in China. Releases Big News regarding New Product Launch expecting $13Mil in Sales
Weikang Bio-Technology Group Co., Inc. engages in the development, manufacture, and distribution of health and nutritional supplements in China. The company also focuses on the development, manufacture, and distribution of Chinese herbal extract products and western prescriptive medicine.
Their three subsidiaries are: a large Pharmacy, a wholesale and retail food and medicine distribution company, and pharmaceutical company that produces raw materials, manufacturing, marketing and sales, and R&D. Over 10 year in business, several subsidiaries including a large Pharmacy, and a history of sales and growth.
Breaking News:Weikang Bio-Technology Launches New Project that could deliver $13 million in new revenue.
Wednesday after the markets closed, Weikang Bio-Technology Company, Inc. (OTCBB: WKBT) issued a press release announcing that it is launching a new project to research and develop licorice flavonoids for use in therapeutics.
According to the release, Weikang anticipates sales of therapeutics derived from the project will add approximately $13 million to annual revenue and approximately $5.7 million in annual after-tax net income.
Licorice contains glycyrrhetinic acid, which, in addition to being widely used as a flavoring agent, has also been shown to be effective in treating conditions and afflictions such allergies, hepatitis, inflammation and swelling, including peptic ulcers, hypertension, excessive potassium in the body, skin conditions, viral infections, tumor formation and weight loss.
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Reasons to Consider WKBT
Revenue was a record $14.0 million for the first quarter of 2010, up 38.1% from revenue of $10.1 million in the first quarter of 2009
Gross profit for the quarter increased 47.2% to $8.3 million from $5.6 million in the same period of 2009, with gross margin of 59.6% compared to 55.9% in the first quarter of 2009.
Net income was $4.5 million in the first quarter of 2010, up 17.8% from $3.9 million in net income from the same period a year ago.
Fully diluted earnings per share were $0.17 compared to fully diluted earnings per share of $0.15 in the first quarter of 2009. Excluding the non-cash, stock-based compensation, non-GAAP net income and fully diluted earnings per share for the first quarter of 2010 was $5.4 million and $0.20, respectively.
As of March 31, 2010, the company had $18.1 million in cash and cash equivalents, $8.7 million in working capital and $14.2 million in total liabilities. Net cash provided by operating activities for the first quarter of 2010 was $4.9 million. Shareholders' equity stood at $31.1 million, up from $23.4 million at year-end 2009.
Mr. Ying Wang, Chairman & CEO of Weikang Bio-Technology Group. commented, "During our year which ended December 31, 2009, our Company recorded revenue of $47.48 million, compared to $12.85 million for 2008, an increase of $34.63 million or 269% and earnings of $0.62 per share. These results demonstrate that Weikang Bio-Technology's approach as a vertically integrated developer, manufacturer and marketer of Traditional Chinese Medicine (TCM), prescription pharmaceuticals and other health and nutritional products gives us many operational advantages to capitalize on the rapidly growing demand for medicines and health supplements in China."
And 2010 could be another banner year as Weikang intends to continue developing new products and expanding its distribution network throughout 2010. According to the press release, the Company has 10 therapeutics in various stages of the SFDA approval process and expects to launch its 10-HDA in the third quarter of 2010 and ShuangBaoGu by the end of 2010.
"The market opportunity for Traditional Chinese Medicine and Western medicine continues to expand in China as consumers' medical expenditure is estimated to double annually over the next two decades. We remain focused on our long-term growth and expanding our distribution network by increasing our wholesale network and dedicated sales force," Mr. Wang continued."
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