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China BCT Reports First Quarter 2010 Results
Date:5/21/2010

vers in the coming quarters."

First Quarter 2010 Results

For the first quarter ended March 31, 2010, revenue increased 5.2% to $34.0 million, as compared to $32.3 million in the same quarter of 2009. The increase in revenue was primarily driven by a 29.0% increase in retail pharmacy sales, reflecting increased marketing campaigns that boosted existing store sales and contribution from new stores which opened in the second half of 2009. Pharmaceutical distribution revenues fell slightly to $23.2 million year-over-year, with a 24.3% growth in hospital sales offset by lower distributor sales. Lower distribution sales primarily reflect a shift in the Company's focus to sell directly to hospitals and the timing of orders from distributors in the first quarter of 2010. In future quarters, the Company anticipates accelerating revenue growth in the distribution segment to be driven by increased contribution from direct sales to hospitals and the consolidation of the recently acquired 48 retail pharmacy stores.

In terms of revenue mix, wholesale distribution accounted for 68.2% of the total, while the retail pharmacy and manufacturing pharmacy contributed 26.1% and 5.7%, respectively, as compared to 72.6% from pharmaceutical distribution, 21.3% from retail pharmacy and 6.1% from manufacturing pharmacy for the first quarter of 2009.

Gross profit was $8.9 million, compared to $8.8 million for the same period of 2009. Gross margin fell to 26.0%, as compared to 27.4% in the comparable period last year. Lower gross margin in the first quarter of 2010 mainly reflected a change in the Company's distribution portfolio that included a more diversified product m
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SOURCE China BCT Pharmacy Group, Inc.
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