China Tracker - Details for Weikang Bio-Technology (WKBT)


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 Weikang Bio-Technology
 Business Outlook

The Audit Committee of the Board of Directors today announced that Grant Thornton (GT) has verified that the cash amounts listed on the Company's SEC filings for 2010 and the first quarter of 2011 are consistent with account statements obtained from WKBT's banks directly by GT.

(Source: PR Newswire, 2011-06-07)

Our market share continues to improve with our successful new product launches and expanded sales channels. The five new products we launched during 2010 contributed roughly $11 million to our total sales, and we plan to launch four new products during 2011, three of which we expect to roll out during the first quarter. We are committed to implementing improved marketing and promotional strategies as well as aggressive R&D, both of which contributed to our strong performance this year. Furthermore, we have streamlined our cost structure in order to provide the highest quality product at the best value, and we look forward to continued growth of this nature as we continue to pursue additional US investor support and interaction in 2011.

(Source: PR Newswire, 2011-03-22)

Our decision to bring on additional sales staff last quarter has proven to be very beneficial to our marketing and distribution efforts and overall growth strategy. In November, we estimated that our new agents in Changsha, Nanning, and Zhuzhou would bring in annual revenue of roughly $15 million, and we are pleased that they are already on track to exceed our original projections. The exceptional effort from our entire sales team has allowed us to maximize the effectiveness of our recent product launches and increased advertising investment in the second half of 2010, driving dramatic growth beyond our expectations in both sales and profit for the fourth quarter and fiscal 2010.

(Source: PR Newswire, 2011-01-24)

For the fiscal year ended December 31, 2010, the Company expects to report net revenues of $77.8 million, representing a 64% increase from revenues of $47.5 million reported for fiscal 2009. The Company also expects to report net income of $31.2 million, which represents an increase of 100% from $15.6 million reported for fiscal 2009, and earnings per share of $1.04.

"2010 was an outstanding year of growth for Weikang, driven largely by the launch of multiple products under our Rongrun and TianFang brands. Our preliminary 2010 financial results far exceeded our September guidance of $55 million in revenues and $21 million in net income, and we remain very optimistic about our business prospects in 2011. We maintain our 2011 guidance of 30% to 50% revenue growth over 2010 and approximately 60% gross margin due to increased sales of high-margin products as a percent of total revenue, and we look forward to providing a complete picture of our 2010 financial results when we file with the SEC in March."

(Source: PR Newswire, 2011-01-18)

On December 13, 2010, Weikang Bio-Technology Group Company sold in a private placement a total of 11,042 Units, each unit comprised of (i) four shares of common stock, (ii) a three-year warrant to purchase one share of common stock at an exercise price of $3.60 per share, and (iii) a three-year warrant to purchase one share of common stock at an exercise price of $4.80 per share, for an aggregate purchase price of $106,003.20.

The Company agreed to list and trade its shares of common stock on the Nasdaq Capital Market, Nasdaq Global Market, or the NYSE Amex and shall take all commercially reasonable actions to file an application to trade its shares on a National Stock Exchange within 90 days after the final closing date of the Offering. In the event the shares of common stock are not approved for trading on a National Stock Exchange within 120 days from the final closing date of the private placement and commercially reasonable actions have not been taken to meet such requirement, the Company shall pay cash liquidated damages to the Subscriber in the amount equal to 0.5% of the purchase price paid by each investor, to be paid each month until the listing of the Company’s shares on a National Stock Exchange is completed.

(Source: 8-K Filing, 2010-12-17)

Weikang Bio-Technology Group today announced that for fiscal 2011, the Company expects revenue to be in the range of $71 to $82 million, net profit to be $27 to $31 million and earnings per share to be $0.97 to $1.12, based upon 28 million shares outstanding. "We are working extremely diligent to enhance our market penetration as we continue to build a high-quality therapeutics company. We have launched several new therapeutics this year and have plans to launch several more new therapeutics in 2011. In addition, we have expanded our sales coverage area by adding three new distributors. Therefore, we believe that we have created a solid foundation to continue expanding sales, increase revenue and net income and strengthen shareholder value."

(Source: PR Newswire, 2010-11-29)

Weikang has signed two provincial agent contracts and one municipal agent contract in Guangxi, Hunan and Xiangtan. The new sales agents began working with Weilang at the beginning of October and have already contributed to RMB 9 million yuan or $1.4 million in sales to fourth quarter 2010 revenue. The two provincial contracts are expected to add RMB 40 million or $6 million each to annual sales and the municipal contract is expected to add RMB 20 million or $3 million in annual sales. The products will be sold through a variety of retail outlets including pharmacies and nutritional stores.

"We are excited to expand our sales network by adding three new sales agents, bringing our total number of agents to eight. The new agents will be instrumental in expanding sales of our new therapeutics in southwest and south central China. We will work closely with the new agents providing them the marketing tools and education to be successful in achieving their sales goals."

