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 August 2023
--------------
Commission File Number: 001-32371
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SINOVAC BIOTECH
LTD.
No. 39 Shangdi Xi Rd, 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 ¨
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/ Nan Wang |
| |
Name: |
Nan Wang |
| |
Title: |
Chief Financial Officer |
Date: August 15, 2023
Exhibit Index
Exhibit 99.1
SINOVAC
Reports Unaudited First Half of 2023 Financial Results
BEIJING,
China, August 15, 2023 /Business Wire/ -- Sinovac Biotech Ltd. (NASDAQ: SVA) (“SINOVAC”
or the “Company”), a leading provider of biopharmaceutical products in China, announced today its unaudited financial results
for the six months ended June 30, 2023.
First
Half of 2023 Financial Summary
| · | Sales for the six months
ended June 30, 2023 were $140.4 million, compared to $1.2 billion in the prior year period. |
| · | The Company posted $14.0
million of net income attributable to common shareholders, or $0.14 per basic and $0.15 per diluted share, in the six-month period ended
June 30, 2023, compared to net income attributable to common shareholders of $481.6 million, or $4.84 per basic and $4.24 per diluted
share, in the prior year period. |
Mr.
Weidong Yin, Chairman, President and CEO of SINOVAC, commented “After experiencing three years of the COVID-19 pandemic, the
world is still facing the threat of various infectious diseases in 2023. The ability to combat global outbreaks remains vital to
world health. As a prominent biopharmaceutical products provider in China, SINOVAC continues to increase its investment in the
research and development and production of vaccines beyond COVID-19, and keeps exploring additional biomedical products
including antibodies. Meanwhile, we maintained a strong international presence, by providing high-quality vaccines and localized
production.”
“Looking
ahead, SINOVAC is determined to sustain our business momentum in both domestic and international markets, strengthen our product portfolio
and partnerships, and provide many accessible pharmaceutical products to meet the increasing healthcare demand from around the world.”
Business Updates
COVID-19
Antibody Products — SINOVAC’s broad-spectrum neutralizing antibody products,
SA55 Injection and Nasal Spray, which are intended for the prevention and treatment of COVID-19 infections, were approved for clinical
trial in China. By leveraging its extensive experience in COVID-19 vaccine development and production, SINOVAC is capable of large-scale
manufacture of these broad-spectrum neutralizing antibody products in compliance with Good Manufacturing Practice standards.
Hepatitis
A Vaccine — Healive®, the first and only WHO prequalified inactivated
hepatitis A vaccine from China, has been registered in more than 20 countries and organizations worldwide by thus far, with additional
market approvals in Lebanon, Kyrgyzstan, Egypt, India and Pakistan this year.
Influenza
Vaccine— A new and state-of-the-art influenza vaccine production line started
operations in Beijing. The plant, which complies with Chinese Good Manufacturing Practice 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. SINOVAC’s influenza vaccines expand international market accessibility in the first half of 2023 by
gaining more overseas market approvals, such as Pakistan and Chile.
Varicella
Vaccine — SINOVAC’s live attenuated varicella vaccine, the first WHO prequalified
Chinese varicella vaccine, successfully delivered to the Republic of Türkiye early this year. The vaccine was also registered in Lebanon and Kenya this year.
Hand
Foot and Mouth Disease Vaccine — SINOVAC’s
bivalent inactivated vaccine, developed to combat enterovirus (EV) and coxsackievirus (CV) infections, was approved for clinical trials
in China this year. It aims to protect children from hand, foot and mouth disease caused by EV71 and CA16. SINOVAC’s EV
71 vaccine, Inlive®, has already safeguarded millions of children in China.
Strategic
Development outside of China - SINOVAC has been named the exclusive strategic partner
of BogotáBio, which will break ground as the first local human vaccine production facility to be established with local government
in Colombia’s capital city of Bogota. SINOVAC's extensive expertise and experience in vaccine R&D and production, and successful
track record establishing vaccine manufacturing facilities will play a pivotal role in the new venture.
Unaudited Financial Results
for the First Half of 2023
Sales for
the first half of 2023 were $140.4 million, compared to $1.2 billion in the prior year period. The decrease was mainly due to decreased
sales of CoronaVac®. The negative gross margin at 34.2% was caused by the sharply reduced sales of CoronaVac combined with the COVID-19 employee incentive
plan established in 2022.
Selling,
general and administrative expenses in the first half of 2023 were $231.0 million, compared to $155.9 million in the prior year period.
