BMP Sunstone Reports Third Quarter 2008 Financi...(istribution arm now covers more than 180...)

Date:11/10/2008

istribution arm now covers more than 1,800 hospitals and 50,000 pharmacies throughout the country. Through continued investment in our product portfolio and national leading brands, we will continue to focus on revenue growth and market penetration of our current products. This includes expansion of our proprietary in-licensed product portfolio at BMP China, solidification of Sunstone's market leader position, and integration of our national distribution network."

"Organic growth at BMP China and Sunstone continues to be strong, despite a seasonally slow quarter. We have seen encouraging progress in integrating our distribution platform, and we are enthusiastic about the expected product launches during the remainder of the year. Furthermore, we expect to continue to enhance our distribution capabilities and realize synergies among existing and new Rx and OTC products and channels. Given this, we remain confident in our prior guidance for 2008. The Company expects revenue within the range of $110 to $120 million, with non-GAAP net income of $4.0 to 5.0 million," concluded Mr. Gao.

Non-GAAP net income excludes stock based compensation, amortization related to the acquisition of Sunstone and Wanwei and debt discount amortization and issuance cost related to $23 million in debt issued in November 2007. The Company's financial guidance also excludes any potential or pending acquisitions, new product launches and distributions from Alliance BMP Limited.

Balance Sheet

As of September 30, 2008, the Company had cash and cash equivalents of $3.8 million and notes receivable of $15.5 million, totaling $19.3 million. Notes receivables are notes received from customers for the settlement of trade receivable balances. All notes receivables are guaranteed by established banks in China and have maturities of six months or less.

On October 14, 2008, pursuant to a registered direct public offering, the Company issued 433,000 shares of the Company's
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