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China Biologic Reports Financial Results for the Third Quarter and First Nine Months of 2013
Date:11/5/2013

BEIJING, Nov. 5, 2013 /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 2013.

Third Quarter 2013 Financial Highlights

  • Total sales in the third quarter of 2013 were $53.2 million, compared to $53.1 million in the same quarter of 2012.
  • Gross profit decreased slightly to $36.0 million from $36.2 million in the same quarter of 2012. Gross margin was 67.7% in the third quarter of 2013, compared to 68.1% in the third quarter of 2012.
  • Income from operations increased by 13.4% to $23.2 million from $20.4 million in the same quarter of 2012. Operating margin increased to 43.6% in the third quarter of 2013 from 38.4% in the same quarter of 2012.
  • Net income attributable to the Company increased by 7.9% to $14.7 million from $13.6 million in the same quarter of 2012. Fully diluted net income per share was $0.53 in the third quarter of 2013 as compared to $0.50 in the same quarter of 2012.
  • Non-GAAP adjusted net income attributable to the Company was $15.5 million, representing a 5.8% increase from $14.7 million in the same quarter of 2012. Non-GAAP adjusted net income per share was $0.56, compared to $0.54 in the same quarter of 2012.
  • Mr. David (Xiaoying) Gao, Chairman and Chief Executive Officer of China Biologic, commented, "We are pleased with our solid financial performance and sound operational execution in the third quarter, particularly in comparison with the third quarter in the prior year, which was also a strong quarter. Our Shandong facility experienced a double-digit sales increase in the third quarter and, as anticipated, our Guizhou facility suspended production since June 1, 2013. The financial impact associated with our Guizhou facility remains in-line with our internal forecast and our total sales for the first nine months of this year continue to grow as planned."

    "As we stated last quarter, market demand for plasma-based products in China remained strong. This contributed to an increase in albumin import volume and had a slightly negative impact on product pricing. We continue to closely monitor market trends to adjust our pricing and product shipments accordingly. During the reporting quarter, we maintained strong operating margin, thanks to a more profitable product mix, efficient cost control measures due to reduced selling and G&A expenses, as well as improved plasma utilization efficiency following the launch of our Factor VIII products."

    "During the third quarter, in Shandong, our new plasma station in Cao County continued to ramp up. After receiving SFDA approval in 2012, we have identified sufficient patients in recent months to initiate phase III clinical trials for Human Fibrinogen, a product used to treat congenital fibrinogen deficiency and acquired fibrinogen deficiency. In July, Shandong Taibang received SFDA manufacturing approval for a new 300 IU vial dosage of Factor VIII. This addition to our product portfolio reflects our ongoing commitment of improving product offering in general and advancing hemophilia therapy treatment in particular. We expect to commence commercial production in the following months. In Guizhou, we received SFDA manufacturing approval for Human Prothrombin Complex Concentrate ("PCC") at the end of July and expect to obtain GMP certification and start commercial production when our Guizhou facility resumes production in 2014."

    "Finally, we closed our share repurchase transaction in the third quarter, under which we repurchased approximately 1.48 million shares of our common stock, representing approximately 5.49% of the total common stock outstanding as of August 2, 2013, from one of our individual shareholders. We believe this share repurchase has improved our Company's shareholder structure, enhances shareholder value and may also improve our EPS performance."

    Third Quarter 2013 Financial PerformanceTotal sales in the third quarter of 2013 were $53.2 million, compared to $53.1 million in the same quarter of 2012. Excluding the foreign currency impact, sales in RMB term decreased slightly by 2.5%. Third quarter sales results were primarily attributable to a 38% sales decline at the Company's Guizhou facility, due to the planned production suspension at this facility, which was in line with management's projection, partially offset by a 21% sales increase in the Company's Shandong facility. During the three months ended September 30, 2013, the average price for Company's human albumin products increased by approximately 11.0% and the average price for human immunoglobulin for intravenous injection ("IVIG") remained stable. The price increase for the human albumin products was primarily attributable to the increase of the retail price ceiling announced by the NDRC in January 2013.

    During the third quarter of 2013, human albumin products and IVIG products remained the largest two sales contributors.

