Sinovac Biotech Ltd. (NASDAQ: SVA) (“SINOVAC” or the “Company”),
a leading provider of biopharmaceutical products in China, has
filed its 2022 annual report on Form 20-F with the U.S. Securities
and Exchange Commission for the year ended December 31, 2022. The
Company also reported its unaudited financial for the second half
and audited financial for full year ended December 31, 2022.
Second Half and Full Year 2022 Financial Summary
- Sales for the six months ended December 31, 2022 were $280.5
million, compared to $8.4 billion in the prior year period.
- Sales in 2022 were $1.5 billion, compared to $19.4 billion in
the prior year.
- The Company posted $373.7 million of net loss attributable to
common shareholders, or a loss of $3.76 per basic and diluted
share, in the six months ended December 31, 2022, compared to net
income attributable to common shareholders of $3.4 billion, or
$33.79 per basic and $29.46 per diluted share, in the prior year
period.
- The Company posted $107.9 million of net income attributable to
common shareholders, or $1.08 per basic and $1.00 per diluted share
in 2022, compared to net income attributable to common shareholders
of $8.5 billion, or $85.20 per basic and $74.27 per diluted share,
in the prior year period.
Mr. Weidong Yin, Chairman, President and CEO of SINOVAC,
commented “In 2022, we significantly increased our R&D
investment and expanded our global market reach. Our R&D
investment nearly tripled, and we are developing various vaccines
to prevent over 20 life-threatening diseases. Growth was maintained
in our non-covid business in 2022. We keep executing our business
strategy of expanding our regular business into international
market. More than 10 countries granted licenses to our non-COVID
vaccines. In addition, our varicella vaccine and sIPV were
successfully passed WHO prequalification assessment in 2022.
“Looking ahead into 2023, we remain confident in our
comprehensive product portfolio and growing business and scientific
partnerships. Our mission to ‘supply vaccines to eliminate human
diseases’ remains at the forefront, and we are committed to
achieving this goal by investing in cutting-edge technology,
expanding our global partnerships, and increasing accessibility to
our life-saving vaccines,” Mr.Yin added.
Business Updates
COVID-19 Vaccine – CoronaVac®, the inactivated COVID-19
vaccine developed by SINOVAC, has been approved for use in more
than 60 countries and regions worldwide. At this time, over 2.9
billion doses of CoronaVac® have been delivered globally, making
SINOVAC the largest China-based COVID-19 vaccine provider to the
international market.
CoronaVac® has been validated by the World Health Organization
("WHO") for extended use in children as young as three years old
under the Emergency Use Listing ("EUL") Procedure, in November
2022. This is the youngest age that the WHO has validated for EUL
of COVID-19 vaccines in the world so far. CoronaVac® has also been
fully registered in Hong Kong under the Pharmacy and Poisons
Ordinance Cap 138 in December 2022, as one of the first COVID-19
vaccines approved for such official registration in Hong Kong.
Since then, the vaccine can be supplied to registered medical
practitioners and institutions for both private and public markets
in Hong Kong.
In 2022, the results of sufficient real-world studies and
clinical trials in various regions and countries confirmed the
safety and effectiveness of CoronaVac® for pediatric and adolescent
populations, as well as demonstrated that the vaccine was effective
in preventing multiple Omicron waves, particularly for individuals
over the age of 60 who received three doses of the vaccine.
Influenza Vaccines – Quadrivalent Influenza Vaccine, the
latest development of SINOVAC's influenza vaccine family, entered
the global market in 2022 by gaining overseas commercialization
approvals. In 2022, the influenza vaccines became SINOVAC’s highest
revenue generating non-COVID product for the first time. Recently,
a new and state-of-the-art influenza vaccine production facility of
SINOVAC started operations in Beijing. The plant, which complies
with Chinese Good Manufacturing Practice (GMP) guidelines and
utilizes green production processes, enables automated production
at scale that expands SINOVAC capacity to meet the growing global
demand for high-quality influenza vaccines.
Varicella Vaccine – the live attenuated varicella vaccine
was prequalified by the WHO in November 2022, marking the first WHO
prequalified Chinese varicella vaccine, and received its first
overseas order in 2022.
Hepatitis A Vaccine – Healive®, the first and only WHO
prequalified hepatitis A vaccine from China, has been registered in
24 countries and organizations worldwide thus far.
