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Weikang Bio-Technology Announces Fiscal 2010 Financial Results
Date:3/22/2011

hanges calculated using 2010 non-GAAP net income and 2009 GAAP net income.  No adjustment to net income was necessary in fiscal 2009."Our business strategy was very successful this year, as evidenced by strong double-digit annual growth in both our top and bottom lines and an especially strong fourth quarter," commented Mr. Yin Wang, Chairman and CEO of Weikang. "Our market share continues to improve with our successful new product launches and expanded sales channels. The five new products we launched during 2010 contributed roughly $11 million to our total sales, and we plan to launch four new products during 2011, three of which we expect to roll out during the first quarter."

Mr. Wang continued, "We are committed to implementing improved marketing and promotional strategies as well as aggressive R&D, both of which contributed to our strong performance this year. Furthermore, we have streamlined our cost structure in order to provide the highest quality product at the best value, and we look forward to continued growth of this nature as we continue to pursue additional US investor support and interaction in 2011."

Fiscal Year 2010 Results of OperationsRevenuesDuring the year ended December 31, 2010, the Company recorded record revenues of $74.6 million, compared to $47.5 million in 2009, an increase of 57.0%, or $27.1 million. The increase in sales was primarily attributable to sales of the Company's five new products launched in the second half of 2010, which accounted for approximately 15% of total revenues. An additional 8% of sales were attributable to new sales channels in Hunan and Guangxi provinces, with further growth due to increased client demand and market share. General price increases throughout China also contributed to higher product prices for the Company.

Gross ProfitCost of sales increased to $29.5 million in 2010 from $21.6 million in 2009. The increase of $7.9 million, or 36.5%, was mainl
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SOURCE Weikang Bio-Technology Group Co., Inc.
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