UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2014
Commission File Number: 001-32371
SINOVAC BIOTECH LTD.
No. 39 Shangdi Xi Road
Haidian District
Beijing 100085, People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SINOVAC BIOTECH LTD. | ||||
| By: | /s/ Weidong Yin | |||
| Name: | Weidong Yin | |||
| Title: | Chairman and Chief Executive Officer | |||
Date: November 17, 2014
Exhibit Index
Exhibit 99.1 – Press Release
Exhibit 99.2 – Press Release
Exhibit 99.3 – Press Release
Exhibit 99.4 – Press Release
Exhibit 99.5 – Press Release
Exhibit 99.1
Sinovac to Participate in Upcoming Investor Conferences
BEIJING, September 2, 2014 -- Sinovac Biotech Ltd. (NASDAQ:SVA), a leading provider of biopharmaceutical products in China, today announced that the Company’s management will participate in the following investor conferences in September:
| · | Morgan Stanley Global Healthcare Conference, to be held at the Grand Hyatt New York on September 9 and 10, 2014. |
| · | Morgan Stanley Asia Pacific Healthcare Day, to be held at the Boston Harbor Hotel on September 11, 2014. |
| · | Aegis Healthcare & Technology Conference, to be held at the Wynn Las Vegas on September 12, 2014. Management will present at 2:00 pm PT. |
| · | MarcumBP 2014 China Best Ideas Investment Conference, to be held at the St. Regis Hotel Beijing on September 16, 2014. |
Please contact your institutional sales representative at the respective sponsoring bank to schedule a meeting with the Company.
About Sinovac
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human infectious diseases. Sinovac’s product portfolio includes vaccines against hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), mumps and canine rabies. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, which it has supplied to the Chinese Government’s vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government stockpiling program. Sinovac has filed a new drug application with the China Food & Drug Administration for its proprietary enterovirus 71 vaccine, having been proven effective in preventing hand, foot and mouth disease in infants and children during its Phase III trial. The company is currently developing a number of new products including a Sabin-strain inactivated polio vaccine, pneumococcal polysaccharides vaccine, pneumococcal conjugate vaccine and varicella vaccine. Sinovac primarily sells its vaccines in China, while also exploring growth opportunities in international markets. The Company has exported select vaccines to Mongolia, Nepal, the Philippines and Mexico, and was recently granted a license to commercialize its hepatitis A vaccine in Chile. For more information, please visit the Company’s website at www.Sinovac.com .
Contact
Sinovac Biotech Ltd.
Helen Yang / Chris Lee
Tel: +86-10-8279-9659 / 9696
Fax: +86-10-6296-6910
Email: ir@sinovac.com
ICR Inc.
Bill Zima
U.S: 1-646-308-1707
Email: william.zima@icrinc.com
Exhibit 99.2
Sinovac Announces New Presentation Time for Aegis Healthcare & Technology Conference
BEIJING, September 5, 2014 -- Sinovac Biotech Ltd. (NASDAQ:SVA), a leading provider of biopharmaceutical products in China, today announced a new presentation time for the Aegis Healthcare & Technology Conference, to be held at the Wynn Las Vegas on September 12, 2014. Management will present at 8:00 am PT.
Please contact your Aegis representative to schedule a meeting with the Company.
About Sinovac
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human infectious diseases. Sinovac’s product portfolio includes vaccines against hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), mumps and canine rabies. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, which it has supplied to the Chinese Government’s vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government stockpiling program. Sinovac has filed a new drug application with the China Food & Drug Administration for its proprietary enterovirus 71 vaccine, having been proven effective in preventing hand, foot and mouth disease in infants and children during its Phase III trial. The company is currently developing a number of new products including a Sabin-strain inactivated polio vaccine, pneumococcal polysaccharides vaccine, pneumococcal conjugate vaccine and varicella vaccine. Sinovac primarily sells its vaccines in China, while also exploring growth opportunities in international markets. The Company has exported select vaccines to Mongolia, Nepal, the Philippines and Mexico, and was recently granted a license to commercialize its hepatitis A vaccine in Chile. For more information, please visit the Company’s website at www.Sinovac.com .
Contact
Sinovac Biotech Ltd.
Helen Yang / Chris Lee
Tel: +86-10-8279-9659 / 9696
Fax: +86-10-6296-6910
Email: ir@sinovac.com
ICR Inc.
Bill Zima
U.S: 1-646-308-1707
Email: william.zima@icrinc.com
Exhibit 99.3
Sinovac to Participate in Jefferies 4th Annual Asia Summit
BEIJING, Oct. 21, 2014 /PRNewswire/ -- Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, today announced that the Company's management will host investor meetings at the Jefferies 4th Annual Asia Summit, to be held at the Island Shangri-La Hotel in Hong Kong on October 29-30, 2014. Please contact your Jefferies institutional sales representative to schedule a meeting with the Company.
About Sinovac
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human infectious diseases. Sinovac's product portfolio includes vaccines against hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), mumps and canine rabies. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, which it has supplied to the Chinese Government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government stockpiling program. Sinovac has filed a new drug application with the China Food & Drug Administration for its proprietary enterovirus 71 vaccine, having been proven effective in preventing hand, foot and mouth disease in infants and children during its Phase III clinical trial. The Company is currently developing a number of new products including a Sabin-strain inactivated polio vaccine, pneumococcal polysaccharides vaccine, pneumococcal conjugate vaccine and varicella vaccine. Sinovac primarily sells its vaccines in China, while also exploring growth opportunities in international markets. The Company has exported select vaccines to Mexico, Mongolia, Nepal, and the Philippines, and was recently granted a license to commercialize its hepatitis A vaccine in Chile. For more information, please visit the Company's website atwww.Sinovac.com.
Contact
Sinovac Biotech Ltd.
Helen Yang / Chris Lee
Tel: +86-10-8279-9659 / 9696
Fax: +86-10-6296-6910
Email: ir@sinovac.com
ICR Inc.
Bill Zima
U.S: 1-646-308-1707
Email: william.zima@icrinc.com
Exhibit 99.4
Sinovac to Host Conference Call to Report Third Quarter 2014 Unaudited Financial Results
BEIJING, November 5, 2014 -- Sinovac Biotech Ltd. (Nasdaq: SVA), a leading provider of biopharmaceutical products in China, today announced that it will release its unaudited financial results for the third quarter, ended September 30, 2014, after market close on Friday, November 14, 2014 ET. The Company will host a conference call prior to the market opening on Monday, November 17, 2014, at 8:00 a.m. ET (Monday, November 17, 2014 at 9:00 p.m. China Standard Time) to review the Company's financial results and provide an update on recent corporate developments.
To access the conference call, please dial 1-877-407-9039 (USA) or 1-201-689-8470 (International). A replay of the call will be available after the call through December 1, 2014. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (International) and reference the replay pin number 13595202.
A live audio webcast of the call will also be available on the Investor Relations section of the Company’s website at www.sinovac.com. A webcast replay will be available on the Company’s website for 30 days following the call, beginning November 17, 2014.
About Sinovac
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human infectious diseases. Sinovac’s product portfolio includes vaccines against hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), mumps and canine rabies. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, Panflu.1, which it has supplied to the Chinese Government’s vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government stockpiling program. Sinovac has filed a new drug application with the China Food & Drug Administration for its proprietary enterovirus 71 vaccine, having been proven effective in preventing hand, foot and mouth disease in infants and children during its Phase III trial. The company is currently developing a number of new products including a Sabin-strain inactivated polio vaccine, pneumococcal polysaccharides vaccine. pneumococcal conjugate vaccine and varicella vaccine. Sinovac primarily sells its vaccines in China, while also exploring growth opportunities in international markets. The Company has exported select vaccines to Mongolia, Nepal, the Philippines and Mexico, and was recently granted a license to commercialize its hepatitis A vaccine in Chile. For more information, please visit the Company’s website at www.Sinovac.com.
Contact
| Sinovac Biotech Ltd. | ICR Inc. |
| Helen Yang / Chris Lee | Bill Zima |
| Tel: +86-10-8279-9659 / 9696 | Tel: +1-646-308-1707 |
| Fax: +86-10-6296-6910 | Email: william.zima@icrinc.com |
| Email: ir@sinovac.com |
Exhibit 99.5
Sinovac Reports Unaudited Third Quarter Financial Results
- Conference call scheduled for Monday, November 17, 2014 at 8:00 a.m. ET -
BEIJING, Nov. 14, 2014 /PRNewswire/ -- Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2014.
Third Quarter 2014 Financial Highlights
(compared to the third quarter 2013)
| · | Quarterly sales were $17.1 million, a decrease of 22.3% from $22.1 million in the prior year period, which includes recognition of a special order of pandemic influenza vaccine (H5N1) revenue of $3.6 million. Excluding the impact from this special order, third quarter sales of regular vaccine products decreased 7.4% from the prior year period. |
| · | Gross profit was $12.2 million, a decrease of 16.7% from $14.6 million in the prior year period. Excluding the special order of pandemic influenza vaccine (H5N1) sales impact from 3Q13, gross profit decreased 2.8% from $12.5 million in the same period of last year. Gross margin was 70.9%, compared to 66.1% in the prior year period. Excluding the impact from the special order of pandemic influenza vaccine (H5N1) in 3Q13, gross margin was 70.9%, compared to 67.6% in the same period of last year. |
| · | Net income attributable to common stockholders was $0.1 million, or $0.00 per basic and diluted share, compared to $2.3 million, or $0.04 per basic and diluted share, in the third quarter of 2013. |
Mr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, "In the third quarter, the vaccine market in China began to show signs of recovery after the lower demand in the first half of the year. Although our regular sales were still down from the third quarter last year, we are encouraged by the uptick in demand for our seasonal flu vaccine from the private-pay market as well as consistent hepatitis A vaccine tenders in the public market.
"We continue to expand our presence in international markets with high sales potential for our vaccines. The Mexican Ministry of Health recently renewed our GMP certificate for the seasonal influenza and hepatitis A vaccines. Also during the third quarter, we received our registration license for our seasonal influenza vaccine in Chile.
"We are continuing to make progress on our pipeline vaccines. The expert panel review for our EV71 vaccine is scheduled in November 2014, which is one step forward in the process of new drug appication of our EV71 vaccine. We have also finalized the clinical trial protocol for our pneumococcal polysaccharide vaccine (PPV) and expect to begin clinical trials by the end of 2014," Mr. Yin concluded.
Third Quarter 2014 Business Highlights
Sales Update
Public Tenders Sinovac received notification that it has been selected by the Jiangsu Centers for Disease Control and Prevention to supply the Company's inactivated hepatitis A vaccine, Healive, to the Expanded Program of Immunization (EPI) in 2015. As one of two selected suppliers for the tender, Sinovac has committed to supplying 55% of the total tender of Jiangsu Province, which represents growth over Sinovac's contribution of 50% of the total tender amount in last year. Sinovac anticipates revenue of approximately RMB 18 million (or approximately $2.9 million) from this tender.
Additionally, Sinovac has been selected by the Tianjin Centers for Disease Control and Prevention to be the sole supplier of inactivated hepatitis A vaccines to the EPI in Tianjin for 2015 through 2017. The total value of this tender is approximately RMB 28 million (or approximately $4.6 million).
The Company expects to begin delivery of vaccines for both tenders by the end of 2014, according to demand.
GMP Certificate for Mexico On August 29, 2014, Sinovac passed on-site inspections of its Shangdi and Changping facilities and obtained a renewal of its GMP certificate from the Mexico Ministry of Health for its seasonal influenza and hepatitis A vaccines. The renewed GMP certificate is valid until February 2016.
Seasonal Influenza Vaccine Registration License in Chile Sinovac obtained a registration license for its seasonal influenza vaccine from Chile's Institute of Public Health. The license is valid until October 2019.
R&D Update
sIPV On October 29, 2014, the Beijing Drug Administration officially accepted Sinovac's clinical trial application for its Sabin inactivated polio vaccine (sIPV).
Unaudited Financial Results for Third Quarter 2014
| (In USD'000 except percentage data) | 2014 Q3 | % of Sales | 2013 Q3 | % of Sales | ||||||||||||
| Hepatitis A – Healive | 3,967 | 23.1 | % | 5,252 | 23.8 | % | ||||||||||
| Hepatitis A&B – Bilive | 3,176 | 18.5 | % | 5,355 | 24.3 | % | ||||||||||
| Hepatitis vaccines | 7,143 | 41.6 | % | 10,607 | 48.1 | % | ||||||||||
| Influenza vaccine | 9,647 | 56.3 | % | 8,417 | 38.1 | % | ||||||||||
| Animal vaccine | 102 | 0.6 | % | 54 | 0.2 | % | ||||||||||
| Mumps vaccine | 254 | 1.5 | % | (571 | ) | (2.6 | )% | |||||||||
| Regular sales | 17,146 | 100.0 | % | 18,507 | 83.8 | % | ||||||||||
| H5N1 | - | - | 3,568 | 16.2 | % | |||||||||||
| Total sales | 17,146 | 100.0 | % | 22,075 | 100.0 | % | ||||||||||
| Cost of goods sold | 4,986 | 29.1 | % | 7,474 | 33.9 | % | ||||||||||
| Gross profit | 12,160 | 70.9 | % | 14,601 | 66.1 | % |
In the third quarter 2014, total sales were $17.1 million, a decrease of 22.3% from $22.1 million during the same period in 2013. However, during the third quarter 2013, the Company recognized revenue of $3.6 million from sales of its pandemic influenza vaccine (H5N1) to the government stockpiling program. Excluding the impact of this special order, quarterly sales decreased 7.4% YoY in the third quarter. According to a joint notice on reducing and unifying the value added tax (VAT) rate published by the Ministry of Finance of China and State Administration of Taxation of China, the VAT rate applied to the sales of vaccine products was reduced to 3% from 6% effective July 1, 2014. Excluding the impact of the VAT rate reduction, quarterly sales decreased 10.1% YoY in the third quarter.
Gross profit was $12.2 million in the third quarter 2014, compared to $14.6 million in the prior year period. Gross margin increased to 70.9% from 66.1% in the prior year period. Excluding the impact from the sales of pandemic influenza vaccine (H5N1) in the third quarter of last year, gross margin was 70.9%, compared to 67.6% in the same period of last year. The increase in gross margin was primarily due to increased efficiency in the Anflu manufacturing processes.
Selling, general and administrative expenses for the third quarter 2014 were $8.5 million, compared to $9.4 million in the same period of 2013.
R&D expenses for the third quarter of 2014 were $2.5 million, a $0.5 million increase over the same period in 2013. This increase is attributable to the continued advancement of sIPV and process optimization for PPV.
Net income attributable to common stockholders for the third quarter of 2014 was $0.1 million, or $0.00 per basic and diluted share, compared to $2.3 million, or $0.04 per basic and diluted share, in the same period last year.
Unaudited Financial Results for First Nine Months of 2014
| (In USD'000 except percentage data) | 2014 1-9 | % of Sales | 2013 1-9 | % of Sales | ||||||||||||
| Hepatitis A – Healive | 15,519 | 36.3 | % | 18,451 | 37.2 | % | ||||||||||
| Hepatitis A&B – Bilive | 15,613 | 36.5 | % | 17,935 | 36.2 | % | ||||||||||
| Hepatitis vaccines | 31,132 | 72.8 | % | 36,386 | 73.4 | % | ||||||||||
| Influenza vaccine | 9,708 | 22.7 | % | 8,747 | 17.6 | % | ||||||||||
| Animal vaccine | 147 | 0.3 | % | 132 | 0.3 | % | ||||||||||
| Mumps vaccine | 1,693 | 4.0 | % | 746 | 1.5 | % | ||||||||||
| Regular sales | 42,680 | 99.8 | % | 46,011 | 92.8 | % | ||||||||||
| H5N1 | 102 | 0.2 | % | 3,568 | 7.2 | % | ||||||||||
| Total sales | 42,782 | 100.0 | % | 49,579 | 100.0 | % | ||||||||||
| Cost of goods sold | 11,289 | 26.4 | % | 14,327 | 28.9 | % | ||||||||||
| Gross profit | 31,493 | 73.6 | % | 35,252 | 71.1 | % |
Total sales for the first nine months of 2014 were $42.8 million, a decrease of 13.7% from $49.6 million during the prior year period. Excluding the sales revenue of the special order of pandemic influenza vaccine (H5N1) recognized in the third quarter of 2013, sales for the first nine months were $42.7 million, a decrease of 7.2% YoY from $46.0 million. Excluding the impact of the VAT rate reduction, sales for the first nine months decreased 8.3% YoY.
Gross profit for the first nine months of 2014 was $31.5 million, a decrease of 10.7% from $35.3 million in the same period of 2013. Gross margin was 73.6%, compared to 71.1% in the prior year period. Excluding the impact from the sales of pandemic influenza vaccine (H5N1) in the third quarter of 2013, gross margin was 73.6%, consistent with 73.9% in the same period of last year.