Inactivated Enterovirus Type 71 (EV71) Vaccine – Inlive®,
has been authorized for children between the ages of six months to
three-years-old by BPOM, the food and drug agency of Indonesia, in
November 2022, which is the first vaccine approved in Indonesia to
protect from hand, foot and mouth diseases (HFMD). This is also
Inlive®'s first overseas authorization.
Sabin Inactivated Polio vaccine (“sIPV”) – the
Poliomyelitis Vaccine (Vero Cell), Inactivated, Sabin Strains, was
prequalified by WHO in June 2022, and sIPV is available for United
Nations (UN) agencies to purchase to support the global polio
eradication strategy.
Quality Control – Two quality control laboratories in
SINOVAC have been accredited by the China National Accreditation
Service for Conformity Assessment (CNAS) in 2022.
Unaudited Financial Results for the Second Half of
2022
Sales for the second half of 2022 were $280.5 million, compared
to $8.4 billion in the prior year period. The decrease was mainly
due to decreased sales of CoronaVac®.
Selling, general and administrative expenses in the second half
of 2022 were $667.7 million, compared to $428.5 million in the
prior year period.
R&D expenses in the second half of 2022 were $257.7 million,
compared to $101.1 million in the prior year period.
Net loss in the second half of 2022 was $702.3 million, compared
to net income of $5.9 billion in the prior year period.
Net loss attributable to common shareholders was $373.7 million,
or a loss of $3.76 per basic and diluted share, in the second half
of 2022, compared to a net income attributable to common
shareholders of $3.4 billion, or $33.79 per basic and $29.46 per
diluted share, in the prior year period.
As the Company announced on February 22, 2019, the Company’s
Board of Directors determined that certain shareholders became
acquiring persons, as defined in the Company’s rights agreement
(“Rights Agreement”), under which a trigger event occurred. As a
result, the Company issued new common and preferred shares of
SINOVAC. Without the effect of implementing the Rights Agreement
and newly-issued common and preferred shares, basic and diluted
loss per share for the second half of 2022 would be $5.17.
Non-GAAP adjusted EBITDA was $1.0 billion loss in the second
half of 2022, compared to $7.5 billion in the prior year period.
Non-GAAP net loss was $805.8 million in the second half of 2022,
compared to $5.9 billion net income in the prior year period.
Non-GAAP diluted loss per share in the second half of 2022 was
$3.79 compared to an earnings per share of $29.87 in the prior year
period. Non-GAAP diluted loss per share in the second half of 2022,
excluding the implementation of the Rights Agreement and the
newly-issued common and preferred shares, would be $6.02.
Reconciliations of non-GAAP measures to the nearest comparable GAAP
measures are included at the end of this earnings announcement.
The Company’s second half of 2022 financial statements are
prepared and presented in accordance with U.S. GAAP. However, they
have not been audited or reviewed by the Company’s independent
registered accounting firm.
Financial Results for the Twelve Months Ended December 31,
2022
Sales in 2022 were $1.5 billion, a decrease from $19.4 billion
in the prior year. The decrease was due to decreased sales of
CoronaVac®.
Selling, general and administrative expenses in 2022 were $823.5
million, compared to $591.2 million in the prior year.
R&D expenses in 2022 were $442.1 million, compared to $155.0
million in the prior year. The Company continued to invest in the
advancement of pipeline vaccines.
Net income in 2022 was $88.1 million, compared to $14.5 billion
in the prior year. Net income decreased primarily due to decreased
sales.
Net income attributable to common shareholders was $107.9
million, or $1.08 per basic and $1.00 per diluted share, compared
to net income attributable to common shareholders of $8.5 billion,
or $85.20 per basic and $74.27 per diluted share, in the prior
year.
Excluding the implementation of the Rights Agreement, as
described above, and the newly-issued common and preferred shares,
basic and diluted earnings per share for 2022 would be $1.59.
Non-GAAP adjusted EBITDA was $309.5 million loss in 2022,
compared to income of $17.6 billion in the prior year. Non-GAAP net
loss in 2022 was $177.0 million, compared to a net income of $14.5
billion in the prior year. Non-GAAP diluted loss per share in 2022
was $0.37, compared to an earnings of $74.67 per share in the prior
year. Non-GAAP diluted loss per share in 2022, excluding the
implementation of the Rights Agreement and the newly-issued common
and preferred shares, would be $0.59 per share. Reconciliations of
non-GAAP measures to the nearest comparable GAAP measures are
included at the end of this earnings announcement.
