MISSISSAUGA, ONTARIO (June 27, 2011) BioSyent Inc. (“BioSyent”, TSX Venture: RX) today released a summary of its First Quarter (Q1) 2011 financial results. These results have been prepared in compliance with International Financial Reporting Standards (IFRS).
Total Sales hit a new record for a first quarter and were 54% higher at $478,295 in Q1 2011, compared to $310,956 in Q1 2010. The increase was driven primarily by growth in the pharmaceutical segment of the business. The compound quarterly growth rate for the company’s pharmaceutical business over the past four quarters has averaged 41%. Pharmaceutical business sales for Q1 2011 grew 297% over Q1 2010 and grew 30% over Q4 2010.
Gross Margins increased from 65.0% in Q1 2010, to 73.4% in Q1 2011 primarily because of mix in favour of higher margin products.
The Company improved its operating profit from a loss of ($50,354) in Q1 2010, to an operating profit of $2,923 in Q1 2011, despite an increase in selling and marketing expenditure of 134%. The Company incurred a total comprehensive loss of ($886) in Q1 2011 versus a loss of ($50,907) in Q1 2010.
Full details of Q1 2011 results including March 31, 2011 Financial Statements and Management’s Discussion & Analysis will be posted on sedar.com on June 27, 2011.
BioSyent Inc. continues to concentrate on its pharmaceutical strategy to source products that have been successfully developed and proven to be safe and effective; manage these products through the regulatory process and product registration (approval); and once approved, market these products in Canada. These pharmaceuticals will compete in both the branded and generic market segments.
BioSyent Inc. is a publicly traded specialty pharmaceutical company whose wholly owned subsidiary, BioSyent Pharma Inc., sources, acquires or in-licences pharmaceutical products and markets these products in Canada. Wholly owned BioSyent subsidiary Hedley Technologies Ltd. operates the company’s legacy business marketing bio and health friendly non-chemical insecticides. BioSyent common shares are listed for trading on the TSX Venture Exchange (TSXV) under the symbol RX.
For additional information contact:
René C. Goehrum, President and CEO