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Biostar Pharmaceuticals, Inc. Announces First Quarter 2010 Financial Results
Date:5/17/2010

XIANYANG, China, May 17 /PRNewswire-Asia-FirstCall/ -- Biostar Pharmaceuticals, Inc. (Nasdaq: BSPM) ("Biostar" or "the Company"), a Xianyang- based manufacturer of a leading over-the-counter Hepatitis B medicine, Xin Aoxing Oleanolic Acid Capsules ("Xin Aoxing"), and a variety of pharmaceutical products, today announced financial results of the first quarter ended March 31, 2010.

    -- Q1 2010 revenue increased 66.0% to $12.4 million
    -- Q1 gross margins were 77.0%, a 1,270-basis point improvement
    -- Q1 2010 Non-GAAP adjusted net income increased 32.1% to $2.4 million
       with adjusted EPS of $0.09
    -- Biostar reiterates guidance for 2010: Revenue expected to be between
       $80.0 to $82.0 million and net income between $18.0 to $20.0 million

    SUMMARY FINANCIALS

    First Quarter 2010 Results (unaudited)

                                   Q1 2010            Q1 2009       CHANGE
    Net Sales                  $12.4 million       $7.4 million     +66.0%
    Gross Profit                $9.5 million       $4.8 million     +98.9%
    GAAP Net Income             $2.3 million       $1.8 million     +23.7%
    Adjusted Non-GAAP Net
     Income*                    $2.4 million       $1.8 million     +32.1%
    GAAP EPS (Diluted)                 $0.08              $0.08        +0%
    Adjusted Non-GAAP EPS
     (Diluted)*                        $0.09              $0.08     +12.5%

    * Excluding non-cash stock-based compensation charge of $0.2 million for
      Q1 2010.  For more information about the non-GAAP financial measures
      contained in this press release, please see "About Non-GAAP Financial
      Measures" below.

First Quarter 2010 Financial Results

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SOURCE Biostar Pharmaceuticals, Inc.
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