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Winner Medical Reports Second Quarter Results for the Fiscal Year 2010
Date:5/11/2010

    SHENZHEN, China, May 11, 2010 /PRNewswire-Asia/ --

    -- Revenue increased 26.4% to $26.1 million
    -- Net income increased 62.8% to $2.7 million; Net margins increased more
       than 200 basis points to 10.3%; Adjusted diluted EPS increased 78.6% to
       $0.14 Year Over Year
    -- Sales of PurCotton(R) products increased 71.1% to $1.9 Million
    -- Adjusted EPS for the first six months increased to $0.32 from $0.15 of
       the first six months in fiscal year 2009

Winner Medical Group Inc. (Nasdaq: WWIN; "Winner Medical"), a leading manufacturer of medical dressings, medical disposables and non-woven PurCotton(R) materials for the medical and consumer products industries in China, today reported that second quarter fiscal year 2010 revenue increased 26.4% to $26.1 million, net income increased 62.8% to $2.7 million and diluted earnings per share increased 71.4% to $0.12. Adjusted net income (non-GAAP), which excludes share-based compensation expenses, increased 78.6% to $3.1 million for the second quarter of fiscal 2010, and adjusted diluted earnings per share (non-GAAP), which exclude share-based compensation expenses, increased 75.0% to $0.14 in the second quarter.

Second Quarter Fiscal 2010 and Half Year Fiscal 2010 Summary (in millions of U.S. dollar, except per share data)

                     Q2        Q2               Half Year   Half Year
                   FY2010    FY2009    Y/Y       FY2010       FY2009     Y/Y
    Net Sales       $26.1    $20.6    26.4%      $55.9        $46.4     20.5%
    Cost of Sales   $18.7    $14.8    26.3%      $39.1        $34.0     15.1%
    Gross Profit     $7.4     $5.8    26.8%      $16.8        $12.4     35.3%
    Income from
     Operations      $3.2     $2.1    52.9%       $7.7         $3.8    101.2%
    Net Income
     Attributable to
     Winner Medical
     Group Inc.      $2.7     $1.6    62.8%       $6.6         $3.1    111.5%
    Diluted EPS     $0.12    $0.07    71.4%      $0.29        $0.14    107.1%

"Winner Medical delivered solid second-quarter results as our operating numbers were enhanced by accelerating growth in the Chinese market for our Winner(R) brand and finished medical products, as well as a sequential increases in sales of PurCotton(R) products," said Jianquan Li, Chairman and Chief Executive Officer of Winner Medical. "Our business is performing well and our domestic and PurCotton(R) businesses are on track for increased profit growth this quarter."

"Looking forward, we will continue to reshape and strengthen our portfolio, by expanding medical products sales into the Chinese marketplace directly to hospitals, distributors and chain drugstores, while accelerating sales of PurCotton(R) brand products with retail sales through our chain stores, on- line sales and supermarkets as well as wholesale distribution to large customers. We expect that these products and sales to the Chinese marketplace will fuel our growth in an increasingly competitive marketplace. We also expect to drive growth this year through these key strategic investments funded by our continued strong cash flow and recent capital raising," Mr. Li said.

Second Quarter FY2010 Highlights

Net Sales

Winner Medical reported net sales of $26.1 million for the second quarter of 2010, a 26.4% increase from $20.6 million in the second quarter of 2009. This increase was partially attributable to increased sales to North and South American customers in the second quarter of 2010, which increased approximately 26.2% to $5.1 million from $4.0 million in the second quarter of 2009. PurCotton(R) products sales increased approximately 71.1% to $1.9 million in the second quarter of 2010 from $1.1 million in the second quarter of 2009.

Gross Profit

Gross profit in the second quarter of 2010 increased 26.8% to $7.4 million from $5.8 million in the second quarter of 2009. Second quarter 2010 gross margin was 28.2%, compared to 28.1% in the second quarter of 2009. The modest increase in gross margin resulted from high-margin sales of Winner(R) brand products and PurCotton(R) products, which were partially offset by an increase in the price of cotton, our principal raw material.

Selling, General and Administrative Expenses

In the second quarter of 2010, selling, general and administrative expenses were $4.1 million, versus $3.9 million in the second quarter of 2009. Adjusted selling, general and administrative expenses (non-GAAP), which exclude share-based compensation expenses, for the second quarter were $3.7 million, versus $3.8 million for the same quarter of 2009. This increase was mainly due to increases in transportation expenses for export markets, increases in salaries for management, administrative staff and sales personnel, as well as an increase in leasing fees for PurCotton(R) stores.

Income from Operations

Income from operations increased by 52.9% to $3.2 million in the second quarter of 2010, from $2.1 million in the second quarter of 2009. Adjusted income from operations (non-GAAP), which excludes share-based compensation expenses, was $3.7 million in the second quarter of 2010, compared to $2.2 million in the same period of 2009.

Income Taxes

The Company's effective tax rate for the second quarter of 2010 was 19.1%, compared to 21.6% in the second quarter of 2009. The lower income tax rate was mainly due to the Company's subsidiary, Winner Industries (Shenzhen), obtaining the High and New Technology Enterprise Certificate, which reduced its income tax rate from 18% to 15%.

Net Income Attributable to Winner Medical Group Inc.

Net income attributable to Winner Medical Group Inc. increased by 62.8% to $2.7 million in the second quarter of 2010, as compared to approximately $1.6 million in the second quarter of 2009. Diluted earnings per share increased 71.4% to $0.12 in the second quarter, compared to $0.07 per share in the comparable quarter of last year. Adjusted net income attributable to Winner Medical Group Inc. (non-GAAP), which excludes share-based compensation expenses, was $3.1 million for the second quarter of 2010, an increase of 78.6% from the same period a year ago. Excluding share-based compensation expenses, adjusted diluted earnings per share (non-GAAP) was $0.14 in the second quarter, versus $0.08 per share in the comparable quarter of last year, an increase of 75.0%. This increase was primarily driven by high demand for PurCotton(R) products, increased sales to North and South American customers, lean production management and favorable foreign exchange rates.

Six Months Ended March 31, 2010 Highlights

Net Sales

Winner Medical reported net sales of $55.9 million for the six months ended March 31, 2010, a 20.5% increase from $46.4 million for the same period of 2009. This increase is mainly attributable to growing product demand from Chinese customers, increased sales orders from existing North and South American customers, as well as rapid PurCotton(R) product sales to customers in China and the overseas markets. The strong revenue growth was also driven by a large quantity of sales of face masks and protective products as a result of H1N1 both in the Chinese and global markets during the six months ended March 31, 2010.

Gross Profit

Gross profit for the six months ended March 31, 2010 increased to $16.8 million, a 35.3% increase from $12.4 million for the same period of 2009. Gross margin was 30.1% for the six months ended March 31, 2010, compared to 26.8% for the six months ended March 31, 2009, which resulted from the Company's strategy of targeting the Chinese medical market combined with high-margin sales of PurCotton(R) products, as well as benefits derived from our lean production management and favorable foreign exchange rates.

Selling, General and Administrative Expenses

For the six months ended March 31, 2010, selling, general and administrative expenses were $9.5 million, versus $8.3 million for the same period of 2009. Adjusted selling, general and administrative expenses (non- GAAP), which exclude share-based compensation expenses, for the six months ended March 31, 2010 were $8.7 million, versus $8.1 million for the same period of 2009. This increase was primarily driven by increases in transportation expenses for the domestic and export markets, increases in salaries for management, administrative staff and consulting expenses for brand-building projects, as well as an increase in internet and information utilization fees resulting from the launch of the SAPHR system.

Income from Operations

Income from operations increased by 101.2% to $7.7 million for the six months ended March 31, 2010, from $3.8 million for the same period of 2009. Adjusted income from operations (non-GAAP), which excludes share-based compensation expenses, was $8.5 million for the six months ended March 31, 2010, compared to $4.0 million for the same period of 2009.

