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 Aug 2015
--------------
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: Aug 13, 2015
Exhibit Index
Exhibit 99.1 – Press Release
Exhibit 99.2 – Press Release
Exhibit 99.3 – Press Release
Exhibit 99.1
Sinovac to Host Conference Call to Report
Second Quarter 2015 Unaudited Financial Results
BEIJING, August 4, 2015 -- 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 second quarter, ended June 30, 2015, after market close on Wednesday, August 12, 2015. The
Company will host a conference call on Thursday, August 13, 2015, at 8:00 a.m. EDT (Thursday, August 13, 2015 at 8:00 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 a.m. EDT on August 13, 2015 through August 27,
2015. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (International) and reference the replay pin number
13616892.
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.
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 at www.sinovac.com.
Contact
Sinovac Biotech Ltd.
Helen Yang
Tel: +86-10-8279-9871
Fax: +86-10-6296-6910
Email: ir@sinovac.com
ICR Inc.
Bill Zima
U.S: 1-646-308-1707
Email: william.zima@icrinc.com
Katherine Knight
Phone: +1 (646) 277-1276
Email: katherine.knight@icrinc.com
Exhibit 99.2 Press Release
Sinovac Announces Results of 2015 Annual
General Meeting of Shareholders
BEIJING, August 11, 2015 /PRNewswire/ -- Sinovac Biotech
Ltd. (NASDAQ:SVA), a leading provider of biopharmaceutical products in China, today announced the results of the Company's
2015 Annual General Meeting of Shareholders held on Tuesday, August 11, 2015 in Beijing, PRC. The required quorum,
a majority of the common shares outstanding, was voted by proxy.
The Company's shareholders approved the following proposals:
| · | The re-election of Weidong Yin, Yuk Lam Lo, Simon Anderson, Kenneth Lee and Meng Mei as
the Company's directors until the next annual meeting of shareholders and or until their successors are duly elected; |
| · | The audited consolidated financial statements of the Company for the financial year ended December 31, 2014 together
with the Report of Independent Registered Public Accounting Firm thereon and the notes thereto; |
| · | The appointment of Ernst & Young Hua Ming LLP as the independent auditor of the Company for the fiscal year ending December
31, 2015 and to authorize the directors of the Company to fix such independent auditor's remuneration. |
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
Tel: +86-10-8279-9871
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 Press Release
Sinovac Reports Unaudited Second Quarter
Financial Results
-- Conference call scheduled for Thursday,
August 13, 2015 at 8:00 AM ET
BEIJING, Aug.12, 2015 /PRNewswire/ -- Sinovac Biotech Ltd. (SVA),
a leading provider of biopharmaceutical products in China, announced today its unaudited second quarter and half year financial
results for the period ended June 30, 2015.
Second Quarter 2015 Financial Highlights
(compared to the second quarter of 2014)
| · | Quarterly sales were $18.5 million, an increase of 53.1% from $12.1 million in the prior year period. |
| · | Gross profit was $15.1 million, an increase of 66.6% from $9.1 million in the prior year period. |
| · | Gross margin was 81.6%, compared to 75.0% in the prior year period. |
| · | Net income attributable to common shareholders was $2.3 million, or $0.04 per basic and diluted share, compared to net loss
attributable to common shareholders of $2.2 million, or $(0.04) per basic and diluted share, in the second quarter of 2014. |
Mr. Weidong Yin, Chairman, President and CEO of Sinovac, commented,
"I am very pleased to announce our strong sales and profitability during the second quarter. We continue to execute our strategy
to drive sales while maintaining tight control over our operating costs. Although the general market environment remains the same
as prior quarters, our sales results in the second quarter exemplify our team's ability to adjust to challenging market dynamics."
Mr. Yin continued, "Additionally, we continue to move forward
in the approval process for our EV71 vaccine candidate. During July and August, CFDA inspectors have been conducting the site and
GMP inspections of our manufacturing facility. The site inspection was completed last week and will be followed by sample testing.
