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

acilities and the Charles River asset acquisition, are critical in positioning us for future growth and expanding further into higher-value added services.

Operating expenses (selling and marketing, general and administrative) were $7.7 million, an increase of 39.1% from $5.5 million in the first quarter of 2011. This was primarily due to higher listed company-related professional fees, higher labor costs resulting from the addition of senior scientists across our various service offerings during the quarter, and higher share-based compensation expenses. The enhancement of the senior scientific team is critical in positioning the Company for expansion into new capabilities and maintaining the Company's competitiveness in the market.

Non-GAAP operating expenses were $6.6 million, an increase of 38.7% from $4.8 million in the first quarter of 2011. This was primarily due to higher listed company-related professional fees and higher labor costs resulting from the addition of senior scientists across our various service offerings during the quarter.

Profit from operations was $1.6 million, a decrease of 34.9% from $2.5 million in the first quarter of 2011, primarily due to facility expansion costs, the continued appreciation of the RMB, higher listed company-related professional fees, and higher labor costs resulting from an increase in the number of our scientific research staff members, including senior scientists, during the quarter. These factors were partially offset by 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 from the aforementioned VAT reform. 

Non-GAAP profit from operations was $3.0 million, a decrease of 22.6% from $3.8 million in the first quarter of 2011. This was due to the reasons mentioned in the above discussion of GAAP profit from operations.

Operating margin was 5.2%, c
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SOURCE ShangPharma Corporation
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