First quarter financial results include non-cash items related to the Company's convertible notes. These include $4.6 million in deferred loan costs, debt discount and debt premium, relative to the early extinguishment of debt, offset by a $1.6 million gain on the embedded derivatives in the January 2009 notes and common stock warrants issued as part of the February 2009 equity issuance.
As of March 31, 2009, the Company had cash and cash equivalents of $21.2 million and notes receivable of $18.8 million, totaling $40.0 million. Notes receivables are notes accepted from customers for the settlement of trade receivable balances. All notes receivables are guaranteed by established banks in China and have maturities of six months or less.
BMP Sunstone is reiterating its revenue, non-GAAP and EBITDA guidance for 2009. As previously announced, for the fiscal year 2009, revenue is anticipated to increase at least 35% year over year to reach $150 to $160 million. EBITDA is expected to reach $16 million to $18 million, and non-GAAP net income is expected to reach $9 million to $11 million.
Gao continued, "China's healthcare opportunity is large and growing. We
believe our combination of branded OTC products at Sunstone, in-licensed RX
products at BMP China, and our established distribution networks -- which
enable us to control sales channels in key markets -- position us very
|SOURCE BMP Sunstone Corporation|
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