  • As a percentage of total sales, revenue from human albumin products was 49.7% in the third quarter of 2013 as compared to 43.3% in the same quarter of 2012. Sales volume of human albumin products increased slightly by 2.7% in the reporting quarter, primarily driven by increased sales at Shandong Taibang partially due to the delayed shipments.
  • As a percentage of total sales, revenue from IVIG products was 32.3% in the third quarter of 2013 as compared to 44.1% in the same quarter of 2012. Sales volume of IVIG products decreased by 27.2% in the quarter, mainly due to the reduced production volume as a result of the planned production suspension at Guizhou Taibang.
  • Cost of sales increased slightly to $17.2 million in the third quarter of 2013 from $16.9 million in the same quarter of 2012. Cost of sales as a percentage of total sales was 32.3%, as compared to 31.9% in the same quarter of 2012.

    Gross profit decreased slightly to $36.0 million in the third quarter of 2013 from $36.2 million in the same quarter of 2012. Gross margin was 67.7% and 68.1% for the three months ended September 30, 2013 and 2012, respectively. The decrease in gross margin was mainly due to the increase in cost of plasma paid to donors in 2013 as compared to 2012. 

    Total operating expenses in the third quarter of 2013 decreased by 18.7% to $12.8 million from $15.8 million in the same quarter of 2012. As a percentage of total sales, total operating expenses decreased to 24.1% from 29.7% in the same quarter of 2012.

    Selling expenses in the third quarter of 2013 decreased by 28.0% to $2.6 million from $3.5 million in the same quarter of 2012. As a percentage of total sales, selling expenses were 4.8%, down from 6.7% in the same quarter of 2012. The decrease was primarily due to increasingly stringent control on selling expenses since the second half of 2012.

    General and administrative expenses in the third quarter of 2013 decreased by 20.5% to $9.2 million from $11.6 million in the same quarter of 2012. As a percentage of total sales, general and administrative expenses were 17.3% and 21.8% in the third quarter of 2013 and 2012, respectively. The decrease in G&A expenses was mainly due to the decrease of payroll expenses in Guizhou Taibang as a result of the production suspension in the third quarter of 2013. In addition, China Biologic incurred amortization expenses related to the Guizhou Taibang acquisition in the third quarter of 2012 that had been fully amortized by the end of 2012, and consequently did not result in any similar expenses in the third quarter of 2013.

    Research and development expenses in the third quarter of 2013 were $1.1 million, representing an increase of 65.3% from $637 thousand in the same quarter of 2012. As a percentage of total sales, research and development expenses for the three months ended September 30, 2013 and 2012 were 2.0% and 1.2%, respectively. The increase in R&D expenses was mainly due to certain technical support services the Company engaged to improve production yields on certain hyper-immune products for the three months ended September 30, 2013. In addition, during the third quarter of 2013, the Company started the phase III clinical trials for Human Fibrinogen, a product to be used to treat congenital fibrinogen deficiency and acquired fibrinogen deficiency.

    Income from operations for the three months ended September 30, 2013 was $23.2 million, representing an increase of 13.4% from $20.4 million in the same period of 2012. Operating margin increased to 43.6% in the reporting quarter from 38.4% in the same quarter of 2012.

    Income tax expense in the third quarter of 2013 was $4.9 million, as compared to $3.5 million in the same quarter of 2012, representing an increase of 40.0%. The effective income tax rates were 19.6% and 15.9% for the three months ended September 30, 2013 and 2012, respectively.

    Net income attributable to the Company increased by 7.9% to $14.7 million in the third quarter of 2013, from $13.6 million in the same quarter of 2012. Net margins were 27.6% and 25.6% for the three months ended September 30, 2013 and 2012, respectively. Fully diluted net income per share was $0.53, as compared to $0.50 in the third quarter of 2012.

    Non-GAAP adjusted net income attributable to the Company was $15.5 million or $0.56 per diluted share in the third quarter of 2013, compared to $14.7 million or $0.54 per diluted share in the same quarter of 2012.

    Non-GAAP adjusted net income and diluted earnings per share for the three months ended September 30, 2013 excluded $0.9 million of non-cash employee share-based compensation expenses.

    First Nine Months 2013 Financial PerformancesTotal sales in the first nine months of 2013 were $160.8 million, representing an increase of 6.6% from $150.8 million in the same period of 2012. The increase in sales was primarily attributable to a combined effect of price and volume increases in certain plasma-based products.