Our projected timing for EV71 commercialization remains unchanged. "
Business Update
EV71 vaccine. The China Food and Drug Administration
(CFDA) has completed a site inspection and GMP inspection of the Company's EV71 vaccine manufacturing facility, which will be followed
by sample testing. Once the results of the inspection are available and the sample vaccine has passed the required testing, the
CFDA will conduct a comprehensive review of the vaccine. Upon approval, the CFDA will then issue the new drug certificate, and
production and GMP licenses. The Company expects to be able to bring its first commercial batch of the EV71 vaccine to market approximately
four months after beginning commercial production. The Company received its site inspection notification in May of 2015.
Unaudited Financial Results for Second Quarter
2015
| |
2015 Q2 | | |
% of Sales | | |
2014 Q2 | | |
% of Sales | |
(In USD'000 except percentage data) | |
| | | |
| | | |
| | | |
| | |
Hepatitis A vaccine– Healive | |
| 8,462 | | |
| 45.7 | % | |
| 5,113 | | |
| 42.3 | % |
Hepatitis A&B vaccine – Bilive | |
| 9,216 | | |
| 49.8 | % | |
| 6,439 | | |
| 53.3 | % |
Hepatitis vaccines subtotal | |
| 17,678 | | |
| 95.5 | % | |
| 11,552 | | |
| 95.6 | % |
Influenza vaccine- Anflu | |
| 526 | | |
| 2.8 | % | |
| - | | |
| - | |
Animal Rabies vaccine- Rabend | |
| 18 | | |
| 0.1 | % | |
| 18 | | |
| 0.1 | % |
Mumps vaccine | |
| 287 | | |
| 1.6 | % | |
| 520 | | |
| 4.3 | % |
Regular sales | |
| 18,509 | | |
| 100.0 | % | |
| 12,090 | | |
| 100.0 | % |
H5N1 | |
| - | | |
| - | | |
| - | | |
| - | |
Total sales | |
| 18,509 | | |
| 100.0 | % | |
| 12,090 | | |
| 100.0 | % |
Cost of goods sold | |
| 3,407 | | |
| 18.4 | % | |
| 3,025 | | |
| 25.0 | % |
Gross profit | |
| 15,102 | | |
| 81.6 | % | |
| 9,065 | | |
| 75.0 | % |
In the second quarter of 2015, total sales were $18.5 million,
an increase of 53.1% from $12.1 million during the same period of 2014. The sales increase is mainly attributable to increased
sales of Healive and Bilive into the private pay market, and supported by increased sales into the public market as well.
Gross profit was $15.1 million in the second quarter of 2015,
compared to $9.1 million in the prior year period. Gross margin increased to 81.6% from 75.0% in the prior year period. The gross
margin expansion was primarily due to higher average selling prices of the Company's hepatitis vaccines in the private pay market
and a lower inventory provision compared to the comparative quarter.
Selling, general and administrative expenses in the second quarter
of 2015 were $9.2 million, compared to $8.6 million in the same period of 2014. This increase was mainly due to increased G&A
expenses associated with the trial production of the EV71 vaccine for the site inspection.
R&D expenses in the second quarter of 2015 were $2.2 million,
compared to $3.3 million in the same period of 2014. This decrease is primarily attributable to an entrance fee incurred after
the signing of the licensing agreement of sIPV production technology in the second quarter of 2014 and the purchase of the virus
seeds for its sIPV candidate during the same period.
Net income attributable to common shareholders for the second
quarter of 2015 was $2.3 million, or $ 0.04 per basic and diluted share, compared to a net loss attributable to common shareholders
of $2.2 million, or $(0.04) per basic and diluted share, in the same period last year.
