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Sinovac Reports Unaudited Third Quarter 2011 Financial Results
Date:11/14/2011

BEIJING, Nov. 14, 2011 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, announced today its unaudited third quarter financial results for the period ended September 30, 2011.

Financial Highlights

  • Sales in the third quarter increased 60.8% year-over-year to $15.4 million, compared to $9.6 million, and year-to-date sales increased 47.2% to $35.7 million.
  • Net loss attributable to stockholders in the third quarter was $2.1 million, or $0.04 per basic and diluted share. Year-to-date net loss attributable to stockholders was $3.6 million, or $0.07 per basic and diluted share.
  • Cash and cash equivalents and short-term investments with guaranteed income totaled $94.2 million at September 30, 2011, compared to $92.7 million at June 30, 2011 and $103.1 million at December 31, 2010.
  • Recent Business Highlights

  • In November 2011, Sinovac reported positive top-line results from its phase II clinical trial for its proprietary inactivated vaccine against human enterovirus 71 (EV71), which causes hand, foot and mouth disease (HFMD).  The preliminary phase II results for the EV71 vaccine showed good immunogenicity and a favorable safety profile with no vaccine-related serious adverse events and adverse reaction rate has no significant difference between the vaccinated group and control group.  
  • In October 2011, Sinovac was selected by the Beijing Centers for Disease Control and Prevention (Beijing CDC) as one of the four manufacturers to supply seasonal influenza vaccine to the citizens of Beijing for the fourth time in recent years.
  • In September 2011, Sinovac's inactivated animal rabies vaccine RabEnd received the final regulatory approval required to commence commercial sales when China's Ministry of Agriculture issued the production license.
  • Dr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, "Our third quarter 2011 sales reflected the continued demand for our hepatitis vaccines, which represent about two-thirds of the sales this quarter. Bilive revenue growth still remains significant in this quarter.The vaccine is sold in the private pay market, and recently went through a price increase that improved its margin contribution and represents a key opportunity for sales expansion.  We are making significant progress in growing public market sales of Healive, which represented 24% of total third quarter sales, compared to 8% in the same period in 2010. And this year, Sinovac successfully won the Beijing Governmental tender to supply our seasonal influenza vaccine to the citizens of Beijing for the fourth time in recent years, which shows that our flu vaccines are trusted by the CDCs."

    Dr. Yin continued, "We are moving forward with the launch of our animal rabies vaccine RabEnd following the receipt of the production license in September 2011. Our Tangshan Yian production facility is fully operational and the first few batches of animal rabies vaccine have been released by the China Institute of Veterinary Drug Control, the national laboratory for animal drugs. Those vaccines are ready for sale. We have established a dedicated sales force and are teaming up with distributors to make this inactivated animal rabies vaccine available to pet owners through the animal CDCs and veterinary hospitals. The team is actively working on penetrating the public market and selecting the regional distributors to enter the private pay market for our RabEnd.

    Dr. Yin concluded, "We are particularly pleased with the progress that we are making with the EV71 vaccine development as we recently reported positive top-line results from our Phase Ⅱ trial. The Phase Ⅱclinical results provided the reference data for Phase Ⅲ clinical trial, including the vaccination schedule and dosage selection, based on which the proper dosage can be selected to enter into the phase Ⅲ study. We started preparations for the Phase Ⅲ trial, including drafting the trial proposal, selecting the clinical sites and manufacturing the vaccines to be used in the trial. We anticipate commencing the phase Ⅲ clinical trial in the coming months, and aim to complete it within one year."

    Financial Review for Third Quarter Ended September 30, 2011 Sales for the third quarter 2011 were $15.4 million, up 60.8% from $9.6 million for the third quarter of 2010.  The third quarter 2011 hepatitis vaccines sales included delivery of the Xinjiang CDC order for 568,700 doses of Healive received in July 2011. The current quarter sales increase was driven by the significant growth of Bilive sales to the private market and Healive sales to the public market.

    Sinovac's sales breakdown by product was as follows. 

