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China Biologic Reports Financial Results for the Third Quarter and First Nine Months of 2012
Date:11/8/2012

BEIJING, Nov. 8, 2012 /PRNewswire-FirstCall/ -- China Biologic Products, Inc. (NASDAQ: CBPO, "China Biologic" or the "Company"), a leading fully integrated plasma-based biopharmaceutical company in China, today announced its unaudited financial results for the third quarter of 2012.

Third Quarter 2012 Financial Highlights

  • Total sales in the third quarter of 2012 increased by 28.6% to $53.1 million from $41.3 million in the same quarter of 2011.
  • Gross profit increased by 31.5% to $36.2 million from $27.5 million in the same quarter of 2011. Gross margin increased to 68.1% in the third quarter of 2012 from 66.7% in the third quarter of 2011.
  • Income from operations was $20.4 million as compared to a loss of $9.4 million in the third quarter of 2011. The operating margin was 38.4% in the third quarter of 2012.
  • Net income attributable to the Company increased to $13.6 million from a loss of $9.4 million in the same quarter of 2011.
  • Non-GAAP adjusted net income attributable to the Company was $14.7 million or $0.54 per diluted share in the third quarter of 2012, representing a 33.2% increase from $11.0 million or $0.42 per diluted share in the same quarter of last year.
  • Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China Biologic, commented, "We're pleased to see continued strong demand for our plasma products in the third quarter, which allowed us to enjoy robust top-line growth. Our efforts to optimize our sales strategy by focusing more on direct sales to hospitals and inoculation centers and to improve profitability have been effective, evidenced by our operating margin increasing to a sizable 38.4% in the third quarter. Thanks to enhanced corporate management initiatives, accounts receivable and inventory levels also noticeably improved with a 10.7% year-over-year decrease in accounts receivable and a 4.3% decrease in inventories.

    "Due to better-than-expected market success combined with efficient selling expense controls, as of the end of the third quarter of 2012, we have surpassed our full-year non-GAAP adjusted net income target. Looking to the fourth quarter, despite some uncertainty following the recent government announcement on price ceilings for some of our products, we believe China Biologic nevertheless will continue benefitting from strong market demand and expand our market penetration. For the full year of 2012, we are confident that total sales will reach or surpass the high end of our previous guidance of $176 million, representing mid-to-high-teens annual growth. We expect non-GAAP adjusted net income to be in the range of $46 million to $48 million, compared to previous guidance of $38 million to $40 million."

    Mr. Gao continued, "We are also proud to announce that we received Good Manufacturing Practice certification for our Human Coagulation Factor FVIII ("FVIII") production facility from the Chinese State Food and Drug Administration in October and have since started commercial production of FVIII. This development rounds out our plasma product portfolio and further strengthens our competitive position as a leading plasma-based biopharmaceutical company in China. Going forward, we intend to continue to develop and manufacture leading life-enhancing, quality-assured products."

    Third Quarter 2012 Financial PerformancesTotal sales in the third quarter of 2012 were $53.1 million, representing an increase of 28.6% from $41.3 million in the same quarter of 2011. Excluding foreign exchange influence, the increase in sales was primarily attributable to a mix of price and volume increases in certain plasma-based products, as well as a substantial increase in sales of placenta polypeptide products. During the three months ended September 30, 2012, most of the Company's approved products recorded price increases. The general price increases for the human albumin products and immunoglobulin product group were primarily attributable to strong market demand and a shortage of supply following the closure of certain plasma stations in Guizhou.

    During the three months ended September 30, 2012, human albumin products and human immunoglobulin for intravenous injection ("IVIG") products remained the largest two sales contributors.

  • As a percentage of total sales, human albumin product revenue was 43.3% in the third quarter of 2012 as compared to 54.4% in the same quarter of 2011. During the three months ended September 30, 2012, sales volume of human albumin products declined by 4.8%.
  • As a percentage of total sales, IVIG revenue was 44.1% in the third quarter of 2012 as compared to 31.0% in the same quarter of 2011. Sales volume of IVIG products increased by 68.4% in the reporting quarter, mainly due to the increased market demand and increased inventory level built up in the later part of 2011 in anticipation of the demand increase.
  • Cost of sales increased by 22.8% to $16.9 million in the third quarter of 2012, from $13.8 million in the same quarter of 2011. The increase was mainly due to the increase in sales volumes and the increase in cost of plasma. Cost of sales as a percentage of total sales was 31.9%, slightly down from 33.3% in the same quarter of 2011. The decrease in cost of sales as a percentage of sales was mainly due to the change of product mix to include higher margin products.

    Gross profit increased by 31.5% to $36.2 million in the third quarter of 2012, from $27.5 million in the same quarter of 2011. Gross margin increased to 68.1% from 66.7% in the third quarter of 2011.

    Total operating expenses in the third quarter of 2012 decreased by 57.3% to $15.8 million from $36.9 million in the same quarter of 2011, primarily due to decreased impairment loss. The Company incurred an impairment loss of $24.6 million, including both goodwill and abandonment of long-lived assets as a result of the closure of several plasma collection stations in Guizhou in August 2011. No impairment loss was recorded in the third quarter of 2012. As a percentage of total sales, total operating expenses decreased to 29.7% for the three months ended September 30, 2012, from 89.4% in the same quarter of 2011.

    Selling expenses in the third quarter of 2012 decreased to $3.5 million from $3.7 million in the same quarter of 2011. As a percentage of total sales, selling expenses was 6.7% in the third quarter of 2012, down from 9.0% in the third quarter of 2011. The decrease in selling expenses as a percentage of sales was primarily due to the decrease in commission expenses paid to distributors as a result of the Company's sales strategy change to focus more on direct sales to hospitals and inoculation centers.

    General and administrative expenses in the third quarter of 2012 rose to $11.6 million from $8.1 million in the same quarter of 2011, representing an increase of 43.0%. The increase was mainly due to new business development cost in connection with exploring additional growth opportunity during the three months ended September 30, 2012, as well as higher payroll expenses. As a percentage of total sales, general and administrative expenses was 21.8% in the third quarter of 2012, up from 19.6% in the third quarter of 2011.

    Research and development expenses in the third quarter of 2012 increased to $0.6 million from $0.5 million in the same quarter of 2011, representing an increase of 25.2%. The increase in such expenses was primarily due to the expenditure paid to an external research and development institute in relation to a research and development project for the three month ended September 30, 2012. As a percentage of total sales, research and development expenses for the three months ended September 30, 2012 and 2011 were 1.2% and 1.2%, respectively.

    Income from operations in the third quarter of 2012 was $20.4 million, compared to a loss of $9.4 million in the same quarter of 2011.

    Gain from change in fair value of derivative liabilities for the three months ended September 30, 2012 and 2011 were nil and $2.9 million, respectively. The recognized gain from the change in the fair value of derivative liabilities in the third quarter of 2011 was mainly due to a decrease in the price of the Company's common stock from $10.20 as of June 30, 2011 to $6.81 as of September 30, 2011. The warrants have been fully exercised by the end of June 2012 and there was no warrant outstanding as of September 30, 2012.

    Provision for income taxes in the third quarter of 2012 was $3.5 million, as compared to $1.0 million in the same quarter of 2011. The effective income tax rates were 15.9% and negative 17.6% for the three months ended September 30, 2012 and 2011, respectively.

    Net income increased to $18.5 million for the three months ended September 30, 2012 from a loss of $6.8 million in the same period of 2011. Net margins were 34.8% and negative 16.6% for the three months ended September 30, 2012 and 2011, respectively.

    Net income attributable to the Company was $13.6 million, compared to a loss of $9.4 million in the same quarter of 2011.

    Non-GAAP adjusted net income attributable to the Company was $14.7 million or $0.54 per diluted share in the third quarter of 2012 compared with $11.0 million or $0.42 per diluted share in the same quarter of 2011.

    Non-GAAP adjusted net income and diluted earnings per share in the third quarter of 2012 excluded $1.1 million of non-cash employee share-based compensation expenses.

    First Nine Months 2012 Financial PerformancesTotal sales in the first nine months of 2012 were $150.8 million, an increase of 28.4% from $117.4 million in the same period of 2011. The increase in sales was primarily attributable to a mix of price and volume increases in plasma-based products, as well as a substantial increase in sales of placenta polypeptide products.

    As a percentage of total sales, sales from human albumin products and IVIG products were 45.3% and 39.7%, respectively, for the nine months ended September 30, 2012.

    Cost of sales increased to $48.8 million in the first nine months of 2012, from $35.6 million in the same period of 2011. Cost of sales as a percentage of total sales was 32.3%, as compared to 30.3% in the same period of 2011. Volume and percentage increases in cost of sales were mainly due to increased sales activities and higher compensation paid to plasma donors.

    Gross profit increased by 24.7% to $102.0 million in the first nine months of 2012 from $81.8 million in the same period of 2011. Gross margin decreased to 67.7% in the first nine months of 2012 from 69.7% in the same period of 2011.

