UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November 2014

 

 

 

Commission File Number: 001-32371

 

 

 

SINOVAC BIOTECH LTD.

 

No. 39 Shangdi Xi Road

Haidian District

Beijing 100085, People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F x            Form 40-F ¨

 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

 

 

 
 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  SINOVAC BIOTECH LTD.
      
  By:  /s/ Weidong Yin  
  Name:   Weidong Yin
  Title:   Chairman and Chief Executive Officer

  

 

Date: November 17, 2014

 

 
 

Exhibit Index

 

Exhibit 99.1 – Press Release

Exhibit 99.2 – Press Release

Exhibit 99.3 – Press Release

Exhibit 99.4 – Press Release

Exhibit 99.5 – Press Release

 

 



Exhibit 99.1

 

 

 

Sinovac to Participate in Upcoming Investor Conferences

 

 

BEIJING, September 2, 2014 -- Sinovac Biotech Ltd. (NASDAQ:SVA), a leading provider of biopharmaceutical products in China, today announced that the Company’s management will participate in the following investor conferences in September:

 

·Morgan Stanley Global Healthcare Conference, to be held at the Grand Hyatt New York on September 9 and 10, 2014.
  
·Morgan Stanley Asia Pacific Healthcare Day, to be held at the Boston Harbor Hotel on September 11, 2014.
  
·Aegis Healthcare & Technology Conference, to be held at the Wynn Las Vegas on September 12, 2014. Management will present at 2:00 pm PT.
  
·MarcumBP 2014 China Best Ideas Investment Conference, to be held at the St. Regis Hotel Beijing on September 16, 2014.

 

Please contact your institutional sales representative at the respective sponsoring bank to schedule a meeting with the Company.

 

About Sinovac

Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human infectious diseases. Sinovac’s product portfolio includes vaccines against hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), mumps and canine rabies. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, which it has supplied to the Chinese Government’s vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government stockpiling program. Sinovac has filed a new drug application with the China Food & Drug Administration for its proprietary enterovirus 71 vaccine, having been proven effective in preventing hand, foot and mouth disease in infants and children during its Phase III trial. The company is currently developing a number of new products including a Sabin-strain inactivated polio vaccine, pneumococcal polysaccharides vaccine, pneumococcal conjugate vaccine and varicella vaccine. Sinovac primarily sells its vaccines in China, while also exploring growth opportunities in international markets. The Company has exported select vaccines to Mongolia, Nepal, the Philippines and Mexico, and was recently granted a license to commercialize its hepatitis A vaccine in Chile. For more information, please visit the Company’s website at www.Sinovac.com .

 

Contact

Sinovac Biotech Ltd. 
Helen Yang / Chris Lee 
Tel: +86-10-8279-9659 / 9696 
Fax: +86-10-6296-6910 
Email: ir@sinovac.com

 

ICR Inc. 
Bill Zima
U.S: 1-646-308-1707
Email: william.zima@icrinc.com

 

 

 



Exhibit 99.2

 

 

 

Sinovac Announces New Presentation Time for Aegis Healthcare & Technology Conference

 

 

BEIJING, September 5, 2014 -- Sinovac Biotech Ltd. (NASDAQ:SVA), a leading provider of biopharmaceutical products in China, today announced a new presentation time for the Aegis Healthcare & Technology Conference, to be held at the Wynn Las Vegas on September 12, 2014. Management will present at 8:00 am PT.

 

Please contact your Aegis representative to schedule a meeting with the Company.

 

About Sinovac

Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human infectious diseases. Sinovac’s product portfolio includes vaccines against hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), mumps and canine rabies. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, which it has supplied to the Chinese Government’s vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government stockpiling program. Sinovac has filed a new drug application with the China Food & Drug Administration for its proprietary enterovirus 71 vaccine, having been proven effective in preventing hand, foot and mouth disease in infants and children during its Phase III trial. The company is currently developing a number of new products including a Sabin-strain inactivated polio vaccine, pneumococcal polysaccharides vaccine, pneumococcal conjugate vaccine and varicella vaccine. Sinovac primarily sells its vaccines in China, while also exploring growth opportunities in international markets. The Company has exported select vaccines to Mongolia, Nepal, the Philippines and Mexico, and was recently granted a license to commercialize its hepatitis A vaccine in Chile. For more information, please visit the Company’s website at www.Sinovac.com .

