BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Huifeng Bio-Pharmaceutical Technology, Inc. Provides Preliminary 2009 Financial Results and 2010 Guidance


2/5/2010 9:04:15 AM

XI'AN, China, Feb. 4 /PRNewswire-Asia-FirstCall/ -- Huifeng Bio- Pharmaceutical Technology, Inc. , a leading developer and producer of plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production, today announced preliminary 2009 results and provided guidance for 2010.

Huifeng Bio-Pharmaceutical Technology anticipates revenues between $13 million to $14 million for the full year ended December 31, 2009. This represents a year-over-year revenue growth of 27% to 35%. Preliminary 2009 net income is anticipated to be between $2.8 million to $3.0 million for the year, representing 80% to 93% year-over-year growth. "The increase was attributed to the increase in the company's sales of pharmaceutical raw-material and Plant Extractive, and other products, including Rutin, Quercetin, injectable Troxerutin and Diosmin," said the company's CEO Jing'An Wang. "The increase in revenue reflected both a gain in new customers, as well as an increase in the number of orders from our existing customers."

2010 Guidance

Management is providing revenue guidance of $20 million to $25 million and net income guidance between $4.5 million to $5.0 million for 2010. Growth is expected to be driven by increasing sales of current products. Because of the EU COS for Diosmin, the company has a high level diosmin quality. Certain European customers will be interested in Huifeng's diosmin and will increase their purchasing quantity from the company. The company will begin to perform the contract with Safic-Alan for diosmin. Another driver is production line expansion and acquisition which will increase the production quantity of diosmin. This will meet the big quantity requirement of new orders.

About Huifeng Bio-Pharmaceutical Technology, Inc. (HFGB)

Huifeng Bio-Pharmaceutical Technology, Inc., located in Xi'an, People's Republic of China, develops and produces plant extracts and pharmaceutical raw materials for use in pharmaceutical, nutraceutical and food production. It is the leading Chinese producer of rutin and related plant-derived chemicals in a class called flavonoids, with medicinal and other beneficial properties in Xi'an China. Founded in 2002, Huifeng uses proprietary patented processes to extract rutin more efficiently than traditional extraction techniques. The Company is diversifying its product lines through internal development, acquisition and cooperation with scientific research organizations. Additional information is available at the Company's website: http://www.hfgb.cn/

Safe Harbor Statement

This press release may contain forward-looking statements. These statements are based on the current expectations or beliefs of the Company's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward- looking statements, including but not limited to the fluctuation of prices of raw materials, the market demand for our products, changes in governmental regulations and/or economic policies and our ability to penetrate new markets.

CONTACT: Tom Gavin, Investor Relations Network, +1-951-845-1112,
irnetwork@earthlink.net

Web site: http://www.hfgb.cn/



Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES