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WuXi PharmaTech Announces Fourth-Quarter and Full-Year 2009 Results
Date:3/8/2010

net revenues of China-based Laboratory Services of 26% came in at the top of the expected range of 23-26% -- 2009 net revenues of U.S.-based Laboratory Services of $64.1 million represented a slight increase compared to 2008 net revenues on a pro-forma basis of $62.7 million, as expected -- 2009 Manufacturing Services net revenues of $20.1 million fell within the expected range of $20-$30 million. A large order is expected to be delivered in the first quarter, and we now project first-quarter 2010 Manufacturing Services net revenues of $12-$14 million. -- 2009 adjusted EBITDA (excluding share-based compensation charges and potential mark-to-market gains or losses from foreign-currency forward contracts) of $92.3 million exceeded the expected range of $86-$90 million 2010 Financial Guidance The company projects 2010 financial performance as follows: -- Total net revenues of $310-320 million, which represents 15-19% growth -- Growth in net revenues of China-based Laboratory Services of 13-16% -- Growth rate of net revenues of U.S.-based Laboratory Services of mid single digits -- Growth of net revenues of Manufacturing Services of at least 70% -- Decline in GAAP and non-GAAP gross margin of two to five percentage points -- Growth in GAAP and non-GAAP operating income of up to 10% -- Capital expenditures of $50-60 million, similar to the 2009 level -- Effective tax rate of 13-15%

Commenting on 2010 guidance, Edward Hu, chief operating officer and acting chief financial officer, said, "In 2010, we expect continued solid financial performance while we invest for the future. We expect that growt
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SOURCE WuXi PharmaTech (Cayman) Inc.
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