Unaudited Financial Results for First Half of 2015
- (In USD'000 except percentage data) | |
2015 H1 | | |
% of Sales | | |
2014 H1 | | |
% of Sales | |
Hepatitis A vaccine – Healive | |
| 11,385 | | |
| 41.0 | % | |
| 11,552 | | |
| 45.1 | % |
Hepatitis A&B vaccine – Bilive | |
| 14,271 | | |
| 51.4 | % | |
| 12,437 | | |
| 48.5 | % |
Hepatitis vaccines subtotal | |
| 25,656 | | |
| 92.4 | % | |
| 23,989 | | |
| 93.6 | % |
Influenza vaccine - Anflu | |
| 1,112 | | |
| 4.0 | % | |
| 61 | | |
| 0.2 | % |
Animal Rabies vaccine - Rabend | |
| 80 | | |
| 0.3 | % | |
| 44 | | |
| 0.2 | % |
Mumps vaccine | |
| 930 | | |
| 3.3 | % | |
| 1,440 | | |
| 5.6 | % |
Regular sales | |
| 27,778 | | |
| 100.0 | % | |
| 25,534 | | |
| 99.6 | % |
| |
| | | |
| | | |
| | | |
| | |
H5N1 | |
| - | | |
| - | | |
| 102 | | |
| 0.4 | % |
Total sales | |
| 27,778 | | |
| 100.0 | % | |
| 25,636 | | |
| 100.0 | % |
Cost of goods sold | |
| 5,841 | | |
| 21.0 | % | |
| 6,303 | | |
| 24.6 | % |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 21,937 | | |
| 79.0 | % | |
| 19,333 | | |
| 75.4 | % |
Total sales for the first half of 2015 were $27.8 million, an
increase of 8.4% from $25.6 million in the same period of 2014. The increase is primarily due to increased sales of Bilive into
the private pay market.
Gross profit in the first half of 2015 was $21.9 million, an
increase of 13.5% from $19.3 million in the same period of 2014. Gross margin was 79.0% in the first half of 2015, compared to
75.4% in the same period of 2014.
Selling, general and administrative expenses in the first half
of 2015 were $16.1 million, consistent with $16.4 million in the same period of 2014.
R&D expenses in the first half of 2015 were $4.4 million,
compared to $5.0 million in the same period of 2014. In the first half of 2015, the R&D expenses incurred by the Company is
mainly attributable to the phase III clinical trial on PPV. Instead, in the first half of 2014, a substantial portion of the Company's
R&D expenses were related to its sIPV program as explained above.
Net income attributable to common shareholders in the first
half of 2015 was $20,000, or $0.00 per basic and diluted share, compared to a net loss of $2.2 million, or $(0.04) per basic and
diluted share, in the same period of 2014.
As of June 30, 2015, cash and cash equivalents totaled $64.8
million, compared to $91.5 million as of December 31, 2014. Net cash used in operating activities was $7.8 million in the first
half of 2015. Net cash used in investing activities was $2.8 million, which was primarily used for the purchase of property, plant
and equipment. Net cash used in financing activities was $16.1 million during the first half of 2015, representing loan proceeds
of $12.0 million offset by loan repayments of $28.5 million. As of June 30, 2015, the Company had $32.6 million of bank loans
due within one year. When appropriate, the Company will seek new commercial bank loans to finance the commercialization of pipeline
products, as well as for other operational purposes.
Conference Call Details
Sinovac will host a conference call on Thursday, August 13,
2015 at 8:00 a.m. ET (August 13, 2015 at 8:00 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 August 13, 2015 through August 27, 2015. To
access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (International) and reference the replay pin number 13616892.
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.
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 at www.Sinovac.com .
Contact
Sinovac Biotech Ltd.
Helen Yang
Tel: +86-10-8279-9871
Fax: +86-10-6296-6910
Email: ir@sinovac.com
ICR Inc.