    Three months ended September 30,  

    2011

    2010Sales 

     Hepatitis vaccines

    $10,800,836

    $2,436,151Influenza vaccines 

    4,560,961

    7,116,090Total

    $15,361,797

    $9,552,241Gross profit for the third quarter 2011 was $8.7 million, with a gross margin of 56.8%, compared to $6.5 million and a gross margin of 68.3% for the same period of 2010.  After deducting depreciation of land use rights, amortization of licenses, permits, the gross margin was 56.5% and 67.2% for the third quarter of 2011 and 2010, respectively. The average unit price of Healive was lowered in order to effectively expand sales in the public market, which adversely affected the gross margin. The gross profit margin was also adversely affected by higher unit cost of sales which was caused by the lower plant utilization, inventory provisions and write-offs of hepatitis vaccines in the third quarter 2011. .

    Selling, general and administrative expenses for the third quarter 2011 were $8.9 million, compared to $4.4 million in the same period of 2010. SG&A expenses as a percentage of third quarter 2011 sales were 57.7%, compared to 46.2% during the third quarter of the prior year. Excluding pandemic flu vaccine sales, SG&A as a percentage of sales was 57.7% and 55.6% for the current quarter and prior year quarter, respectively. Selling expenses as a percentage of third quarter 2011 sales were 31.9%, compared to 26.3% during the third quarter of the prior year. The increased selling expenses were mainly related to the expansion of the sales team for the existing products and products to be launched in the future in the private pay and public markets and increased marketing activities in the private pay market. The general and administrative expenses of the third quarter 2011 included bad debt provision of $1.5 million with nil in the same period of prior year.Net research and development expenses for the third quarter 2011 were $2.4 million, compared to $2.5 million in the same period in 2010. The R&D expenses in the third quarter 2011 were primarily spent on the continued development of the pipeline vaccines, including the expenses for the EV71 vaccine with the phase II clinical trial recently completed and phase III trial planning underway, the trial production of the mumps vaccine, and other R&D projects.

    Depreciation of property, plant and equipment and amortization of license and permits for the third quarter 2011 were $225,000, compared to $374,000 for the same period of last year. The change compared to 2010 was primarily attributable to the expiration of the amortization period of inactivated hepatitis vaccines, which accounted for $89,000 of the 2010 expense.

    Total operating expenses for the third quarter of 2011 were $11.4 million, compared to $7.2 million in the comparative period in 2010.

    The operating loss for the three months ended September 30, 2011 was $2.7 million, 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 effectively expand sales in the public market, which adversely affected the gross margin, The lower plant utilization and inventory provision and write-off also contributed to the lower gross profit margin.

    Selling, general and administrative expenses for the nine-month period of 2011 were $18.0 million, compared to $11.5 million in the same period of 2010. SG&A expenses as a percentage of the nine-month period 2011 sales were 50.3%, compared to 47.5% during the same period of the prior year.  Excluding pandemic flu vaccine sales, SG&A as a percentage of sales were 64.2% and 58.3% for the nine-month periods of the current year and prior year, respectively. The increased SG&A was mainly related to the bad debt provision of $1.5 million made in the third quarter, and the expansion of the sales team for existing and recently launched products in the private pay and public markets, increased sales team compensation and increased spending on marketing activities in the private pay market. 

    Net research and development expenses for the nine-month period of 2011 were $6.7 million, compared to $5.3 million in the same period in 2010. The increased R&D expenses in the 2011 period were primarily related to the continued development of the pipeline vaccines, including the expenses for the EV71 vaccine with the phase II clinical trial recently completed and the phase III trial planning underway, the trial production of mumps vaccine and animal rabies vaccine.

    Depreciation of property, plant and equipment and amortization of license and permits for the nine-month period of 2011 were $1.1 million, compared to $886,000 for the same period of last year. The change compared to 2010 was primarily attributable to amortization on the Changping production facility, for which there was only one month of depreciation in the first nine months of 2010.

    Total operating expenses for the nine-month period of 2011 were $25.6 million, compared to $17.5 million in the comparative period in 2010.

    The operating loss for the nine months ended September 30, 2011 was $3.0 million, compared to operating income of $1.1 million for the same period of the prior year. The year over year change was primarily attributable to lower gross margin due to the product mix, increasing cost of sales and SG&A expenses.