    Total operating expenses in the first nine months of 2012 decreased by 30.2% to $41.5 million from $59.5 million in the same period of 2011, primarily due to decreased impairment loss. The Company incurred an impairment loss of $24.6 million in August 2011 related to the closure of several plasma collection stations in Guizhou. There was no impairment loss recorded during the first nine months of 2012. This decrease in impairment loss was partly offset by a 36.4% increase in selling expenses and a 14.8% increase in general and administrative expenses. As a percentage of total sales, total operating expenses decreased to 27.5% for the nine months ended September 30, 2012, from 50.6% in the same period of 2011.

    Income from operations for the nine months ended September 30, 2012 was $60.6 million, an increase of 170.7% from $22.4 million in the same period of 2011.

    Provision for income taxes in the first nine months of 2012 was $10.0 million, as compared to $10.6 million in the same period of 2011. The effective income tax rates were 15.2% and 30.9% for the nine months ended September 30, 2012 and 2011, respectively.

    Net income attributable to the Company increased by 190.9% to $39.4 million for the nine months ended September 30, 2012, from $13.5 million in the same period of 2011. Net margins were 26.1% and 11.5% for the nine months ended September 30, 2012 and 2011, respectively.

    Non-GAAP adjusted net income attributable to the Company was $40.7 million or $1.52 per diluted share for the nine months ended September 30, 2012 compared with $27.7 million or $1.04 per diluted share in the same period of 2011.

    Non-GAAP adjusted net income and diluted earnings per share in the nine months ended September 30, 2012 excluded an aggregate $1.8 million gain related to the change in the fair value of derivative liabilities, and $3.1 million of non-cash employee share-based compensation expenses.

    As of September 30, 2012, the Company had cash and short-term investment of $134.5 million, compared to $89.4 million as of December 31, 2011.

    Net cash provided by operating activities for the nine months ended September 30, 2012 was $64.8 million, as compared to $25.8 million for the nine months ended September 30, 2011.

    OutlookFor the full year of 2012, the Company now expects sales to reach or surpass the high end of previous guidance of $176 million, representing mid-to-high-teens annual growth. The Company estimates full year non-GAAP adjusted net income to be in the range of $46 million to $48 million, compared to the previous guidance range of $38 million to $40 million.

    Conference CallThe Company will host a conference call at 7:30 am, Eastern Time on Friday, November 9, 2012, which is 8:30 pm, Beijing Time on November 9, 2012, to discuss third quarter 2012 results and answer questions from investors.  Listeners may access the call by dialing:US:

    +1 866 549 1292International:

    +852 3005 2050Hong Kong:

    3005 2050China Domestic:

    800 876 8626China Domestic Mobile:

    400 681 6949Passcode:

    674 477# A telephone replay of the call will be available after the conclusion of the conference all through 11:59 pm, Eastern Time on November 16, 2012. The dial-in details are:

    US:

    +1 866 753 0743International:

    +852 3005 2020Hong Kong:

    3005 2020China Domestic:

    800 876 5016Passcode:

    138 012# About China Biologic Products, Inc.China Biologic Products, Inc. (Nasdaq: CBPO), is a leading fully integrated plasma-based biopharmaceutical company in China. The Company's products are used as critical therapies during medical emergencies and for the prevention and treatment of life-threatening diseases and immune-deficiency related diseases. China Biologic is headquartered in Beijing and manufactures over 20 plasma-based products through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co., Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd. The Company also has an equity investment in Xi'an Huitian Blood Products Co., Ltd. The Company sells its products to hospitals and other healthcare facilities in China. For additional information, please see the Company's website www.chinabiologic.com.

    Non-GAAP DisclosureThis news release contains non-GAAP financial measures that exclude non-cash compensation expenses related to options granted to employees and directors under the Company's 2008 Equity Incentive Plan and changes in the fair value of derivative liabilities, including warrants and derivative instruments (including the conversion option) embedded in the Company's Senior Secured Convertible Notes (after adding back interest related to the convertible notes under the if-converted method). To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information excluding the impact of these items in this release. The Company's management believes that these non-GAAP measures provide investors with a better understanding of how the results relate to the Company's historical performance. A reconciliation of the adjustments to GAAP results appears in the table accompanying this news release. This additional non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. The non-GAAP financial information that the Company provides also may differ from the non-GAAP information provided by other companies.

    Safe Harbor StatementThis news release may contain certain "forward-looking statements" relating to the business of China Biologic Products, Inc. and its subsidiaries. All statements, other than statements of historical fact included herein, are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect.

    Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including its potential inability to achieve the expected operating and financial performance in 2012, potential inability to find alternative sources of plasma, potential inability to increase production at permitted sites, potential inability to mitigate the financial consequences of a temporarily reduced raw plasma supply through cost cutting or other efficiencies, and potential additional regulatory restrictions on its operations and those additional risks and uncertainties discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

    Contact:China Biologic Products, Inc.
    Mr. Ming Yin
    Vice President
    Phone: +86-10-6598-3099
    Email: ir@chinabiologic.com

    ICR Inc.
    Mr. Rob Koepp
    Phone: +86-10-6583-7516 or +1-646-405-5191
    E-mail: robert.koepp@icrinc.com

     

    Financial statements follow.

     CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEFor the three months endedFor the nine months endedSeptember 30,
    2012September 30,
    2011September 30,
    2012September 30,
    2011SalesExternal customers

    $

    53,124,050$

    41,137,473$

    150,817,850$

    117,197,707Related party-166,228-242,274Total sales53,124,05041,303,701150,817,850117,439,981Cost of salesExternal customers16,921,28413,741,81148,767,90035,531,374Related party-32,698-67,302Cost of sales16,921,28413,774,50948,767,90035,598,676Gross profit36,202,76627,529,192102,049,95081,841,305Operating expensesSelling expenses3,545,3783,703,68312,536,7279,191,739General and administrative expenses11,599,7798,110,69326,677,94523,240,140Research and development expenses637,397509,0612,277,4742,439,029Impairment loss of goodwill-18,064,183-18,064,183Loss on abandonment of long-lived assets-6,536,517-6,536,517Income/(loss) from operations20,420,212(9,394,945)60,557,80422,369,697Other (income) / expensesEquity in income of equity method investee(744,976)(712,320)(2,219,279)(1,446,402)Change in fair value of derivative liabilities-(2,863,870)(1,769,140)(15,061,119)Interest expense223,992404,349990,1904,385,872Interest income(561,761)(473,278)(1,870,873)(913,003)Other (income) / expenses, net(449,815)63,773(347,029)1,134,055Total other income, net(1,532,560)(3,581,346)(5,216,131)(11,900,597)Earnings / (loss) before income tax expense21,952,772(5,813,599)65,773,93534,270,294Income tax expense3,479,6831,022,3109,990,01410,602,775Net income/(loss)18,473,089(6,835,909)55,783,92123,667,519Less: Net income attributable to the noncontrolling interest4,855,9392,525,76816,370,69410,120,516Net income/(loss) attributable to China Biologic Products, Inc.13,617,150(9,361,677)39,413,22713,547,003Net income/(loss) per share:Basic

    $

    0.51$

    (0.37)$

    1.51$

    0.55Diluted

    $

    0.50$

    (0.37)$

    1.41$

    0.08Weighted average shares used in computation:Basic26,546,92925,551,12526,009,70724,849,403Diluted27,018,90425,551,12526,741,71326,707,840Other Comprehensive income, net of nil income taxesForeign currency translation adjustment(86,731)2,064,8841,226,4045,890,724Comprehensive income / (loss)18,386,358(4,771,025)57,010,32529,558,243Less: Comprehensive income attributable to the
    noncontrolling interest4,926,0353,656,71616,692,80311,971,012Comprehensive income / (loss) attributable to China Biologic
    Products, Inc.13,460,323(8,427,741)40,317,52217,587,231 

     CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETSSeptember 30,
    2012December 31,
    2011ASSETSCurrent AssetsCash

    $

    131,723,186$

    89,411,835Short-term investment2,727,509-Accounts receivable, net of allowance for doubtful accounts14,961,52116,757,368Inventories68,243,39871,338,590Other receivables1,574,4342,594,461Prepayments and prepaid expenses2,557,4521,591,696Deferred tax assets1,905,2101,999,563Total Current Assets223,692,710183,693,513Property, plant and equipment, net39,153,53440,546,539Intangible assets, net4,279,0356,520,671Land use rights, net5,838,4205,487,343Prepayments and deposits for property, plant and equipment9,391,8504,287,492Receivable related to land use right13,202,220-Equity method investment10,066,9518,357,017Total Assets

    $

    305,624,720$

    248,892,575LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilitiesShort-term bank loans

    $

    11,081,000$

    11,018,000Accounts payable3,922,9474,996,463Due to related parties4,047,7803,319,938Other payables and accrued expenses25,583,00230,661,794Advance from customers3,941,2704,365,523Advance from customers - a related party-486,602Income tax payable5,921,0815,373,633Other taxes payable2,322,6622,189,913Derivative liabilities - warrants-5,410,419Total Current Liabilities56,819,74267,822,285Other payable343,821343,477Deferred tax liabilities1,074,3801,685,772Total Liabilities

