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Biostar Pharmaceuticals, Inc. Second Quarter Revenue Increased 46.4% to $19.4 Million
Date:8/17/2010

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Biostar Pharmaceuticals, Inc. Second Quarter Revenue Increased 46.4% to $19.4 Million

 

XIANYANG, China, Aug. 17 /PRNewswire-Asia-FirstCall/ -- Biostar Pharmaceuticals, Inc. (Nasdaq: BSPM) ("Biostar" or "the Company"), a Xianyang-based manufacturer of a leading over-the-counter Hepatitis B medicine, Xin Aoxing Oleanolic Acid Capsules ("Xin Aoxing Capsules"), and a variety of pharmaceutical products, today announced financial results of the second quarter ended June 30, 2010.

-- Q2 2010 revenue increased 46.4% to $19.4 million -- Q2 2010 Non-GAAP adjusted net income increased 50.9% to $5.8 million with adjusted EPS of $0.21 -- Biostar reiterates guidance for 2010: Revenue expected to be between $80.0 to $82.0 million and net income between $18.0 to $20.0 million SUMMARY FINANCIALS Second Quarter 2010 Results (unaudited) Q2 2010 Q2 2009 CHANGE Net Sales $19.4 million $13.2 million +46.4% Gross Profit $14.4 million $9.7 million +47.8% GAAP Net Income $5.6 million $3.9 million +44.7% Adjusted Non-GAAP Net Income* $5.8 million $3.9 million +50.9% GAAP EPS (Diluted) $0.20 $0.16 +25.0% Adjusted Non-GAAP EPS $0.21 $0.16 +31.2% (Diluted)* * Excluding non-cash stock-based compensation charge of $0.2 million for Q2 2010. For more information about the non-GAAP financial measures contained in this press release, please see "About Non-GAAP Financial Measures" below. Six Months 2010 Results (unaudited) 6-Month 2010 6-Month 2009 CHANGE Net Sales $31.8 million $20.7 million +53.5% Gross Profit $23.9 million $14.5 million +64.6% GAAP Net Income $7.8 million $5.7 million +38.0% Adjusted Non-GAAP Net Income
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SOURCE Biostar Pharmaceuticals, Inc.
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