As of December 31, 2022, cash and cash equivalents and
restricted cash totaled $4.3 billion, compared to $11.6 billion as
of December 31, 2021. In 2022, net cash used in operating
activities was $770.7 million, net cash used in investing
activities was $5.8 billion, and net cash used in financing
activities was $241.4 million. As of December 31, 2022, the Company
had $0.3 million in bank loans due within one year. The Company
expects that its current cash position will be able to support its
operations for at least the next 12 months.
Legal Proceedings
As previously disclosed by the Company, on March 13, 2018,
1Globe Capital LLC (“1Globe”) filed a complaint against the Company
in the Antigua Court. The trial of the matter took place from
December 3 to 5, 2018. On December 19, 2018, the Antigua judge
handed down his judgment (the “Antigua Judgment”), finding the
Company fully in favor, dismissing 1Globe’s claim and declaring the
Rights Agreement was validly adopted as a matter of Antigua law. On
January 29, 2019, 1Globe filed a Notice of Appeal against the
Antigua Judgment. On March 4, 2019, 1Globe filed an application for
urgent interim relief, seeking an injunction to prevent the Company
from continuing to implement its Rights Agreement until the
resolution of the appeal. This application was heard on April 4,
2019, at which the Court of Appeal issued an order restraining the
Company from operating the Rights Agreement in any way that affects
1Globe’s rights or shareholding or otherwise distributing the
exchange shares to the Company’s shareholders who did not trigger
the Rights Plan until after the determination of the appeal (the
“Exchange Shares”). 1Globe’s appeal against the Antigua Judgment
was heard on September 18, 2019, and the appeal decision was
announced by the Eastern Caribbean Supreme Court, Court of Appeal
(the “Court of Appeal”) on December 9, 2021, upholding the Antigua
Judgment in each point. 1Globe applied for leave to appeal to the
Judicial Committee of the Privy Council (the “Privy Council”), and
the hearing of the application was held on February 24, 2022, in
which the Court of Appeal granted 1Globe leave to appeal to the
Privy Council on certain grounds, although not including the
challenge to the validity of the Rights Agreement. On April 19,
2022, 1Globe renewed its application directly to the Privy Council
for leave to appeal on its ground of appeal concerning the validity
of the Rights Agreement. On July 13, 2022, 1Globe filed its Notice
of Appeal on those grounds on which the Court of Appeal had granted
1Globe leave to appeal. On September 16, 2022, 1Globe filed an
application to the Privy Council seeking permission to amend its
existing application for permission to appeal and its existing
Notice of Appeal, and to seek permission to appeal on another
ground rejected by the Court of Appeal concerning the exercise of
the Antigua Court’s discretion. The Company responded on October
21, 2022. On February 15, 2023, the Privy Council made a procedural
decision to allow amendment of its existing application for
permission to appeal, and decided to deal with procedural and
substantive issues together at the Final Hearing. 1Globe has not
yet taken steps to list a substantive hearing before the Privy
Council. The appeal outcome is therefore pending.
As previously disclosed, on March 5, 2018, the Company filed a
lawsuit in the Court of Chancery of the State of Delaware, seeking
a determination on whether 1Globe, the Chiang Li Family, OrbiMed
Advisors, LLC and certain other shareholders of the Company had
triggered the Rights Agreement. On April 12, 2018, 1Globe filed an
amended answer to the Company’s complaint, counterclaims and a
third-party complaint against the Company and Mr. Weidong Yin,
alleging, among other allegations, that the Rights Agreement is not
valid. On March 6, 2019, the Delaware Chancery Court entered a
status quo order, providing that the Company not distribute any of
the Exchange Shares to the Company’s shareholders who did not
trigger the Rights Plan until the final disposition of the pending
Delaware litigation or further order of the Court. On April 8,
2019, the Delaware Chancery Court stated that the Delaware
litigation was pending the final outcome of 1Globe’s appeal of the
Antigua Judgment.
Separately, Heng Ren Investments LP (“Heng Ren”) filed suits
against SINOVAC and Weidong Yin on May 31, 2019 in Massachusetts
state court for the alleged breach of fiduciary duties and wrongful
equity dilution. SINOVAC moved the matter from the state court to
the United States District Court for the District of Massachusetts.
