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Sinovac Reports Fourth Quarter and Full Year 2007 Financial Results
Date:3/30/2008

325,000 for 2006. The R&D expenses recognized as a reduction to government grants were $844,000 for 2007, compared to $845,000 for 2006.

Operating income was $13.5 million for the full year 2007, compared to $440,000 for 2006. The year-over-year increase in operating income reflected the significant increase in vaccine sales.

Net income for the twelve months ended December 31, 2007 was $7.7 million, or $0.19 per diluted share, compared to a net loss of $696,000, or $0.02 per diluted share, for 2006. Net income for 2007 included $478,000 of interest and financing expenses, $2.0 million of income taxes, and $3.6 million of minority interest. Net income for 2006 included $319,000 of interest and financing expenses, $101,000 of income taxes, and $1.0 million of minority interest.

As of December 31, 2007, Sinovac's cash and cash equivalents totaled $17.1 million, compared to $9.2 million as of December 31, 2006.

Fourth Quarter 2007

For the fourth quarter 2007, sales increased 49% to $9.2 million, compared to $6.2 million in the fourth quarter 2006. The growth was attributable to strong sales of the Company's inactivated hepatitis A vaccine, Healive(R), and ongoing marketing initiatives in support of the Company's seasonal influenza vaccine, Anflu(R).

Gross profit for fourth quarter of 2007 was $6.3 million, with a gross margin of 68.3%, compared to $4.9 million and 78.9%, respectively, for the same period of 2006. The lower gross margin resulted primarily from lower margin sales of Anflu(R).

Total operating expenses for the fourth quarter of 2007 decreased to $3.0 million, compared to $4.3 million in the same period of 2006. Selling, general and administrative expenses for fourth quarter of 2007 were $2.5 million, compared to $4.0 million in the same period of 2006. The year-over-year decrease in SG&A expenses was attributable primarily to the partial reversal of bad debt provision in the fourth quarter of 2007 based on th
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SOURCE Sinovac Biotech Co., Ltd.
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