ACROFAN

China Pharma Holdings, Inc. Reports 33% YoY Increase in First Quarter 2021 Revenue

Published : Saturday, May 15, 2021, 4:30 am
ACROFAN=PRNewswire | mediainquiries@prnewswire.com | SNS

HAIKOU, China, May 15, 2021 /PRNewswire/ -- China Pharma Holdings, Inc. (NYSE American: CPHI) ("China Pharma," the "Company" or "We"), a specialty pharmaceutical company, today announced financial results for the quarter ended March 31, 2021.

Revenue increased by 33.7% to $2.4 million for the three months ended March 31, 2021, as compared to $1.8 million for the three months ended March 31, 2020.  This increase was mainly due to our gradual recovery from the negative impact of the COVID-19 pandemic compared to the condition in the first quarter 2020, as well as the impact of the exchange rate.Gross margin for the three months ended March 31, 2021 was 11.6% as compared to 11.0% during the same period in 2020, as the Company benefited from higher sales, a favorable mix and ongoing efforts to increase operating efficiency.

Net Loss for the three months ended March 31, 2021 was $0.8 million or $0.02 per basic and diluted share, as compared to a net loss of $0.7 million or $0.02 per basic and diluted share for the same period a year ago. The increase in net loss was mainly the result of increased R&D investments in support of the Company's near and long-term growth strategy.

Ms. Zhilin Li, China Pharma's Chairman and CEO, commented, "Our team remained focused during the COVID-19 pandemic and drove sales of our diversified product portfolio. With 20 existing products, we have added revenue stability, visibility and growth opportunities. We are even more excited about our pipeline and the multi-year positive catalysts we expect our new products to create.  In line with our long-term growth strategy, our latest product passed biological equivalents experiments of consistency evaluation in March 2021. We plan to submit relevant documentation and data to NMPA in the near future, as we advance towards commercialization."

Ms. Li continued, "Overall, we are very positive in our outlook given the strong fundamentals of our business and market, including the favorable policies in Hainan Free Trade Port for the development, manufacture and commercialization of pharmaceutical and comprehensive healthcare products for the benefit of human health. We see considerable opportunities ahead of us and are working to accelerate our growth in specialty pharma and Traditional Chinese Medicine (TCM)."

About China Pharma Holdings, Inc.

China Pharma Holdings, Inc. (NYSE American: CPHI) is a specialty pharmaceutical company that develops, manufactures and markets a diversified portfolio of products, focusing on conditions with high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company's cost-effective business model is driven by market demand and supported by new GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company's wholly-owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. For more information about China Pharma Holdings, Inc., please visit www.chinapharmaholdings.com. The Company routinely posts important information on its website.

Safe Harbor Statement 

Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties may include, but are not limited to: the achievability of financial guidance; success of new product development; unanticipated changes in product demand; increased competition; downturns in the Chinese economy; uncompetitive levels of research and development; and other information detailed from time to time in the Company's filings and future filings with the United States Securities and Exchange Commission. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations, except as required by applicable law or regulation.

- FINANCIAL TABLES FOLLOW -

CHINA PHARMA HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS









March 31,


December 31,



2021


2020

ASSETS





Current Assets:





Cash and cash equivalents


$         534,530


$         957,653

Banker's acceptances


-


53,736

Trade accounts receivable, less allowance for doubtful





accounts of $18,013,339 and $18,150,493, respectively


545,094


501,892

Other receivables, less allowance for doubtful





accounts of $27,289 and $27,289, respectively


68,929


27,652

Advances to suppliers


3,676


2,238

Inventory


3,662,354


3,705,119

Prepaid expenses


68,418


73,668

Total Current Assets


4,883,001


5,321,958






Property, plant and equipment, net


14,767,717


15,564,200

Operating lease right of use asset


25,369


49,687

Intangible assets, net


171,506


182,146

TOTAL ASSETS


$    19,847,593


$    21,117,991






LIABILITIES AND STOCKHOLDERS' EQUITY





Current Liabilities:





Trade accounts payable


$      1,111,639


$      1,234,594

Accrued expenses


201,836


177,359

Other payables


2,779,149


2,748,208

Advances from customers


572,013


719,786

Borrowings from related parties


2,183,846


2,134,428

Operating lease liability


26,743


52,070

Construction loan facility


2,130,476


2,298,886

Current portion of lines of credit


2,023,953


2,038,345

Total Current Liabilities


11,029,655


11,403,676

Non-current Liabilities:





Lines of credit, net of current portion


852,191


904,228

Deferred tax liability


799,868


805,556

Total Liabilities


12,681,714


13,113,460

Commitments and Contingencies (Note 9)





Stockholders' Equity:





Preferred stock, $0.001 par value; 5,000,000 shares authorized;





no shares issued or outstanding


-


-

Common stock, $0.001 par value; 95,000,000 shares authorized;





45,579,557 shares and 43,579,557 shares issued and outstanding, respectively

45,580


45,580

Additional paid-in capital


24,452,684


24,452,684

Retained deficit


(29,606,506)


(28,839,179)

Accumulated other comprehensive income


12,274,121


12,345,446

Total Stockholders' Equity


7,165,879


8,004,531

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$    19,847,593


$    21,117,991

 

 

CHINA PHARMA HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)











For the Three Months




Ended March 31,




2021


2020

Revenue



$         2,358,371


$         1,763,955

Cost of revenue



2,085,641


1,569,516







Gross profit



272,730


194,439







Operating expenses:






Selling



378,335


326,095

General and administrative



408,998


388,559

Research and development



190,086


48,819

Bad debt (benefit) expense



(8,221)


30,246

Total operating expenses



969,198


793,719







Loss from operations



(696,468)


(599,280)







Other income (expense):






Interest income



406


386

Interest expense



(71,265)


(62,003)

Net other expense



(70,859)


(61,617)







Loss before income taxes



(767,327)


(660,897)

Income tax benefit



-


-

Net loss



(767,327)


(660,897)

Other comprehensive loss - foreign currency






translation adjustment



(71,325)


(197,032)

Comprehensive income (loss)



$           (838,652)


$           (857,929)

 Loss per share: 






 Basic and diluted 



$                 (0.02)


$                 (0.02)

 Weighted average shares outstanding 



45,579,557


43,579,557

 

Related Links :

https://www.chinapharmaholdings.com



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