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WuXi PharmaTech Announces Second Quarter 2011 Results
Date:8/10/2011

l costs, the growth in operating expenses was mainly due to the hiring of new senior staff and sales and marketing personnel, RMB appreciation, and building of our biology research capabilities.

Second-quarter 2011 GAAP net income increased 35.6% year over year to $18.7 million due to the 33.7% increase in operating income and higher interest income from short-term investments.

Second-quarter 2011 GAAP diluted earnings per ADS increased 34.2% to 25 cents, mainly due to the 35.6% increase in net income, offset by a slightly higher share count due to exercise of stock options.

Non-GAAP ResultsNon-GAAP financial results excluded the impact of share-based compensation expenses and the amortization of acquired intangible assets and the associated deferred tax impact in both the current-year and the prior-year results, and non-recurring costs relating to the previously proposed combination with Charles River Laboratories in the prior-year results.  

Second-quarter 2011 non-GAAP gross profit increased 14.4% year over year to $40.0 million due to revenue growth in Laboratory Services and both strong revenue growth and gross-margin improvement in Manufacturing Services.  Second-quarter 2011 non-GAAP gross margin decreased year over year to 39.5% from 43.2%.  Gross margin in Manufacturing Services, while lower than that in Laboratory Services, improved year over year due to strong revenue growth and increased capacity utilization in our large-scale manufacturing facilities.  Gross margin in Laboratory Services decreased year over year due to higher labor costs, the negative impact from appreciation of the Chinese RMB relative to the U.S. dollar, and increased depreciation expenses from investments in new capabilities and capacity expansion.

Second-quarter 2011 non-GAAP operating income increased 10.8% year over year to $25.0 million, primarily due to the 14.4% increase in non-GAAP gross profit, partially offset by the
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SOURCE WuXi PharmaTech (Cayman) Inc
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