Income Taxes

The Company's effective tax rate for the six months ended March 31, 2010 was 15.6%, compared to 19.1% for the same period of last year. The lower income tax rate was mainly due to the Company's subsidiary, Winner Industries (Shenzhen), obtaining the High and New Technology Enterprise Certificate, which reduced its income tax rate from 18% to 15%, and the fact that another subsidiary, Winner Industries (Huanggang), was entitled to a two-year full exemption from enterprise income tax and experienced high sales revenue growth for the six months ended March 31, 2010.

Net Income Attributable to Winner Medical Group Inc.

Net income attributable to Winner Medical Group Inc. increased by 111.5% to $6.6 million for the six months ended March 31, 2010, as compared to approximately $3.1 million for the same period of 2009. Diluted earnings per share was increased by 107.1% to $0.29 for the six months ended March 31, 2010, versus $0.14 per share for the comparable period of last year. Adjusted net income attributable to Winner Medical Group Inc. (non-GAAP), which excludes share-based compensation expenses, was $7.3 million for the six months ended March 31, 2010, an increase of 121.0% from the same period a year ago. Excluding share-based compensation expenses, adjusted diluted earnings per share (non-GAAP) was $0.32 for the six months ended March 31, 2010, versus $0.15 per share for the comparable period of last year. This increase was primarily driven by high demand for PurCotton(R) products, rapidly increasing sales of traditional medical products to Chinese customers and North and South American customers, lean production management and favorable foreign exchange rates.

Other Selected Financial Data

Average accounts receivable days outstanding were 42 days as of March 31, 2010 compared to 45 days as of September 30, 2009.

As of March 31, 2010, the Company had $10.8 million in cash and cash equivalents, compared to $9.5 million as of September 30, 2009. Net cash provided by operating activities and net cash used in investing activities during the six months ended March 31, 2010 were $7.6 million and $3.2 million, respectively. Working capital as of March 31, 2010 was $29.3 million compared to $23.0 million as of September 30, 2009.

First Half Fiscal Year 2010 Operational Highlights

PurCotton(R) Business Update

PurCotton(R) product sales of $4.4 million for the six months ended March 31, 2010 represented a 126.3% increase versus the $2.0 million of sales for the same period of 2009. Sales growth benefited from an increase in sales from PurCotton(R) chain stores and PurCotton(R) jumbo rolls to customers in China and Japan that produce consumer products, including sanitary and incontinence products, as well as from the processing of orders for PurCotton(R) finished medical products, such as operating room towels and sponges, for customers in China, Europe and the United States.

As of May 11, 2010, the first two PurCotton(R) manufacturing lines were producing at full capacity, with a total production capacity of 200 tons per month. The third production line commenced production in March 2010 and the fourth production line is expected to commence operation in June 2010. In order to build and market the PurCotton(R) brand name in China, the Company has set up a wholly-owned subsidiary, Shenzhen PurCotton Technology Co., Ltd. ("Shenzhen PurCotton"), which focuses on selling its PurCotton(R) branded products through Company-owned chain stores. Shenzhen PurCotton promotes the concept of "Let medical products be close to your life, Let pure cotton take care of your health". As of May 11, 2010, the Company owns and operates 17 PurCotton(R) chain stores in Shenzhen, Guangdong province. Each store sells four lines of PurCotton(R) branded personal products and healthcare supplies, including PurCotton(R) baby personal products, feminine personal products, daily home care products and medical care products. The projected average total cost of each store, with sizes ranging from 50 to 150 square meters, is approximately $40,000 to $60,000, which includes securing the lease, deposit, build out, instruments, inventory stocking and one month salary for salespersons. The main distribution channels are expected to be PurCotton(R) chain stores, on-line sales, supermarkets and wholesale to large customers. In order to develop PurCotton(R) business-to-consumer online stores, in April 2010 Winner Medical appointed Mr. Zihan Wu as the general manager of Shenzhen PurCotton Technology Co., Ltd.. Mr. Wu has extensive experiences in the internet and media businesses as well as brand building expertise The Company believes that the PurCotton(R) flagship product will be a significant growth driver and complement to its product portfolio.

