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ShangPharma Announces Third Quarter 2012 Results
Date:11/20/2012

l utilization. Specifically, the manufacturing business operating at the Fengxian facility will take several additional quarters to reach full utilization, despite steady progress. Other factors impacting quarterly performance include higher labor costs as a percentage of total net revenues due to slower revenue increases combined with recent headcount increases to support near future business growth. The increase in net revenues and cost savings resulting from the value-added-tax ("VAT") reform in Shanghai, effective January 1, 2012, helped to partially offset these factors. The Company has also begun to streamline its organizational structure and optimize human resources to improve employee productivity and efficiency.

Non-GAAP gross profit was $8.9 million, a decrease of 7.2% from $9.6 million in the third quarter of 2011. This was due to the reasons mentioned in the above discussion of GAAP gross profit.

Gross margin was 27.5%, compared with 31.2% in the third quarter of 2011. This was primarily due to the reasons mentioned in the above discussion of GAAP gross profit. These factors were partially offset by the cost savings from the aforementioned VAT reform. The investments and upgrades to facilities made during 2011, including the build-up of the Fengxian facility and the Charles River asset acquisition, are critical in positioning the Company for future growth and capturing more higher-value added services.

Non-GAAP gross margin was 28.1%, compared with 33.4% in the third quarter of 2011. This decrease was due to the reasons mentioned in the above discussion of GAAP gross margin.

Operating expenses (selling and marketing, general and administrative) were $7.6 million, an increase of 9.4% from $6.9 million in the third quarter of 2011. This was primarily due to higher labor costs resulting from the addition of senior leaders across various service offerings during the first half of 2012 and higher listed comp
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