 

Contact

Sinovac Biotech Ltd. 
Helen Yang / Chris Lee 
Tel: +86-10-8279-9659 / 9696 
Fax: +86-10-6296-6910 
Email: ir@sinovac.com

 

ICR Inc. 
Bill Zima
U.S: 1-646-308-1707
Email: william.zima@icrinc.com

 

 

 

 



Exhibit 99.3

 

 

 

Sinovac to Participate in Jefferies 4th Annual Asia Summit

 

 

BEIJING, Oct. 21, 2014 /PRNewswire/ -- Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, today announced that the Company's management will host investor meetings at the Jefferies 4th Annual Asia Summit, to be held at the Island Shangri-La Hotel in Hong Kong on October 29-30, 2014. Please contact your Jefferies institutional sales representative to schedule a meeting with the Company.

 

About Sinovac

Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human infectious diseases. Sinovac's product portfolio includes vaccines against hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), mumps and canine rabies. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, which it has supplied to the Chinese Government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government stockpiling program. Sinovac has filed a new drug application with the China Food & Drug Administration for its proprietary enterovirus 71 vaccine, having been proven effective in preventing hand, foot and mouth disease in infants and children during its Phase III clinical trial. The Company is currently developing a number of new products including a Sabin-strain inactivated polio vaccine, pneumococcal polysaccharides vaccine, pneumococcal conjugate vaccine and varicella vaccine. Sinovac primarily sells its vaccines in China, while also exploring growth opportunities in international markets. The Company has exported select vaccines to Mexico, Mongolia, Nepal, and the Philippines, and was recently granted a license to commercialize its hepatitis A vaccine in Chile. For more information, please visit the Company's website atwww.Sinovac.com.

 

Contact

Sinovac Biotech Ltd. 
Helen Yang / Chris Lee 
Tel: +86-10-8279-9659 / 9696 
Fax: +86-10-6296-6910 
Email: ir@sinovac.com

 

ICR Inc. 
Bill Zima
U.S: 1-646-308-1707
Email: william.zima@icrinc.com

 

 

 



Exhibit 99.4

 

 

 

Sinovac to Host Conference Call to Report Third Quarter 2014 Unaudited Financial Results

 

BEIJING, November 5, 2014 -- Sinovac Biotech Ltd. (Nasdaq: SVA), a leading provider of biopharmaceutical products in China, today announced that it will release its unaudited financial results for the third quarter, ended September 30, 2014, after market close on Friday, November 14, 2014 ET.  The Company will host a conference call prior to the market opening on Monday, November 17, 2014, at 8:00 a.m. ET (Monday, November 17, 2014 at 9:00 p.m. China Standard Time) to review the Company's financial results and provide an update on recent corporate developments.

 

To access the conference call, please dial 1-877-407-9039 (USA) or 1-201-689-8470 (International).  A replay of the call will be available after the call through December 1, 2014. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (International) and reference the replay pin number 13595202.

 

A live audio webcast of the call will also be available on the Investor Relations section of the Company’s website at www.sinovac.com. A webcast replay will be available on the Company’s website for 30 days following the call, beginning November 17, 2014.

 

About Sinovac

Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human infectious diseases. Sinovac’s product portfolio includes vaccines against hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), mumps and canine rabies. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, Panflu.1, which it has supplied to the Chinese Government’s vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government stockpiling program. Sinovac has filed a new drug application with the China Food & Drug Administration for its proprietary enterovirus 71 vaccine, having been proven effective in preventing hand, foot and mouth disease in infants and children during its Phase III trial. The company is currently developing a number of new products including a Sabin-strain inactivated polio vaccine, pneumococcal polysaccharides vaccine. pneumococcal conjugate vaccine and varicella vaccine. Sinovac primarily sells its vaccines in China, while also exploring growth opportunities in international markets. The Company has exported select vaccines to MongoliaNepal, the Philippines and Mexico, and was recently granted a license to commercialize its hepatitis A vaccine in Chile. For more information, please visit the Company’s website at www.Sinovac.com. 

 

Contact

 

Sinovac Biotech Ltd.   ICR Inc.
Helen Yang / Chris Lee Bill Zima
Tel: +86-10-8279-9659 / 9696 Tel: +1-646-308-1707
Fax: +86-10-6296-6910 Email: william.zima@icrinc.com
Email: ir@sinovac.com  

 

 

 

 



Exhibit 99.5

 

 

 

Sinovac Reports Unaudited Third Quarter Financial Results

 

 

- Conference call scheduled for Monday, November 17, 2014 at 8:00 a.m. ET -

 

BEIJING, Nov. 14, 2014 /PRNewswire/ -- Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2014.

