HUBEI PROVINCE, China, Nov. 18 /PRNewswire-FirstCall/ -- Benda Pharmaceutical, Inc. (OTC Bulletin Board: BPMA), a China-based pharmaceutical company producing both Gendicine(R), a commercialized gene therapy medicine for the treatment of cancer, and traditional Chinese and conventional medicines, today announced financial results for the three and nine month periods ended September 30, 2008. The Company intends to file its Form 10-Q with the SEC today.
Nine Months Ended September 30, 2008
Revenue in the first nine months of 2008 increased 25.7% to $19.9 million from $15.8 million in the first nine months of 2007, primarily reflecting increased sales at Benda Ebei. SiBiono generated revenue of $1.8 million in the first nine months of 2008, down from $3.3 million in the prior year period. The decline in SiBiono-related revenue reflects the Company's reorganization of personnel in the department.
Gross profit in the first nine months of 2008 was $7.2 million, a 5.7% decrease from $7.7 million in the first nine months of 2007. Gross margin was 36.5%, compared with 48.7% in the same period in 2007. Gross margin performance reflected a drop in sales of Gendicine, which has historically generated a comparatively higher gross margin.
Operating loss in the first nine months of 2008 was $0.7 million, an improvement from an operating loss of $5.3 million in the first nine months of 2007. Operating expenses in the first nine months of 2008 was approximately $7.9 million, compared with $13.0 million in the first nine months of 2007. Operating expense reflects promotional fees for Gendicine and the introduction of new products in Benda Ebei, as well as a $1.4 million penalty paid to investors for registration delays. The Company incurred significantly higher operating costs in the prior year period related to the acquisition of SiBiono.
Net loss in the first nine months of 2008 im
|SOURCE Benda Pharmaceutical, Inc.|
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