BioSyent Reports 61% Sales Increase in Q4 and Net Income Up 25%

BioSyent Inc. (TSXV:RX) released a summary of its Fiscal 2013 and Fourth Quarter (Q4 2013) financial results: 55% sales increase for the full year, 25% net income, and 61% sales increase in Q4. The Company also announced the in-licensing of a new Gastrointestinal Health product from an existing European partner — this product is approved by Health Canada and is being prepared for launch in Q4 2014.

As quoted in the press release:

Highlights include:

Full year 2013 Sales of $7,799,426 increased by 55% versus 2012
Revenue has grown at a compound annual growth rate (CAGR) of 67% over the last three years
Full year 2013 Pharmaceutical Sales of $6,969,031 increased by 63% versus 2012
Seventeen consecutive quarters of continued pharmaceutical sales growth
2013 Net Income Before Tax of $2,452,840 increased year over year by 75%
2013 Tax Expense (net of deferred tax credit) was $524,812 versus ($142,195) in 2012
Net Income After Tax of $1,928,028 increased by 25% versus 2012
2013 Basic EPS of $0.14; Fully Diluted EPS of $0.13
Cash Generation in 2013 of $2,065,082 was 64% higher than 2012
The company ended 2013 with $4,405,910 in working capital of which cash was $4,381,137
The company remains debt-free and has an unutilized operating line of credit with Royal Bank of Canada
Selected as a TSX Venture 50 Top Performer for three consecutive years – 2012, 2013 and 2014
Named as one of Canada’s fastest growing companies in the Profit 500 rankings for 2013
2 New Products submitted to Health Canada awaiting marketing approval
Pre-launch activity for a new Women’s Health product – launch planned for second quarter of 2014
Pre-launch activity for a new Gastrointestinal Health product – launch planned for fourth quarter of 2014
Total sales for Q4 2013 of $2,142,835, were 61% higher compared to $1,327,953 in the corresponding prior year period. On a full year basis, sales in 2013 of $7,799,426 were 55% higher than the previous year sales $5,024,154.

Click here to read the BioSyent Inc. (TSXV:RX) press release