Bill Zima
U.S: +1 (646) 308-1707
Email: william.zima@icrinc.com
Katherine Knight
Phone: +1 (646) 277-1276
Email: katherine.knight@icrinc.com
SINOVAC BIOTECH LTD. |
Consolidated Balance sheets |
As of June 30, 2015 and December 31, 2014 |
(Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data) |
| |
| | |
| |
Current assets | |
June 30, 2015 | | |
December 31,2014 | |
| |
| | | |
| | |
Cash and cash equivalents | |
| 64,756 | | |
| 91,518 | |
Accounts receivable – net | |
| 44,144 | | |
| 40,757 | |
Inventories | |
| 23,228 | | |
| 18,832 | |
Prepaid expenses and deposits | |
| 1,154 | | |
| 1,430 | |
Deferred tax assets | |
| 1,669 | | |
| 2,266 | |
Total current assets | |
| 134,951 | | |
| 154,803 | |
| |
| | | |
| | |
Property, plant and equipment | |
| 67,814 | | |
| 68,417 | |
Prepaid land lease payments | |
| 10,275 | | |
| 10,405 | |
Long-term inventories | |
| 2,650 | | |
| 2,648 | |
Long-term prepaid expenses | |
| - | | |
| 3 | |
Prepayments for acquisition of equipment | |
| 1,398 | | |
| 1,387 | |
Deferred tax assets | |
| 445 | | |
| 515 | |
Licenses | |
| 176 | | |
| 352 | |
Total assets | |
| 217,709 | | |
| 238,530 | |
| |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Short-term bank loans and current portion of long-term debt | |
| 32,640 | | |
| 47,375 | |
Loan from a non-controlling shareholder | |
| 2,595 | | |
| 2,595 | |
Accounts payable and accrued liabilities | |
| 19,565 | | |
| 23,237 | |
Income tax payable | |
| 750 | | |
| 1,101 | |
Deferred revenue | |
| 3,893 | | |
| 4,996 | |
Deferred government grants | |
| 904 | | |
| 530 | |
Total current liabilities | |
| 60,347 | | |
| 79,834 | |
| |
| | | |
| | |
Deferred government grants | |
| 6,463 | | |
| 7,494 | |
Long-term debt | |
| - | | |
| 1,803 | |
Deferred revenue | |
| 7,197 | | |
| 7,191 | |
Other non-current liabilities | |
| 479 | | |
| 482 | |
Total long term liabilities | |
| 14,139 | | |
| 16,970 | |
| |
| | | |
| | |
Total liabilities | |
| 74,486 | | |
| 96,804 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
Equity | |
| | | |
| | |
Preferred stock | |
| - | | |
| - | |
Common stock | |
| 56 | | |
| 56 | |
Additional paid-in capital | |
| 109,073 | | |
| 108,243 | |
Accumulated other comprehensive income | |
| 12,065 | | |
| 12,022 | |
Statutory surplus reserves | |
| 12,627 | | |
| 12,627 | |
Accumulated deficit | |
| (6,364 | ) | |
| (6,384 | ) |
Total shareholders' equity | |
| 127,457 | | |
| 126,564 | |
| |
| | | |
| | |
Non-controlling interests | |
| 15,766 | | |
| 15,162 | |
Total equity | |
| 143,223 | | |
| 141,726 | |
Total liabilities and equity | |
| 217,709 | | |
| 238,530 | |
SINOVAC BIOTECH LTD. |
Consolidated Statements of Comprehensive Income (loss) |
For the three and six months ended June 30, 2015 and 2014 |
(Unaudited) |
(Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data) |
| |
| | |
| | |
| | |
| |
| |
Three months ended June 30 | | |
Six months ended June 30 | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Sales | |
| 18,509 | | |
| 12,090 | | |
| 27,778 | | |
| 25,636 | |
Cost of sales | |
| 3,407 | | |
| 3,025 | | |
| 5,841 | | |
| 6,303 | |
Gross profit | |
| 15,102 | | |
| 9,065 | | |
| 21,937 | | |
| 19,333 | |
