Biosyent (RX) Q4 2024 earnings summary

Executive summary

• Achieved record FY 2024 sales of $35.0M, up 11% year-over-year, driven by Canadian pharma and portfolio expansion, including the Tibelia®/Tibella® global acquisition.

• Net income after tax for FY 2024 was $7.3M, up 13%, with diluted EPS rising to $0.62 from $0.53 and NIAT margin at 21%.

• EBITDA for FY 2024 increased 18% to $9.34M, with margin improving to 27%.

• Marked 58 consecutive profitable quarters and recognized as a top-performing TSX Venture company.

• Maintained strong cash and investments of $26.0M at year-end, with no debt.

Financial highlights

• Q4 2024 sales reached $8.8M, up 6% year-over-year, with Q4 EBITDA margin rising to 25%.

• Canadian pharma sales grew 11% to $32.9M; international pharma sales declined 11% to $0.93M, but Q4 saw a 223% increase.

• Legacy business sales increased 18% to $1.17M for FY 2024.

• Gross margin for FY 2024 was 80%; selling and marketing expenses were $12.13M (35% of sales).

• Operating cash flow was $8.66M, with $5.18M spent on share repurchases.

Outlook and guidance

• Expecting international pharma, especially FeraMAX ex-Canada, to grow over 50% in 2025, with new endocrinology asset targeted for 2026 launch.

• Tibelia®/Tibella® global acquisition expected to drive incremental earnings and global expansion.

• Double-digit revenue growth projected over the next several years, with ongoing portfolio expansion and strong cash position to fund growth.

• Dividend policy continues, with a $0.05 per share dividend declared for Q1 2025.

• Ongoing acquisition and in-licensing strategy to diversify portfolio.