Net revenues from full-time-equivalent ("FTE")-based services were $20.7 million, an increase of 24.1% from $16.7 million in the third quarter of 2010, due to an increase in FTE services.
Net revenues from fee-for-service-based services were $8.1 million, an increase of 26.3% from $6.4 million in the third quarter of 2010. Continued strong demand increases from China-based companies, successful service cross-selling and rapid increased demand for services such as biologics, were the primary drivers of this growth.
Gross profit was $9.0 million, an increase of 19.9% from $7.5 million in the third quarter of 2010, primarily due to the increase in revenues and operational efficiency improvements. Continued appreciation of the Renminbi and higher share-based compensation partially offset these increases.
Non-GAAP gross profit was $9.6 million, an increase of 25.2% from $7.7 million in the third quarter of 2010, primarily due to the increase in revenues and operational efficiency improvements, which was partially offset by the continued appreciation of the Renminbi.
Gross margin was 31.2%, compared with 32.5% in the third quarter of 2010, primarily due to continued Renminbi appreciation and higher share-based compensation expenses, which were partially offset by operational efficiency improvements.
Non-GAAP gross margin was 33.4%, compared with 33.3% in the third quarter of 2010. The improvement was primarily due to operational efficiency improvements, and was partially offset by continued Renminbi appreciation.
Operating expenses (selling and marketing, general and administrative) were
|SOURCE ShangPharma Corporation|
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