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China Medicine Reports Third Quarter 2010 Financial Results
Date:11/10/2010

from $19.2 million, reflecting a combination of the change in sales strategy and contributions from the newly-acquired Guangzhou LifeTech Pharmaceutical Co., Ltd. ("LifeTech").  Revenue from distribution decreased 17.6% to $15.1 million from $18.3 million in the prior year period, reflecting the shift of the distribution product portfolio to higher margin products.  Revenue from proprietary products increased to $2.5 million from $0.5 million in the prior year period, reflecting the inclusion of revenues from LifeTech's products, which were acquired at the end of 2009.

Gross profit was flat at $5.8 million.  Gross margin increased to 33.1% from 30.5% in the prior year period.  The improvement was aided by the revenue mix shift toward higher-margin products within the distribution business and revenue contribution from LifeTech products.  

Operating income in the third quarter of 2010 was $2.5 million, compared to $4.5 million in the prior year period.  Selling, general and administrative expenses increased to $2.0 million from $0.9 million in the same period last year, primarily due to additional overheads of LifeTech upon the LifeTech acquisition and hiring of new officers. Research and development expenses increased to $1.3 million from $0.4 million in the prior year period, due to funding for Zhimu Huangtong's clinical trials.  

Net income available to common shareholders in the third quarter of 2010 decreased to $2.2 million, or $0.06 per diluted share, from $3.2 million, or $0.21 per diluted share, in the third quarter of 2009. The earnings per share calculation is based on 39.6 million diluted shares outstanding, compared to 15.4 million diluted shares outstanding in the prior year period.  Non-GAAP net income, which excludes a one-time non-cash charge related to the change in fair value of warrant liabilities, was $1.7 million, or $0.04 per diluted share, compared to $3.4 million, or $0.22 per dilu
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SOURCE China Medicine Corporation
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