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»09/01/2010 [Industry news]
China Yongxin projects 22% drop in revenue in 2009

China Yongxin Pharmaceuticals, a leading manufacturer, distributor and retailer of Chinese traditional medicines, pharmaceutical products, natural health products, health food, cosmetics, and medical equipment in Northeastern China, announced its projected financial results for the year ending December 31, 2009.

 
China Yongxin Pharmaceuticals, a leading manufacturer, distributor and retailer of Chinese traditional medicines, pharmaceutical products, natural health products, health food, cosmetics, and medical equipment in Northeastern China, announced its projected financial results for the year ending December 31, 2009. Revenues for the full-year 2009 are projected to be $46.1 million, a 22% decrease from $59.1 million for 2008. The decrease in total revenue is due to the transition of the company\'s sales strategy, which, because of the uncertain direction of the National Medical Policy, has been refocused from the wholesale sector to the retail and medical facilities sector. While a broader product portfolio and expanded marketing activities increased 2009 revenues from the company\'s retail drug stores by approximately 30% over the prior year, it was not sufficient to completely offset the decrease in the company\'s wholesale business, resulting in comparably lower total net revenue. For 2009, net income is projected to be approximately $5.4 million, a 35% increase over the $4.1 million for 2008. The increase primarily is related to higher margin retail and medical facilities sales. Mr. Yongxin Liu, Chairman and Chief Executive Officer of China Yongxin, said that during 2009, the company\'s wholesale business was impacted by customers waiting for specifics on the new healthcare reform plan. \"However, on August 18th, the Chinese government issued China\'s Essential Drug List (EDL) which included over 300 commonly used pharmaceuticals that will be subsidized by the government to provide easier access to all citizens. We are pleased that China Yongxin is a retailer or distributor of 295 of the products on that list. We are further encouraged by the increasing momentum toward healthcare reform and the government\'s efforts to boost domestic spending. During 2009, we also added 12 high margin pharmaceutical products with exclusive distribution rights in Jilin province and we expect this to drive market share gains and growth during the coming year,\" Mr. Liu said. China Yongxin recently secured loans from local banks and rural credit unions totaling $2.9 million, with terms ranging from 1 to 3 years, renewable after the initial terms. Loan proceeds will be used to provide working capital for the company\'s distribution segment as it capitalizes on new organic growth opportunities supported by the government\'s new healthcare initiative. Mr. Liu further said, \"With enhanced government support, specifically the commencement of China\'s $126 billion health care reform plan focused on providing a broader spectrum of healthcare services and pharmaceutical products to all Chinese residents, we are confident that our modernized logistics center and distribution channels, the broad customer base of our chain drugstores, our extensive product portfolio, and committed management team will enable us to resume our growth momentum and capitalize on a long-term, secular growth opportunity.\"

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