China Pharma (US:CPHI)2023-08-13 16:00Revenue Performance - Revenue decreased by 31.9% to $1.1 million for the three months ended June 30, 2023, compared to $1.6 million for the same period in 2022[108] - Revenue for the six months ended June 30, 2023 was $3.1 million, slightly down from $3.2 million in the same period in 2022[126] - The "Anti-Viral/Infection & Respiratory" product category saw a revenue decrease of $0.27 million, generating $1.47 million in sales for the six months ended June 30, 2023, compared to $1.74 million in 2022, a decline of 16%[127] Expenses - Selling expenses decreased to $0.17 million for the three months ended June 30, 2023, accounting for 15.5% of total revenue, down from $0.26 million and 16.5% in the same period in 2022[115] - General and administrative expenses were $0.11 million for the three months ended June 30, 2023, accounting for 10.2% of total revenues, compared to $0.27 million and 16.9% in the same period in 2022[116] - Research and development expenses remained constant at $0.02 million for both the three months ended June 30, 2023, and 2022, but accounted for a higher percentage of total revenues at 2.2% compared to 0.9%[117] - General and administrative expenses were $0.5 million for the six months ended June 30, 2023, compared to $0.8 million in 2022, representing 17.3% of total revenues[133] - Research and development expenses decreased to $0.05 million for the six months ended June 30, 2023, from $0.07 million in the same period in 2022[134] Profitability - Gross loss for the three months ended June 30, 2023, was $0.15 million, with a gross loss margin of 13.4%, compared to a gross loss of $0.23 million and a margin of 14.2% in the same period in 2022[114] - Gross profit for the six months ended June 30, 2023 was $0.03 million, compared to a gross loss of $0.4 million in the same period in 2022, resulting in a gross profit margin of 1.0%[131] - Net loss for the three months ended June 30, 2023 was $0.6 million, a decrease from a net loss of $0.9 million for the same period in 2022[125] - Operating loss for the three months ended June 30, 2023, was $0.4 million, an improvement from an operating loss of $0.8 million during the same period in 2022[123] Cash Flow - Net cash used by operating activities was $1.7 million for the six months ended June 30, 2023, compared to $1.2 million in the same period in 2022[143] - Cash flow provided by financing activities was $0.52 million in the six months ended June 30, 2023, compared to cash flow used of $1.13 million in the same period in 2022[146] Inventory - As of June 30, 2023, total inventory was $3.9 million, an increase from $2.9 million as of December 31, 2022[143] Product Development - One of the flagship products, Candesartan tablets, passed the generic-drug-consistency-evaluation in early August 2023, indicating progress in product development[103] Market Outlook - The company continues to explore the field of comprehensive healthcare, with the total size of China's health service industry projected to reach RMB 16 trillion (approximately $2.5 trillion) by 2030[106] Interest Expense - Net interest expense increased to $0.14 million for the three months ended June 30, 2023, compared to $0.11 million for the same period in 2022[124]