omniture

Winner Medical Reports Third Quarter Results for the Fiscal Year 2010

2010-08-11 18:42 943
    - Revenue increased 27.0% to $30.9 million
    - Net income increased 10.1% to $3.4 million
    - Sales of PurCotton(R) products increased 114% to $2.6 Million for Q3 
      and 122% to $7.0 million YTD
    - Adjusted diluted EPS increased 62.1% to $0.47 for the first nine months 
      in fiscal year 2010 versus $0.29 for the first nine months in fiscal 
      year 2009.

    SHENZHEN, China, Aug. 11 /PRNewswire-Asia/ -- Winner Medical Group Inc. (Nasdaq: WWIN; "Winner Medical"), a leading manufacturer of medical dressings, medical disposables and non-woven PurCotton(R) materials for the medical and consumer products industries in China, today reported that third quarter fiscal year 2010 revenue year-on-year increased 27.0%, to $30.9 million, net income increased 10.1% to $3.4 million and a sales of PurCotton(R) products year-on-year increased 114.0%, to $2.6 million. 

    Third Quarter Fiscal 2010 and Nine Months Fiscal 2010 Summary (in millions of U.S. Dollars, except per share data) 

                                 Q3      Q3           9 Months 9 Months
                               FY2010  FY2009   Y/Y    FY2010   FY2010   Y/Y
    Net Sales                  $30.9    $24.4  27.0%    $86.8    $70.7  22.7%
    Cost of Sales              $22.0    $17.2  28.1%    $61.1    $51.1  19.4%
    Gross Profit                $8.9     $7.2  24.4%    $25.7    $19.6  31.3%
    Income from Operations      $3.6     $3.7  -2.1%    $11.4     $7.6  50.4%
    Net Income Attributable to
     Winner Medical Group Inc.  $3.4     $3.1  10.1%    $10.0     $6.2  61.3%
    Diluted EPS                 $0.14    $0.14  0%       $0.43    $0.28 53.6%

    "Winner Medical delivered solid third-quarter operating results under the shadow of the European debt crisis and an increased in raw material prices. Our operating numbers were benefited from accelerating growth in the North and South American and European markets, as well as a continuing increase in sales for PurCotton(R) products," said Jianquan Li, Chairman and Chief Executive Officer of Winner Medical. "Our PurCotton business is performing well. In addition to opening several new retail stores, we are in the initial phase of launching Business-to-Customer online shopping platform to complement our brick-and-mortar business. We continue to add talents across all aspects of the business, including store management, brand building, and e-commerce. These investments position our PurCotton business for robust long-term top and bottom line growth."

    "Looking forward, we will continue to reshape and strengthen our portfolio, by maintaining good relationships with existing large foreign clients, such as Cardinal Health Inc. and Covidien Plc., and expand our distribution network for our medical products sales in China through distributors and direct to hospitals, as a result of China's medical reform, while accelerating sales of PurCotton(R) brand products through retail sales in our chain stores and supermarkets, on-line sales and wholesale distribution sales to large customers. As more consumers around the world buy more products that better protect their health and the environment, our PurCotton(R) products are well positioned to meet their needs. We expect to fund these key strategic investments through our strong cash flows," Mr. Li said.

    Third Quarter FY2010 Highlights

    Net Sales

    Winner Medical reported net sales of $30.9 million for the third quarter of 2010, a 27.0% increase from $24.4 million in the third quarter of 2009. This increase was mainly driven by increased sales orders from North and South American and European customers, as well as increased PurCotton(R) products sales. Net sales to North and South American customers increased approximately 58.1% to $7.2 million in the third quarter of 2010, from $4.6 million in the third quarter of 2009, as a result of more orders from existing customers, such as Cardinal Health Inc. and Covidien Plc. The net sales to customers in Europe were $12.4 million in the third quarter of 2010, an increase of 27.2%, compared to $9.8 million during the same period last year. PurCotton(R) products sales increased approximately 114.0% to $2.6 million in the third quarter of 2010 from $1.2 million in the third quarter of 2009.

    Gross Profit

    Gross profit in the third quarter of 2010 increased 24.4% to $8.9 million from $7.2 million in the third quarter of 2009. Third quarter 2010 gross margin was 28.9%, compared to 29.5% in the third quarter of 2009. The slight decline in gross margin resulted from an increase in the price of cotton, our principal raw material. In order to reduce this risk, we have increased our selling price progressively, which was accepted by our customers.

    Selling, General and Administrative Expenses

    In the third quarter of 2010, selling, general and administrative expenses were $5.3 million, versus $3.6 million in the third quarter of 2009. Adjusted selling, general and administrative expenses (non-GAAP), which exclude share-based compensation expenses, for the third quarter were $5.5 million, versus $3.7 million for the same quarter of 2009. This increase was mainly due to increases in transportation expenses, growth in salaries to support higher sales growth, as well as an increase in leasing fees for PurCotton(R) stores.

