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

8 compared to $0.24 for the first six months of 2010 and 2009 respectively, based up on 27.8 million and 23.7 million shares. Adjusted Non-GAAP net income for the first six months of 2010 was $8.2 million, or $0.30 per diluted common share. (Please see "About Non-GAAP Financial Measures" below.)

Balance Sheet and Cash Flow

Cash and cash equivalents totaled $9.7 million on June 30, 2010, compared to $8.6 million on December 31, 2009. Accounts receivable balance was approximately $25.3 million on June 30, 2010, versus approximately $19.8 million on December 31, 2009. Days sales outstanding (DSO) for the first six months of 2010 were at 145 days, compared to 134 days for the same period in 2009. The increase was primarily due to expansion of its Xin Aoxing Capsules to four new provincial markets and newly launched health supplement products in the second quarter. The Company had a current ratio of 5.7 to 1 and stockholders' equity of $49.5 million, with total assets of $56.4 million versus total liabilities of $6.8 million on June 30, 2010.

For the first six months of 2010, the Company generated $1.6 million in cash from operations versus $1.2 million for the same period in 2009.

Business Developments

On March 29, 2010, Biostar officially took control over the assets of Xi'an Meipude Bio-Technology Co., Ltd., a Xi'an-based medical equipment manufacturer ("Meipude"). The Company commenced sales of hernia belts produced from Meipude's assets in the second quarter of 2010 and plans to expand through the Company's current sales network.

As of June 30, 2010, Biostar has expanded its rural supply network to approximately 7,000 sales outlets, which is a 430.3% increase from June 30, 2009. This sales channel has contributed $4.8 million in revenues for the first six months of 2010, a 66.1% increase from the same year ago period.

On July 1, 2010, the Company appoi
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SOURCE Biostar Pharmaceuticals, Inc.
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