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WuXi PharmaTech Announces Third-Quarter 2013 Results
Date:11/12/2013

inancial results exclude the impact of share-based compensation expenses and the amortization of acquired intangible assets and the associated deferred tax impact. 

Third-quarter 2013 non-GAAP gross profit increased 13.1% year over year to $53.9 million, due to the 16.6% revenue growth, offset by business mix, as the strongest revenue growth was achieved in Manufacturing Services, which has a lower gross margin than Laboratory Services.  Non-GAAP gross margin decreased year over year to 36.7% from 37.8%, mainly due to revenue mix of faster-growing Manufacturing Services revenues with relatively low gross margin and the effects of increasing labor costs in China and appreciation of the RMB versus the U.S. dollar, partially offset by improved productivity and the ramp-up of biologics and preclinical services. 

Third-quarter 2013 non-GAAP operating income increased 17.5% year over year to $31.3 million, primarily due to the 13.1% increase in non-GAAP gross profit.  Operating margin increased to 21.3% from 21.2% due to lower general and administrative expenses as a percentage of revenue, partially offset by lower gross margin.

Third-quarter 2013 non-GAAP net income grew 31.2% year over year to $34.5 million due to the 17.5% increase in non-GAAP operating income, higher other income primarily due to $3.1 million of realized gains and $2.6 million of mark-to-market gains on foreign-exchange forward contracts, higher interest income due to higher cash balances and higher interest rates, and a reduction in the effective tax rate due to the mix of taxable income, partially offset by $1.4 million of equity-method investment losses associated with our joint ventures with PRA and MedImmune.

Third-quarter 2013 non-GAAP diluted earnings per ADS grew 29.3% year over year to $0.47 due to the 31.2% increase in non-GAAP net income, partially offset by a higher number of outstanding ADSs as a result of the exercise of shares under the
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SOURCE WuXi PharmaTech
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