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

increase in non-GAAP operating expenses driven by the hiring of new senior staff and sales and marketing personnel, RMB appreciation, and building of our biology research capabilities.Second-quarter 2011 non-GAAP net income grew 10.4% year over year to $22.0 million due to the 10.8% increase in non-GAAP operating income and higher interest income from short-term investments.

Diluted non-GAAP earnings per ADS grew 9.3% year over year to 29 cents, mainly due to the 10.4% increase in non-GAAP net income, offset by slightly higher share count due to the exercise of stock options.

2011 Financial GuidanceThe company announces the following update of its full-year 2011 financial guidance:

  • Total net revenues of $400-407 million, which represents 20-22% growth
  • Growth in net revenues of China-based Laboratory Services of 14-15%
  • Growth in net revenues of U.S.-based Laboratory Services of 5-7%
  • Growth in net revenues of Manufacturing Services of 80-90%
  • Decrease in gross margin of about 1 percentage point
  • GAAP operating margin of about 21% and non-GAAP operating margin of about 24%
  • Capital expenditures of about $60 million
  • GAAP effective tax rate of about 18%

  • The Company provides the following guidance for third-quarter 2011 performance:

  • Total net revenues of $100-103 million, or 19-23% year-over-year growth
  • Laboratory Services revenues of $82-84 million, Manufacturing Services net revenues of $18-19 million
  • GAAP and non-GAAP operating margins of about 21% and 24%, respectively

  • WUXI PHARMATECH (CAYMAN) INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands of U.S. dollars, except ordinary share, ADS and par value data)June 30, 2011December 31, 2010Assets: 

     

     

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    SOURCE WuXi PharmaTech (Cayman) Inc
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