Subsequently, on April 29, 2021, Heng Ren filed an amended
complaint which alleged that Mr. Yin breached fiduciary duties owed
to minority shareholders, that SINOVAC aided and abetted breaches
of fiduciary duties and that both SINOVAC and Mr. Yin engaged in
wrongful equity dilution. Heng Ren requested damages, attorney
fees, and prejudgment interest. In July 2021, SINOVAC moved to
dismiss Heng Ren’s amended complaint in the federal court in
Massachusetts. On March 4, 2022, the court granted the motion as to
the breach of fiduciary duty claims and denied the motion as to the
wrongful equity dilution claim, and denied reconsideration of its
decision on the motion. SINOVAC has answered the complaint. On July
2, 2018, the Company completed a private placement of its common
shares with two private investors (the “PIPE Transaction”). On
December 5, 2022, a purported shareholder filed a putative class
action complaint in the United States District Court for the
District of Massachusetts, asserting a claim under Section 204 of
the Antigua and Barbuda International Business Corporations Act
related to the PIPE Transaction, alleging that all shareholders
were harmed in an identical manner to one another by the PIPE
Transaction because the shares that were issued in the PIPE
Transaction allegedly undervalued SINOVAC and all shareholders were
purportedly wrongfully diluted as a result. The purported
shareholder is represented by the same attorney who represents Heng
Ren, and requests damages, attorneys’ fees, and prejudgment
interest. On January 18, 2023, the Company filed a motion to
dismiss in such purported shareholder’s matter (the “Motion to
Dismiss”). On February 15, 2023, the court stayed discovery in the
Heng Ren matter pending the resolution of the Motion to Dismiss.
The Motion to Dismiss was fully briefed as of March 9, 2023, and is
currently pending before the court.
Status of Exchange Shares and Trading in the Company’s
Shares
As a result of the pending legal proceedings described above,
the Exchange Shares are expected to remain in a trust for the
benefit of the Company’s shareholders who did not trigger the
Rights Plan until, at least, the conclusion of the appeal against
the Antigua Judgement and the final disposition of the Delaware
litigation or further order of the Delaware Chancery Court. The
Exchange Shares remain issued and outstanding. The Nasdaq Stock
Market LLC implemented a halt on trading of the Company’s common
shares at the time the Exchange Shares were issued to the trust.
The Company is currently unable to estimate when trading will
resume, or if Nasdaq will take any additional action in regards to
trading of the Company’s common shares.
About SINOVAC
Sinovac Biotech Ltd. (SINOVAC) is a China-based
biopharmaceutical company that focuses on the R&D,
manufacturing, and commercialization of vaccines that protect
against human infectious diseases.
SINOVAC’s product portfolio includes vaccines against COVID-19,
enterovirus 71 (EV71) infected hand-foot-mouth disease (HFMD),
hepatitis A, varicella, influenza, poliomyelitis, pneumococcal
disease, mumps, etc.
The COVID-19 vaccine, CoronaVac®, has been approved for use in
more than 60 countries and regions worldwide. The hepatitis A
vaccine, Healive®, passed WHO prequalification requirements in
2017. The EV71 vaccine, Inlive®, is an innovative vaccine under
"Category 1 Preventative Biological Products" and commercialized in
China in 2016. In 2022, SINOVAC’s Sabin-strain inactivated polio
vaccine (sIPV) and varicella vaccine were prequalified by the
WHO.
SINOVAC was the first company to be granted approval for its
H1N1 influenza vaccine Panflu.1®, which has supplied the Chinese
government's vaccination campaign and stockpiling program. The
Company is also the only supplier of the H5N1 pandemic influenza
vaccine, Panflu®, to the Chinese government stockpiling
program.
SINOVAC continually dedicates itself to new vaccine R&D,
with more combination vaccine products in its pipeline, and
constantly explores global market opportunities. SINOVAC plans to
conduct more extensive and in-depth trade and cooperation with
additional countries, and business and industry organizations.
For more information, please visit the Company’s website at
www.sinovac.com.
Safe Harbor Statement
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. In particular, the outcome
of any litigation is uncertain, and the Company cannot predict the
potential results of the litigation it filed or filed against it by
others. Additionally, the triggering of a shareholder rights plan
is nearly unprecedented, and the Company cannot predict the impact
on the Company or its stock price as a result of the trigger of the
rights plan.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are
prepared and presented in accordance with GAAP, SINOVAC uses the
following non-GAAP financial measures: non-GAAP adjusted EBITDA,
non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per
share. For more information on these non-GAAP financial measures,
please refer to the table captioned “Reconciliations of non-GAAP
Measures to the Nearest Comparable GAAP Measures” in this results
announcement.
SINOVAC believes that non-GAAP adjusted EBITDA, non-GAAP net
income (loss) and non-GAAP diluted earnings (loss) per share help
identify underlying trends in its business that could otherwise be
distorted by the effect of certain income or expenses that SINOVAC
includes in net income and diluted earnings (loss) per share.
SINOVAC believes that non-GAAP adjusted EBITDA, non-GAAP net income
(loss) and non-GAAP diluted earnings (loss) per share provide
useful information about its core operating results, enhance the
overall understanding of its past performance and future prospects
and allow for greater visibility with respect to key metrics used
by our management in its financial and operational decision-making.
Non-GAAP adjusted EBITDA, non-GAAP net income (loss) and non-GAAP
diluted earnings (loss) per share should not be considered in
isolation or construed as an alternative to income from operations,
net income (loss), diluted earnings (loss) per share, or any other
measure of performance or as an indicator of SINOVAC’s operating
performance. These non-GAAP financial measures presented here may
not be comparable to similarly titled measures presented by other
companies. Other companies may calculate similarly titled measures
differently, limiting their usefulness as comparative measures to
our data.
Non-GAAP adjusted EBITDA represents net income (loss) and
excludes interest and financing expenses, interest income, net
other income and income tax benefit (expenses), and certain
non-cash expenses, consisting of share-based compensation expenses,
amortization and depreciation that SINOVAC does not believe are
reflective of the core operating performance during the periods
presented.
Non-GAAP net income (loss) represents net income (loss)
before share-based compensation expenses and foreign exchange gain
or loss.
Non-GAAP diluted earnings (loss) per share represents
non-GAAP net income (loss) attributable to common shareholders
divided by the weighted average number of shares outstanding during
the periods on a diluted basis, including accounting for the effect
of the assumed conversion of options.
SINOVAC BIOTECH LTD.
Consolidated Balance Sheets
As of December 31, 2022 and
2021
(Expressed in thousands of U.S.
Dollars)
December 31, 2022
December 31, 2021
Current assets
Cash and cash equivalents
$
4,278,124
$
11,608,855
Restricted cash
8,253
10,905
Short-term investments
7,034,569
1,806,449
Accounts receivable - net
537,118
952,402
Inventories
180,719
375,511
Prepaid expenses and deposits
15,242
160,987
Income tax receivable
72,371
--
Total current assets
12,126,396
14,915,109
Property, plant and equipment – net
993,781
903,298
Prepaid land lease payments
69,815
39,730
Intangible assets - net
9,699
1,480
Long-term prepaid expenses
23
25
Long-term investments
661,440
655,835
Prepayments for acquisition of
equipment
120,912
65,290
Deferred tax assets
71,118
52,031
Right-of-use assets
58,586
115,376
Other Non-current Assets
2,798
--
Total assets
14,114,568
16,748,174
Current liabilities
Short-term bank loans and current portion
of long-term bank loans
293
3,099
Loan from a non-controlling
shareholder
4,358
1,582
Accounts payable and accrued
liabilities
905,923
1,020,651
Income tax payable
--
1,267,504
Deferred revenue
17,955
79,941
Deferred government grants
15,120
12,559
Dividend payable
141,993
17,125
Lease liability
5,993
10,385
Total current liabilities
1,091,635
2,412,846
Deferred government grants
4,477
4,870
Long-term bank loans
11,513
12,668
Deferred tax liability
241,526
324,164
Loan from a non-controlling
shareholder
--
4,708
Lease liability
52,516
112,465
Other non-current liabilities
240
444
Total long-term liabilities
310,272
459,319
Total liabilities
1,401,907
2,872,165
Commitments and contingencies
Equity
Preferred stock
15
15
Common stock
100
100
Additional paid-in capital
540,582
547,691
Subscriptions receivable
--
(7,109)
Accumulated other comprehensive income
(loss)
(383,276)
130,622
Statutory surplus reserves
1,538,013
1,514,297
Accumulated earnings
7,225,987
7,141,819
Total shareholders' equity
8,921,421
9,327,435
Non-controlling interests
3,791,240
4,548,574
Total equity
12,712,661
13,876,009
Total liabilities and equity
$
14,114,568
$
16,748,174
SINOVAC BIOTECH LTD.
Consolidated Statements of
Comprehensive Income (Loss)
For the six and twelve months ended
2022 and 2021
(Expressed in thousands of U.S.