 

Third Quarter 2014 Financial Highlights

 

(compared to the third quarter 2013)

 

  · Quarterly sales were $17.1 million, a decrease of 22.3% from $22.1 million in the prior year period, which includes recognition of a special order of pandemic influenza vaccine (H5N1) revenue of $3.6 million. Excluding the impact from this special order, third quarter sales of regular vaccine products decreased 7.4% from the prior year period.
  · Gross profit was $12.2 million, a decrease of 16.7% from $14.6 million in the prior year period. Excluding the special order of pandemic influenza vaccine (H5N1) sales impact from 3Q13, gross profit decreased 2.8% from $12.5 million in the same period of last year. Gross margin was 70.9%, compared to 66.1% in the prior year period. Excluding the impact from the special order of pandemic influenza vaccine (H5N1) in 3Q13, gross margin was 70.9%, compared to 67.6% in the same period of last year.
  · Net income attributable to common stockholders was $0.1 million, or $0.00 per basic and diluted share, compared to $2.3 million, or $0.04 per basic and diluted share, in the third quarter of 2013.

 

Mr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, "In the third quarter, the vaccine market in China began to show signs of recovery after the lower demand in the first half of the year. Although our regular sales were still down from the third quarter last year, we are encouraged by the uptick in demand for our seasonal flu vaccine from the private-pay market as well as consistent hepatitis A vaccine tenders in the public market.

 

"We continue to expand our presence in international markets with high sales potential for our vaccines. The Mexican Ministry of Health recently renewed our GMP certificate for the seasonal influenza and hepatitis A vaccines. Also during the third quarter, we received our registration license for our seasonal influenza vaccine in Chile.

 

"We are continuing to make progress on our pipeline vaccines. The expert panel review for our EV71 vaccine is scheduled in November 2014, which is one step forward in the process of new drug appication of our EV71 vaccine. We have also finalized the clinical trial protocol for our pneumococcal polysaccharide vaccine (PPV) and expect to begin clinical trials by the end of 2014," Mr. Yin concluded.

 

Third Quarter 2014 Business Highlights

 

Sales Update

 

Public Tenders Sinovac received notification that it has been selected by the Jiangsu Centers for Disease Control and Prevention to supply the Company's inactivated hepatitis A vaccine, Healive, to the Expanded Program of Immunization (EPI) in 2015. As one of two selected suppliers for the tender, Sinovac has committed to supplying 55% of the total tender of Jiangsu Province, which represents growth over Sinovac's contribution of 50% of the total tender amount in last year. Sinovac anticipates revenue of approximately RMB 18 million (or approximately $2.9 million) from this tender.

 

Additionally, Sinovac has been selected by the Tianjin Centers for Disease Control and Prevention to be the sole supplier of inactivated hepatitis A vaccines to the EPI in Tianjin for 2015 through 2017. The total value of this tender is approximately RMB 28 million (or approximately $4.6 million).

 

 
 

 

The Company expects to begin delivery of vaccines for both tenders by the end of 2014, according to demand.

 

GMP Certificate for Mexico On August 29, 2014, Sinovac passed on-site inspections of its Shangdi and Changping facilities and obtained a renewal of its GMP certificate from the Mexico Ministry of Health for its seasonal influenza and hepatitis A vaccines. The renewed GMP certificate is valid until February 2016.

 

Seasonal Influenza Vaccine Registration License in Chile Sinovac obtained a registration license for its seasonal influenza vaccine from Chile's Institute of Public Health. The license is valid until October 2019.

 

R&D Update

 

sIPV On October 29, 2014, the Beijing Drug Administration officially accepted Sinovac's clinical trial application for its Sabin inactivated polio vaccine (sIPV).

 

Unaudited Financial Results for Third Quarter 2014

 

(In USD'000 except percentage data)   2014 Q3    % of Sales    2013 Q3    % of Sales 
Hepatitis A – Healive   3,967    23.1%   5,252    23.8%
Hepatitis A&B – Bilive   3,176    18.5%   5,355    24.3%
Hepatitis vaccines   7,143    41.6%   10,607    48.1%
Influenza vaccine   9,647    56.3%   8,417    38.1%
Animal vaccine   102    0.6%   54    0.2%
Mumps vaccine   254    1.5%   (571)   (2.6)%
Regular sales   17,146    100.0%   18,507    83.8%
H5N1   -    -    3,568    16.2%
Total sales   17,146    100.0%   22,075    100.0%
Cost of goods sold   4,986    29.1%   7,474    33.9%
Gross profit   12,160    70.9%   14,601    66.1%

