Mr. Rene Goehrum reports

BIOSYENT RELEASES FINANCIAL RESULTS FOR Q1 2023

BioSyent Inc. has released its financial results for the three months ended March 31, 2023. Key highlights include:

• First quarter (Q1) 2023 Canadian pharmaceutical net revenues of $6,411,694 increased by 1 per cent versus Q1 2022.
• Q1 2023 international pharmaceutical net revenues were nil as compared with sales of $565,787 in Q1 2022.
• Q1 2023 total company net revenues of $6,482,694 decreased by 8 per cent versus Q1 2022 Q1 2023.
• EBITDA (earnings before interest, taxes, depreciation and amortization) of $1,516,634 decreased by 32 per cent versus Q1 2022.
• Q1 2023 net income after taxes (NIAT) of $1,175,246 decreased by 26 per cent versus Q1 2022.
• Q1 2023 NIAT percentage to net revenues of 18 per cent compares with 23 per cent in Q1 2022.
• Q1 2023 fully diluted earnings per share (EPS) of 10 cents versus Q1 2022 fully diluted EPS of 13 cents.
• Fully diluted EPS for the trailing 12 months ended March 31, 2023, was 41 cents versus fully diluted EPS of 49 cents for the trailing 12 months ended March 31, 2022.
• Return on equity for the trailing 12 months ended March 31, 2023, was 15 per cent as compared with 21 per cent for the trailing 12 months ended March 31, 2022.
• During Q1 2023, repurchased a total of 52,800 common shares under normal course issuer bid (NCIB).
• Paid quarterly dividend of four cents per common share on March 15, 2023, and declared subsequent quarterly dividend of four cents per common share to be paid on June 15, 2023.

"End market demand growth was strong for our Canadian pharmaceutical products in the first quarter of 2023 based on sales of our products by wholesalers to retailers during the period, as reported by IQVIA," commented Rene Goehrum, president and chief executive officer of BioSyent. "This end market demand growth was not reflected in the 1-per-cent growth rate in our net revenues from sales to wholesalers during the first quarter, following strong growth in such sales to wholesalers in the fourth quarter of 2022. We are accustomed to such trade fluctuations in our Canadian pharmaceutical business from quarter to quarter as inventory moves through the supply chain. Our international pharmaceutical revenues continued to be lumpy with no exports during the first quarter of 2023 versus a comparatively strong Q1 2022, resulting in an 8-per-cent decline in total company revenues overall. However, with continued demand growth in our Canadian pharmaceutical business, we are currently on track to deliver revenue growth in 2023. We also made significant investments during the quarter in current and coming new product launches. We are pleased to have launched FeraMAX Pd Maintenance 45 in March, 2023, with incremental revenue during the first quarter. We look forward to additional revenue generation from this and other new product launches in the near term, including a new women's health product, as we execute on one of our key strategic objectives of portfolio diversification."

The CEO's presentation on the Q1 2023 results is available on BioSyent's website.

The company's interim unaudited condensed consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2023, and 2022, will be posted on SEDAR on May 26, 2023.

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 and other health care products that have been successfully developed, are safe and effective, and have a proven record of improving the lives of patients. BioSyent supports the health care professionals that treat these patients by marketing its products through its community, specialty and international business units.

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