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BMP Sunstone Corporation (BJGP) announced its financial results on Monday for the first quarter ended March 31, 2009.
First quarter revenues increased to $39.3 million from $18.1 million in the prior year period. Non-GAAP EPS was $0.07 for the quarter, compared to net loss per share of ($0.00) in the prior year period. Gross margin was also a record 52.6%, compared to 42.7% in the prior year period.
Fred Powell, CFO of BMP Sunstone, commented in a conference call, "We saw significant improvement during the quarter in continuing operations and higher margins from OTC revenues, which led to us more than doubling revenues from the same period a year ago. Our G&A expenses as a percentage of revenue improved significantly, decreasing to 10% of revenues versus 17% in the same period last year. Our adjusted EBITDA of $4.6 million in the quarter was very strong. This is more than half of the total EBITDA that we generated for all of 2008."
David Gao, CEO of BMP Sunstone, added, "Our Q1 results reflect our continued revenue growth, operating improvements and cost efficiencies. We are especially pleased with our results given the context of the global macro economic environment. The markets that we address are large, growing and promising. Our established distribution networks allow us to control key sales channels and make us very well positioned to capture the great opportunities in the market."
He concluded, "For the rest of 2009, we will continue to focus on revenue growth and profitability. We expects revenues from our operating segments to increase as we boost the sales of existing products and introduce new products.In addition, we expect each operating unit to be profitable for the full year. We continue to carry our cost cutting initiatives. We will continue to expand our product portfolio through internal R&D efforts, licensing agreements and strategic and targeted product acquisitions. We will build on our previous achievements to execute our goal of becoming a leading pharmaceutical company for pediatrics and women's health in the next 3-5 years."
The Company expects FY09 revenue to increase at least 35% year over year to reach $150 to $160 million. EBITDA is expected to reach $16 million to $18 million, and non-GAAP net income is expected to reach $9 million to $11 million.
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