The increase was mainly due to a COVID-19 employee incentive plan established in 2022.
R&D
expenses in the first half of 2023 were $151.1 million, compared to $184.4 million in the prior year period.
Net loss
in the first half of 2023 was $30.0 million, compared to net income of $790.4 million in the prior year period.
Net income
attributable to common shareholders was $14.0 million, or $0.14 per basic and $0.15 per diluted share, in the first half of 2023, compared
to a net income attributable to common shareholders of $481.6 million, or $4.84 per basic and $4.24 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 earnings per share for the first half of 2023 would be $0.24 and $0.24, respectively.
Non-GAAP
adjusted EBITDA was $346.6 million loss in the first half of 2023, compared to $691.3 million income in the prior year period. Non-GAAP
net loss was $120.9 million in the first half of 2023, compared to $628.8 million net income in the prior year period. Non-GAAP diluted
earnings per share in the first half of 2023 was negative $0.32 compared to $3.41 per share in the prior year period. Non-GAAP diluted
earnings per share in the first half of 2023, excluding the implementation of the Rights Agreement and the newly-issued common and preferred
shares, would be negative $0.51. Reconciliations of non-GAAP measures to the nearest comparable GAAP measures are included at the end
of this news release.
As of
June 30, 2023, cash and cash equivalents and restricted cash totaled $1.6 billion, compared to $4.3 billion as of December 31, 2022.
In the first half of 2023, net cash used in operating activities was $40.0 million, net cash used in investing activities was $2.7
billion reflecting the net position of short-term investment purchase over redemption, and net cash provided by financing activities was $217.2 million.
The Company’s
first half of 2023 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.
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. SINOVAC 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 is still completing necessary procedural
filings, and 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, SINOVAC 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 suit against SINOVAC and Weidong Yin for alleged breach of fiduciary duties and
wrongful equity dilution on May 31, 2019, in Massachusetts state court. SINOVAC moved the matter from state court to the United States
District Court for the District of Massachusetts. On September 14, 2020, SINOVAC filed a motion to dismiss Heng Ren’s claims. 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, attorneys’ fees, and prejudgment interest. On July 16, 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 January 19, 2023, SINOVAC filed a motion to stay the Heng Ren action pending the resolution of a putative shareholder
class action, described in the paragraph below. On February 15, 2023, the court stayed discovery in the Heng Ren matter pending the resolution
of the putative class action.
As previously disclosed by the Company, On December
5, 2022, a purported shareholder filed a putative class action complaint in 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 a private placement
of SINOVAC’s common shares with private investors Vivo Capital and Advantech Capital completed on July 2, 2018 (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, SINOVAC filed a motion to dismiss. The
motion 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
biomedical products that protect against human 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 pipeline development including but not limited to new technology, new vaccines as well as other
biomedical products. We will constantly explore global opportunities of strategic expansion.
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 and non-GAAP diluted EPS. 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 and non-GAAP diluted EPS 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 EPS. SINOVAC
believes that non-GAAP adjusted EBITDA, non-GAAP net income and non-GAAP diluted EPS 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
and non-GAAP diluted EPS should not be considered in isolation or construed as an alternative to income from operations, net income, diluted
EPS, 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 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 represents net income before share-based compensation expenses and foreign exchange gain or loss.
Non-GAAP
diluted EPS represents non-GAAP net income 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.
Contact
Sinovac
Biotech Ltd.
Helen Yang
Tel: +86-10-8279
9720
Email: ir@sinovac.com
SINOVAC BIOTECH LTD.