    Net loss attributable to stockholders for the nine-month period of 2011 was $3.6 million, or $0.07 per diluted share, as compared to net income of $440,000, or $0.01 per diluted share, in the same period of 2010.

    Other DevelopmentsIn October 2011, Sinovac Hong Kong's holdings in Sinovac Beijing increased from 71.56% to 73.09%.

    Conference Call DetailsThe Company will host a conference call on Monday, November 14, 2011 at 8:00 a.m. EST (November 14, 2011 at 9:00 pm China Standard Time) to review the Company's financial results for the third quarter ended September 30, 2011 and provide an update on recent corporate developments. To access the conference call, please dial 1-877-407-4018 (USA) or 1-201-689-8471 (international). A replay of the call will be available from 11 a.m. EST on November 14, 2011 to November 28, 2011 at midnight. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (international) and reference the replay pin number 382617.

    A live audio webcast of the call will also be available from the Investors section on the corporate web site at http://www.sinovac.com . A webcast replay can be accessed on the corporate website beginning November 14, 2011 and the replay will remain available for 30 days.

    About SinovacSinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacture and commercialization of vaccines that protect against human infectious diseases including hepatitis A, seasonal influenza, H5N1 (bird flu) pandemic influenza and H1N1 influenza. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, PANFLU.1, and has sold vaccine to the Chinese Central Government pursuant to the government stockpiling program. The Company is developing a number of new vaccine products, including vaccines for pneumococcal conjugate, enterovirus 71 (EV71) (against hand, foot and mouth disease), pneumococcal polysaccharides, human rabies, HIB, rotavirus and epidemic meningitis, chickenpox and mumps and rubella. Its wholly owned subsidiary, Tangshan Yian, focuses on the research, development, manufacturing and commercialization of animal vaccines, and has launched its internally developed inactivated rabies vaccine in China.

    Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about Sinovac's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Sinovac does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

     

    Helen Yang/Chris Lee
    Sinovac Biotech Ltd.
    Tel:  +86-10-8279-9871/9659
    Fax:  +86-10-6296-6910
    Email: ir@sinovac.com

    Investors:
    Stephanie Carrington
    The Ruth Group
    Tel:  +1-646-536-7017
    Email: scarrington@theruthgroup.com

    Media:
    Victoria Aguiar
    The Ruth Group
    Tel:  +1-646-536-7013
    Email:  vaguiar@theruthgroup.com SINOVAC BIOTECH LTD.Incorporated in Antigua and  BarbudaConsolidated Balance Sheets(Unaudited)(Expressed in U.S. Dollars)

     

      

    September 30, 2011

    December 31, 2010ASSETS

     

     

     

      

     

     

     

     Current assets

     

     

     

       Cash and cash equivalents

    $

    61,395,981

    $

    101,585,490  Short-term investments

     

    32,803,274

     

    1,512,447  Accounts receivable

     

    22,132,019

     

    22,370,296  Inventories

     

    12,301,112

     

    14,541,554  Due from related party

     

    -

     

    3,397,522  Prepaid expenses and deposits

     

    1,158,023

     

    887,187  Deferred tax assets 

     

    834,614

     

    2,682,069 

     

     

     

     Total current assets

     

    130,625,023

     

    146,976,565 

     

     

     

     Property, plant and equipment

     

    69,169,584

     

    64,036,228Long-term inventories

     

    3,641,951

     

    395,516Long-term prepaid expenses

     

    439,919

     

    517,957Prepayment for acquisition of equipment

     

    1,570,153

     

    576,232Deferred tax assets

     

    459,557

     

    507,062Licenses and permits

     

    1,373,619

     

    1,348,364Total assets

    $

    207,279,806

    $

    214,357,924 

     

     

     

     LIABILITIES AND EQUITY

     

     

     

      

     

     

     

     Current liabilities

     

     

     

       Loans payable

    $

    9,372,364

    $

    10,435,887  Accounts payable and accrued liabilities

     

    21,522,801

     

    22,091,190Income tax payable

     

    1,216,146

     

    958,411Deferred revenue

     