    $

    58,237,943$

    69,851,534Stockholders' EquityCommon stock: par value $.0001; 100,000,000 shares authorized; 
    26,568,625 and 25,601,125 shares issued and outstanding at 
    September 30, 2012 and December 31, 2011, respectively

    $

    2,657$

    2,560Additional paid-in capital60,173,62548,838,311Retained earnings113,334,03873,920,811Accumulated other comprehensive income13,654,97712,750,682Total stockholders' equity attributable to China Biologic Products, Inc.187,165,297135,512,364Noncontrolling interest60,221,48043,528,677Total Equity

    $

    247,386,777$

    179,041,041Commitments and contingencies--Total Liabilities and Equity

    $

    305,624,720$

    248,892,575 CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSFor the nine months endedSeptember 30,
    2012September 30,
    2011CASH FLOWS FROM OPERATING ACTIVITIES:Net cash provided by operating activities$

    64,786,061$

    25,792,830CASH FLOWS FROM INVESTING ACTIVITIES:  Dividend received1,109,115663,987  Payment for property, plant and equipment(7,436,719)(5,878,973)  Payment for intangible assets and land use right(796,707)(424,971)  Purchase of short-term investment(2,731,300)-  Payment related to land used right(13,220,568)-Net cash used in investing activities(23,076,179)(5,639,957)CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from warrants exercised4,500,000-Proceeds from stock option exercised120,000100,000Proceeds from short term bank loans11,076,10018,373,200Repayment of short term bank loans(11,106,200)(10,871,200)Acquisition of noncontrolling interest-(7,635,000)Dividend paid by subsidiaries to noncontrolling interest shareholders(4,379,016)(7,744,100)Net cash provided by / (used in) financing activities210,884(7,777,100)EFFECTS OF EXCHANGE RATE CHANGE IN CASH390,5852,983,158NET INCREASE IN CASH42,311,35115,358,931Cash at the beginning of period89,411,83564,941,368Cash at the end of period

    $

    131,723,186$

    80,300,299Supplemental cash flow informationCash paid for income taxes

    $

    9,988,536$

    11,175,285Cash paid for interest expense

    $

    296,901$

    690,755Noncash investing and financing activities:Convertible notes conversion

    $

    -$

    12,972,000Utilization of prepayments and deposits to acquire intangible assets

    $

    -$

    128,861Utilization of prepayments and deposits to acquire property, plant and 
    equipment

    $

    -$

    526,328Exercise of warrants that were liability classified

    $

    3,641,279$

    - CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURESFOR THE THREE MONTHS & NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011For the three months endedFor the three months ended  9/30/2012  9/30/2011Net Income Net Income Adjusted Net Income Attributable to the Company - Non GAAP

    $

    14,698,324$

    11,034,533Diluted EPS - Non GAAP$

    0.54$

    0.42Non-cash employee stock compensation$

    (1,081,174)$

    (1,229,968)Gain from change in fair value of warrants

    $

    -$

    2,863,870Impairment loss of goodwill

    $

    -$

    (18,064,183)Loss on abandonment of long-lived assets attributable to the Company

    $

    -$

    (3,529,719)Written-off of raw material attributable to the Company due to closure of plasma stations

    $

    -$

    (436,210)Net Income attributable to the Company

    $

    13,617,150$

    (9,361,677)Weighted average number of shares used in computation of Non GAAP diluted EPS27,018,90426,419,932For the nine months endedFor the nine months ended  9/30/2012  9/30/2011Net Income Net Income Adjusted Net Income Attributable to the Company - Non GAAP

    $

    40,718,219$

    27,744,418Diluted EPS - Non GAAP$

    1.52$

    1.04Non-cash employee stock compensation$

    (3,074,132)$

    (3,648,255)Impairment loss of goodwill$

    -$

    (18,064,183)Loss on abandonment of long-lived assets attributable to the Company

    $

    -$

    (3,529,719)Written-off of raw material attributable to the Company due to closure of plasma stations

    $

    -$

    (436,210)Interest on the Notes$

    -$

    (3,580,167)Gain from change in fair value of embedded conversion option in the Notes

    $

    -$

    6,289,661Gain from change in fair value of warrants

    $

    1,769,140$

    8,771,458Net Income attributable to the Company

    $

    39,413,227$

    13,547,003Weighted average number of shares used in computation of Non GAAP diluted EPS26,741,71326,707,840


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    SOURCE China Biologic Products, Inc.
    Copyright©2012 PR Newswire.
    All rights reserved


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