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BMP Sunstone Reports Second Quarter 2008 Financial Results
Date:8/11/2008

2 million in the second quarter of 2007. Sunstone contributed $19.6 million in revenues during the second quarter of 2008 and was not yet acquired in the prior year period. Revenues from licensed products were $1.4 million in the second quarter of 2008 as compared to $671,000 in the prior year period. Revenues from distribution were $8.6 million in the second quarter of 2008 compared to $6.5 million in the comparable period of 2007.

Non-GAAP gross profit increased to $16.7 million from $976,000 in the second quarter of 2007. This reflects a gross margin of 56.2%, which is a substantial year-over-year increase from 13.6% in the second quarter of 2007. The increase in gross margin was due to Sunstone revenue contribution, as well as increased licensed products sales, both carry a higher gross margin than distribution revenue.

Non-GAAP income from operations reached $3.2 million, compared with a non-GAAP loss of $1.2 million in the second quarter of 2007. General and administrative expenses as a percentage of revenue improved significantly decreasing to 10.8% of net revenues from 20.6% for 2007.

Non-GAAP net income was $1.3 million, or $0.03 per diluted share, relative to a net loss of $1.1 million, or ($0.04) per diluted share, in the second quarter of 2007.

David Gao, Chief Executive Officer of BMP Sunstone, stated, "Our second quarter 2008 results are the strongest achieved in the Company's history and we are particularly pleased with our operating profitability. Revenues were $29.6 million which is a $22.5 million increase over the same quarter of 2007 and non-GAAP income from operations was $3.2 million for the quarter as compare to a loss of $1.2 million for the prior year. We entered the second half focusing on our core growth drivers, namely, operational synergies, greater penetration of our existing therapeutic areas, product line extensions to leverage our leading brands and fully established distribution network to achieve continu
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SOURCE BMP Sunstone Corporation
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