    1,779,359

     

    9,707,688Deferred tax liability

     

    335,619

     

    1,005,186  Deferred research grants

     

    1,398,201

     

    1,559,589 

     

     

     

     Total current liabilities

     

    35,624,490

     

    45,757,951 

     

     

     

     Deferred government grants

     

    2,334,525

     

    2,464,565Loans payable

     

    14,445,211

     

    10,057,775Long-term payable for acquisition of assets

     

    3,574,335

     

    4,842,509Deferred revenue

     

    10,309,600

     

    3,478,629Total long term liabilities

     

    30,663,671

     

    20,843,478 

     

     

     

     Total liabilities

    $

    66,288,161

    $

    66,601,429 

     

     

     

     Commitments and contingencies

     

     

     

      

     

     

     

     EQUITY

     

     

     

     Preferred stock

     

     

     

    -  Authorized 50,000,000 shares at par value of $0.001 each

     

     

     

       Issued and outstanding: nil

     

     

     

     Common stock

     

    54,765

     

    54,306  Authorized: 100,000,000 shares at par value of $0.001 each

     

     

     

       Issued and outstanding:  54,641,304 (2010 –54,305,961)

     

     

     

     Subscriptions received

     

    -

     

    -Additional paid-in capital

     

    105,061,875

     

    104,152,182Accumulated other comprehensive income

     

    9,307,464

     

    6,883,834Statutory surplus reserves

     

    11,473,110

     

    11,473,110Retained earnings

     

    262,534

     

    3,876,084 

     

     

     

     Total stockholders' equity

     

    126,159,749

     

    126,439,516 

     

     

     

     Non-controlling interests

     

    14,831,897

     

    21,316,979 

     

     

     

     Total equity

     

    140,991,645

     

    147,756,495 

     

     

     

     Total liabilities and equity

    $

    207,279,806

    $

    214,357,924 

      

     

     

     

     

     

     

     

     

      SINOVAC BIOTECH LTD.Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)Three Months and Nine Months Ended September 30, 2011 and 2010(Unaudited)(Expressed in U.S. Dollars) 

     

     

     

     

     

     

      

     Three months ended
    September 30 Nine months ended
    September 30 

     2011 2010 2011 2010 

     

     

     

     

     

     

     

     Sales$

    15,361,797

    $

    9,552,241

    $

    35,698,488

    $

    24,259,846 

     

     

     

     

     

     

     

     Cost of sales - (exclusive of depreciation of land-use rights and amortization of licenses and permits of $47,394 (2010 - $105,659) for three months and  $257,019  (2010 -$315,284) for nine months

     

    6,631,672

     

    3,031,414

     

    13,095,652

     

    5,690,066 

     

     

     

     

     

     

     

     Gross profit 

    8,730,125

     

    6,520,827

     

    22,602,836

     

    18,569,780 

     

     

     

     

     

     

     

     Selling, general and administrative expenses  

    8,870,922

     

    4,412,668

     

    17,957,227

     

    11,511,440 

     

     

     

     

     

     

     

     Research and development expenses - net of

    $nil  (2010- $36,016) for three months and $215,431 (2010- $17,068) for nine months in government research grants

     

    2,366,842

     

    2,470,604

     

    6,744,862

     

    5,258,950Depreciation of property, plant and equipment and amortization of  licenses and permits 

    225,398

     

    374,158

     

    1,071,553

     

    885,644 

     

     

     

     

     

     

     

     Government grants recognized in income 

    (70,061)

     

    (66,374)

     

    (207,508)

     

    (198,059) 

     

     

     

     

     

     

     

     Total operating expenses 

    11,393,101

     

    7,191,056

     

    25,566,134

     

    17,457,975 

     

     

     

     

     

     

     

     Operating income (loss) 

    (2,662,976)

     

    (670,229)

     

    (2,963,298)

     

    1,111,805 

     

     

     

     

     

     

     

     Interest income 

    333,797

     

    360,761

     

    841,766

     

    865,777Interest and financing expenses 

    (181,298)

     

    (155,712)

     

    (446,316)

     

    (703,070)Loss on disposal of equipment 

    (229,015)

