Sinovac’s net loss was $3.66m for the first quarter 2011, or $0.05 loss per diluted share, compared to net loss of $1.21m, or $0.01 loss per diluted share, for the comparable period last year.
For the first quarter of 2011, the company’s operating loss was $3.43m, compared to $813,499 for the same period in 2010.
The company has earned gross profit of $3.09m, as compared to $3.56m for the same period prior year.
Sinovac president and CEO Weidong Yin said following the adjustment to their sales strategy and sales team structure, their sales in China rebounded during the first quarter, which is a positive sign for 2011, and will continuously commit resources to achieving sales growth.
"The Phase I trial for our proprietary EV71 vaccine is progressing well with the inoculations in the young children completed and infants to be completed in the coming weeks," Yin said.
"We plan to complete the data and statistical analysis and report the trial results in the coming months. Thereafter, we will commence the following phases of the EV71 clinical trial."