Selling, general and administrative expenses for the first nine months of 2014 were $24.9 million, compared to $25.3 million for the same period of 2013.
R&D expenses in the first nine months of 2014 were $7.5 million, compared to $5.9 million in the same period of 2013. These expenses are primarily related to the continued development and process optimization of the Company's pipeline vaccine candidates, sIPV and PPV.
Net loss attributable to stockholders in the first nine months of 2014 was $2.2 million or $(0.04) per basic and diluted share, compared to a net income of $1.6 million, or $0.03 per basic and diluted share, in the same period of 2013.
As of September 30, 2014, cash and cash equivalents totaled $94.4 million, compared to $107.2 million as of December 31, 2013. Net cash used in operating activities was $16.1 million during the first nine months of 2014. Net cash used in investing activities was $7.3 million, which was primarily used for payment of property, plant and equipment for the Company's PPV production facility and the Changping facility. Net cash provided by financing activities was $11.6 million during the first nine months of 2014, including loan proceeds of $17.8 million which were offset by loan repayment of $10.0 million. As of September 30, 2014, the Company had $44.5 million of bank loans due within one year. Sinovac's cash and cash equivalents position of $94.4 million is sufficient to meet both these loan repayment obligations and the Company's operational requirements.
Conference Call Details
Sinovac will host a conference call on Monday, November 17, 2014 at 8:00 a.m. ET (November 17, 2014 at 9:00 p.m. China Standard Time) to review the Company's financial results and provide an update on recent corporate developments. To access the conference call, please dial 1-877-407-9039 (USA) or 1-201-689-8470 (International). A replay of the call will be available from 11:00 a.m. ET on November 17, 2014 through December 1, 2014. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (International) and reference the replay pin number 13595202.
A live audio webcast of the call will also be available on the Investor Relations section of the Company's website at www.sinovac.com. A webcast replay will be available on the Company's website for 30 days following the call, beginning November 17, 2014.
About Sinovac
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human infectious diseases. Sinovac's product portfolio includes vaccines against hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), mumps and canine rabies. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, which it has supplied to the Chinese Government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government stockpiling program. Sinovac has filed a new drug application with the China Food and Drug Administration for its proprietary enterovirus 71 vaccine, having been proven effective in preventing hand, foot and mouth disease in infants and children during its phase III clinical trial. The Company is currently developing a number of new products including a Sabin-strain inactivated polio vaccine, pneumococcal polysaccharides vaccine, pneumococcal conjugate vaccine and varicella vaccine. Sinovac primarily sells its vaccines in China. The Company has exported select vaccines to Mexico, Mongolia, Nepal, and the Philippines. Sinovac has recently been granted a license to commercialize its hepatitis A vaccine and seasonal influenza vaccine in Chile. For more information, please visit the Company's website at www.Sinovac.com.
Contact
Sinovac Biotech Ltd.
Helen Yang / Chris Lee
Tel: +86-10-8279-9659 / 9696
Fax: +86-10-6296-6910
Email: ir@sinovac.com
ICR Inc.
Bill Zima
U.S: 1-646-308-1707
Email: william.zima@icrinc.com
SINOVAC BIOTECH LTD.