     

    (49,631)

     

    (195,509)

     

    (869,042)Other income  

    135,033

     

    177,541

     

    157,414

     

    227,091 

     

     

     

     

     

     

     

     Income (loss) before income taxes and non-controlling interests 

    (2,604,459)

     

    (337,270)

     

    (2,605,943)

     

    632,561 

     

     

     

     

     

     

     

     Income tax expenses  

    (271,230)

     

    (198,970)

     

    (2,056,723)

     

    (820,773) 

     

     

     

     

     

     

     

     Consolidated net loss 

    (2,875,689)

     

    (536,240)

     

    (4,662,666)

     

    (188,212) 

     

     

     

     

     

     

     

     Less: Loss attributable to non-controlling interests 

    (733,453)

     

    (238,681)

     

    (1,049,116)

     

    (628,668)Net income (loss) attributable to stockholders$

    (2,142,236)

    $

    (297,559)

    $

    (3,613,550)

    $

    440,456Net loss$

    (2,875,689)

    $

    (536,240)

    $

    (4,662,666)

    $

    (188,212)Other comprehensive income  

     

     

     

     

     

     

     Foreign currency translation adjustment 

    838,029

     

    138,707

     

    2,850,339

     

    576,273Total comprehensive income (loss) 

    (2,037,660)

     

    (397,533)

     

    (1,812,327)

     

    388,061Less: comprehensive income (loss) attributable to non-controlling interests 

    (619,032)

     

    221,191

     

    (662,407)

     

    (52,395)Comprehensive income attributable to stockholders$

    (1,418,628)

    $

    (618,724)

    $

    (1,189,920)

    $

    440,456Basic and diluted earnings (loss) per share $

    (0.04)

    $

    (0.01)

    $

    (0.07)

    $

    0.01Weighted average number of shares
    of common stock outstanding  

     

     

     

     

     

     

     - Basic

     

    54,674,182

     

    54,140,665

     

    54,504,318

     

    52,834,517- Diluted

     

    54,674,182

     

    54,140,665

     

    54,504,318

     

    53,875,179 

     

     

     

     

     

     

     

     

     

     

      SINOVAC BIOTECH LTD.Consolidated Statements of Cash FlowsThree Months and Nine Months Ended September 30, 2011 and 2010(Unaudited)(Expressed in U.S. Dollars)

     

     

     

     

     

     

     

      

     

    Three Months ended September 30

    Nine Months ended September 30 

     

    2011

     

    2010

     

    2011

     

    2010Cash flows from (used in) operating activities

     

     

     

     

     

     

     

       Net loss for the period

    $

    (2,875,689)

    $

    (536,240)

    $

    (4,662,666)

    $

    (188,212)  Adjustments to reconcile net income to net cash from (used by) operating activities:

     

     

     

     

     

     

     

       - deferred income taxes

     

    351,481

     

    275,164

     

    2,122,366

     

    412,873  - write-off of equipment and loss  on disposal

     

    229,015

     

    49,631

     

    195,509

     

    869,042  - stock-based compensation

     

    63,759

     

    95,166

     

    164,392

     

    298,062-provision for doubtful debts

     

    1,226,456

     

     

     

    1,226,456

     

     - inventory provision

     

    1,298,347

     

    (13,272)

     

    1,298,347

     

    243,793  - depreciation of property, plant and equipment, and
    amortization of licenses and permits

     

    1,020,131

     

    901,792

     

    3,612,185

     

    2,782,896  - research and development expenditures qualifying for government grant

     

    -

     

    (36,016)

     

    (215,431)

     

    (17,068)- deferred government grant recognized in income

     

    (70,061)

     

    (66,374)

     

    (207,508)

     

    (198,059)- accretion expenses

     

    86,221

     

    -

     

    290,630

     

    -Changes in:

     

     

     

     

     

     

     

       - accounts receivable

     

    (4,648,768)

     

    (5,841,219)

     

    (271,247)

     

    (7,400,539)  - inventories

     

    820,897

     

    (3,608,516)

     

    (1,806,090)

     

    (12,086,225)- income tax payable

     

    (17,984)

