XIANYANG, China, May 23, 2016 /PRNewswire/ -- Biostar Pharmaceuticals, Inc. (NASDAQ: BSPM) ("Biostar" or "the Company"), a PRC-based manufacturer and marketer of pharmaceutical and health supplement products in China for a variety of diseases and conditions, today announced its financial results for the first quarter ended March 31, 2016.
During the fiscal first quarter of 2016, the Company recognized:
- Net sales of $0.8 million, a decrease of approximately $6.1 million, or 88.4% as compared to the same period in 2015.
- Gross profit decreased by approximately $3.2 million, or 90.4% for the three months ended March 31, 2016 as compared to the same period in 2015.
- Sales of Shaanxi Weinan Products increased by approximately $0.4 million, or 88.0% as compared to the same period in 2015.
- Net loss of $0.6 million as compared to net loss of $0.2 million for the first quarter 2015.
The sales of Shaanxi Weinan's products increased during the three months ended March 31, 2016 as compared to the same period in 2015. After Shaanxi Weinan received the renewed GMP certificate in June 2015, the sales volume has been slowly climbing back to the anticipated volume. There were no sales for Aoxing Pharmaceutical Products and hospital products as the Company has temporarily stopped production for the maintenance of its production lines in order to renew its GMP certificates, which is expected to be completed by the second quarter of 2016. Net sales and related gross profit both decreased significantly as result of these maintenance efforts. In anticipation of reduced sales volume as result of decreased production capacity, the Company temporarily suspended all advertising and research activities during the three months ended March 31, 2016.
*The Company's Condensed Consolidated Balance Sheets, Statement of Operations, and Cash Flows can be found at the end of this press release. Please also refer the Company's Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission for further information regarding the Company's results of operations.
About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc., through its wholly owned subsidiary and controlled affiliate in China, develops, manufactures, and markets pharmaceutical and health supplement products for a variety of diseases and conditions.
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