(Source: PR Newswire, 2010-11-22)

Weikang Bio-Technology today announced that the Company intends to launch three new therapeutics during the first quarter of 2011. Weikang expects that its new products have the potential to add up to approximately $3.1 million in revenue and up to approximately $1.1 million in net income combined in 2011. The new therapeutics have been approved by the State Food and Drug Administration (SFDA).

"We are pleased to be able to regularly launch high margin new products that enable us to continue expanding our market penetration and future revenue and net income growth. Over the past few years our research and development team have been extremely focused on developing a strong pipeline of high-quality, therapeutics to address today's important health issues. In addition, we ensure that our products are produced using the highest quality of natural ingredients and advanced processing technologies for maximum effectiveness."

(Source: PR Newswire, 2010-10-04)

For the fiscal year 2010, Weikang Bio-Technology expects revenue of $55 million, gross profit of $33 million and net profit of $21 million. The Company is also targeting fiscal year 2011 revenue growth to be in the range of 30% to 50% over 2010 revenue. Average gross margin for 2011 is expected to be approximately 60% as the Company's sales of higher margin products increases as a percentage of overall revenue. Revenue growth is supported by the Company's solid pipeline of new therapeutics to be launched in fourth quarter 2010 and the first half of 2011. In addition to a variety of sales and media promotions, Weikang Bio-Technology will be introducing their new therapeutics to a large number of new retailers and distributors at the 64th National Drug Exchange Convention in December.

"We are upbeat about our future growth opportunities as we continue to strengthen our market position by broadening our sales territory and launching new and exciting therapeutics that have a wide market potential. In the fourth quarter of 2010 and the first half of 2011, we intend to launch five new proprietary therapeutics: Sha Bai Shuanghuai, Gouqi Xi Pu, Shouwu Long Life and Lysozyme Buccal and Ha Ge Jiao Lan. Our new product launches are supported through a variety of marketing efforts including providing sales incentives to our distributors as well as regular media promotions."

(Source: PR Newswire, 2010-09-14)

Weikang Bio-Technology Group today announced that the Company intends to launch several new therapeutics during the fourth quarter of 2010. Weikang expects that its Sha Bai Shuanghuai Soft Capsules and Gouqi Xi Pu Soft Capsules have the potential to add up to approximately $5.7 million in revenue and up to approximately $2.2 million in net income combined on an annual basis.

(Source: PR Newswire, 2010-08-09)

Weikang Bio-Technology Announces Filing for NASDAQ Listing. Weikang believes it satisfies the majority of the listing qualifications associated with this application. The application is subject to review by NASDAQ's Listing Qualifications Department for compliance with all NASDAQ Capital Market requirements. The Company's common stock will continue to trade on the OTC Bulletin Board under its current symbol, WKBT, until the Company is notified of its acceptance.

(Source: PR Newswire, 2010-06-22)

Weikang Bio-Technology Group today announced that the Company is launching a new project to research and develop licorice flavonoids for use in therapeutics. 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. The total investment for the Licorice Flavonoid Project is expected to be $6.58 million, including $2.93 million in R&D; and the first full year of production expected to yield a return on investment of 86%. The construction of the new factory and purchase of equipment will start upon the successful completion of the R&D. Weikang is targeting to begin production of therapeutics developed from glycyrrhetinic acid in 2011 and to reach the full design output of the new factory by 2012.

(Source: PR Newswire, 2010-06-09)

Weikang intends to continue developing new products and expanding its distribution network throughout 2010. 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.

(Source: PR Newswire, 2010-05-18)

Together with the current board member, the board of the Company now consists of five members of which the four newly appointed board members are independent directors within the meanings set forth in the rules of NYSE Amex and NASDAQ Stock Market.

(Source: Marketwire, 2010-04-16)

Looking ahead, we will continue our growth strategy of developing newer and higher margin pharmaceutical and nutriceutical products, while expanding our sales and distribution network in China. In 2010, we will also deploy more time and resources towards the U.S. capital markets by increasing our investor relations efforts and potentially uplifting to a senior stock exchange. The management team is fully committed to build long term value for all of our stakeholders.

(Source: Marketwire, 2010-04-05)
WKBT
Healthcare & Drugs
SCORE
5
READ: Score Cards Explained
SAFETY/RISK SCORE
HIGH RISK
DETAILS: Safety/Risk Model for WKBT
Current Price:  n/a
F10k Day (2009-08-10): -100.00%$2.00
2009 Close: -100.00%$2.50
2010 Close: -100.00%$2.95
2011 Close: -100.00%$0.48
High (2012-02-23): -100.00%$0.44
Low (2012-07-02): -100.00%$0.16
Exchange:
Market Capitalization: n/a
Total Shares: 32.48 mill
Float: n/a
Avg Volume: n/a
Last Quarter: 2011-06-30
Revenue (MRQ): 17.06 mill
Net Income (MRQ): 3.74 mill
Op. Cash Flow (MRQ): -2.19 mill
all financial data provided without warranty