    Income from Operations

    Income from operations decreased by 2.1% to $3.6 million in the third quarter of 2010, from $3.7 million in the third quarter of 2009. Adjusted income from operations (non-GAAP), which excludes share-based compensation expenses, was $3.9 million in the third quarter of 2010, compared to $3.8 million in the same period of 2009.

    Income Taxes
    The Company's effective tax rate for the third quarter of 2010 was 9.3%, compared to 18.5% in the third quarter of 2009. The lower income tax rate was mainly due to the Company's subsidiary, Winner Industries (Shenzhen), obtaining a High and New Technology Enterprise Certificate, which reduced its income tax rate from 18% to 15%, as well as the Company's Research and Development expenses enjoying a 150% tax deductible preferential policy during the third quarter of 2010 compared with a lower deduction during the same quarter of 2009.

    Net Income Attributable to Winner Medical Group Inc.

    Net income attributable to Winner Medical Group Inc. increased by 10.1% to $3.4 million in the third quarter of 2010, as compared to approximately $3.1 million in the third quarter of 2009. Diluted earnings per share remained unchanged compared to the third quarter of 2009 at $0.14. Adjusted net income attributable to Winner Medical Group Inc. (non-GAAP), which excludes share-based compensation expenses, was $3.6 million for the third quarter of 2010, an increase of 14.0% from the same period a year ago. Excluding share-based compensation expenses, adjusted diluted earnings per share (non-GAAP) was $0.15 in the third quarter, versus $0.14 per share in the comparable quarter of 2009. This increase was primarily driven by rising cotton price and maritime transportation expenses. In response, the Company is increasing its selling prices to its customers to pass along these cost increases. However, there is some time lag for these increases to be passed on to consumers and reflected in the Company's net income. 

    Nine Months Ended June 30, 2010 Highlights

    Net Sales

    Winner Medical reported net sales of $86.8 million for the nine months ended June 30, 2010, a 22.7% increase from $70.7 million for the same period of 2009. This increase is mainly attributable to growing product demand from Chinese customers, increased sales orders from existing North and South American customers, as well as a rapid increase in PurCotton(R) products sales to customers in China. 

    Gross Profit

    Gross profit for the nine months ended June 30, 2010 increased to $25.7 million, a 31.3% increase from $19.6 million for the same period of 2009. Gross margin was 29.6% for the nine months ended June 30, 2010, compared to 27.7% for the nine months ended June 30, 2009, which resulted from the Company's strategy of targeting the Chinese medical market combined with high-margin sales of PurCotton(R) products, as well as benefits derived from our lean production management.

    Selling, General and Administrative Expenses

    For the nine months ended June 30, 2010, selling, general and administrative expenses were $14.7 million, versus $11.9 million for the same period of 2009. Adjusted selling, general and administrative expenses (non-GAAP), which exclude share-based compensation expenses, for the nine months ended June 30, 2010 were $15.5 million, versus $12.2 million for the same period of 2009. This increase was primarily driven by increases in transportation expenses for the domestic and export markets, increases in salaries for management and administrative staff and consulting expenses for brand-building projects, as well as an increase in leasing fees resulting from the launching of PurCotton(R) products.

    Income from Operations

    Income from operations increased by 50.4% to $11.4 million for the nine months ended June 30, 2010, from $7.6 million for the same period of 2009. Adjusted income from operations (non-GAAP), which excludes share-based compensation expenses, was $12.2 million for the nine months ended June 30, 2010, compared to $7.9 million for the same period of 2009.

    Income Taxes

    The Company's effective tax rate for the nine months ended June 30, 2010 was 13.5%, compared to 18.8% for the same period last year for the reasons discussed previously.

    Net Income Attributable to Winner Medical Group Inc.

    Net income attributable to Winner Medical Group Inc. increased by 26.3% to $10.0 million for the nine months ended June 30, 2010, as compared to approximately $6.2 million for the same period of 2009. Diluted earnings per share increased by 53.6% to $0.43 for the nine months ended June 30, 2010, versus $0.28 per share for the comparable period last year. Adjusted net income attributable to Winner Medical Group Inc. (non-GAAP), which excludes share-based compensation expenses, was $10.8 million for the nine months ended June 30, 2010, an increase of 65.8% from the same period of 2009. Excluding share-based compensation expenses, adjusted diluted earnings per share (non-GAAP) was $0.47 for the nine months ended June 30, 2010, versus $0.29 per share for the comparable period last year, an increase of 62.1%. This increase was primarily driven by high demand for PurCotton(R) products, rapidly increasing sales of our more traditional medical offerings to Chinese customers and lean production management. 

    Other Selected Financial Data

    Average accounts receivable days outstanding were 43 days as of June 30, 2010 compared to 45 days as of September 30, 2009. 

    As of June 30, 2010, the Company had $12.7 million in cash and cash equivalents, compared to $9.5 million as of September 30, 2009. Net cash provided by operating activities and net cash used in investing activities during the nine months ended June 30, 2010 were $5.6 million and $5.2 million, respectively. Working capital as of June 30, 2010 was $41.1 million compared to $23.0 million as of September 30, 2009. 

