Biosyent (RX) Q2 2024 earnings summary

Executive summary

• Achieved record quarterly and H1 2024 revenue, with Canadian pharmaceutical business sales up 11% in Q2 and 14% in H1, driven by strong performance from key brands and 56 consecutive profitable quarters.

• FeraMAX maintained its position as the #1 recommended oral iron supplement in Canada for the ninth consecutive year.

• Expanded product portfolio with the in-licensing of a new endocrinology asset, aiming for Health Canada submission by year-end 2024 and launch in 2026.

• Continued investment in launch-stage brands and new product development impacted Q2 net profit margin.

• All Canadian pharmaceutical brands contributed to Q2 2024 sales growth.

Financial highlights

• Q2 2024 revenue rose 12% year-over-year to $8.95M; H1 2024 revenue up 15% to $16.68M.

• Q2 2024 EBITDA increased 10% to $2.05M; H1 2024 EBITDA up 26% to $4.25M.

• Q2 2024 NIAT grew 7% to $1.58M; H1 2024 NIAT up 26% to $3.35M.

• Fully diluted EPS for Q2 2024 was $0.13, up from $0.12 in Q2 2023; trailing twelve months EPS reached $0.60.

• Quarterly dividends of $0.045 per share paid in March and June 2024, a 12.5% increase from the previous year.

Outlook and guidance

• Plans to submit new endocrinology product for regulatory approval by end of 2024, with launch expected in 2026.

• Focus on expanding FeraMAX Pd platform and launching new endocrinology and oncology supportive care products.

• Ongoing acquisition, in-licensing, and product innovation activities to drive future growth and portfolio diversification.

• Growth expected from Tibella, Inofolic, and Gelclair, as well as continued support for launch-stage brands.