BSPM: Biostar Pharmaceuticals, Inc. Provides Unaudited Preliminary Updates on Sales and Rural Distribution Network 12/13 07:30 AM
-- Looks to me like the revenue growth rate spiked up in Q4 to around 68% growth compared to a lower 47% growth for the 11 months this year so far. Nice! --
XIANYANG, China, Dec. 13, 2010 /PRNewswire-Asia-FirstCall/ --
Unaudited October and November 2010 combined revenues increased 68% to approximately $18.3 million; Sales of Xin Aoxing increased 67% to $12.4 million
Company's rural distribution network surpasses 9,500 locations; on track to reach 10,000 by December 31, 2010
Biostar Pharmaceuticals, Inc. (BSPM:$2.78,00$-0.03,00-1.07%) ("Biostar" or "the Company"), Xianyang-based manufacturer of a leading over-the-counter Hepatitis B medicine, Xin Aoxing Oleanolic Acid Capsules ("Xin Aoxing Capsules"), and a variety of pharmaceutical products, today provided an update on preliminary sales for October and November 2010.
Biostar's preliminary estimates of its combined revenues for October and November 2010 shows that the revenues for the period increased 68% to approximately $18.3 million, compared to $10.9 million for the same period of 2009. Sales of Xin Aoxing Capsules, Biostar's flagship product, increased by 67% to $12.4 million or 68% of total unaudited revenue for the first two months of the fourth quarter 2010.
Similarly, the Company estimates its unaudited revenues for the first 11 months of 2010 to be $70.2 million, approximately 88% of the Company's full year revenue guidance of $80 million, an increase of 49% compared to the same period of last year. Xin Aoxing's sales were $47.2 million, growing 47% during the first 11 months of 2010. The Company continued its expansion into rural communities in China with products now being sold at over 9,500 locations as of November 30, 2010, up approximately 12% from the end of the third quarter ending September 30, 2010.
"Historically for our Company, the fourth quarter is the strongest sales quarter and December is the strongest sales month. Strong reorders for Xin Aoxing in new markets, driven by a successful advertising program, and supported by sales growth in several other products gives us confidence we will meet our 2010 guidance. We are also on track to meet our 10,000 location target for the rural expansion program and believe this sales channel will drive incremental growth during 2011," commented Ronghua Wang, Chairman and Chief Executive Officer of Biostar. "We will continue to maintain stringent credit terms with our customers to enhance working capital. At the same time, we are working on expanding Xin Aoxing's delivery format to include an injectable form, which we expect to be more effective when applied to patients diagnosed with acute or severe Hepatitis B."
The revenue and other financial estimates contained in this press release have not been audited or reviewed by our independent certified public accountants and accordingly they express no opinion or other form of assurance as to this information. The Company provides no assurance that these preliminary estimates will not change following the Company's completing the fourth fiscal quarter of 2010 and the financial audit of such results of operations, or that such changes will not be material.
