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In the first six months of this year, its products increased their market penetration by an additional 3961 hospitals in China. The greatest gain was the company's Fangfeng Tongsheng Granule for treatment of upper respiratory tract infection, eczema and urticaria. Bohai added 43 distributors during the January 1 through June 30 period, and also opened a new marketing office in Beijing.
In the first six months of this year, its products increased their market penetration by an additional 3961 hospitals in China. The greatest gain was the company's Fangfeng Tongsheng Granule for treatment of upper respiratory tract infection, eczema and urticaria. Bohai added 43 distributors during the January 1 through June 30 period, and also opened a new marketing office in Beijing.
In the first six months of this year, its products increased their market penetration by an additional 3961 hospitals in China. The greatest gain was the company's Fangfeng Tongsheng Granule for treatment of upper respiratory tract infection, eczema and urticaria. Bohai added 43 distributors during the January 1 through June 30 period, and also opened a new marketing office in Beijing.
YANTAI, CHINA July 10, 2014 Bohai Pharmaceuticals Group, Inc. (OTCQB: BOPH), a leading manufacturer and marketer of traditional Chinese medicine (TCM), today said that, in the first six months of this year, its products increased their market penetration by an additional 3961 hospitals in China.
Of this total, 192 were level two hospitals medium-to-large size city facilities providing comprehensive health services. The remaining 3769 hospitals were level one smaller rural facilities and clinics tasked primarily with providing preventive care.
The Bohai product making the greatest gain was the companys Fangfeng Tongsheng Granule for treatment of upper respiratory tract infection, eczema and urticaria, which increased its penetration by 107 level two and 2373 level one hospitals. These included Suzhou Municipal Hospital, with more than 2,200 beds and 100,000 annual patients, and Shandong Dongping County People's Hospital, with over 500 beds and one of Chinas leading TCM departments.
Bohais Lung Nourishing Syrup, which treats chronic tracheitis and bronchitis, increased its presence at 77 level two and 1685 level one hospitals including Fujian Sanming First Hospital, a 1000-bed teaching facility with 33 clinical specialties and 17 medical departments including one for TCM; and Zhejiang Zhenhai Hospital, a 128-bed facility with 17 clinical and medical departments.
Tongbi Capsule, Bohais treatment for rheumatism and rheumatoid arthritis, was carried at 40 additional level two and 119 level one hospitals; the companys Tongbi Tablet was picked up at 21 level two and 42 level one hospitals.
Bohai added 43 distributors during the January 1 through June 30 period, and also opened a new marketing office in Beijing responsible for promoting the companys TCM products across China.
We are thrilled to be making such rapid progress increasing the market presence of our leading TCM products, said Mr. Hongwei Qu, Bohai Chairman and CEO. This progress should, we believe, result in significant revenue and earnings growth as we enter this new fiscal year.
For the first nine months of fiscal (June 30) 2014, Bohai earned about $18.0 million, or $1.01 per basic common share, a 22 percent improvement on its net income of $14.8 million, or $.83 per basic common share, in the first nine months of fiscal 2013. The company said it expected market penetration for its TCM products to continue at an accelerating pace. Bohais Fangfeng Tongsheng Granule and Lung Nourishing Syrup are included on Chinas Essential Drug List (EDL), a collection of drugs required by the government to be available to the public at all times in appropriate dosages at affordable prices. The companys Tongbi Capsule and Tongbi Tablet are on the EDL for Shandong and Hubei Provinces, two of the largest in China.
Bohai Pharmaceuticals Group
A manufacturer and marketer of traditional Chinese medicine (TCM) in the Peoples Republic of China, Bohai offers seven varieties of approved herbal medicines comprising four prescription drugs and three over-the-counter products in six delivery systems. The company reported net income of $19.1 million on revenue of $151.8 million for the year ended June 30, 2013.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of United States securities laws. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations. You should review the factors described in the section entitled "Risk Factors" in our prospectus filed with the SEC and other documents we file from time to time with the SEC. We qualify all of our forward-looking statements by these cautionary statements.
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