     

    (923,228)

     

    (523,917)

     

    (5,621,908)  - prepaid expenses and deposits

     

    88,351

     

    80,529

     

    (423,439)

     

    (224,222)- deferred revenue and advances

     

     

     

     

     

     

     

     from customers

     

    1,812,241

     

    -

     

    (1,505,409)

     

    (374,556)  - accounts payable and accrued liabilities

     

    2,315,631

     

    569,443

     

    (1,870,927)

     

    (4,563,723)Net cash provided by (used in) operating activities

     

    1,634,385

     

    (9,053,140)

     

    (2,642,392)

     

    (26,067,846) 

     

     

     

     

     

     

     

     Cash flows from (used in) financing activities

     

     

     

     

     

     

     

       - Loan proceeds

     

    2,111,150

     

    -

     

    3,992,522

     

    9,583,379  - Loan repayment

     

     

     

    -

     

    (1,383,338)

     

    (16,094,224)  - Proceeds from issuance of common stock net of share issuance cost

     

    197,852

     

    68,800

     

    734,400

     

    61,988,701 - Repayment from (loan to) non-controlling shareholder of  Sinovac Beijing

     

    -

     

    -

     

    3,397,522

     

    (3,286,695)- Subscriptions received

     

    2,880

     

    -

     

    11,360

     

    -  - Dividends paid to non-controlling shareholder ofSinovac Beijing

     

    -

     

    -

     

    (5,862,676)

     

    (3,285,902)- Due from non-controlling shareholder of  Sinovac Dalian

     

    -

     

    (519,075)

     

    -

     

    -  - Government grant received

     

    -

     

    -

     

    7,636

     

    235,818Net cash provided by (used in) financing activities

     

    2,311,882

     

    (450,275)

     

    897,426

     

    49,141,077 

     

     

     

     

     

     

     

     Cash flows used in investing activities

     

     

     

     

     

     

     

       - Restricted cash

     

    -

     

    308,477

     

    -

     

    64,400- Proceeds from disposal of equipment

     

    117,292

     

    158,443

     

    117,292

     

    349,913- Proceeds from redemption of short-term investments

     

    -

     

    2,173,792

     

    1,547,030

     

    7,314,187- Purchase of short-term investments

     

    (9,845,966)

     

    -

     

    (32,277,897)

     

    (7,775,365)- Deposits for acquisition of new facility

     

    -

     

    (229,087)

     

    -

     

    (229,087)- Acquisition of property, plant and equipment

     

    (2,945,723)

     

    (3,526,286)

     

    (8,643,864)

     

    (13,888,818)Net cash used in investing activities

     

    (12,674,397)

     

    (1,114,661)

     

    (39,257,439)

     

    (14,164,770) 

     

     

     

     

     

     

     

     Exchange effect on cash and cash equivalents

     

    (163,169)

     

    484,277

     

    812,896

     

    642,865Increase (decrease) in cash and cash equivalents

     

    (8,891,299)

     

    (10,133,799)

     

    (40,189,509)

     

    9,551,326 

     

     

     

     

     

     

     

     Cash and cash equivalents, beginning of period

     

    70,287,280

     

    94,638,337

     

    101,585,490

     

    74,953,212 

     

     

     

     

     

     

     

     Cash and cash equivalents, end of period

    $

    61,395,981

    $

    84,504,538

    $

    61,395,981

    $

    84,504,538 

     Cash paid for interest

    $

    167,883

    $

    163,599

    $

    809,303

    $

    821,776Cash paid for income taxes

    $

    -

    $

    838,993

    $

    520,514

    $

    5,200,744 

     

     

     

     

     

     

     

     Supplemental schedule of non-cash activities:

     

     

     

     

     

     

     

       Acquisition of property, plant and equipment included in

     

     

     

     

     

     

     

       accounts payable and accrued liabilities

    $

    8,021,881

    $

    8,828,052

    $

    8,021,881

    $

    8,828,052 

     

     

     

     

     

     

     

      


    '/>"/>

    SOURCE Sinovac Biotech Ltd.
    Copyright©2010 PR Newswire.
    All rights reserved


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