 

In the third quarter 2014, total sales were $17.1 million, a decrease of 22.3% from $22.1 million during the same period in 2013. However, during the third quarter 2013, the Company recognized revenue of $3.6 million from sales of its pandemic influenza vaccine (H5N1) to the government stockpiling program. Excluding the impact of this special order, quarterly sales decreased 7.4% YoY in the third quarter. According to a joint notice on reducing and unifying the value added tax (VAT) rate published by the Ministry of Finance of China and State Administration of Taxation of China, the VAT rate applied to the sales of vaccine products was reduced to 3% from 6% effective July 1, 2014. Excluding the impact of the VAT rate reduction, quarterly sales decreased 10.1% YoY in the third quarter.

 

Gross profit was $12.2 million in the third quarter 2014, compared to $14.6 million in the prior year period. Gross margin increased to 70.9% from 66.1% in the prior year period. Excluding the impact from the sales of pandemic influenza vaccine (H5N1) in the third quarter of last year, gross margin was 70.9%, compared to 67.6% in the same period of last year. The increase in gross margin was primarily due to increased efficiency in the Anflu manufacturing processes.

 

Selling, general and administrative expenses for the third quarter 2014 were $8.5 million, compared to $9.4 million in the same period of 2013.

 

R&D expenses for the third quarter of 2014 were $2.5 million, a $0.5 million increase over the same period in 2013. This increase is attributable to the continued advancement of sIPV and process optimization for PPV.

 

Net income attributable to common stockholders for the third quarter of 2014 was $0.1 million, or $0.00 per basic and diluted share, compared to $2.3 million, or $0.04 per basic and diluted share, in the same period last year.

 

Unaudited Financial Results for First Nine Months of 2014

 

(In USD'000 except percentage data)   2014 1-9    % of Sales    2013 1-9    % of Sales 
Hepatitis A – Healive   15,519    36.3%   18,451    37.2%
Hepatitis A&B – Bilive   15,613    36.5%   17,935    36.2%
Hepatitis vaccines   31,132    72.8%   36,386    73.4%
Influenza vaccine   9,708    22.7%   8,747    17.6%
Animal vaccine   147    0.3%   132    0.3%
Mumps vaccine   1,693    4.0%   746    1.5%
Regular sales   42,680    99.8%   46,011    92.8%
H5N1   102    0.2%   3,568    7.2%
Total sales   42,782    100.0%   49,579    100.0%
Cost of goods sold   11,289    26.4%   14,327    28.9%
Gross profit   31,493    73.6%   35,252    71.1%

 

 

 
 

 

Total sales for the first nine months of 2014 were $42.8 million, a decrease of 13.7% from $49.6 million during the prior year period. Excluding the sales revenue of the special order of pandemic influenza vaccine (H5N1) recognized in the third quarter of 2013, sales for the first nine months were $42.7 million, a decrease of 7.2% YoY from $46.0 million. Excluding the impact of the VAT rate reduction, sales for the first nine months decreased 8.3% YoY.

 

Gross profit for the first nine months of 2014 was $31.5 million, a decrease of 10.7% from $35.3 million in the same period of 2013. Gross margin was 73.6%, compared to 71.1% in the prior year period. Excluding the impact from the sales of pandemic influenza vaccine (H5N1) in the third quarter of 2013, gross margin was 73.6%, consistent with 73.9% in the same period of last year.

 

Selling, general and administrative expenses for the first nine months of 2014 were $24.9 million, compared to $25.3 million for the same period of 2013.

 

R&D expenses in the first nine months of 2014 were $7.5 million, compared to $5.9 million in the same period of 2013. These expenses are primarily related to the continued development and process optimization of the Company's pipeline vaccine candidates, sIPV and PPV.

 

Net loss attributable to stockholders in the first nine months of 2014 was $2.2 million or $(0.04) per basic and diluted share, compared to a net income of $1.6 million, or $0.03 per basic and diluted share, in the same period of 2013.

 

As of September 30, 2014, cash and cash equivalents totaled $94.4 million, compared to $107.2 million as of December 31, 2013. Net cash used in operating activities was $16.1 million during the first nine months of 2014. Net cash used in investing activities was $7.3 million, which was primarily used for payment of property, plant and equipment for the Company's PPV production facility and the Changping facility. Net cash provided by financing activities was $11.6 million during the first nine months of 2014, including loan proceeds of $17.8 million which were offset by loan repayment of $10.0 million. As of September 30, 2014, the Company had $44.5 million of bank loans due within one year. Sinovac's cash and cash equivalents position of $94.4 million is sufficient to meet both these loan repayment obligations and the Company's operational requirements.

