues from continuing brands (excluding discontinued Aguettant System® and Cysview® brands) increased by 8% versus Q1 2021
• Q1 2022 International Pharmaceutical Net Revenues of $565,787 decreased by 50% versus Q1 2021
• Q1 2022 EBITDA1 of $2,227,362 decreased by 6% versus Q1 2021
• Q1 2022 Net Income After Taxes (NIAT) of $1,587,904 decreased by 5% versus Q1 2021
• Q1 2022 NIAT percentage to Net Revenues of 23% compares to 22% in Q1 2021
• Q1 2022 Fully Diluted EPS of $0.13 was consistent with Q1 2021 Fully Diluted EPS of $0.13
• Fully Diluted EPS for the Trailing Twelve Months ended March 31, 2022 was $0.49, increasing by $0.18 as compared to Fully Diluted EPS of $0.31 for the Trailing Twelve Months ended March 31, 2021
• As at March 31, 2022, the Company had cash, cash equivalents, and short-term investments totalling $26,843,890 as compared to $28,211,670 as at December 31, 2021 – a 5% decrease
• Total Shareholders’ Equity increased by 2% to $32,032,852 at March 31, 2022 from $31,554,926 at December 31, 2021
• Return on Equity for the Trailing Twelve Months ended March 31, 2022 was 21% as compared to 15% for the Trailing Twelve Months ended March 31, 2021
• During Q1 2022, repurchased a total of 124,500 common shares under a Normal Course Issuer Bid (NCIB)

"Our Canadian pharmaceutical business continued to grow during the first quarter in spite of the impacts on selling activities and patient volumes from the spread of the Omicron variant of COVID-19," commented Mr. Rene Goehrum, President and CEO of BioSyent. "While sales of our launch brand Combogesic® were most acutely affected, our other continuing Canadian pharmaceutical brands, including launch brand Tibella®, all showed sales growth during the first quarter. At the end of 2021, we discontinued the sale of two Canadian pharmaceutical brands. In the absence of these brands, our rebalanced portfolio of Canadian pharmaceutical brands grew by 8% during the quarter on a comparative basis. Although our international pharmaceutical business recorded export sales of FeraMAX® of $0.6 million during the quarter, there was a large single FeraMAX®exportsaleof$1.1 million in the comparative period, resulting in a decline in total Company sales of 5% on a comparative basis. With the growing contribution of Tibella® and the discontinuation of unprofitable brands at the end of 2021, the Company`s net profit margin increased to 23% in Q1 2022 as it marked its 47th consecutive profitable quarter, even as the Company made significant investments during the quarter in expanding its field salesforce across Canada. As access to healthcare professionals improves with more opportunities for in-person engagement, I look forward to reporting on our progress during 2022."