PLYMOUTH MEETING, Pa., Nov. 9 /PRNewswire-Asia-FirstCall/ -- BMP Sunstone Corporation (Nasdaq: BJGP) ("BMP Sunstone" or the "Company"), today announced financial results for the third quarter ended September 30, 2009.
Third Quarter 2009 Financial Highlights Include: -- Revenue increased to $33.6 million from $30.5 million in the prior year period, reflecting growth across all divisions, particularly in licensed products; -- Gross margin increased to 46.6% from 45.3% in the prior year period; -- Non-GAAP net income was $1.3 million, or approximately $0.03 per share.
David Gao, Chief Executive Officer of BMP Sunstone, stated, "We are pleased with our financial performance in the third quarter of 2009. The inventory and distribution challenges from last quarter appear to be subsiding and we are encouraged with the ongoing demand we see for our portfolio of leading prescription and over the counter brands. Our licensed products revenue was particularly strong this quarter and, in conjunction with a revenue mix shift toward higher margin products at Sunstone and Beijing Med-Pharm, improved our gross margin performance year over year. On the cost side, we reinvested for growth primarily through research and development at Sunstone. We believe the healthcare market in China continues to grow by 15-20 percent annually and we continue to anticipate outperforming the industry growth rate over the long term."
Third Quarter 2009 Financial Results
Revenue in the third quarter of 2009 increased 10.2% to $33.6 million from
$30.5 million in the third quarter of 2008, reflecting increased demand for
the Company's licensed and branded OTC products. Revenue from Sunstone
(Tangshan) Pharmaceutical Co., Ltd. ("Sunstone"), increased 10.2% $17.1
million of revenue, from $15.5
|SOURCE BMP Sunstone Corporation|
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