 

Conference Call Details

 

Sinovac will host a conference call on Monday, November 17, 2014 at 8:00 a.m. ET (November 17, 2014 at 9:00 p.m. China Standard Time) to review the Company's financial results and provide an update on recent corporate developments. To access the conference call, please dial 1-877-407-9039 (USA) or 1-201-689-8470 (International). A replay of the call will be available from 11:00 a.m. ET on November 17, 2014 through December 1, 2014. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (International) and reference the replay pin number 13595202.

 

A live audio webcast of the call will also be available on the Investor Relations section of the Company's website at www.sinovac.com. A webcast replay will be available on the Company's website for 30 days following the call, beginning November 17, 2014.

 

About Sinovac

 

Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human infectious diseases. Sinovac's product portfolio includes vaccines against hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), mumps and canine rabies. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, which it has supplied to the Chinese Government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government stockpiling program. Sinovac has filed a new drug application with the China Food and Drug Administration for its proprietary enterovirus 71 vaccine, having been proven effective in preventing hand, foot and mouth disease in infants and children during its phase III clinical trial. The Company is currently developing a number of new products including a Sabin-strain inactivated polio vaccine, pneumococcal polysaccharides vaccine, pneumococcal conjugate vaccine and varicella vaccine. Sinovac primarily sells its vaccines in China. The Company has exported select vaccines to Mexico, Mongolia, Nepal, and the Philippines. Sinovac has recently been granted a license to commercialize its hepatitis A vaccine and seasonal influenza vaccine in Chile. For more information, please visit the Company's website at www.Sinovac.com.

 

Contact

 

Sinovac Biotech Ltd.
Helen Yang / Chris Lee
Tel: +86-10-8279-9659 / 9696
Fax: +86-10-6296-6910
Email: ir@sinovac.com

 

ICR Inc.
Bill Zima
U.S: 1-646-308-1707
Email: william.zima@icrinc.com

 

 
 

  

SINOVAC BIOTECH LTD.

Consolidated Balance sheets

As of September 30, 2014 and December 31, 2013

(Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data)

     

 

 

Current assets  September 30,
2014
   December 31,
2013
 
   (Unaudited)     
Cash and cash equivalents   94,354    107,242 
Accounts receivable   40,852    31,927 
Inventories   18,892    14,329 
Prepaid expenses and deposits   1,411    1,150 
Deferred tax assets   1,836    2,602 
Total current assets   157,345    157,250 
           
Property, plant and equipment   68,157    67,963 
Prepaid land lease payments   10,588    10,948 
Long-term inventories   4,061    2,781 
Long-term prepaid expenses   38    154 
Prepayment for acquisition of equipment   1,392    708 
Deferred tax assets   298    117 
Licenses   457    772 
Total assets   242,336    240,693 
           
Current liabilities          
Bank loans and current portion of long-term debt   44,505    16,217 
Loan from a non-controlling shareholder   2,625    3,324 
Accounts payable and accrued liabilities   23,326    28,037 
Income tax payable   460    246 
Deferred revenue   345    875 
Deferred government grants   454    458 
Total current liabilities   71,715    49,157 
           
Deferred government grants   7,782    4,746 
Long-term debt   11,803    32,146 
Deferred revenue   10,753    11,005 
Total long term liabilities   30,338    47,897 
           
Total liabilities   102,053    97,054 
           
Commitments and contingencies          
Equity          
Preferred stock   -    - 
Common stock   56    56 
Additional paid-in capital   107,950    107,393 
Accumulated other comprehensive income   12,875    14,141 
Statutory surplus reserves   11,808    11,808 
Accumulated deficit   (6,869)   (4,714)
Total stockholders' equity   125,820    128,684 
           
Non-controlling interests   14,463    14,955 
Total equity   140,283    143,639 
Total liabilities and equity   242,336    240,693 

 

 

 
 

  

SINOVAC BIOTECH LTD.

