BEIJING, May 26, 2016 /PRNewswire/ -- Sinovac Biotech Ltd.
(NASDAQ: SVA), a leading provider of biopharmaceutical products in
China, announced today its
unaudited first quarter ended March 31,
2016.
First Quarter 2016 Financial Highlights
(compared
to the first quarter of 2015)
- Quarterly sales from continuing operations were $11.0 million, an increase of 19.0% from
$9.2 million in the prior year
period.
- Gross profit from continuing operations was $6.3 million, a decrease of 8.3% from
$6.9 million in the prior year
period. Gross margin was 57.8%, compared to 74.9% in the prior year
period.
- Loss from continuing operations was $1.6
million compared to a loss of $2.6
million in the prior year period. Income from discontinued
operations was $2.3 million, compared
to a loss from discontinued operations of $192 thousand in the prior year period.
- Net income attributable to common shareholders was $1.3 million, or $0.02 per basic and diluted share, compared to
net loss attributable to common shareholders of $2.3 million, or $0.04 per basic and diluted share in the prior
year period.
- Non-GAAP EBITDA was $60 thousand
in the first quarter of 2016, compared to a loss of $212 thousand in the prior year period. Non-GAAP
net loss from continuing operations in the first quarter of 2016
was $1.4 million, a decrease of 45%
compared to $2.6 million in the prior
year period.
Mr. Weidong Yin, Chairman,
President and CEO of the Sinovac, commented, "Our first quarter
revenue increased by 19% from the prior year period, however, the
revenue increase was due to revenue recognition from sales of
non-core H5N1 vaccine, which contributed 58% of total sales in the
first quarter. Other vaccine sales were lower because of the
challenging environment in the Chinese vaccine industry. Business
conditions for vaccine manufacturers in China like Sinovac have become more difficult
in recent months due to an incident involving the improper
distribution and sale of vaccines in Shandong province. As a result of this
incident, China's State Council
newly issued the Regulation on the Administration of Circulation
and Vaccination of Vaccines (the "Regulation"). The Regulation
requires all the vaccine sales in the private-pay market go through
provincial tendering platform, prohibits distributors from selling
vaccines, sets higher standards to ensure cold-chain conditions for
vaccine delivery and storage from the manufacturer to CDC customers
at county/district levels and requires vaccine manufacturing
companies to be fully accountable for the product quality during
the distribution process. Currently, most of the provinces have yet
to establish the platform, and a detailed interpretation and
execution plan associated with the Regulation has yet to be
released by the central government, resulting in stagnated
nationwide sales of private-pay market vaccines. While Sinovac was
not directly implicated in the incident, our sales performance has
been negatively affected and we also expect management and
administration costs of vaccine distribution to increase in the
future.
Mr. Yin added, "The Shandong incident had a material effect on our
revenues in the first quarter and we expect that this trend will
continue into the second quarter. Sinovac is well capitalized and
the underlying need for vaccines has not changed. We have
taken steps to manage our cash carefully, including implementing a
more stringent AR collection management scheme, ensuring commercial
bank loans, and deferring non-core R&D projects to better
enable Sinovac to withstand this unusual event. At the same time we
will closely monitor the market conditions and the change of policy
to prepare ourselves for full implementation once market conditions
normalize. For long term, we are well positioned to benefit
from these industry changes once the vaccine market recovers as our
past success has been to primarily rely on our internal sales force
instead of distributors, and we also expect to gain from the
commercialization of our newly approved EV71 vaccine, positioning
Sinovac to be more competitive."
Mr. Yin added, "In the first quarter, we initiated the
production of our EV71 vaccine immediately after the vaccine was
approved in January 2016. The EV71
vaccine produced has passed the lot release test administered by
the National Institute of Food and Drug Control and is now ready
for market launch. We expect to deliver the vaccine to customers
once the market returns to normal. During the quarter, we have also
made progress on our pipeline programs with the initiation of
clinical trials of our varicella vaccine and our preparation for
the trials of the sIPV vaccine. We will continue to keep our
investors updated on our latest progress and achievements in the
months ahead."
First Quarter 2016 Business Highlights
Research and Development
EV71 – The China Food and Drug Administration (CFDA)
issued the new drug certification and production license, as well
as the Good Manufacturing Practices ("GMP") certificate for
Sinovac's enterovirus 71 ("EV71") vaccine respectively at the end
of December 2015 and January 2016. The Company already received lot
release approval for EV71 vaccine and expects to launch the EV71
vaccine once vaccine sales activity resume.
