Sinovac Reports Unaudited Third Quarter 2011 Financi... (on compared to $670000 for the same peri...)

Sinovac Reports Unaudited Third Quarter 2011 Financial Results

Date:11/14/2011

on, compared to $670,000 for the same period of the prior year. The change in operating loss in the third quarter of 2011 was primarily attributable to the increased cost of sales and SG&A expenses.

Net loss attributable to stockholders for the third quarter of 2011 was $2.1 million, or $0.04 per diluted share, as compared to $298,000, or $0.01 per diluted share, in the same period of 2010.

As of September 30, 2011, Sinovac's cash and cash equivalents, and Short-term investments totaled $94.2 million, compared to $103.1 million at December 31, 2010. The Company has sufficient cash and short-term investments to support its planned research and development activities, and its anticipated investment in manufacturing facility expansion initiatives.

Financial Review for the Nine Months Period Ended September 30, 2011 Sales for the nine-month period of 2011 were $35.7 million, up 47.2% from $24.3 million for the same period quarter of 2010. During the nine-month period of 2011, Sinovac recorded $7.7 million in pandemic influenza vaccine sales on prior year order. The growth in revenue was driven by the significant growth in Bilive sales to the private pay market.

Sinovac's sales breakdown by product was as follows.

Nine months ended September 30,

2011

2010Sales

Hepatitis vaccines

$23,362,960

$14,193,727Influenza vaccines

12,335,528

10,066,119Total

$35,698,488

$24,259,846Gross profit for the nine-month period of 2011 was $22.6 million, with a gross margin of 63.3%, compared to $18.6 million and a gross margin of 76.5% for the same period of 2010. After deducting depreciation of land use rights, amortization of licenses, permits, the gross margin was 60.3% and 72.9% for the nine month periods of 2011 and 2010, respectively. The average unit price of Healive was lowered in order to effecti
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SOURCE Sinovac Biotech Ltd.
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