Consolidated Balance Sheets
As of June 30, 2023 and December 31, 2022
(Expressed
in thousands of U.S. Dollars)
| | |
June 30, 2023 | | |
December 31, 2022 | |
| Current assets | |
| | | |
| | |
| | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 1,643,026 | | |
$ | 4,278,124 | |
| Restricted cash | |
| 3,734 | | |
| 8,253 | |
| Short-term investments | |
| 9,425,778 | | |
| 7,034,569 | |
| Accounts receivable - net | |
| 425,245 | | |
| 537,118 | |
| Inventories | |
| 182,735 | | |
| 180,719 | |
| Prepaid expenses and deposits | |
| 13,312 | | |
| 15,242 | |
| Income tax receivable | |
| 75,195 | | |
| 72,371 | |
| Total current assets | |
| 11,769,025 | | |
| 12,126,396 | |
| | |
| | | |
| | |
| Property, plant and equipment — net | |
| 1,058,962 | | |
| 993,781 | |
| Prepaid land lease payments | |
| 65,519 | | |
| 69,815 | |
| Intangible assets - net | |
| 8,753 | | |
| 9,699 | |
| Long-term prepaid expenses | |
| 22 | | |
| 23 | |
| Long-term investments | |
| 657,767 | | |
| 661,440 | |
| Prepayments for acquisition of equipment | |
| 16,292 | | |
| 120,912 | |
| Deferred tax assets | |
| 98,688 | | |
| 71,118 | |
| Right-of-use assets | |
| 47,676 | | |
| 58,586 | |
| Other Non-current Assets | |
| 2,306 | | |
| 2,798 | |
| Total assets | |
| 13,725,010 | | |
| 14,114,568 | |
| | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Short-term bank loans and current portion of long-term bank loans | |
| 201,118 | | |
| 293 | |
| Loan from a non-controlling shareholder | |
| 4,159 | | |
| 4,358 | |
| Accounts payable and accrued liabilities | |
| 819,530 | | |
| 905,923 | |
| Deferred revenue | |
| 15,153 | | |
| 17,955 | |
| Deferred government grants | |
| 4,132 | | |
| 15,120 | |
| Dividend payable | |
| 139,547 | | |
| 141,993 | |
| Lease liability | |
| 5,990 | | |
| 5,993 | |
| Total current liabilities | |
| 1,189,629 | | |
| 1,091,635 | |
| | |
| | | |
| | |
| Deferred government grants | |
| 6,548 | | |
| 4,477 | |
| Long-term bank loans | |
| 10,989 | | |
| 11,513 | |
| Deferred tax liability | |
| 239,029 | | |
| 241,526 | |
| Lease liability | |
| 40,929 | | |
| 52,516 | |
| Other non-current liabilities | |
| 630 | | |
| 240 | |
| Total long-term liabilities | |
| 298,125 | | |
| 310,272 | |
| | |
| | | |
| | |
| Total liabilities | |
| 1,487,754 | | |
| 1,401,907 | |
| | |
| | | |
| | |
| Commitments and contingencies | |
| | | |
| | |
| | |
| | | |
| | |
| Equity | |
| | | |
| | |
| Preferred stock | |
| 15 | | |
| 15 | |
| Common stock | |
| 100 | | |
| 100 | |
| Additional paid-in capital | |
| 541,258 | | |
| 540,582 | |
| Accumulated other comprehensive loss | |
| (654,462 | ) | |
| (383,276 | ) |
| Statutory surplus reserves | |
| 1,538,013 | | |
| 1,538,013 | |
| Accumulated earnings | |
| 7,239,947 | | |
| 7,225,987 | |
| Total shareholders' equity | |
| 8,664,871 | | |
| 8,921,421 | |
| | |
| | | |
| | |
| Non-controlling interests | |
| 3,572,385 | | |
| 3,791,240 | |
| Total equity | |
| 12,237,256 | | |
| 12,712,661 | |
| Total liabilities and equity | |
$ | 13,725,010 | | |
$ | 14,114,568 | |
SINOVAC BIOTECH LTD.