Varicella –The vaccine candidate is expected to be
studied through a phase I, a phase III trials and a batch-to-batch
consistency trial of three consecutive batches. The phase I
clinical trial was initiated in May
2016 in Henan Province. The
phase I trial is designed as a single-center, randomized,
double-blinded, and placebo controlled study. We expect to enroll
approximately 270 healthy volunteers between the ages of 1 to 49 years old for the trial.
Unaudited Financial Results for First Quarter 2016
(In $000 except
percentage data)
|
|
2016
Q1
|
% of
Sales
|
2015
Q1
|
% of
Sales
|
|
|
|
|
|
|
Hepatitis A –
Healive
|
|
3,647
|
33.3%
|
2,922
|
31.7%
|
Hepatitis A&B –
Bilive
|
|
216
|
2.0%
|
5,055
|
54.9%
|
Hepatitis vaccines
subtotal
|
|
3,863
|
35.3%
|
7,977
|
86.6%
|
Influenza
vaccine
|
|
463
|
4.2%
|
586
|
6.4%
|
Mumps
vaccine
|
|
236
|
2.1%
|
644
|
7.0%
|
Regular
sales
|
|
4,562
|
41.6%
|
9,207
|
100.0%
|
H5N1
|
|
6,392
|
58.4%
|
-
|
-
|
Total
sales
|
|
10,954
|
100.0%
|
9,207
|
100.0%
|
Cost of
sales
|
|
4,626
|
42.2%
|
2,308
|
25.1%
|
Gross
profit
|
|
6,328
|
57.8%
|
6,899
|
74.9%
|
|
|
|
|
|
|
Quarterly sales from continuing operations were $11.0 million, an increase of 19.0% from
$9.2 million in the prior year
period. The sales increase was primarily due to the recognition of
H5N1 revenue. Excluding H5N1 revenue, quarterly sales from
continuing operations were $4.6
million, a decrease of 50.4% from $9.2 million in the comparative period. The
decrease was primarily due to additional sales return provision
provided as a result of the vaccine incident in Shandong province.
Gross profit from continuing operations was $6.3 million, a decrease of 8.3% from
$6.9 million in the prior year
period. Gross margin was 57.8%, compared to 74.9% in the prior year
period. Excluding H5N1, the quarterly gross margin was
55.6%,compared to 74.9% in the prior year period. The decrease was
mainly due to a higher inventory provision for mumps vaccines and a
lower gross profit for the hepatitis A&B vaccine due to higher
sales returns provision provided in the first quarter of 2016.
Selling, general and administrative expenses in the first
quarter of 2016 were $6.2 million,
compared to $6.8 million in the same
period of 2015.
R&D expenses in the first quarter of 2016 were $2.1 million, compared to $2.2 million in the same period of 2015.
Loss from continuing operations was $1.6
million compared to a loss of $2.6
million in the prior year period. Income from discontinued
operations was $2.3 million, compared
to a loss from discontinued operations of $192 thousand in the prior year period.
Net income attributable to common shareholders was $1.3 million, or $0.02 per basic and diluted share, compared to
net loss attributable to common shareholders of $2.3 million, or $0.04 per basic and diluted share in the prior
year period.
Non-GAAP EBITDA was $60 thousand
in the first quarter of 2016, compared to a loss of $212 thousand in the prior year period. Non-GAAP
net loss from continuing operations in the first quarter of 2016
was $1.4 million, a decrease of 45%
compared to a net loss of $2.6
million in the prior year period. Non-GAAP diluted net loss
per share from continuing operations in the first quarter of 2016
was $0.01, compared to net loss of
$0.03 per share in the prior year
period. Reconciliations of non-GAAP measures to the nearest
comparable GAAP measures are included at the end of this earnings
announcement.
As of March 31, 2016, cash and
cash equivalents totaled $62.5
million, compared to $63.8
million as of December 31,
2015. In the first quarter of 2016, net cash used in
operating activities was $9.5
million. Net cash used in investing activities was
$2.7 million, which was mainly for
the purchase of equipment. Net cash provided by financing
activities was $10.7 million,
including loan proceeds of $13.2
million and loan repayment of $2.6
million. As of March 31, 2016,
the Company had $30.7 million of bank
loans due within one year. The Company expects that its current
cash position will be able to support its operations for the next
12 months. The Company will seek new commercial bank loans to
finance the commercialization of its pipeline products and for
other operational purposes when appropriate.
Conference Call Details
Sinovac will host a conference call on Friday, May 27, 2016, at 8:00 a.m. EDT (Friday, May
27, 2016 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 after the
earnings call through June 10, 2016.
To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (International) and
reference the replay pin number 13638158.
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's
newly developed innovative vaccine against HFMD caused by EV71 is
ready for market launch. 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, Tajikistan, Bangladesh, Chile and the
Philippines, and was recently granted a license to
commercialize its influenza vaccine in Guatemala. For more information, please visit
the Company's website at www.sinovac.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to differ
materially from any future results, levels of activity, performance
or achievements expressed or implied by these forward looking
statements. Factors that might cause such a difference include our
inability to compete successfully in the competitive and rapidly
changing marketplace in which we operate, failure to retain key
employees, cancellation or delay of projects and adverse general
economic conditions in the United
States and internationally. These risks and other factors
include those listed under "Risk Factors" and elsewhere in our
Annual Report on Form 20-F as filed with the Securities and
Exchange Commission. In some cases, you can identify
forward-looking statements by terminology such as "may," "will,"
"should," "expects," "intends," "plans," "anticipates," "believes,"
"estimates," "predicts," "potential," "continue," or the negative
of these terms or other comparable terminology. Although we believe
that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee future results, levels of
activity, performance or achievements. The Company assumes no
obligation to update the forward-looking information contained in
this release.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are
prepared and presented in accordance with GAAP, Sinovac uses the
following non-GAAP financial measures: non-GAAP EBITDA, non-GAAP
net income from continuing operations and non-GAAP diluted EPS from
continuing operations. For more information on these non-GAAP
financial measures, please refer to the table captioned
"Reconciliations of non-GAAP Measures to the Nearest Comparable
GAAP Measures" in this results announcement.
Sinovac believes that non-GAAP EBITDA, non-GAAP net income from
continuing operations and non-GAAP diluted EPS from continuing
operations help identify underlying trends in its business that
could otherwise be distorted by the effect of certain income or
expenses that Sinovac includes in income from operations from
continuing operations, net income from continuing operations and
diluted EPS from continuing operations. Sinovac believes that
non-GAAP EBITDA, non-GAAP net income from continuing operations and
non-GAAP diluted EPS from continuing operations provide useful
information about its core operating results, enhance the overall
understanding of its past performance and future prospects and
allow for greater visibility with respect to key metrics used by
our management in its financial and operational decision-making.
Non-GAAP EBITDA, non-GAAP net income from continuing operations and
non-GAAP diluted EPS from continuing operations should not be
considered in isolation or construed as an alternative to income
from operations from continuing operations, net income from
continuing operations, diluted EPS from continuing operations, or
any other measure of performance or as an indicator of Sinovac's
operating performance. These non-GAAP financial measures
presented here may not be comparable to similarly titled measures
presented by other companies. Other companies may calculate
similarly titled measures differently, limiting their usefulness as
comparative measures to our data.
Non-GAAP EBITDA represents income (loss) from continuing
operations, excludes interest and financing expenses, interest
income, net other income (expenses) and income tax benefit
(expenses), and certain non-cash expenses, consisting of
stock-based compensation expenses, amortization and depreciation
that Sinovac does not believe are reflective of the core operating
performance during the periods presented.
Non-GAAP net income from continuing operations represents
net income from continuing operations before stock-based
compensation expenses, and foreign exchange gain or loss.
Non-GAAP diluted EPS from continuing operations
represents non-GAAP net income attributable to ordinary
shareholders from continuing operations divided by the weighted
average number of shares outstanding during the periods on a
diluted basis, including accounting for the effect of the assumed
conversion of options.