Consolidated Balance sheets
As of September 30, 2014 and December 31, 2013
(Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data)
| Current assets | September 30, 2014 | December 31, 2013 | ||||||
| (Unaudited) | ||||||||
| Cash and cash equivalents | 94,354 | 107,242 | ||||||
| Accounts receivable | 40,852 | 31,927 | ||||||
| Inventories | 18,892 | 14,329 | ||||||
| Prepaid expenses and deposits | 1,411 | 1,150 | ||||||
| Deferred tax assets | 1,836 | 2,602 | ||||||
| Total current assets | 157,345 | 157,250 | ||||||
| Property, plant and equipment | 68,157 | 67,963 | ||||||
| Prepaid land lease payments | 10,588 | 10,948 | ||||||
| Long-term inventories | 4,061 | 2,781 | ||||||
| Long-term prepaid expenses | 38 | 154 | ||||||
| Prepayment for acquisition of equipment | 1,392 | 708 | ||||||
| Deferred tax assets | 298 | 117 | ||||||
| Licenses | 457 | 772 | ||||||
| Total assets | 242,336 | 240,693 | ||||||
| Current liabilities | ||||||||
| Bank loans and current portion of long-term debt | 44,505 | 16,217 | ||||||
| Loan from a non-controlling shareholder | 2,625 | 3,324 | ||||||
| Accounts payable and accrued liabilities | 23,326 | 28,037 | ||||||
| Income tax payable | 460 | 246 | ||||||
| Deferred revenue | 345 | 875 | ||||||
| Deferred government grants | 454 | 458 | ||||||
| Total current liabilities | 71,715 | 49,157 | ||||||
| Deferred government grants | 7,782 | 4,746 | ||||||
| Long-term debt | 11,803 | 32,146 | ||||||
| Deferred revenue | 10,753 | 11,005 | ||||||
| Total long term liabilities | 30,338 | 47,897 | ||||||
| Total liabilities | 102,053 | 97,054 | ||||||
| Commitments and contingencies | ||||||||
| Equity | ||||||||
| Preferred stock | - | - | ||||||
| Common stock | 56 | 56 | ||||||
| Additional paid-in capital | 107,950 | 107,393 | ||||||
| Accumulated other comprehensive income | 12,875 | 14,141 | ||||||
| Statutory surplus reserves | 11,808 | 11,808 | ||||||
| Accumulated deficit | (6,869 | ) | (4,714 | ) | ||||
| Total stockholders' equity | 125,820 | 128,684 | ||||||
| Non-controlling interests | 14,463 | 14,955 | ||||||
| Total equity | 140,283 | 143,639 | ||||||
| Total liabilities and equity | 242,336 | 240,693 | ||||||
SINOVAC BIOTECH LTD.
Consolidated Statements of Comprehensive Income (loss)
For the three and nine months ended September 30, 2014 and 2013
(Unaudited)
(Expressed in thousands of U.S. Dollars, except for numbers of shares and per share data)
| Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Sales | 17,146 | 22,075 | 42,782 | 49,579 | ||||||||||||
| Cost of sales | 4,986 | 7,474 | 11,289 | 14,327 | ||||||||||||
| Gross profit | 12,160 | 14,601 | 31,493 | 35,252 | ||||||||||||
| Selling, general and administrative expenses | 8,515 | 9,392 | 24,896 | 25,335 | ||||||||||||
| Provision for doubtful accounts | 205 | 171 | 499 | 1,057 | ||||||||||||
| Research and development expenses | 2,545 | 2,034 | 7,512 | 5,923 | ||||||||||||
| Loss (gain) on disposal and Impairment of property, plant and equipment | 1 | - | 30 | (2 | ) | |||||||||||
| Total operating expenses | 11,266 | 11,597 | 32,937 | 32,313 | ||||||||||||
| Operating income (loss) | 894 | 3,004 | (1,444 | ) | 2,939 | |||||||||||
| Interest and financing expenses | (905 | ) | (735 | ) | (2,487 | ) | (2,168 | ) | ||||||||
| Interest income | 575 | 544 | 2,120 | 1,568 | ||||||||||||
| Other income (expenses) - net | (38 | ) | 134 | 179 | 141 | |||||||||||
| Income (loss) before income taxes and non-controlling interests | 526 | 2,947 | (1,632 | ) | 2,480 | |||||||||||
| Income tax expense | (419 | ) | (76 | ) | (842 | ) | (62 | ) | ||||||||
| Net Income (loss) | 107 | 2,871 | (2,474 | ) | 2,418 | |||||||||||
| Less: (Income) loss attributable to the non-controlling interests | (18 | ) | (561 | ) | 319 | (798 | ) | |||||||||
| Net Income (loss) attributable to stockholders of Sinovac | 89 | 2,310 | (2,155 | ) | 1,620 | |||||||||||
| Other comprehensive income (loss), net of tax of nil | ||||||||||||||||
| Foreign currency translation adjustments | 964 | 249 | (1,439 | ) | 1,602 | |||||||||||
| Total comprehensive income (loss) | 1,071 | 3,120 | (3,913 | ) | 4,020 | |||||||||||
| Less: comprehensive (income) loss attributable to non-controlling interests | (146 | ) | (588 | ) | 492 | (966 | ) | |||||||||
| Comprehensive income (loss) attributable to stockholders of Sinovac | 925 | 2,532 | (3,421 | ) | 3,054 | |||||||||||
| Weighted average number of shares of | ||||||||||||||||
| Basic | 55,722,435 | 55,382,329 | 55,658,173 | 55,235,198 | ||||||||||||
| Diluted | 56,118,063 | 55,882,837 | 55,658,173 | 55,684,691 | ||||||||||||
| Earning per share | ||||||||||||||||
| Basic | 0.00 | 0.04 | (0.04 | ) | 0.03 | |||||||||||
| Diluted | 0.00 | 0.04 | (0.04 | ) | 0.03 | |||||||||||
SINOVAC BIOTECH LTD.
