/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 05/27/16 -- BioSyent Inc. ("BioSyent") (TSX VENTURE: RX) released today a summary of its financial results for the three months ending March 31, 2016. Key highlights include:

--  First quarter (Q1) 2016 Net Revenues of $3,772,463 increased by 14%
    versus Q1 2015
--  Q1 2016 Pharmaceutical Net Revenues of $3,546,608 increased by 10%
    overall versus Q1 2015, with Canadian Pharmaceutical Net Revenues
    increasing by 6% and International Pharmaceutical Net Revenues more than
    doubling versus Q1 2015
--  Q1 2016 EBITDA1 of $1,262,854 decreased by 4% versus Q1 2015
--  Q1 2016 Net Income After Tax ("NIAT") of $951,854 decreased by 1% versus
    Q1 2015
--  The Company maintained a NIAT margin of 25% for Q1 2016, consistent with
    the average NIAT margin for the 2013, 2014, and 2015 fiscal years
--  Q1 2016 Fully Diluted EPS was $0.07 as compared to $0.07 in Q1 2015
--  Trailing Twelve Months Fully Diluted EPS was $0.26 for the twelve months
    ended March 31, 2016 as compared to $0.25 for the twelve months ended
    March 31, 2015
--  The Company remains free of long-term debt and has an unutilized
    operating line of credit
--  As at March 31, 2016, the Company had cash, cash equivalents and short
    term investments totalling $9,262,124, as compared to $9,715,476 as at
    December 31, 2015 - a 5% decrease
--  Working capital, which is the difference between current assets and
    current liabilities, increased by 8% from $10,821,785 as at December 31,
    2015 to $11,717,895 as at March 31, 2016
--  Total Shareholders' Equity increased by 8% from $12,151,482 at December
    31, 2015 to $13,148,836 at March 31, 2016
--  Trailing Twelve Months Return on Equity to March 31, 2016 was 34%

"Q1 2016 marked BioSyent's 23rd consecutive profitable quarter," commented Rene Goehrum, President and CEO of BioSyent. "We continued to strengthen our product portfolio during the quarter, making progress in the commercialization of the CYSVIEW® product in Canada used with blue light cystoscopy and successfully re-launching our urgent care product, Atropine, for use in Aguettant System® pre-filled syringes, to Canadian hospitals. In addition, with our FeraMAX® brand recently being named the #1 Doctor and #1 Pharmacist recommended over-the-counter iron supplement in Canada (Rogers Healthcare Group national survey of 820 physicians and 2,321 pharmacists), we expect further momentum in the pharmaceutical business. Our Q1 2016 Revenue, EBITDA and NIAT results are in line with our plan and reflect our enhanced investment in human capital which primarily occurred last year. With products such as CYSVIEW® and Augettant System® Atropine and Phenylephrine in the early stages of commercialization, and growth in our international business, we expect continued revenue growth through the balance of 2016."

Mr. Goehrum continued, "Our recent signing of an exclusive Distribution Agreement for two new cardiovascular products in Canada with estimated annual peak penetration revenues of $20 million and our establishment of an international subsidiary will support further long-term profitable growth both in Canada and internationally."

The CEO presentation on the Q1 2016 Results is available at the following link: www.biosyent.com/q1-16/

The Company's Interim Unaudited Condensed Consolidated Financial Statements and Management's Discussion & Analysis for the three months ended March 31, 2016 and 2015 will be posted on www.sedar.com on May 27, 2016.

For a direct market quote (15 minutes delay) 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 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, hospital and international business units.

As of the date of this press release, the Company has 14,026,087 shares issued and outstanding.

                                BioSyent Inc.
      Interim Unaudited Consolidated Statements of Comprehensive Income

----------------------------------------------------------------------------
In Canadian Dollars                          Q1 2016      Q1 2015   % Change
----------------------------------------------------------------------------
Net Revenues                               3,772,463    3,306,100        14%
Cost Of Goods Sold                           717,102      708,735         1%
Gross Profit                               3,055,361    2,597,365        18%
Operating Expenses                         1,751,451    1,277,432        37%
Net Income Before Tax                      1,303,910    1,319,933        -1%
Tax (including Deferred Tax)                 352,056      357,221        -1%
Net Income After Tax                         951,854      962,712        -1%
Net Income After Tax % to Net Revenues           25%          29%
EBITDA(1 )                                 1,262,854    1,314,324        -4%
EBITDA % to Net Revenues                         33%          40%
----------------------------------------------------------------------------

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.

                                BioSyent Inc.
       Interim Unaudited Consolidated Statements of Financial Position

                                         -----------------------------------
                                             March 31, December 31, % Change
AS AT                                             2016         2015
                                         -----------------------------------
ASSETS
Trade receivables                          $ 1,798,531  $ 1,341,668      34%
Other receivables                               43,596       43,610       0%
Inventory                                    1,793,807    1,744,936       3%
Prepaid expenses and deposits                  219,209      297,791     -26%
Derivative assets                               11,422       34,569     -67%
Short term investments                       7,187,837    5,322,859      35%
Cash and cash equivalents                    2,074,287    4,392,617     -53%
                                         -----------------------------------
Current Assets                              13,128,689   13,178,050       0%

Equipment                                      251,521      230,255       9%
Intangible assets                            1,159,466    1,079,488       7%
Deferred tax asset                             120,208      120,208       0%
                                         -----------------------------------
TOTAL NON CURRENT ASSETS                     1,531,195    1,429,951       7%

                                         -----------------------------------
TOTAL ASSETS                              $ 14,659,884 $ 14,608,001       0%
                                         -----------------------------------
                                         -----------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities                        $ 1,410,794  $ 2,356,265     -40%
Deferred tax liability                         100,254      100,254       0%
Total Equity                                13,148,836   12,151,482       8%
                                         -----------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS'       $ 14,659,884 $ 14,608,001       0%
 EQUITY
                                         -----------------------------------
                                         -----------------------------------

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.

The TSX Venture Exchange assumes no responsibility for the accuracy of this release and neither approves nor disapproves of the same.

Contacts:
BioSyent Inc.
Mr. Rene C. Goehrum
President and CEO
(905) 206-0013
investors@biosyent.com
www.biosyent.com

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