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

ng Capsules as a preferred medical treatment for Hepatitis B in China," commented Ronghua Wang, Chairman and Chief Executive Officer of Biostar. "The addition of new rural network locations and our nutritional supplement product line is anticipated to generate incremental revenues for the balance of 2010. Collectively, our growth plan gives us confidence in meeting our 2010 guidance."

Cost of goods sold for the three months ended June 30, 2010 was approximately $5.0 million or 25.8% of revenue, as compared to $3.5 million or 26.5% of revenue for the three months ended June 30, 2009. Gross profit for the second quarter of 2010 were $14.4 million with gross margins of 74.2%, compared to $9.7 million in gross profit and gross margins of 73.5% for the second quarter of 2009. The increase in gross profit was due to the increased sales volumes of higher margin products, including Xin Aoxing Capsules, Gan Wang and new health supplement products in the second quarter of 2010.

Operating expenses for the three months ended June 30, 2010 were approximately $6.9 million, an increase of 60.6% compared to the same period in 2009. Selling and distribution cost increased 62.4% to $6.1 million in the second quarter of 2010, which was primarily due to $2.5 million in incremental advertising and promotional efforts which included billboards, newsprints and in-store advertising designed to drive sales in existing and new markets and to promote brand awareness and drive sales of Xin Aoxing Capsules. In addition, the Company incurred a non-cash equity compensation charge of $0.2 million in the second quarter of 2010, which was not present in the year ago period.

Operating income for the second quarter of 2010 totaled approximately $7.5 million, a 37.9% increase from $5.5 million reported for the second quarter of 2009. Operating margins were 38.8% and 41.3% for the second quarter of 2010 and 2009, respectively. Excluding non-cash equi
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SOURCE Biostar Pharmaceuticals, Inc.
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