Navigation Links
Sinobiopharma Presents Highlights from Unaudited First Quarter Financial Results for the 3 Month Period Ended August 31, 2009
Date:10/20/2009

NANTONG CITY, China, Oct. 21 /PRNewswire-Asia-FirstCall/ -- Sinobiopharma, Inc. (OCT Bulletin Board: SNBP) ("Sinobiopharma" or, the "Company") is pleased to present the following highlights from the unaudited financial results for the first quarter ended August 31, 2009.

The highlights feature record revenues and increases in both gross margin and net profit, and a Company milestone of posting its first overall net profitable quarter since the second quarter 2008, according to Dr. Lequn Lee Huang, Sinobiopharma President and CEO.

    -- Revenue increased to US $1,293,764 for the three months ended August 31,
       2009 from US $931,203 in the corresponding period ended August 31, 2008,
       an increase of 39%.

    -- Gross profit increased 57% to US $962,923, reflecting a 74% gross
       margin for the three months ended August 31, 2009.  This compares to US
       $612,428, and a 66% gross margin, reported for the corresponding period
       ended August 31, 2008.

    -- Net profit of the Company's wholly owned operating subsidiary, Dong
       Ying (Jiangsu) Pharmaceutical Co., Ltd., increased to US $561,292,
       representing 43% of sales revenue, for the three months ended August 31,
       2009 from US $218,031 in the corresponding period ended August 31, 2008,
       a year-over-year increase of more than 154%.

    -- With a net profit overall of US $237,167 for the three months ended
       August 31, 2009, the quarter marks the first time Sinobiopharma has
       moved from loss to net profitability.  During the quarter, the main
       expense affecting the net result was a stock-based compensation charge
       of US $324,125. The charge has been fully amortized in this quarter,
       reflecting the vesting of stock options granted by the Company.

    -- Growth in sales and the improvement in gross margin were both due to
       continued strong demand for of Cisatracurium Besylate, which
       contributed US $1,240,405, or 96% of revenue for the quarter, up from
       $865,407 for the first quarter in 2008.

"Sinobiopharma has reached two important milestones," said Dr. Huang. "First, its wholly owned operating subsidiary, Dong Ying (Jiangsu) has recorded more than one half million USD net income in a quarter; and second, the Company has posted an overall net profitable result in its consolidated financial statement for the first time since the second quarter 2008."

"The increases in sales revenue, as well as those in gross and net profit, are clear indicators that more hospitals are choosing our products over those of our competitors, that our continuing efforts to control costs are succeeding, and that our sales and marketing efforts are bearing fruit. We will continue executing on our plan to improve production efficiencies while expanding sales and marketing to ensure that more patients benefit from our products," said Dr. Huang.

About Sinobiopharma

Sinobiopharma, Inc. is a fully integrated and highly innovative specialty biopharmaceutical company engaged in the research and development, manufacture and marketing of biopharmaceutical products in China, the world's fastest growing pharmaceutical market. Known as Dong Ying (Jiangsu) Pharmaceutical Co., Ltd. in China, the Company's current therapeutic focus is on anesthesia-assisted agents and cardiovascular drugs.

FORWARD LOOKING STATEMENTS

This news release may include "forward-looking statements" regarding Sinobiopharma, Inc., and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Sinobiopharma, Inc. expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Sinobiopharma, Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

SOURCE Sinobiopharma, Inc.


'/>"/>
SOURCE Sinobiopharma, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Sinobiopharma Reports Financial Highlights for Six-Month Period Ending November 30, 2008
2. Sinobiopharma Signs Export Agreement With U.S. Pharmaceutical Supplier
3. Sinobiopharma, Inc. Appoints New Director of Marketing
4. Sinobiopharma Reports a 41% Increase in Revenues From Unaudited Financial Results for the 9 Month Period Ended February 28, 2009
5. Sinobiopharma Reports a 141% Increase in Revenues From Unaudited Financial Results for the 9 Month Period Ended February 28, 2009
6. Sinobiopharma Secures Rights to Seven Key Patents
7. Sinobiopharma Announces SFDA Approval of Anti-Hypertension Drug Perindopril
8. Sinobiopharma Updates on Progress; Projects Increases in Sales and Revenues In 2009
9. Sinobiopharma Applies For Two Chinese Patents For Cisatracurium Besylate
10. Emissary Capital Group Initiates Coverage on Sinobiopharma
11. Sinobiopharma Reports Highlights From Audited Financial Results for the Fiscal Year Ended May 31, 2009
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/16/2017)... ... August 16, 2017 , ... We are proud ... (FDA) inspection at our Dilworth, MN site. The inspection took place Monday, July ... conducted as part of a routine Bioresearch Monitoring Program (BIMO) with the USFDA ...
(Date:8/15/2017)... ... 15, 2017 , ... Nanomedical Diagnostics , a cutting-edge ... the launch of the new NHS Agile biosensor chip . The new ... a wide range of molecules, including small and large molecules, peptides, proteins, and ...
(Date:8/15/2017)... Yorba Linda, Ca (PRWEB) , ... August 15, ... ... world coffee production and is threatened by various biotic and abiotic factors. During ... the complex evolutionary history of coffee, as well as gain a better understanding ...
(Date:8/11/2017)... Md. , Aug. 11, 2017 /PRNewswire/ ... a New York Times article regarding the ... billion, according to Kalorama Information.  The article, ... App for That"  used information from ... Patient Monitoring & Telemedicine Market  (Sleep, Diabetes, ...
Breaking Biology Technology:
(Date:3/30/2017)... March 30, 2017  On April 6-7, 2017, Sequencing.com ... Genome hackathon at Microsoft,s headquarters in ... will focus on developing health and wellness apps that ... Hack the Genome is the first hackathon for ... world,s largest companies in the genomics, tech and health ...
(Date:3/30/2017)... 30, 2017 Trends, opportunities and forecast in ... by technology (fingerprint, AFIS, iris recognition, facial recognition, hand ... by end use industry (government and law enforcement, commercial ... banking, and others), and by region ( North ... Asia Pacific , and the Rest of ...
(Date:3/28/2017)... , March 28, 2017 ... Biometrics), Hardware (Camera, Monitors, Servers, Storage Devices), Software (Video ... and Region - Global Forecast to 2022", published by ... in 2016 and is projected to reach USD 75.64 ... 2017 and 2022. The base year considered for the ...
Breaking Biology News(10 mins):