Mr. Rene Goehrum reports

BIOSYENT RELEASES Q2 AND H1 2023 FINANCIAL RESULTS

BioSyent Inc. released today its financial results for the three and six months ended June 30, 2023. Key highlights include:

• Second quarter (Q2) 2023 total company net revenues of $7,962,800 increased by 20 per cent versus Q2 2022;
• First half (H1) 2023 total company net revenues of $14,445,494 increased by 6 per cent versus H1 2022;
• Record Q2 2023 Canadian pharmaceutical net revenues of $7,721,746 increased by 23 per cent versus Q2 2022;
• H1 2023 Canadian pharmaceutical net revenues of $14,133,440 increased by 12 per cent versus H1 2022;
• Q2 2023 international pharmaceutical net revenues were nil as compared with nil for Q2 2022;
• H1 2023 international pharmaceutical net revenues were nil as compared with $565,787 for H1 2022;
• Q2 2023 EBITDA (earnings before interest, taxes, depreciation and amortization) of $1,859,931 increased by 10 per cent versus Q2 2022;
• H1 2023 EBITDA of $3,376,565 decreased by 14 per cent versus H1 2022;
• Q2 2023 net income after taxes (NIAT) of $1,483,190 increased by 22 per cent versus Q2 2022;
• H1 2023 NIAT of $2,658,436 decreased by 5 per cent versus H1 2022;
• Q2 2023 NIAT percentage to net revenues of 19 per cent compares with 18 per cent in Q2 2022;
• H1 2023 NIAT percentage to net revenues of 18 per cent compares with 21 per cent in H1 2022;
• Q2 2023 fully diluted EPS (earnings per share) of 12 cents was two cents higher than Q2 2022 fully diluted EPS of 10 cents;
• H1 2023 fully diluted EPS of 22 cents was consistent with H1 2022 fully diluted EPS of 22 cents;
• Fully diluted EPS for the trailing 12 months ended June 30, 2023, was 43 cents as compared with 50 cents for the trailing 12 months ended June 30, 2022;
• Return on equity for the trailing 12 Months ended June 30, 2023, was 16 per cent as compared with 21 per cent for the trailing 12 months ended June 30, 2022;
• During H1 2023, repurchased for cancellation a total of 226,700 common shares under a normal course issuer bid (NCIB);
• Paid quarterly dividends of four cents per common share on March 15, 2023, and June 15, 2023, and declared subsequent quarterly dividend of four cents per common share to be paid on Sept. 15, 2023.

"Twenty-three-per-cent sales growth in our Canadian pharmaceutical business during the second quarter resulted in record quarterly sales for the company overall even in the absence of any international pharmaceutical sales contribution during the quarter," commented Rene Goehrum, president and chief executive officer of BioSyent. "Although international pharmaceutical sales continue to be lumpy, the company has received international FeraMAX orders and advance customer deposits in excess of $900,000. Shipment of these international FeraMAX orders is planned for Q3 and Q4 2023. In our Canadian pharmaceutical business, we are pleased to have introduced three new innovative products in Canada in 2023: FeraMAX Pd Maintenance 45 (launched in March, 2023); Inofolic (launched in August, 2023); and Gelclair (promotion commenced in July, 2023). Collectively, these new products strengthen our women's health product portfolio and expand our specialty product portfolio. While we plan to make further near-term incremental selling and marketing investments in launching these new products, we expect our expanded product portfolio to deliver revenue growth and profit over the long term that is in line with our strategic objectives."

The CEO's presentation on the Q2 2023 results is available at the company's website.

The company's interim unaudited condensed consolidated financial statements and management's discussion and analysis for the three and six months ended June 30, 2023, and 2022 will be posted on SEDAR+ on Aug. 22, 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.

As of the date of this press release, the company has 11,821,561 common shares outstanding.

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