    As a percentage of total sales, sales from human albumin products and IVIG products were 43.3% and 39.8%, respectively, for the nine months ended September 30, 2013.

    Cost of sales increased slightly to $49.9 million in the first nine months of 2013, from $48.8 million in the same period of 2012. Cost of sales as a percentage of total sales was 31.0%, as compared to 32.3% in the same period of 2012.

    Gross profit increased by 8.6% to $110.9 million in the first nine months of 2013 from $102.0 million in the same period of 2012. Gross margin increased to 69.0% in the first nine months of 2013 from 67.7% in the same period of 2012. The improvement of the Company's overall gross margin was mainly due to the improved gross margin of human albumin products as a result of price increases and the improved utilization efficiency of plasma following the launch of Factor VIII products. 

    Total operating expenses in the first nine months of 2013 decreased by 12.3% to $36.4 million from $41.5 million in the same period of 2012. The decrease of total operating expenses was mainly due to the decrease in the selling expenses. As a percentage of total sales, total operating expenses decreased to 22.6% for the nine months ended September 30, 2013, from 27.5% in the same period of 2012.

    Income from operations for the nine months ended September 30, 2013 was $74.5 million, an increase of 23.0% from $60.6 million in the same period of 2012.

    Income tax expense in the first nine months of 2013 was $13.2 million, an increase of 32.4% from $10.0 million in the same period of 2012. The effective income tax rates were 16.9% and 15.2% for the nine months ended September 30, 2013 and 2012, respectively. The tax rate applicable to the Company's major operating subsidiaries in the PRC for 2012 and 2013 is 15%.

    Net income attributable to the Company increased by 16.1% to $45.8 million for the nine months ended September 30, 2013, from $39.4 million in the same period of 2012. Net margins were 28.5% and 26.1% for the nine months ended September 30, 2013 and 2012, respectively.

    Non-GAAP adjusted net income attributable to the Company was $49.4 million or $1.77 per diluted share for the nine months ended September 30, 2013 compared with $40.7 million or $1.52 per diluted share in the same period of 2012.

    Non-GAAP adjusted net income and diluted earnings per share in the nine months ended September 30, 2013 excluded $3.6 million of non-cash employee share-based compensation expenses.

    As of September 30, 2013, the Company had cash and cash equivalents of $131.5 million, compared to $129.6 million as of December 31, 2012.

    Net cash provided by operating activities for the nine months ended September 30, 2013 was $58.5 million, as compared to $64.8 million for the same period of 2012. The decrease in net cash provided by operating activities was mainly due to an increase in inventory and accounts receivable. The increase in inventories was mainly due to the planned production suspension of Guizhou Taibang. The increase in accounts receivable was largely due to hospital clients increasing their inventory levels toward the end of September in anticipation of the long national holiday in October.

    Net cash used in investing activities for the nine months ended September 30, 2013 was $17.5 million compared to $23.1 million in the prior year nine month period.

    Net cash used in financing activities for the nine months ended September 30, 2013 was $42.6 million compared to net cash provided by financing activities of $0.2 million in the prior year nine month period. Net cash used in financing activities for the nine months ended September 30, 2013 mainly consisted of a payment of $29.6 million for share repurchase and a dividend of $10.9 million paid by the Company's subsidiaries to the non-controlling interest shareholders.

    OutlookFor the full year of 2013, the Company expects to meet the high end of its total sales forecast range of $195 million to $205 million. Based on the Company's strong margin performance in the third quarter and favorable outlook for the remainder of the year, it is raising its full year non-GAAP adjusted net income estimate to the range of $58 million to $60 million, a 13-16% increase from the estimate provided last quarter.

    This forecast reflects the Company's current and preliminary views, which are subject to change.

    Conference CallThe Company will host a conference call at 7:30 am, Eastern Time on Wednesday, November 6, 2013, which is 8:30 pm, Beijing Time on November 6, 2013, to discuss third quarter 2013 results and answer questions from investors. Listeners may access the call by dialing:US:

    +1 866 652 5200International:

    +1 412 317 6060Hong Kong:

    06 800 20175China:

    400 120 1203Passcode:

    10036364A telephone replay of the call will be available after the conclusion of the conference all through 9:00 am, Eastern Time on November 14, 2013. The dial-in details are:US:

    +1 877 344 7529International:

    +1 412 317 0088Passcode:

    10036364A live and archived webcast of the conference call will be available through the Company's investor relations website at http://chinabiologic.investorroom.com.