Conference Call

Winner Medical's senior management will host a conference call to discuss its second quarter fiscal year 2010 results and recent business developments.

    Date of the conference call: Tuesday, May 11, 2010 EDT

    Dial-in Number: 866-831-6234 (US)
    10-800-130-0399 (South China)
    10-800-152-1490 (North China)
    800-96-3844 (HK)
    +1-617-213-8854 (International)
    Passcode: 81374527

A telephone replay will be available shortly after the conclusion of the call and will be accessible through May 18, 2010 by calling 888-286-8010 (US) or +1-617-801-6888 (International); Passcode: 35690970.

About Winner Medical:

Winner Medical is a leading manufacturer and the largest exporter by volume in the medical dressing industry in China. Headquartered in Shenzhen, the Company has eight wholly-owned operating subsidiaries and four joint ventures with over 5,000 employees. The Company engages in the manufacturing, sale, research and development of medical care products, wound care products, home care products and PurCotton(R) products, a nonwoven fabric made from 100% natural cotton. The products are sold worldwide, with Europe, the United States, China and Japan serving as the top four markets. The Company currently holds more than sixty patents and patent applications for various products and manufacturing processes and is one of the few Chinese companies licensed by the U.S. Food and Drug Administration (FDA) to ship finished, sterilized products directly to the United States market. To learn more about Winner Medical, please visit Winner Medical's web site at: http://ir.winnermedical.com .

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included herein, are "forward-looking statements" including statements regarding Winner Medical and its subsidiary companies' business strategy, plans and objectives and statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although Winner Medical believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Winner Medical's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Winner Medical's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to Winner Medical or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, Winner Medical does not assume a duty to update these forward-looking statements.

Non-GAAP Financial Measures

To supplement Winner Medical's consolidated financial results presented in accordance with U.S. GAAP, Winner Medical uses the following non-GAAP measures: adjusted net income attributable to Winner Medical Group Inc., adjusted earnings per share, adjusted income from operations and adjusted selling, general and administrative expenses. These measures represent net income attributable to Winner Medical Group Inc., earnings per share, income from operations and selling, general and administrative expenses, respectively, as adjusted to exclude share-based compensation expense.

Winner Medical believes that, in conjunction with GAAP financial measures, these non-GAAP measures provide meaningful supplemental information regarding its performance and liquidity and both management and investors benefit from referring to these non-GAAP measures in assessing the Company's performance and when planning and forecasting future periods. The calculation of these non-GAAP measures allows the Company to compare its operating results with those of other companies without giving effect to expenses related to share- based compensation, which may vary for different companies for reasons unrelated to the overall operating performance of a company's business.

These non-GAAP measures are not measures of performance under accounting principles generally accepted in the United States (U.S. GAAP). The Company includes them in this press release in order to:

    -- improve transparency for investors;
    -- assist investors in their assessment of the Company's operating
       performance;
    -- facilitate comparisons to historical performance;
    -- ensure that these measures are fully understood in light of how the
       Company evaluates its operating results; and
    -- properly define the metrics used and confirm their calculation.

These non-GAAP measures are not meant to be considered in isolation or as a substitute for items appearing on the Company's financial statements prepared in accordance with U.S. GAAP. Rather, the non-GAAP measures should be used as a supplement to U.S. GAAP results to assist the reader in better understanding the operational performance of the Company. The Company recognizes that the usefulness of these non-GAAP measures has certain limitations, including:

    -- These non-GAAP measures do not include share-based compensation expense.
       Because the Company periodically has granted, and expects to continue
       to grant, options and restricted share awards to its employees, share-
       based compensation expense is a necessary element of the Company's
       costs and ability to generate profits and cash flows. Therefore, any
       measure that excludes share-based compensation expense may have
       material limitations.
    -- The manner in which the Company calculates these non-GAAP measures may
       differ from that of other companies, which limits their usefulness as
       comparative measures.

