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WuXi PharmaTech Announces Second-Quarter 2009 Results
Date:8/11/2009

discussed above for GAAP results. Diluted non-GAAP earnings per ADS from continuing operations grew 7% year over year to 24 cents compared to 23 cents in second-quarter 2008.

    (See the table titled Reconciliation of GAAP to Non-GAAP below).

    2009 Financial Guidance
    We update our full-year 2009 financial guidance as follows:
    -- We reconfirm our expectation for total net revenues of $265-$275
       million
    -- We now anticipate growth in net revenues of China-based Laboratory
       Services of 20-23%, compared to our previous guidance of 15-20%
    -- We now project that full-year 2009 net revenues of U.S.-based
       Laboratory Services will increase slightly
    -- We expect adjusted EBITDA (excluding share-based compensation charges
       and potential mark-to-market gains or losses from foreign-currency
       forward contracts) of $80-$85 million, compared to previous guidance of
       $72 million
    -- We project full-year 2009 Manufacturing Services net revenues of $20-
       $30 million

Commenting on financial performance and guidance, Edward Hu, Chief Operating Officer and acting Chief Financial Officer, said, "Our second-quarter 2009 financial results exceeded our expectations and give us reason to reconfirm our full-year 2009 revenue guidance and increase our full-year 2009 adjusted EBITDA estimate to $80-$85 million. Second-quarter 2009 net revenues grew 13% versus first-quarter 2009. Laboratory Services net revenue growth of 19% year-over-year reflected growing demand for our platform of integrated services. As anticipated, Manufacturing Services net revenues were still light in the second quarter due to project delays and project mix, and we expect revenues in this business for this year to be in the range of $20-$30 million, depending on delivery schedules. As previously discussed, we expect total gross margin will decline in second-half 2009 as we increase hiring
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SOURCE WuXi PharmaTech (Cayman) Inc.
Copyright©2009 PR Newswire.
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