    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 and restricted shares granted to employees and directors under the Company's 2008 Equity Incentive Plan and changes in the fair value of warrants. To supplement the Company's unaudited 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 2013, 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. Bill Zima
    Phone: +86-10-6583-7511 or +1-646-405-5191
    E-mail: bill.zima@icrinc.com

    Financial statements follow.

     CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEFor the three months ended For the nine months ended September 30, September 30,September 30,September 30,2013201220132012USDUSDUSDUSDSales53,152,14153,124,050160,764,396150,817,850Cost of sales17,165,89716,921,28449,904,91748,767,900Gross profit 35,986,24436,202,766110,859,479102,049,950Operating expenses Selling expenses2,551,2453,545,3786,829,36512,536,727General and administrative expenses 9,218,79811,599,77926,771,96626,677,945Research and development expenses 1,053,383637,3972,801,6252,277,474Income from operations 23,162,81820,420,21274,456,52360,557,804Other income/ (expenses)Equity in income of an equity method investee 642,579744,9761,382,5242,219,279Change in fair value of derivative liabilities ---1,769,140Interest expense (306,656)(223,992)(741,569)(990,190)Interest income1,320,263561,7612,964,0821,870,873Other income, net -449,815-347,029Total other income, net 1,656,1861,532,5603,605,0375,216,131Earnings before income tax expense 24,819,00421,952,77278,061,56065,773,935Income tax expense 4,871,0413,479,68313,223,5929,990,014Net income 19,947,96318,473,08964,837,96855,783,921Less: Net income attributable to noncontrolling interest 5,251,9404,855,93919,064,15916,370,694Net income attributable to China Biologic Products, Inc. 14,696,02313,617,15045,773,80939,413,227Net income per share of common stock: Basic 0.550.511.711.51Diluted 0.530.501.641.41Weighted average shares used in computation: Basic 26,288,15426,546,92926,649,56326,009,707Diluted 27,449,08127,018,90427,780,00526,741,713Net income 19,947,96318,473,08964,837,96855,783,921Other comprehensive income :Foreign currency translation adjustment, net of nil income taxes 1,985,434(86,731)7,810,6901,226,404Comprehensive income 21,933,39718,386,35872,648,65857,010,325Less: Comprehensive income attributable to noncontrolling interest 5,586,9054,926,03520,469,85216,692,803Comprehensive income attributable to China Biologic Products, Inc. 16,346,49213,460,32352,178,80640,317,522 CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETSSeptember 30, December 31, 20132012USDUSDASSETS Current Assets Cash and cash equivalents131,496,674129,609,317Accounts receivable, net of allowance for doubtful accounts 22,404,53411,206,244Inventories 83,676,77375,679,173Prepayments and other current assets6,480,9465,664,919Total Current Assets 244,058,927222,159,653Property, plant and equipment, net 67,126,06351,325,177Intangible assets, net 2,840,5503,541,582Land use rights, net 7,038,7675,818,709Deposits related to land use rights16,772,06314,752,574Restricted cash and deposit32,064,9622,912,145Equity method investment 11,652,36610,537,310Total Assets 381,553,698311,047,150LIABILITIES AND STOCKHOLDERS' EQUITY Current LiabilitiesShort-term bank loans 4,890,0007,935,000Accounts payable 4,060,5502,908,624Due to related parties 4,208,5824,081,624Other payables and accrued expenses 29,625,32225,423,349Advance from customers 2,100,9062,857,420Income tax payable 5,483,7344,513,075Total Current Liabilities 50,369,09447,719,092Long-term bank loans30,000,000-Deferred income2,991,0502,912,145Other liabilities 3,468,5752,996,749Total Liabilities 86,828,71953,627,986Stockholders' Equity Common stock: par value $0.0001; ,000,000 shares authorized; 27,046,556 and 26,629,615 shares issued at September 30, 2013 and December 31, 2012, respectively; 25,566,852 and 26,629,615 shares outstanding at September 30, 2013 and December 31, 2012, respectively2,7042,663Additional paid-in capital 68,698,85662,251,731Treasury stock, 1,479,704 and nil shares at September 30, 2013 and December 31, 2012, respectively, at cost(29,594,080)-Retained earnings 164,916,809119,143,000Accumulated other comprehensive income 20,477,31914,072,322Total equity attributable to China Biologic Products, Inc. 224,501,608195,469,716Noncontrolling interest 70,223,37161,949,448Total Stockholders' Equity 294,724,979257,419,164Commitments and contingencies --Total Liabilities and Stockholders' Equity 381,553,698311,047,150 

     CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSFor the nine months ended September 30, September 30, 20132012USDUSDCASH FLOWS FROM OPERATING ACTIVITIES: Net income 64,837,96855,783,921Adjustments to reconcile net income to net cash provided by operating activities: Depreciation4,550,5984,326,425Amortization 1,027,6502,293,839(Gain)/ loss on sale of property, plant and equipment (138,450)371,544
    Allowance for doubtful accounts, net 
    -21,876Provision for doubtful accounts - other receivables and prepayments37,45394,567Deferred tax expense/ (benefit)428,037(515,960)Share-based compensation 4,076,8173,074,132Change in fair value of derivative liabilities -(1,769,140)Equity in income of an equity method investee (1,382,524)(2,219,279)Change in operating assets and liabilities: Accounts receivable (10,758,305)1,872,418Prepayment and other current assets(720,340)(468,800)Inventories (5,872,632)3,507,968Accounts payable 1,254,404(1,103,617)Other payables and accrued expenses 1,088,481(398,905)Advance from customers (823,499)(939,904)Due to related parties16,539337,536Income tax payable 837,760517,440Net cash provided by operating activities 58,459,95764,786,061CASH FLOWS FROM INVESTING ACTIVITIES:Payment for property, plant and equipment (17,076,459)(7,436,719)Payment for intangible assets and land use rights (1,141,197)(796,707)Dividend received560,9801,109,115Purchase of short-term investment-(2,731,300)Proceeds from sale of property, plant and equipment175,808-Payment related to land use right-(13,220,568)Net cash used in investing activities (17,480,868)(23,076,179)CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from stock option exercised 3,035,011120,000Proceeds from warrants exercised-4,500,000Proceeds from short-term bank loans4,808,40011,076,100Repayment of short-term bank loans (8,014,000)(11,106,200)Proceeds from long-term bank loans30,000,000-Payment for deposit as security for long-term bank loans(30,000,000)-Payment for share repurchase(29,594,080)-Acquisition of noncontrolling interest(1,963,913)-Dividends paid by subsidiaries to noncontrolling interest shareholders (10,896,678)(4,379,016)Net cash (used in)/ provided by financing activities (42,625,260)210,884EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 3,533,528390,585NET INCREASE IN CASH AND CASH EQUIVALENTS1,887,35742,311,351Cash and cash equivalents at beginning of period129,609,31789,411,835Cash and cash equivalents at end of period131,496,674131,723,186Supplemental cash flow information Cash paid for income taxes 11,957,7959,988,536Cash paid for interest expense 273,095296,901Noncash investing and financing activities: Acquisition of property, plant and equipment included in payables 1,502,623-Exercise of warrants that were liability classified-3,641,279 

     RECONCILIATION OF NON-GAAP FINANCIAL MEASURES FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 and 2012For the three months ended September 30, September 30, 20132012USDUSDAdjusted Net Income Attributable to the Company - Non GAAP

    15,549,55914,698,324Diluted EPS - Non GAAP

    0.560.54Non-cash employee stock compensation

    (853,536)(1,081,174)Net Income Attributable to the Company

    14,696,02313,617,150Weighted average number of shares used in computation of Non GAAP diluted EPS

    27,449,08127,018,904For the nine months ended September 30, September 30, 20132012USDUSDAdjusted Net Income Attributable to the Company - Non GAAP

    49,351,10440,718,219Diluted EPS - Non GAAP

    1.771.52Non-cash employee stock compensation

    (3,577,295)(3,074,132)Gain from change in fair value of warrants

    -1,769,140Net Income Attributable to the Company

    45,773,80939,413,227Weighted average number of shares used in computation of Non GAAP diluted EPS

    27,780,00526,741,713


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


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