| |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative expenses | |
| 9,172 | | |
| 8,589 | | |
| 16,093 | | |
| 16,381 | |
Provision for doubtful accounts | |
| 173 | | |
| 132 | | |
| 84 | | |
| 294 | |
Research and development expenses | |
| 2,221 | | |
| 3,265 | | |
| 4,433 | | |
| 4,967 | |
Loss (gain) on disposal and impairment of property, plant and equipment | |
| (24 | ) | |
| 29 | | |
| (24 | ) | |
| 29 | |
Government grants recognized in income | |
| (437 | ) | |
| - | | |
| (443 | ) | |
| - | |
Total operating expenses | |
| 11,105 | | |
| 12,015 | | |
| 20,143 | | |
| 21,671 | |
Operating income (loss) | |
| 3,997 | | |
| (2,950 | ) | |
| 1,794 | | |
| (2,338 | ) |
| |
| | | |
| | | |
| | | |
| | |
Interest and financing expenses | |
| (421 | ) | |
| (832 | ) | |
| (1,009 | ) | |
| (1,582 | ) |
Interest income | |
| 288 | | |
| 765 | | |
| 715 | | |
| 1,545 | |
Other income | |
| 28 | | |
| 71 | | |
| 103 | | |
| 217 | |
Income (loss) before income taxes and non-controlling interests | |
| 3,892 | | |
| (2,946 | ) | |
| 1,603 | | |
| (2,158 | ) |
Income tax expense | |
| (440 | ) | |
| (76 | ) | |
| (991 | ) | |
| (423 | ) |
Net Income (loss) | |
| 3,452 | | |
| (3,022 | ) | |
| 612 | | |
| (2,581 | ) |
Less: (Income) loss attributable to the non-controlling interests | |
| (1,181 | ) | |
| 774 | | |
| (592 | ) | |
| 337 | |
Net Income (loss) attributable to shareholders of Sinovac | |
| 2,271 | | |
| (2,248 | ) | |
| 20 | | |
| (2,244 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive income (loss), net of tax of nil | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustments | |
| (11 | ) | |
| (319 | ) | |
| 55 | | |
| (2,403 | ) |
Total comprehensive income (loss) | |
| 3,441 | | |
| (3,341 | ) | |
| 667 | | |
| (4,984 | ) |
Less: comprehensive (income) loss attributable to non-controlling interests | |
| (1,186 | ) | |
| 738 | | |
| (604 | ) | |
| 638 | |
Comprehensive income (loss) attributable to shareholders of Sinovac | |
| 2,255 | | |
| (2,603 | ) | |
| 63 | | |
| (4,346 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares of common stock outstanding | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 56,019,451 | | |
| 55,663,566 | | |
| 55,974,252 | | |
| 55,625,509 | |
Diluted | |
| 56,187,591 | | |
| 55,663,566 | | |
| 56,219,495 | | |
| 55,625,509 | |
| |
| | | |
| | | |
| | | |
| | |
Earning (loss) per share | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 0.04 | | |
| (0.04 | ) | |
| 0.00 | | |
| (0.04 | ) |
Diluted | |
| 0.04 | | |
| (0.04 | ) | |
| 0.00 | | |
| (0.04 | ) |
SINOVAC BIOTECH LTD. |
Consolidated Statements of Cash Flows |
For the three and six months ended June 30, 2015 and 2014 |
(Unaudited) |
(Expressed in thousands of U.S. Dollars) |
| |
Three months ended | | |
Six months ended | |
| |
June 30 | | |
June 30 | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Cash flows provided by (used in) operating activities | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 3,452 | | |
$ | (3,022 | ) | |
$ | 612 | | |
$ | (2,581 | ) |
Adjustments to reconcile net income (loss) to net cash | |
| | | |
| | | |
| | | |
| | |
Used in operating activities: | |
| | | |
| | | |
| | | |
| | |
- deferred income taxes | |
| 165 | | |
| 58 | | |
| 699 | | |
| 369 | |