Consolidated Statements of Comprehensive Income
For the six months ended 2023 and 2022
(Expressed
in thousands of U.S. Dollars, except for numbers of shares and per share data)
| | |
Six months ended June 30 | |
| | |
2023 | | |
2022 | |
| Sales | |
$ | 140,404 | | |
$ | 1,212,290 | |
| Cost of sales | |
| 188,409 | | |
| 254,362 | |
| Gross profit (loss) | |
| (48,005 | ) | |
| 957,928 | |
| | |
| | | |
| | |
| Selling, general and administrative expenses | |
| 231,048 | | |
| 155,880 | |
| Provision for doubtful accounts | |
| 386 | | |
| 807 | |
| Research and development expenses | |
| 151,132 | | |
| 184,394 | |
| Loss on disposal of property, plant and equipment | |
| 312 | | |
| 3,286 | |
| Government grants recognized in income | |
| (92 | ) | |
| (14 | ) |
| Total operating expenses | |
| 382,786 | | |
| 344,353 | |
| Operating income (loss) | |
| (430,791 | ) | |
| 613,575 | |
| | |
| | | |
| | |
| Interest and financing expenses | |
| (264 | ) | |
| (623 | ) |
| Interest income | |
| 29,589 | | |
| 83,998 | |
| Other income, net | |
| 337,856 | | |
| 229,458 | |
| Income (Loss) before income taxes | |
| (63,610 | ) | |
| 926,408 | |
| Income tax benefit (expense) | |
| 33,597 | | |
| (135,962 | ) |
| Net income (loss) | |
| (30,013 | ) | |
| 790,446 | |
| Less: (income) loss attributable to non-controlling interests | |
| 46,931 | | |
| (305,934 | ) |
| Net income attributable to shareholders of Sinovac | |
| 16,918 | | |
| 484,512 | |
| Preferred stock dividends | |
| (2,958 | ) | |
| (2,958 | ) |
| Net income attributable to common shareholders of Sinovac | |
| 13,960 | | |
| 481,554 | |
| | |
| | | |
| | |
| Net income (loss) | |
| (30,013 | ) | |
| 790,446 | |
| Other comprehensive income, net of tax of nil | |
| | | |
| | |
| Foreign currency translation adjustments | |
| (441,560 | ) | |
| (579,251 | ) |
| Comprehensive income (loss) | |
| (471,573 | ) | |
| 211,195 | |
| Less: comprehensive (income) loss attributable to non-controlling interests | |
| 217,305 | | |
| (74,774 | ) |
| Comprehensive income (loss) attributable to shareholders of Sinovac | |
| (254,268 | ) | |
| 136,421 | |
| | |
| | | |
| | |
| Earnings per share | |
| | | |
| | |
| Basic net income per share | |
| 0.14 | | |
| 4.84 | |
| Diluted net income per share | |
| 0.15 | | |
| 4.24 | |
| | |
| | | |
| | |
| Weighted average number of shares of common stock outstanding | |
| | | |
| | |
| Basic | |
| 99,576,600 | | |
| 99,502,243 | |
| Diluted | |
| 114,227,276 | | |
| 114,172,782 | |
SINOVAC BIOTECH LTD.
Consolidated Statements of Cash Flows
For the six months ended 2023 and 2022
(Expressed
in thousands of U.S. Dollars)
| | |
Six months ended June 30 | |
| | |
2023 | | |
2022 | |
| Operating activities | |
| | | |
| | |
| Net income (loss) | |
$ | (30,013 | ) | |
$ | 790,446 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
| Deferred income taxes | |
| (32,124 | ) | |
| (15,837 | ) |
| Inventory provision | |
| 12,624 | | |
| 56,203 | |
| Provision for doubtful accounts | |
| 386 | | |
| 807 | |
| Loss on disposal of property, plant and equipment | |
| 312 | | |
| 3,286 | |
| Depreciation of property, plant and equipment | |
| 82,484 | | |
| 75,159 | |
| Amortization of prepaid land lease payments | |
| 1,138 | | |
| 2,503 | |
| Amortization of intangible assets | |
| 527 | | |
| 97 | |
| Government grants recognized in income | |
| (92 | ) | |
| (14 | ) |
| Loss from equity method investments | |
| 374 | | |
| — | |
| Investment income | |
| (75,612 | ) | |
| — | |
| | |
| | | |
| | |
| Changes in: | |
| | | |
| | |
| Accounts receivable | |
| 90,434 | | |
| (140,015 | ) |
| Inventories | |
| (23,296 | ) | |
| 37,251 | |
| Other non-current assets | |
| 2,785 | | |
| — | |
| Income tax payable | |
| (5,824 | ) | |
| (1,083,624 | ) |
| Prepaid expenses and deposits | |
| 1,583 | | |
| 133,914 | |
| Deferred revenue | |
| (2,074 | ) | |
| (45,121 | ) |
| Accounts payable and accrued liabilities | |
| (47,208 | ) | |
| (622,923 | ) |
| Deferred government grants | |
| (16,813 | ) | |
| — | |
| Other non-current liabilities | |
| 418 | | |