Management compensates for these limitations by using these non-GAAP measures as comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of its operating performance. Please refer to the non-GAAP reconciliation tables at the end of this press release for a reconciliation of adjusted net income attributable to Winner Medical Group Inc., adjusted earnings per share, adjusted income from operations and adjusted selling, general and administrative expenses to net income attributable to Winner Medical Group Inc., earnings per share, income from operations and selling, general and administrative expenses, respectively, which are the most directly comparable U.S. GAAP financial measures.

    For more information, please contact:

    Company:
     Peng Zhai
     Investor Relations Manager
     Winner Medical Group Inc.
     Tel:   +86-755-2806-6858
            +86-755-2813-8888 x691
     Email: investors@winnermedical.com
     Web:   http://ir.winnermedical.com

    Investors:
     Scott Powell
     HC International, Inc.
     Tel:   +1-917-721-9480
     Email: scott.powell@hcinternational.net
     Web:   http://www.hcinternational.net



    Winner Medical Group Inc.
    Consolidated Statements of Income and Comprehensive Income

                              Three months ended        Six months ended
                                   March 31                  March 31
                              2010         2009         2010         2009
                           (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
                               US$          US$          US$          US$

    Net sales               26,074,927   20,627,146   55,861,732   46,357,420

    Cost of sales          (18,718,742) (14,825,262) (39,073,700) (33,952,140)
    Gross profit             7,356,185    5,801,884   16,788,032   12,405,280

    Other operating
     income, net                48,624      406,285      489,087      891,249
    Exchange difference,
     net                       (55,801)    (244,685)     (80,181)  (1,129,697)
    Selling, general and
     administrative
     expenses               (4,139,927)  (3,864,748)  (9,463,646)  (8,323,274)

    Income from operations   3,209,081    2,098,736    7,733,292    3,843,558
    Interest income              9,871       11,303       27,743       23,819
    Interest expense           (44,657)    (118,647)     (98,503)    (327,056)
    Equity in earnings of
     50 percent or less
     owned persons              75,347      133,262       45,025      223,138

    Income before income
     taxes                   3,249,642    2,124,654    7,707,557    3,763,459
    Income taxes              (620,209)    (459,537)  (1,202,096)    (719,665)
    Net income               2,629,433    1,665,117    6,505,461    3,043,794
    Net loss attributable
     to non-controlling
     interests                  47,105      (20,828)      91,789       75,379
    Net income
     attributable to
     Winner Medical
     Group Inc.              2,676,538    1,644,289    6,597,250    3,119,173

    Comprehensive income:
    Net income               2,629,433    1,665,117    6,505,461    3,043,794
    Foreign currency
     translation
     difference                 24,858       42,540     (148,066)    (125,142)
    Comprehensive income
     attributable to
     non-controlling
     interests                  47,215      (20,828)      91,950       75,379
    Comprehensive income
     attributable to
     Winner Medical
     Group Inc.              2,701,506    1,686,829    6,449,345    2,994,031

    Net income
     attributable to
     Winner Medical Group
     Inc. per share
    - basic                       0.12         0.07         0.29         0.14
    - diluted                     0.12         0.07         0.29         0.14

    Weighted average
     common stock
     outstanding
    - basic                 22,363,740   22,363,740   22,363,740   22,363,740
    - diluted               22,805,030   22,384,083   22,639,131   22,400,693



    Winner Medical Group Inc.
    Consolidated Balance Sheets
                                                 March 31         September 30
                                                   2010               2009
                                                (Unaudited)       (Unaudited)
                                                    US$               US$
                   ASSETS

