Full-year sales of third party and self-branded medical devices totaled $15.1 million, or 77% of sales, compared with $11.3 million, or 91% of sales in 2009. Revenue from homecare solutions increased 302% to $4.5 million, or 23% of total sales, compared with $1.1 million, or 9% of sales in the year-ago period.
Gross ProfitFull year gross profit in 2010 was $7.6 million, an increase of 57% over $4.9 million in 2009, primarily due to increased total revenue. As a percentage of revenue, the Company's gross margin was 38.9% for the year ended December 31, 2010, compared with 39.3% in 2009.
Income from OperationsOperating income for the year ended December 31, 2010 totaled $5.1 million as compared to $3.4 million for the same period in 2009. The increase of $1.8 million, or 53%, was primarily due to the increase in revenues. Operating expenses in 2010 totaled $2.7 million, or 13.7% of sales in 2010, up 50% from $1.8 million, or 14.5% of sales in the same period a year ago.
Net IncomeNet income attributable to the Company for the year ended December 31, 2010 was $4.5 million, or $1.09 per diluted share based on 4.2 million weighted average shares outstanding. This compares with $2.7 million, or $0.89 per diluted share based on 3.0 million shares outstanding in 2009. The increase in share count was due to the completion of the Company's initial public offering in April 2010.
Liquidity and Capital ResourcesAs of December 31, 2010, Dehaier had $5.9 million in cash and cash equivalents, compared with $1.2 million as of December 31, 2009. The increase in cash balance was primarily due to the Company's initial public offering completed on April 22, 2010, which generated net proceeds of $9.9 million. Current assets totaled $33.4 million, with working capital of $22.6 million and shareholders'
|SOURCE Dehaier Medical Systems Ltd.|
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