Biosyent (RX) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 sales of $9.56M, up 8% year-over-year, and YTD sales of $26.23M, up 13% year-over-year, driven by strong Canadian pharmaceutical business performance.

• Canadian Pharma segment led growth, with FeraMAX®, Tibella®, and Inofolic® contributing; international sales declined 24% YTD but are expected to recover.

• 57 consecutive profitable quarters, with Q3 2024 diluted EPS of $0.20 and trailing twelve months EPS of $0.60, up from $0.51 in the prior period.

• Named to TSX Venture 50 and paid increased quarterly dividends.

• Invested in future growth through product launches, development, and the acquisition of Tibelia® global rights.

Financial highlights

• Q3 2024 EBITDA was $2.85M (30% margin), and NIAT was $2.31M (24% margin), both slightly down from Q3 2023; YTD 2024 EBITDA reached $7.10M (27% margin), and NIAT was $5.66M (22% margin), both up year-over-year.

• Gross profit in Q3 2024 was $7.49M (up 6% year-over-year) with a gross margin of 78%.

• Cash and investments totaled $27.6M as of September 30, 2024, with zero debt.

• Total assets increased 9% to $45.47M as of September 30, 2024.

• Legacy business sales grew 47% in Q3 and 45% YTD.

Outlook and guidance

• Tibelia®/Tibella® acquisition expected to generate incremental revenue and EBITDA starting Q1 2025, with opportunities for international expansion.

• New endocrinology asset in-licensed in June 2024, with Health Canada approval targeted for 2026.

• Continued focus on product launches, in-licensing, and portfolio diversification to support long-term growth.