China Biologic Products, one of the leading plasma-based biopharma companies in China, said for the first nine months of 2010, its total revenue was $104.0 million, up 27.8 percent from the first nine months of 2009. China Biologic Products operating through its indirect majority-owned China-based subsidiaries, Shandong Taibang Biological Products (Shandong Taibang) and Guiyang Dalin Biologic Technologies (Dalin), and its equity investment in Xi'an Huitian Blood Products (Huitian), reported financial results for the nine months ended September 30, 2010. Nine Months Results The company noted that its gross profit for the first nine months of 2010 was $77.9 million, up 31.9 percent from $59.0 million in the comparable period a year ago. Gross margin for the first nine months of 2010 was 74.9 percent, as compared to 72.5 percent for the same period in 2009. The increase in gross margin was due mainly to increased selling prices, ranging from 15.1 percent to 213.6 percent, across all of the company's products, except for human albumin products, which decreased by 0.6 percent. Income from operations for the period was $54.8 million, up 35.0 percent from $40.6 million in the first nine months of 2009. Net income attributable to controlling interest for the first nine months of 2010 was $37.2 million, up 637.9 percent from $5.0 million in the first nine months of 2009. Fully diluted earnings per share were $1.44 for the first nine months of 2010, compared to $0.23 in the first nine months of 2009. Excluding non-cash employee compensation expenses, change in the fair value of derivative liabilities and interest related to the convertible notes under the if-converted method, non-generally accepted accounting practice (GAAP) adjusted net income for the nine months ended September 30, 2010 was $28.9 million, or $1.09 per diluted share, an increase of 44.5 percent from non-GAAP net income of $20.0 million, or $0.92 per fully diluted share, for the nine months ended September 30, 2009. Financial Condition As of September 30, 2010, the company had $64.6 million in cash and cash equivalents, approximately $75.3 million in working capital, and a current ratio of 2.6. Total stockholders' equity at the end of the quarter was $93.8 million, up 89.7 percent from $49.5 million at the end of 2009. The company generated $31.3 million in net cash from operating activities during the first nine months of 2010, as compared to $35.5 million in the same period of 2009, which included a $4.2 million advanced receipt from customers. The increase in cash outflow for inventory during the first nine months of 2010, compared to the same period last year, is a direct result of the implementation of the 90-day quarantine period by the PRC government, which caused a longer staging period for its raw material plasma inventory. During the first nine months of 2010, as the company increased its sales directly to end-users, hospitals and inoculation centers, it also experienced a slower turn-over of its accounts receivable compared to the same period last year. Net cash used in investing activities for the nine months ended September 30, 2010 was $11.6 million, as compared to $6.1 million in the same period of 2009. During the first nine months ended September 30, 2010, $1.5 million was used for the acquisition of Ziguang Bio-tech Company, $2.5 million for the final payment for the Dalin, acquisition $1.8 million for equipment for Shandong Taibang, and $5.8 million for the company's plasma companies' buildings and construction in process in Dalin. Net cash used in financing activities for the nine months ended September 30, 2010 totaled $10.2 million, as compared to $12.1 million provided by financing activities in the same period of 2009.