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ShangPharma Announces Second Quarter 2011 Results

econd quarter of 2010, primarily due to higher non-GAAP profit from operations, which was partially offset by lower other income.  

Diluted earnings per ADS were $0.18, which compares with $0.26 in the second quarter of 2010.  

Non-GAAP diluted earnings per ADS were $0.25, which compares with $0.28 in the second quarter of 2010.

Financial Position  As of June 30, 2011, the Company had cash and cash equivalents of $41.6 million and short term debt of $0.8 million. During the quarter, capital expenditures totaled $11.0 million, including $5.5 million related to the purchase of a 68,000 square foot new lab and office building which replaced the original 36,000 square foot facility in Chengdu. The purchased lab and office building allows us to reduce overall expenditures and improve our earnings over time.  With a strong balance sheet and sound financial position, the Company is well positioned to make targeted investments when opportunities arise.  

Full Year 2011 GuidanceThe Company reconfirms its guidance for full year 2011.  The Company expects:

  • Net revenues to be approximately $111.1 – $115.6 million, which represents growth of approximately 23.0% – 28.0% compared with full year 2010.  
  • Non-GAAP gross margin to be approximately 33.5% – 35.5%, which is within the same range as non-GAAP gross margin of 34.5% in 2010.
  • Capital expenditure to be $28 - $32 million, including $6 million rolling payment lag impact carried forward from 2010.

  • This reflects the Company's current view and is subject to change.

    Conference CallShangPharma will host a conference call and live webcast at 8am New York time on August 22, 2011 (8pm Beijing time on August 22, 2011).  A PowerPoint presentation accompanying the prepared remarks will be available on the Company's website shortly before the call.  

    The dial-in details

    SOURCE ShangPharma Corporation
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