Consolidated Statements of Comprehensive Income (loss)

For the three and nine months ended September 30, 2014 and 2013

(Unaudited)

(Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data)

           

 

   Three months ended September 30   Nine months ended September 30 
   2014   2013   2014   2013 
Sales   17,146    22,075    42,782    49,579 
Cost of sales   4,986    7,474    11,289    14,327 
Gross profit   12,160    14,601    31,493    35,252 
                     
Selling, general and administrative expenses   8,515    9,392    24,896    25,335 
Provision for doubtful accounts   205    171    499    1,057 
Research and development expenses   2,545    2,034    7,512    5,923 
Loss (gain) on disposal and Impairment of property, plant and equipment   1    -    30    (2)
Total operating expenses   11,266    11,597    32,937    32,313 
Operating income (loss)   894    3,004    (1,444)   2,939 
                     
Interest and financing expenses   (905)   (735)   (2,487)   (2,168)
Interest income   575    544    2,120    1,568 
Other income (expenses) - net   (38)   134    179    141 
Income (loss) before income taxes and non-controlling interests   526    2,947    (1,632)   2,480 
Income tax expense   (419)   (76)   (842)   (62)
                     
Net Income (loss)   107    2,871    (2,474)   2,418 
Less: (Income) loss attributable to the non-controlling interests   (18)   (561)   319    (798)
Net Income (loss) attributable to stockholders of Sinovac   89    2,310    (2,155)   1,620 
                     
Other comprehensive income (loss), net of tax of nil                    
Foreign currency translation adjustments   964    249    (1,439)   1,602 
Total comprehensive income (loss)   1,071    3,120    (3,913)   4,020 
Less: comprehensive (income) loss attributable to non-controlling interests   (146)   (588)   492    (966)
Comprehensive income (loss) attributable to stockholders of Sinovac   925    2,532    (3,421)   3,054 
                     
Weighted average number of shares of                    
Basic   55,722,435    55,382,329    55,658,173    55,235,198 
                     
Diluted   56,118,063    55,882,837    55,658,173    55,684,691 
                     
Earning per share                    
Basic   0.00    0.04    (0.04)   0.03 
                     
Diluted   0.00    0.04    (0.04)   0.03 

 

 

 
 

 

SINOVAC BIOTECH LTD.

Consolidated Statements of Cash Flows

For the three and nine months ended September 30, 2014 and 2013

(Unaudited)

(Expressed in thousands of U.S. Dollars)  

 

 

 

   Three months ended   Nine months ended 
   September 30   September 30 
   2014   2013   2014   2013 
Cash flows provided by (used in) operating activities                    
Net income (loss)  $107   $2,871   $(2,474)  $2,419 
Adjustments to reconcile net income (loss) to net cash                    
provided by (used in) operating activities:                    
- deferred income taxes   122    76    545    62 
- stock-based compensation   72    72    215    209 
- inventory provision   42    3    584    770 
- provision for doubtful accounts   205    171    499    1,057 
- impairment of equipment and loss on disposal   1    -    30    (2)
- depreciation of property, plant and equipment and
      amortization of licenses
   736    1,581    5,270    4,928 
- amortization of the prepaid land lease payments   66    69    198    207 
- accretion expenses   30    19    85    71 
Changes in:                    
- accounts receivable   (5,753)   (7,165)   (9,407)   (15,453)
- inventories   976    735    (6,808)   (5,922)
- income tax payable   297    -    297    - 
- prepaid expenses and deposits   (425)   (428)   (773)   (173)
- deferred revenue   69    (3,483)   (616)   (4,711)
- accounts payable and accrued liabilities   (1,334)   101    (3,793)   1,856 
Net cash used in operating activities   (4,789)   (5,378)   (16,148)   (14,682)
                     
Cash flows provided by (used in) financing activities                    
- Loan proceeds   8,920    3,074    17,837    13,858 
- Loan repayments   (1,463)   -    (10,005)   (162)
- Proceeds from issuance of common stock, net of
      share issuance costs
   84    138    336    555 
- Proceeds from shares subscribed   (74)   31    6    203 
- Government grants received   3,244    71    3,429    595 
                     
Net cash provided by financing activities   10,711    3,314    11,603    15,049 
Cash flows used in investing activities                    
                     
- Acquisition of property, plant and equipment   (1,624)   (768)   (7,307)   (3,437)
                     
Net cash used in investing activities   (1,624)   (768)   (7,307)   (3,437)
                     
Exchange gain (loss) on cash and cash equivalents   422    (188)   (1,036)   855 
Increase (decrease) in cash and cash equivalents   4,720    (3,020)   (12,888)   (2,215)
Cash and cash equivalents, beginning of year   89,634    92,046    107,242    91,241 
Cash and cash equivalents, end of year  $94,354   $89,026   $94,354   $89,026 

 

 

 

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