    Current assets:
    Cash and cash equivalents                   10,812,184         9,493,026
    Restricted bank deposits                       127,579           123,868
    Accounts receivable, less allowances
     for doubtful accounts of US$231,328
     and US$244,401 at March 31, 2010 and
     September 30, 2009, respectively           12,475,279        13,148,462
    Amounts due from an affiliated company           3,333                --
    Inventories                                 16,547,490        14,932,740
    Prepaid expenses and other current
     assets                                      4,876,139         3,614,567
    Income taxes recoverable                        38,942            30,910
    Deferred tax assets                            384,451           359,151
    Total current assets                        45,265,397        41,702,724
    Property, plant and equipment, net          57,299,662        55,770,870
    Investment in equity investees               1,968,983         1,923,956
    Intangible assets, net                         134,145           147,008
    Non-current restricted bank deposits            34,854            34,917
    Prepaid expenses and other
     receivables                                   336,793         1,104,344
    Deferred tax assets                            109,616           252,190
    Total assets                               105,149,450       100,936,009

                LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:
    Short-term bank loans                        3,662,413         6,589,545
    Accounts payable                             5,612,041         4,843,404
    Accrued payroll and employee benefits        1,847,932         2,072,892
    Customer deposits                              565,870           603,824
    Other accrued liabilities                    2,685,940         2,574,736
    Amounts due to affiliated companies             68,128            56,349
    Income taxes payable                         1,546,278         1,938,941
    Total current liabilities                   15,988,602        18,679,691
    Deferred tax liabilities                        41,916            41,899
    Total liabilities                           16,030,518        18,721,590

    Commitments and contingencies

    Stockholders' equity:
    Common stock, par value $0.001 per
     share; authorized 247,500,000 shares, issued
     and outstanding 22,363,740 shares at each
     of March 31, 2010 and September 30, 2009       22,364            22,364

    Additional paid-in capital                  31,713,241        31,166,123
    Retained earnings                           43,478,676        36,797,172
    Statutory reserves                           3,343,841         3,428,095
    Accumulated other comprehensive
     income                                     10,569,945        10,717,850
    Total Winner Medical Group Inc.
     stockholders' equity
    Non-controlling interests                   89,128,067        82,131,604
       Total equity                                 (9,135)           82,815
                                                89,118,932        82,214,419
    Total liabilities and equity               105,149,450       100,936,009



    Winner Medical Group Inc.
    Non-GAAP Reconciliation

                                Three months ended       Six months ended
                                      31-Mar                   31-Mar
                                  2010        2009        2010        2009
                              (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                  US$         US$         US$         US$
    Net income attributable to
     Winner Medical Group Inc.
     (GAAP)                     2,676,538   1,644,290   6,597,249   3,119,173
    Share-based compensation      441,290     101,541     744,193     203,082
    Adjusted net income
     attributable to Winner
     Medical Group Inc.
     (Non-GAAP)                 3,117,828   1,745,831   7,341,442   3,322,255
    Earnings per share (GAAP)
        - Basic                      0.12        0.07        0.29        0.14
        - Diluted                    0.12        0.07        0.29        0.14
    Adjusted earnings per
     share (Non-GAAP)
        - Basic                      0.14        0.08        0.33        0.15
        - Diluted                    0.14        0.08        0.32        0.15
    Weighted average ordinary
     shares outstanding
        - Basic                22,363,740  22,363,740  22,363,740  22,363,740
        - Diluted              22,805,030  22,384,083  22,639,131  22,400,693


                                Three months ended       Six months ended
                                      31-Mar                  31-Mar
                                  2010        2009        2010        2009
                              (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                  US$         US$         US$         US$
    Income from operations
     (GAAP)                     3,209,081   2,098,736   7,733,292   3,843,558
    Share-based compensation      441,290     101,541     744,193     203,082
    Adjusted income from
     operations (Non-GAAP)      3,650,371   2,200,277   8,477,485   4,046,640


                                 Three months ended       Six months ended
                                       31-Mar                  31-Mar
                                  2010        2009        2010        2009
                               (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                   US$         US$         US$         US$
    Selling, general and
     administrative expenses
     (GAAP)                     4,139,927   3,864,748   9,463,646   8,323,274
    Share-based compensation      441,290     101,541     744,193     203,082
    Adjusted selling, general
     and administrative
     expenses (Non-GAAP)        4,581,217   3,966,289  10,207,839   8,526,356


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SOURCE Winner Medical Group Inc.
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