- stock-based compensation | |
| 208 | | |
| 71 | | |
| 321 | | |
| 143 | |
- inventory provision | |
| 521 | | |
| 321 | | |
| 566 | | |
| 542 | |
- provision for doubtful accounts | |
| 173 | | |
| 132 | | |
| 84 | | |
| 294 | |
- loss (gain) on disposal and impairment of equipment | |
| (24 | ) | |
| 29 | | |
| (24 | ) | |
| 29 | |
- government grants recognized in income | |
| (437 | ) | |
| - | | |
| (443 | ) | |
| - | |
- depreciation of property, plant and equipment and amortization of license | |
| 1,759 | | |
| 1,903 | | |
| 3,451 | | |
| 4,534 | |
- amortization of the prepaid land lease payments | |
| 68 | | |
| 65 | | |
| 137 | | |
| 132 | |
- accretion expenses | |
| 30 | | |
| 28 | | |
| 59 | | |
| 55 | |
Changes in: | |
| | | |
| | | |
| | | |
| | |
- accounts receivable | |
| (1,770 | ) | |
| 1,327 | | |
| (3,613 | ) | |
| (3,654 | ) |
- inventories | |
| (3,544 | ) | |
| (4,905 | ) | |
| (5,086 | ) | |
| (7,784 | ) |
- income tax payable | |
| (382 | ) | |
| - | | |
| (382 | ) | |
| - | |
- prepaid expenses and deposits | |
| (143 | ) | |
| 234 | | |
| 521 | | |
| (348 | ) |
- deferred revenue | |
| (1,104 | ) | |
| 33 | | |
| (1,104 | ) | |
| (685 | ) |
- accounts payable and accrued liabilities | |
| 1,446 | | |
| (1,889 | ) | |
| (3,578 | ) | |
| (2,459 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net cash provided by (used in) operating activities | |
| 418 | | |
| (5,615 | ) | |
| (7,780 | ) | |
| (11,413 | ) |
| |
| | | |
| | | |
| | | |
| | |
Cash flows provided by (used in) financing activities | |
| | | |
| | | |
| | | |
| | |
- Proceeds from bank loans | |
| 11,154 | | |
| 3,182 | | |
| 11,956 | | |
| 8,917 | |
- Repayments of bank loans | |
| (9,138 | ) | |
| (6,084 | ) | |
| (28,541 | ) | |
| (8,542 | ) |
- Proceeds from issuance of common stock, | |
| | | |
| | | |
| | | |
| | |
net of share issuance costs | |
| 237 | | |
| 147 | | |
| 500 | | |
| 252 | |
- Proceeds from shares subscribed | |
| 9 | | |
| 31 | | |
| 9 | | |
| 80 | |
- Government grants received | |
| 6 | | |
| 185 | | |
| 9 | | |
| 185 | |
| |
| | | |
| | | |
| | | |
| | |
Net cash provided by (used in) financing activities | |
| 2,268 | | |
| (2,539 | ) | |
| (16,067 | ) | |
| 892 | |
| |
| | | |
| | | |
| | | |
| | |
Cash flows used in investing activities | |
| | | |
| | | |
| | | |
| | |
- Acquisition of property, plant and equipment | |
| (1,064 | ) | |
| (3,479 | ) | |
| (2,845 | ) | |
| (5,683 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net cash used in investing activities | |
| (1,064 | ) | |
| (3,479 | ) | |
| (2,845 | ) | |
| (5,683 | ) |
| |
| | | |
| | | |
| | | |
| | |
Exchange gain (loss) on cash and cash equivalents | |
| 64 | | |
| (385 | ) | |
| (70 | ) | |
| (1,404 | ) |
| |
| | | |
| | | |
| | | |
| | |
Increase (decrease) in cash and cash equivalents | |
| 1,686 | | |
| (12,018 | ) | |
| (26,762 | ) | |
| (17,608 | ) |
| |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents, beginning of period | |
| 63,070 | | |
| 101,652 | | |
| 91,518 | | |
| 107,242 | |
| |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents, end of period | |
$ | 64,756 | | |
$ | 89,634 | | |
$ | 64,756 | | |
$ | 89,634
| |
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