Consolidated Statements of Cash Flows
For the three and nine months ended September 30, 2014 and 2013
(Unaudited)
(Expressed in thousands of U.S. Dollars)
| Three months ended | Nine months ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Cash flows provided by (used in) operating activities | ||||||||||||||||
| Net income (loss) | $ | 107 | $ | 2,871 | $ | (2,474 | ) | $ | 2,419 | |||||||
| Adjustments to reconcile net income (loss) to net cash | ||||||||||||||||
| provided by (used in) operating activities: | ||||||||||||||||
| - deferred income taxes | 122 | 76 | 545 | 62 | ||||||||||||
| - stock-based compensation | 72 | 72 | 215 | 209 | ||||||||||||
| - inventory provision | 42 | 3 | 584 | 770 | ||||||||||||
| - provision for doubtful accounts | 205 | 171 | 499 | 1,057 | ||||||||||||
| - impairment of equipment and loss on disposal | 1 | - | 30 | (2 | ) | |||||||||||
| - depreciation of property, plant and equipment and amortization of licenses | 736 | 1,581 | 5,270 | 4,928 | ||||||||||||
| - amortization of the prepaid land lease payments | 66 | 69 | 198 | 207 | ||||||||||||
| - accretion expenses | 30 | 19 | 85 | 71 | ||||||||||||
| Changes in: | ||||||||||||||||
| - accounts receivable | (5,753 | ) | (7,165 | ) | (9,407 | ) | (15,453 | ) | ||||||||
| - inventories | 976 | 735 | (6,808 | ) | (5,922 | ) | ||||||||||
| - income tax payable | 297 | - | 297 | - | ||||||||||||
| - prepaid expenses and deposits | (425 | ) | (428 | ) | (773 | ) | (173 | ) | ||||||||
| - deferred revenue | 69 | (3,483 | ) | (616 | ) | (4,711 | ) | |||||||||
| - accounts payable and accrued liabilities | (1,334 | ) | 101 | (3,793 | ) | 1,856 | ||||||||||
| Net cash used in operating activities | (4,789 | ) | (5,378 | ) | (16,148 | ) | (14,682 | ) | ||||||||
| Cash flows provided by (used in) financing activities | ||||||||||||||||
| - Loan proceeds | 8,920 | 3,074 | 17,837 | 13,858 | ||||||||||||
| - Loan repayments | (1,463 | ) | - | (10,005 | ) | (162 | ) | |||||||||
| - Proceeds from issuance of common stock, net of
share issuance costs | 84 | 138 | 336 | 555 | ||||||||||||
| - Proceeds from shares subscribed | (74 | ) | 31 | 6 | 203 | |||||||||||
| - Government grants received | 3,244 | 71 | 3,429 | 595 | ||||||||||||
| Net cash provided by financing activities | 10,711 | 3,314 | 11,603 | 15,049 | ||||||||||||
| Cash flows used in investing activities | ||||||||||||||||
| - Acquisition of property, plant and equipment | (1,624 | ) | (768 | ) | (7,307 | ) | (3,437 | ) | ||||||||
| Net cash used in investing activities | (1,624 | ) | (768 | ) | (7,307 | ) | (3,437 | ) | ||||||||
| Exchange gain (loss) on cash and cash equivalents | 422 | (188 | ) | (1,036 | ) | 855 | ||||||||||
| Increase (decrease) in cash and cash equivalents | 4,720 | (3,020 | ) | (12,888 | ) | (2,215 | ) | |||||||||
| Cash and cash equivalents, beginning of year | 89,634 | 92,046 | 107,242 | 91,241 | ||||||||||||
| Cash and cash equivalents, end of year | $ | 94,354 | $ | 89,026 | $ | 94,354 | $ | 89,026 | ||||||||