Dollars, except for numbers of shares and per share data)
Six months ended December
31
Year ended December
31,
2022
2021
2022
2021
(Unaudited)
(Unaudited)
Sales
$
280,471
$
8,393,848
$
1,492,761
$
19,374,904
Cost of sales
430,094
440,455
684,456
1,072,221
Gross profit
(149,623)
7,953,393
808,305
18,302,683
Selling, general and administrative
expenses
667,663
428,510
823,543
591,167
Provision for doubtful accounts
3,461
3,528
4,268
2,967
Research and development expenses
257,714
101,129
442,108
155,040
Loss on disposal of property, plant and
equipment
1,927
683
5,213
977
Government grants recognized in income
(746)
(39)
(760)
(725)
Total operating expenses
930,019
533,811
1,274,372
749,426
Operating income (loss)
(1,079,642)
7,419,582
(466,067)
17,553,257
Interest and financing expenses
(641)
(1,314)
(1,264)
(2,836)
Interest income
106,820
71,764
190,818
102,568
Other income (expense), net
72,293
(88,999)
301,751
(89,948)
Income (loss) before income
taxes
(901,170)
7,401,033
25,238
17,563,041
Income tax benefit (expense)
198,855
(1,534,196)
62,893
(3,104,130)
Net income (loss)
(702,315)
5,866,837
88,131
14,458,911
Less: (income) loss attributable to
non-controlling interests
331,669
(2,507,683)
25,735
(5,991,431)
Net income (loss) attributable to
shareholders of Sinovac
(370,646)
3,359,154
113,866
8,467,480
Preferred stock dividends
(3,024)
(3,024)
(5,982)
(5,982)
Net income (loss) attributable to
common shareholders of Sinovac
(373,670)
3,356,130
107,884
8,461,498
Net income (loss)
(702,315)
5,866,837
88,131
14,458,911
Other comprehensive income (loss), net
of tax of nil
Foreign currency translation
adjustments
(279,794)
162,103
(859,045)
193,098
Comprehensive income (loss)
(982,109)
6,028,940
(770,914)
14,652,009
Less: comprehensive (income) loss
attributable to non-controlling interests
445,656
(2,578,813)
370,882
(6,073,832)
Comprehensive income (loss)
attributable to shareholders of Sinovac
(536,453)
3,450,127
(400,032)
8,578,177
Earnings (loss) per share
Basic net income (loss) per share
(3.76)
33.79
1.08
85.20
Diluted net income (loss) per share
(3.76)
29.46
1.00
74.27
Weighted average number of shares of
common stock outstanding
Basic
99,502,243
99,328,085
99,502,243
99,311,551
Diluted
114,172,782
114,022,517
114,172,782
114,005,983
SINOVAC BIOTECH LTD.
Consolidated Statements of Cash
Flows
For the six and twelve months ended
2022 and 2021
(Expressed in thousands of U.S.
Dollars)
Six months ended December
31
Year ended December
31,
2022
2021
2022
2021
(Unaudited)
(Unaudited)
Operating activities
Net income (loss)
$
(702,315)
$
5,866,837
$
88,131
$
14,458,911
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Deferred income taxes
(67,172)
335,990
(83,010)
265,096
Share-based compensation
--
6,223
--
7,735
Inventory provision
83,800
68,700
140,004
70,133
Provision for doubtful accounts
3,461
3,528
4,268
2,967
Loss on disposal of property, plant and
equipment
1,927
683
5,213
977
Depreciation of property, plant and
equipment
78,660
67,920
153,819
84,446
Amortization of prepaid land lease
payments
1,374
831
1,749
2,203
Amortization of intangible assets
932
94
1,029
183
Government grants recognized in income
(746)
(39)
(760)
(725)
Changes in:
Accounts receivable
429,615
423,635
289,600
(710,355)
Inventories
(6,869)
(32,532)
30,382
(334,062)
Income tax payable
(191,672)
(111,080)
(1,275,296)
1,216,717
Prepaid expenses and deposits
(111,395)
(100,859)
22,519
(143,324)
Deferred revenue
(13,364)
(255,923)
(58,485)
(288,779)
Accounts payable and accrued
liabilities
536,063
(8,173)
(86,860)
720,858
Other non-current liabilities
(5,531)
(431)
(3,048)
(440)
Net cash provided by (used in)
operating activities
36,768
6,265,404
(770,745)
15,352,541
Financing activities
Proceeds from bank loans