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
SINOVAC BIOTECH
LTD.
|
|
|
|
|
Consolidated
Balance sheets
|
|
|
|
|
As of March 31,
2016 and December 31, 2015
|
|
|
|
|
(Expressed in
thousands of U.S. Dollars, except for numbers of shares and per
share data)
|
|
|
|
|
|
Current
assets
|
|
March 31, 2016
(Unaudited)
|
|
December 31,
2015
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
62,513
|
$
|
63,834
|
Restricted
cash
|
|
1,634
|
|
1,626
|
Accounts receivable –
net
|
|
40,131
|
|
39,021
|
Inventories
|
|
20,151
|
|
18,685
|
Prepaid expenses and
deposits
|
|
1,055
|
|
958
|
Deferred tax
assets
|
|
2,689
|
|
2,603
|
Current assets held
for sale
|
|
-
|
|
1,797
|
Total current
assets
|
|
128,173
|
|
128,524
|
|
|
|
|
|
Property, plant and
equipment
|
|
64,322
|
|
63,940
|
Prepaid land lease
payments
|
|
9,556
|
|
9,574
|
Long-term prepaid
expenses
|
|
25
|
|
25
|
Prepayments for
acquisition of equipment
|
|
1,860
|
|
328
|
Deferred tax
assets
|
|
571
|
|
593
|
Total
assets
|
|
204,507
|
|
202,984
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Short-term bank loans
and current portion of long-term bank
loans and other debt
|
|
30,707
|
|
21,775
|
Loan from a
non-controlling shareholder
|
|
2,526
|
|
2,470
|
Accounts payable and
accrued liabilities
|
|
22,720
|
|
22,524
|
Income tax
payable
|
|
1,154
|
|
1,643
|
Deferred
revenue
|
|
127
|
|
8,144
|
Deferred government
grants
|
|
900
|
|
1,202
|
Current liabilities
held for sale
|
|
-
|
|
243
|
Total current
liabilities
|
|
58,134
|
|
58,001
|
|
|
|
|
|
Deferred government
grants
|
|
4,514
|
|
4,730
|
Long-term bank
loans
|
|
2,713
|
|
756
|
Other non-current
liabilities
|
|
759
|
|
756
|
Total long-term
liabilities
|
|
7,986
|
|
6,242
|
|
|
|
|
|
Total
liabilities
|
|
66,120
|
|
64,243
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
Equity
|
|
|
|
|
Preferred
stock
|
|
-
|
|
-
|
Common
stock
|
|
57
|
|
57
|
Additional paid-in
capital
|
|
110,291
|
|
109,944
|
Accumulated other
comprehensive income
|
|
6,608
|
|
8,110
|
Statutory surplus
reserves
|
|
13,450
|
|
13,450
|
Accumulated
deficit
|
|
(6,972)
|
|
(8,281)
|
Total
shareholders' equity
|
|
123,434
|
|
123,280
|
|
|
|
|
|
Non-controlling
interests
|
|
14,953
|
|
15,461
|
Total
equity
|
|
138,387
|
|
138,741
|
Total liabilities
and equity
|
$
|
204,507
|
$
|
202,984
|
SINOVAC BIOTECH
LTD.
|
|
|
|
|
Consolidated
Statements of Comprehensive Income (loss)
|
|
|
|
|
For the three
months ended March 31, 2016 and 2015
|
|
|
|
|
(Unaudited)
|
|
|
|
|
(Expressed in
thousands of U.S. Dollars, except for numbers of shares and per
share data)
|
|
|
|
|
|
|
|
Three months
ended March 31
|
|
|
2016
|
|
2015
|
Sales
|
$
|
10,954
|
$
|
9,207
|
Cost of
sales
|
|
4,626
|
|
2,308
|
Gross
profit
|
|
6,328
|
|
6,899
|
|
|
|
|
|
Selling,
general and administrative expenses
|
|
6,200
|
|
6,807
|
Provision
(recovery) for doubtful accounts
|
|
248
|
|
(91)
|
Research and
development expenses
|
|
2,070
|
|
2,197
|
Loss on
disposal and impairment of property, plant and
equipment
|
|
43
|
|
-
|
Government
grants recognized in income
|
|
(473)
|
|
(3)
|
Total
operating expenses
|
|
8,088
|
|
8,910
|
Operating
loss
|
|
(1,760)
|
|
(2,011)
|
|
|
|
|
|
Interest and
financing expenses
|
|
(383)
|
|
(588)
|
Interest
income
|
|
286
|
|
427
|
Other
income
|
|
216
|
|
75
|
Loss from
continuing operations before income taxes
|
|
(1,641)
|
|
(2,097)
|
Income tax
benefit (expense)
|
|
52
|
|
(551)
|
Loss from
