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

er 2011 will require a few additional quarters to achieve its full revenue potential.  Q1 2012 was the first quarter that the full impact of these costs has been reflected in our financial performance.  Other factors impacting our quarterly performance include continued Renminbi ("RMB") appreciation and higher labor costs as a total of net revenues due to increased headcount to support near future business growth.

Non-GAAP gross profit was $9.6 million, an increase of 11.3% from $8.6 million in the first quarter of 2011. This was primarily due to an increase in net revenues, lower material costs as a percentage of total net revenues resulting from a change in service mix, and cost savings resulting from the Shanghai VAT reform. These factors were partially offset by the facility expansion costs mentioned above, the continued appreciation of the RMB and higher labor costs as a total of net revenues due to the aforementioned increased headcount.

Gross margin was 30.2%, compared with 32.3% in the first quarter of 2011. This was primarily due to the factors mentioned in the above discussion of gross profit. These factors were partially offset by lower share-based compensation expenses, lower material costs as a percentage of total net revenues resulting from a change in service mix, and cost savings resulting from the aforementioned VAT reform. 

Non-GAAP gross margin was 31.1%, compared with 34.7% in the first quarter of 2011. This decrease was primarily due to facility expansion costs, the continued appreciation of the RMB and higher labor costs as a percentage of total net revenues due to increased headcount. These factors were partially offset by lower material costs as a percentage of total net revenues, resulting from a change in service mix and cost savings resulting from the aforementioned VAT reform. The investments in and upgrades to our facilities made during 2011, including the build-up of the Fengxian f
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SOURCE ShangPharma Corporation
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