1
165
151
13,511
Repayments of bank loans
(48)
(19,534)
(2,981)
(33,436)
Proceeds from issuance of common stock,
net of share issuance costs
--
996
--
1,033
Dividend paid
(260,702)
(1,838,094)
(263,171)
(1,875,892)
Proceeds from subsidiary's financing
--
--
11,291
--
Government grants received
9,776
3,082
14,797
4,317
Loan from a non-controlling
shareholder
--
9
--
7,119
Repayments of loan from a non-controlling
shareholder
(1,474)
(13,307)
(1,486)
(13,332)
Net cash used in financing
activities
(252,447)
(1,866,683)
(241,399)
(1,896,680)
Investing activities
Purchase of investments
(5,717,991)
(4,446,838)
(11,658,465)
(8,826,611)
Proceeds from redemption of
investments
3,619,956
5,018,775
6,327,521
6,567,491
Proceeds from disposal of equipment
5
120
608
172
Prepaid land lease payments
(26,025)
(18,596)
(35,683)
(30,986)
Acquisition of intangible assets
(9,568)
(154)
(9,568)
(154)
Purchase of equity investments
(42,155)
(13,663)
(105,435)
(13,663)
Purchase of property, plant and
equipment
(114,402)
(288,338)
(393,800)
(719,823)
Proceeds from dissolution of
subsidiary
114,352
--
114,352
--
Net cash provided by (used in)
investing activities
(2,175,828)
251,306
(5,760,470)
(3,023,574)
Effect of exchange rate changes on cash
and cash equivalents and restricted cash
(189,210)
113,373
(560,769)
137,269
Increase (decrease) in cash and cash
equivalents and restricted cash
(2,580,717)
4,763,400
(7,333,383)
10,569,556
Cash and cash equivalents and
restricted cash, beginning of period
6,867,094
6,856,360
11,619,760
1,050,204
Cash and cash equivalents and
restricted cash, end of period
4,286,377
11,619,760
4,286,377
11,619,760
SINOVAC BIOTECH LTD.
Reconciliations of Non-GAAP measures to
the nearest comparable GAAP measures
For the six and twelve months ended
2022 and 2021
(Expressed in thousands of U.S.
Dollars, except for numbers of shares and per share data)
Six months ended December
31
Year ended December
31,
2022
2021
2022
2021
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net income (loss)
$
(702,315)
$
5,866,837
$
88,131
$
14,458,911
Adjustments:
Share-based compensation
--
6,223
--
7,735
Depreciation and amortization
80,966
68,845
156,597
86,832
Interest and financing expenses, net of
interest income
(106,179)
(70,450)
(189,554)
(99,732)
Other expense (income), net
(72,293)
88,999
(301,751)
89,948
Income tax expense
(198,855)
1,534,196
(62,893)
3,104,130
Non-GAAP adjusted EBITDA
(998,676)
7,494,650
(309,470)
17,647,824
Net income (loss)
(702,315)
5,866,837
88,131
14,458,911
Add: Foreign exchange (gain) loss
(103,472)
73,179
(265,091)
68,026
Add: Share-based compensation
--
6,223
--
7,735
Non-GAAP net income (loss)
(805,787)
5,946,239
(176,960)
14,534,672
Net income (loss) attributable to
common shareholders of Sinovac
(373,670)
3,356,130
107,884
8,461,498
Add: Preferred stock dividends
3,024
3,024
5,982
5,982
Net income (loss) attributable to
common shareholders of Sinovac for computing diluted earnings per
share
(370,646)
3,359,154
113,866
8,467,480
Add: Non-GAAP adjustments to net
income
(61,239)
46,868
(156,332)
45,038
Non-GAAP net income (loss) attributable
to common shareholders of Sinovac for computing non-GAAP diluted
earnings per share
(431,885)
3,406,022
(42,466)
8,512,518
Weighted average number of shares on a
diluted basis
114,172,782
114,022,517
114,172,782
114,005,983
Diluted earnings (loss) per
share
(3.76)
29.46
1.00
74.27
Add: Non-GAAP adjustments to net income
(loss) per share
(0.54)
0.41
(1.37)
0.40
Non-GAAP diluted earnings per
share
(4.30)
29.87
(0.37)
74.67
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230428005400/en/
Sinovac Biotech Ltd. Helen Yang Tel: +86-10-8279 9720
Email: ir@sinovac.com
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