Tianyin Pharmaceutical Co. Inc., a pharmaceutical company that specializes in patented biopharmaceutical, modernized traditional Chinese medicine, branded generics and other pharmaceuticals, today announced its financial results for the second quarter of fiscal year 2011.
Revenue for the second quarter ended December 31, 2010, increased 69.6 percent to $25.3 million from $14.9 million in the second quarter of ended December 31, 2009. Cost of sales for the second quarter were $14.0 million, or 55.3 percent of sales, as compared to %7.2 million, or 48.3 percent of the sales quarter of 2009.
Gross margin for the quarter ended December 31, 2010, was 44.7 percent as compared to 51.9 percent for the quarter ended December 31, 2009. The company attributes the figures to the addition of revenues from Tianyin Medicine Trading (TMT), the distribution arm of TPI, in the current year.
Operating expenses for the second quarter were $6.0 million, compared with $4.6 million for the quarter ended December 31, 2009.
Net income increased 69.2 percent to million to $4.4 million, or $0.14 diluted earnings per share, for the quarter ended December 31, 2010, as compared to net income of $2.6 million, or $0.08 per diluted share, for the quarter ended December 31, 2009.
As of December 31, 2010, Tianyin reported working capital totaling $35.7 million, including cash and cash equivalents of $31.2 million or $1.11 per share in cash.
The company noted it has 10 pipeline drugs pending SFDA’s approval and reiterated its fiscal year 2011 revenue guidance of $113.0 million, representing 76.8 percent year-over-year sales growth and net income guidance of $18.0 million, representing 50.0 percent year-over-year profit growth.
For more information visit www.tianyinpharma.com