| (298 | ) |
| | |
| | | |
| | |
| Net cash used in operating activities | |
| (39,991 | ) | |
| (808,166 | ) |
| | |
| | | |
| | |
| Financing activities | |
| | | |
| | |
| Proceeds from bank loans | |
| 209,587 | | |
| 199 | |
| Repayments of bank loans | |
| (150 | ) | |
| (3,038 | ) |
| Proceeds from issuance of common stock, net of share issuance costs | |
| 676 | | |
| — | |
| Dividend paid to non-controlling shareholders | |
| (1,616 | ) | |
| (2,469 | ) |
| Proceeds from subsidiary's financing | |
| | | |
| 12,000 | |
| Government grants received | |
| 8,668 | | |
| 5,021 | |
| Repayments of loan from a non-controlling shareholder | |
| (1 | ) | |
| (12 | ) |
| | |
| | | |
| | |
| Net cash provided by financing activities | |
| 217,164 | | |
| 11,701 | |
| | |
| | | |
| | |
| Investing activities | |
| | | |
| | |
| Purchase of short-term investments | |
| (6,628,110 | ) | |
| (15,123,334 | ) |
| Proceeds from redemption of short-term investments | |
| 4,013,372 | | |
| 11,890,425 | |
| Proceeds from disposal of equipment | |
| 37 | | |
| 603 | |
| Prepaid land lease payments | |
| — | | |
| (9,658 | ) |
| Acquisition of property, plant and equipment | |
| (92,942 | ) | |
| (279,398 | ) |
| Acquisition of intangible assets | |
| — | | |
| — | |
| Purchase of long-term investments | |
| (24,792 | ) | |
| (63,280 | ) |
| Distributions of equity method investees | |
| 1,342 | | |
| — | |
| Proceeds from sale or maturity of long-term investments | |
| 146 | | |
| | |
| | |
| | | |
| | |
| Net cash used in investing activities | |
| (2,730,947 | ) | |
| (3,584,642 | ) |
| | |
| | | |
| | |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | |
| (85,843 | ) | |
| (371,559 | ) |
| | |
| | | |
| | |
| Decrease in cash and cash equivalents and restricted cash | |
| (2,639,617 | ) | |
| (4,752,666 | ) |
| | |
| | | |
| | |
| Cash and cash equivalents and restricted cash, beginning of period | |
| 4,286,377 | | |
| (3,584,642 | ) |
| | |
| | | |
| | |
| Cash and cash equivalents and restricted cash, end of period | |
| 1,646,760 | | |
| (8,337,308 | ) |
SINOVAC BIOTECH LTD.
Reconciliations of Non-GAAP measures to the nearest comparable GAAP measures
For the six months ended 2023 and 2022
(Expressed
in thousands of U.S. Dollars, except for numbers of shares and per share data)
| | |
Six months ended June 30 | |
| | |
2023 | | |
2022 | |
| | |
(Unaudited) | | |
(Unaudited) | |
| Net income (loss) | |
$ | (30,013 | ) | |
$ | 790,446 | |
| Adjustments: | |
| | | |
| | |
| Depreciation and amortization | |
| 84,149 | | |
| 77,759 | |
| Interest income, net of interest and financing expenses | |
| (29,325 | ) | |
| (83,375 | ) |
| Other income, net | |
| (337,856 | ) | |
| (229,458 | ) |
| Income tax benefit (expense) | |
| (33,597 | ) | |
| 135,962 | |
| Non-GAAP adjusted EBITDA | |
| (346,642 | ) | |
| 691,334 | |
| | |
| | | |
| | |
| Net income (loss) | |
| (30,013 | ) | |
| 790,446 | |
| Less: Foreign exchange gain | |
| (90,851 | ) | |
| (161,619 | ) |
| Non-GAAP net income (loss) | |
| (120,864 | ) | |
| 628,827 | |
| | |
| | | |
| | |
| Net income attributable to common shareholders of Sinovac | |
| 13,960 | | |
| 481,554 | |
| Add: Preferred stock dividends | |
| 2,958 | | |
| 2,958 | |
| Net income attributable to common shareholders of Sinovac for computing diluted earnings per share | |
| 16,918 | | |
| 484,512 | |
| Add: Non-GAAP adjustments to net income | |
| (53,349 | ) | |
| (95,093 | ) |
| Non-GAAP net income attributable to common shareholders of Sinovac for computing non-GAAP diluted earnings per share | |
| (36,431 | ) | |
| 389,419 | |
| | |
| | | |
| | |
| Weighted average number of shares on a diluted basis | |
| 114,227,276 | | |
| 114,172,782 | |
| Diluted earnings per share | |
| 0.15 | | |
| 4.24 | |
| Add: Non-GAAP adjustments to net income per share | |
| (0.47 | ) | |
| (0.83 | ) |
| Non-GAAP diluted earnings per share | |
| (0.32 | ) | |
| 3.41 | |
Sinovac Biotech (NASDAQ:SVA)
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Sinovac Biotech (NASDAQ:SVA)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024
