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China Sky One Medical, Inc. Announces Record First Quarter 2009 Results
Date:5/14/2009

rter 2009 Results

Total revenues doubled year-over-year to $24.8 million for the three months ended March 31, 2009. The increase was primarily attributable to the strong performance by the Company's sales agents as well as contributions from several successful business acquisitions in 2008. Sales of patch products, including its best-selling Sumei Slim Patch, rose 141% to $9.1 million in the first quarter of 2009, and accounted for 37% of revenue, up from 30% a year ago. Sales of ointments rose 242% year over year to $5.1 million, accounting for 20% of revenue, compared to 12% of revenue a year ago. Sprays and Bio-engineering products, including the Company's line of diagnostic testing kits, rose 55% and 70%, respectively, each accounting for 12% of revenue during the quarter. In keeping with its strategic goals, the Company decreased contract sales of non-manufactured products in 2008 in order to focus on higher margin proprietary products. Contract sales of non-manufactured products were discontinued in the three months ended March 31, 2009.

Gross profit in the first quarter of 2009 was $18.8 million, an increase of 97% over the same period a year ago. Gross margin was 76% of total revenues, a slight decrease compared to gross margin of 77% for the first quarter of 2008. The decrease was attributable to lower unit selling prices, by which the Company expects to maintain its competitiveness. The Company was able to negotiate lower purchase prices from its suppliers, which offset the decline in selling prices.

Operating expenses in the first quarter of 2009 were $9.7 million, up 107.1% from $4.7 million in the first quarter of 2008. The increase was mainly the result of higher selling, general and administrative expenses, which were primarily attributable to the increased costs of marketing our products, and higher research and development expenses, primarily due to additional clinical trials for
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SOURCE China Sky One Medical, Inc.
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