Shares of Biostar Pharmaceuticals Inc (NASDAQ:BSPM) ended Monday session in green amid volatile trading. The shares closed up +0.03 points or 0.80% at $3.80 with 1.14 million shares getting traded. Post opening the session at $3.80, the shares hit an intraday low of $3.53 and an intraday high of $3.87 and the price vacillated in this range throughout the day. The company has a market cap of $11.01 million and the numbers of outstanding shares have been calculated to be 2.21 million shares.
Biostar Pharmaceuticals Inc (BSPM) on Aug. 22, 2016 announced its financial results for the second quarter ended June 30, 2016.
During the fiscal second quarter of 2016, the Company recognized:
- Net sales of $0.6 million, a decrease of approximately $13.6 million, or 95.6% as compared to the same period in 2015.
- Gross profit decreased by approximately $5.6 million, or 95.0% for the three months ended June 30, 2016 as compared to the same period in 2015.
- Sales of Shaanxi Weinan Products increased by approximately $0.4 million, or 302.9% as compared to the same period in 2015.
- Sales and Production of Aoxing Pharmaceutical Products remained temporarily suspended as the Company still working toward renewal of its GMP certificates.
- The Company recorded a provision for doubtful accounts in the amount of $6.3 million during the second quarter. Our results of operations were materially affected by this provision.
- Net loss of $6.9 million as compared to net loss of $0.5 million for the second quarter 2015.
The Company’s sales for the three months ended June 30, 2016 was derived from products manufactured by its subsidiary Shaanxi Weinan. Aoxing’s manufacturing operations remained temporarily halted as it still awaits the renewal of GMP Certificates; the Company does not have a definitive date of when the GMP renewal certificates will be secured. It is currently using its best efforts to comply with inspections and regulating authorities. To conserve capital as result of diminished sales and related cash flows, the Company has significantly reduced advertising and research activities during the three months ended June 30, 2016. As result of the Company’s materially reduced sales, working capital deficit of $2,060,971 and cash balance of $207,110, the Company has determined that there is substantial doubt as to our ability to continue as a going concern. If the Company is unable to renew its GMP certificates and subsequently achieve regular production levels, the Company’s results of operations may be materially adversely affected.
Shares of Merck & Co., Inc. (NYSE:MRK) ended Monday session in green amid volatile trading. The shares closed up 0.75 points or 1.21% at $62.70 with 7.22 million shares getting traded. Post opening the session at $62.26, the shares hit an intraday low of $61.86 and an intraday high of $62.82 and the price vacillated in this range throughout the day. The company has a market cap of $175.10 billion and the numbers of outstanding shares have been calculated to be 2.77 billion shares.
Merck & Co., Inc. (MRK) will host a teleconference for investors following the presentation of data at the European Society for Medical Oncology (ESMO) 2016 Congress in Copenhagen, Denmark, Oct. 7 – 11. The call will take place on Sunday, Oct. 9 at 6:30 p.m. CEST (12:30 p.m. EDT). Company executives will provide an overview of data presented and address questions. Investors, journalists, and the general public may access a live audio webcast of the call on Merck’s website at http://investors.merck.com/investors/webcasts-and-presentations/default.aspx. A replay will be available at www.merck.com.
Institutional investors and analysts can participate in the call by dialing (706) 758-9927 or (877) 381-5782 and using ID code number 84673546. Members of the media are invited to monitor the call by dialing (706) 758-9928 or (800) 399-7917 and using ID code number 84673546. Journalists who wish to ask questions are requested to contact a member of Merck’s Media Relations team at the conclusion of the call.