Biosyent reports Q1 EPS C$0.13 vs. C$0.13 last year

Reports Q1 revenue C$7M vs. C$7.4M last year. "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 export sale of $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."