continuing operations
|
|
(1,589)
|
|
(2,648)
|
Income
(loss) from discontinued operations, net of tax of
nil
|
|
2,338
|
|
(192)
|
Net Income
(loss)
|
|
749
|
|
(2,840)
|
Less: Loss
attributable to the non-controlling interests
|
|
560
|
|
589
|
Net Income
(loss) attributable to shareholders of Sinovac
|
|
1,309
|
|
(2,251)
|
|
|
|
|
|
Loss from
continuing operations
|
|
(1,589)
|
|
(2,648)
|
Other
comprehensive income (loss) from continuing
operations, net of tax of nil
|
|
|
|
|
Foreign currency
translation adjustments
|
|
406
|
|
76
|
Comprehensive loss from continuing
operations
|
|
(1,183)
|
|
(2,572)
|
|
|
|
|
|
Income
(loss) from discontinued operations
|
|
2,338
|
|
(192)
|
Other
comprehensive income (loss) from
discontinued operations, net of tax of nil
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
|
|
Net
unrealized gain (loss) during the period
|
|
23
|
|
(10)
|
Reclassification adjustment included in net income (loss)
from discontinued operations
|
|
(1,880)
|
|
-
|
Net change in
unrealized gain (loss)
|
|
(1,857)
|
|
(10)
|
Comprehensive income (loss) from
discontinued
operations
|
|
481
|
|
(202)
|
|
|
|
|
|
Comprehensive
loss
|
|
(702)
|
|
(2,774)
|
Less:
comprehensive loss attributable to non-controlling
interests
|
|
509
|
|
582
|
Comprehensive loss attributable to
shareholders of
Sinovac
|
$
|
(193)
|
$
|
(2,192)
|
|
|
|
|
|
Earnings
(loss) per share
|
|
|
|
|
Basic net income
(loss) per share:
|
|
|
|
|
Continuing
operations
|
|
(0.02)
|
|
(0.04)
|
Discontinued
operations
|
|
0.04
|
|
0.00
|
Basic net income
(loss) per share
|
|
0.02
|
|
(0.04)
|
|
|
|
|
|
Diluted net income
(loss) per share:
|
|
|
|
|
Continuing
operations
|
|
(0.02)
|
|
(0.04)
|
Discontinued
operations
|
|
0.04
|
|
0.00
|
Diluted net income
(loss) per share
|
|
0.02
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares of
|
|
|
|
|
Basic
|
|
56,909,341
|
|
56,213,166
|
Diluted
|
|
56,989,779
|
|
56,213,166
|
SINOVAC BIOTECH LTD.
|
|
|
|
|
Consolidated
Statements of Cash Flows
|
|
|
|
|
For the three
months ended March 31, 2016 and 2015
|
|
|
|
|
(Unaudited)
|
|
|
|
|
(Expressed in
thousands of U.S. Dollars)
|
|
|
|
|
|
Three months
ended
|
|
|
March
31
|
|
|
2016
|
|
2015
|
Cash flows used in
operating activities
|
|
|
|
|
Net income
(loss)
|
$
|
749
|
$
|
(2,840)
|
Less: Income (loss)
from discontinued operations-net of tax
|
|
2,338
|
|
(192)
|
Loss from continuing
operations
|
|
(1,589)
|
|
(2,648)
|
Adjustments to
reconcile net income to net cash provided by (used
in) operating activities:
|
|
|
|
|
- Deferred
income taxes
|
|
(48)
|
|
534
|
- Stock-based
compensation
|
|
316
|
|
113
|
- Inventory
provision
|
|
172
|
|
12
|
- Provision
(recovery) for doubtful accounts
|
|
248
|
|
(91)
|
- Loss on
disposal and impairment of property, plant and equipment
|
|
43
|
|
-
|
- Government
grants recognized in income
|
|
(473)
|
|
(3)
|
- Depreciation
of property, plant and equipment and amortization of
licenses
|
|
1,441
|
|
1,620
|
- Amortization
of prepaid land lease payments
|
|
63
|
|
66
|
- Accretion
expenses
|
|
-
|
|
29
|
Changes
in:
|
|
|
|
|
- Accounts
receivable
|
|
(859)
|
|
(1,843)
|
-
Inventories
|
|
(1,568)
|
|
(1,544)
|
- Income tax
payable
|
|
(490)
|
|
-
|
- Prepaid
expenses and deposits
|
|
(127)
|
|
654
|
- Deferred
revenue
|
|
(7,942)
|
|
-
|
- Accounts
payable and accrued liabilities
|
|
1,334
|
|
(4,624)
|
- Deferred
government grants
|
|
31
|
|
3
|
|
|
|
|
|
Net cash used in operating
