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ShangPharma Announces First Quarter 2012 Results
Date:5/17/2012

e first quarter of 2011.
  • GAAP operating margin was 5.2%, compared with 10.0% in the first quarter of 2011. Non-GAAP operating margin was 9.7% compared with 15.5% in the first quarter of 2011.
  • Net revenue per employee increased 8.3% year-over-year.
  • Management Comment"Our long-term strategy of robust investment has resulted in significant upgrades in the quality and scope of our service offerings. This has helped produce strong Q1 top-line performance, driven by increased revenue from our top-ten customers, including in key areas such as biologics," said Michael Xin Hui, founder and Chief Executive Officer of ShangPharma. "While this investment strategy has created anticipated short-term margin pressure, we believe that we are now in a highly competitive position to capitalize on the future growth of the Chinese CRO market."Mr. Hui continued, "We believe that the recent investments we made in our service offerings will lead to more integrated discovery projects. These projects typically take longer to come online, but draw on more sophisticated capabilities and thus offer the potential for significant net revenue growth."

    William Dai, Chief Financial Officer, added, "We were pleased to see strong top-line growth this quarter as our customers, particularly the larger ones, expanded their business with us. While costs associated with our recent critical investments placed pressure on margins, we anticipate some improvement in the latter part of the year."

    First Quarter 2012 ResultsNet revenues were $30.8 million, an increase of 24.1% from $24.8 million in the first quarter of 2011. Higher volumes from the Company's top customers and greater cross-selling of services were major drivers of this growth.Net revenues from the Company's top-10 customers increased by 33.3% compared with the same period last year, representing approximately 65.7% of total net revenues, compared with 61.2% in the sa
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