Biostar Pharmaceuticals Inc., a Xianyang-based manufacturer of a leading PRC over-the-counter Hepatitis B medicine, Xin Aoxing Oleanolic Acid Capsules, and a variety of pharmaceutical products, today announced financial results for the fourth quarter and full year ended December 31, 2010.
The company reported a 65.7 percent increase in revenue for the fourth quarter of compared to $17.1 million for the fourth quarter of 2009. Sales of Xin Aoxing Capsules, Biostar’s flagship product, represented roughly two-thirds of the company’s fourth-quarter revenues, which increased 56.5 percent to $18.6 million, with a gross margin of 87.0 percent.
“We are very pleased to report solid operating progress for both the fourth quarter and full year, which was supported by robust revenue growth across several products. We implemented a broader marketing strategy for our flagship Xin Aoxing Capsule, complemented by our expansion into more retail locations in rural areas. This enabled us to achieve record sales and earnings for the year,” Ronghua Wang, chairman and CEO of Biostar stated in the press release. “We expect to have 13,000 rural locations by the end of 2011, up from approximately 10,000 at the end of 2010, and believe this sales channel will further drive incremental growth for the year.”
Operating income for the fourth quarter of 2010 increased 146 percent to approximately $7.9 million, compared to $3.2 million reported for the fourth quarter of 2009. Operating margins were 27.9 percent and 18.7 percent for the fourth quarter of 2010 and 2009, respectively.
Fourth-quarter net income was approximately $6.1 million, a 259 percent increase from the fourth quarter of 2009. Diluted earnings per share were $0.22 and 0.07 for the fourth quarter of 2010 and 2009, based upon 27.4 million and 24.3 million diluted common stocks outstanding, respectively.
For the 12 months ended December 31, 2010, revenue increased approximately 50.4 percent to $80.2 million. 2010 Full-year gross profit of $60.1 million was a 54.1 percent increase from the 12 months of 2009. Gross margins improved by 170 basis points to 74.9 percent.
Net income was $17.4 million for the 12-month period, an increase of approximately 65.7 percent from the same period in 2009. Fully diluted earnings per share were $0.63 and $0.32 for the 12 months of 2010 and 2009 based up on 27.4 million and 24.3 million shares, respectively.
As of December 31, 2010, the company’s cash and cash equivalents totaled $13.2 million on December 31, 2010, compared to $8.6 million on December 31, 2009. Working capital on December 31, 2010, was $35.8 million, compared to $23.9 million in the year ago period.
For more information visit www.biostarpharmaceuticals.com
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