activities from continuing operations
|
|
(9,448)
|
|
(7,722)
|
Net cash used in operating
activities from discontinued operations
|
|
(95)
|
|
(473)
|
Net cash used in
operating activities
|
|
(9,543)
|
|
(8,195)
|
|
|
|
|
|
Cash flows
provided by (used in) financing activities
|
|
|
|
|
- Proceeds from
bank loans
|
|
13,242
|
|
802
|
- Repayments of
bank loans
|
|
(2,600)
|
|
(19,403)
|
- Proceeds from
issuance of common stock,
|
|
31
|
|
264
|
net of
share issuance costs
|
|
|
|
|
Net cash provided
by (used in) financing activities
|
|
10,673
|
|
(18,337)
|
|
|
|
|
|
Cash flows used in
investing activities
|
|
|
|
|
- Acquisition
of property, plant and equipment
|
|
(3,545)
|
|
(1,781)
|
- Proceeds from
disposal of subsidiary
|
|
875
|
|
-
|
Net cash used
in investing activities from continuing operations
|
|
(2,670)
|
|
(1,781)
|
Net cash used in
investing activities from discontinued operations
|
|
(9)
|
|
-
|
Net cash used in
investing activities
|
|
(2,679)
|
|
(1,781)
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents, including cash
classified within current assets held for sale
|
|
85
|
|
(135)
|
|
|
|
|
|
Decrease in cash
and cash equivalents, including cash classified
within current assets held for sale
|
|
(1,464)
|
|
(28,448)
|
Less: Net decrease in
cash classified within current assets for sale
|
|
(143)
|
|
(105)
|
Decrease in cash
and cash equivalents
|
|
(1,321)
|
|
(28,343)
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
63,834
|
|
91,293
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
62,513
|
$
|
62,950
|
|
|
|
|
|
SINOVAC BIOTECH
LTD.
|
|
|
|
|
Reconciliations of
Non-GAAP measures to the nearest comparable GAAP
measures
|
For the three
months ended March 31, 2016 and 2015
|
(Unaudited)
|
|
|
|
|
(Expressed in
thousands of U.S. Dollars, except for numbers of shares and per
share data)
|
|
|
|
|
|
|
|
Three months
ended March 31
|
|
|
2016
|
|
2015
|
Income
(loss) from continuing operations
|
|
(1,589)
|
|
(2,648)
|
Adjustments:
|
|
|
|
|
Stock-based compensation
|
|
316
|
|
113
|
Depreciation and amortization
|
|
1,504
|
|
1,686
|
Interest
and financing expenses, net of interest income
|
|
97
|
|
161
|
Net
other (income) expense
|
|
(216)
|
|
(75)
|
Income
tax (benefit) expense
|
|
(52)
|
|
551
|
Non-GAAP
EBITDA
|
|
60
|
|
(212)
|
|
|
|
|
|
Income
(loss) from continuing operations
|
|
(1,589)
|
|
(2,648)
|
Add:
Foreign exchange loss (gain)
|
|
(123)
|
|
(17)
|
Add:
Stock-based compensation
|
|
316
|
|
113
|
Non-GAAP net
loss from continuing operations
|
|
(1,396)
|
|
(2,552)
|
|
|
|
|
|
Net Income
(loss) from continuing operations
attributable to shareholders of Sinovac
|
|
(1,029)
|
|
(2,059)
|
Add: Non-GAAP
adjustments to net income from
continuing operations
|
|
193
|
|
96
|
Non-GAAP net
income attributable to shareholders of
Sinovac from continuing operations for computing
non-GAAP diluted earnings (loss) per
share
|
|
(836)
|
|
(1,963)
|
|
|
|
|
|
Weighted
average number of shares on a diluted basis
|
|
56,989,779
|
|
56,213,166
|
Diluted
earnings (loss) per share from continuing
operations
|
|
(0.02)
|
|
(0.04)
|
Add: Non-GAAP
adjustments to net income per share
from continuing operations
|
|
0.01
|
|
0.01
|
Non-GAAP
Diluted EPS from continuing operations
|
|
(0.01)
|
|
(0.03)
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sinovac-reports-unaudited-first-quarter-2016-financial-results-300275580.html
SOURCE Sinovac Biotech Co., Ltd.