    Operational Highlights Year to Date

    PurCotton(R) Business Update

    PurCotton(R) product sales of $7.0 million for the nine months ended June 30, 2010 represented a 121.7% increase versus the $3.2 million of sales for the same period of 2009. Sales growth benefited from an increase in sales from PurCotton(R) chain stores and PurCotton(R) jumbo rolls to customers in China and Japan that produce consumer products, including sanitary and incontinence products, as well as from the processing of orders for PurCotton(R) finished medical products, such as operating room towels and sponges, for customers in China, Europe and the United States. 

    As of August 11, 2010, the Company owned and operated 17 PurCotton(R) chain stores in Shenzhen, Guangdong Province. Each store contains four types of PurCotton(R) branded personal products and healthcare supplies, which include PurCotton(R) baby personal products, feminine personal products, daily home care products and medical care products. The main distribution channels for these products include chain stores (PurCotton(R) stores), on-line sales, supermarkets and wholesale to large customers. PurCotton(R) stores are mainly located in downtown shopping malls. The projected average total cost of each store, with sizes ranging from 50 to 200 square meters, is approximately $40,000 to $60,000, which includes the lease, deposit, build out, instruments, inventory stocking and one month's salary for salespersons. The Company is slowing down the pace of chain stores opening because management has been operating the PurCotton's consumer business for less than one year. In order to build a healthy and sustainable retail business, the Company is carefully evaluating all relevant operating and financial metrics, including store location and size, product packaging and pricing, brand image, customer service and marketing. We will provide ongoing updates related to the performance of our PurCotton(R) stores on a regular basis so investors can better understand and evaluate our progress. 

    Recently, the Company opened its first online PurCotton(R) store featuring its entire array of products on Taobao.com, the largest online trading platform in China. This is the Company's first initiative to establish PurCotton Business-to-Consumer (B2C) online stores in order to address the consumers' evolving shopping preferences. The Company is also planning to build its own B2C trading website that will be co-branded through its retail stores, in addition to other online mediums to reach a much broader customer base throughout China. We expect our collective B2C efforts to provide incremental sales to new and existing customers and help drive significant growth in the overall PurCotton(R) franchise.

    As of 11 August, the first two PurCotton(R) manufacturing lines are producing at full capacity, with a total production capacity of 200 tons per month. The third production line commenced production in March 2010 and the fourth production line is expected to commence operation before December 2010. 

    Conference Call

    Winner Medical's senior management will host a conference call to discuss its third quarter fiscal year 2010 results and recent business developments.

    Date of the conference call: Wednesday, August 11, 2010
    Time: 10:00 a.m. EDT
    Dial-in Number: +1-800-561-2718 (US)
    10-800-130-0399 (South China)
    10-800-152-1490 (North China)
    800-96-3844 (Hong Kong) 
    +1-617-614-3525 (International)
    Pass code: 42723804

 
    A telephone replay will be available shortly after the conclusion of the call and will be accessible through August 18, 2010 by calling +1-888-286-8010 (US) or +1-617-801-6888 (International); Pass code: 76980551.

    About Winner Medical:
    Winner Medical is a leading manufacturer and the largest exporter by volume in the medical dressing industry in China. Headquartered in Shenzhen, the Company has eight wholly owned operating subsidiaries and four joint ventures with over 5,000 employees. The Company engages in the manufacturing, sale, research and development of medical care products, wound care products, home care products and PurCotton(R) products, a non-woven fabric made from 100% natural cotton. The products are sold worldwide, with Europe, the United States, China and Japan serving as the top four markets. The Company currently holds more than sixty patents and patent applications for various products and manufacturing processes and is one of the few Chinese companies licensed by the U.S. Food and Drug Administration (FDA) to ship finished, sterilized products directly to the United States market. To learn more about Winner Medical, please visit Winner Medical's web site at: http://ir.winnermedical.com

    Forward-Looking Statements

    This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included herein, are "forward-looking statements" including statements regarding Winner Medical and its subsidiary companies' business strategy, plans and objectives and statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although Winner Medical believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Winner Medical's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Winner Medical's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to Winner Medical or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, Winner Medical does not assume a duty to update these forward-looking statements.

    Non-GAAP Financial Measures 

    To supplement Winner Medical's consolidated financial results presented in accordance with U.S. GAAP, Winner Medical uses the following non-GAAP measures: adjusted net income attributable to Winner Medical Group Inc., adjusted earnings per share, adjusted income from operations and adjusted selling, general and administrative expenses. These measures represent net income attributable to Winner Medical Group Inc., earnings per share, income from operations and selling, general and administrative expenses, respectively, as adjusted to exclude share-based compensation expense.

    Winner Medical believes that, in conjunction with GAAP financial measures, these non-GAAP measures provide meaningful supplemental information regarding its performance and liquidity and both management and investors benefit from referring to these non-GAAP measures in assessing the Company's performance and when planning and forecasting future periods. The calculation of these non-GAAP measures allows the Company to compare its operating results with those of other companies without giving effect to expenses related to share-based compensation, which may vary for different companies for reasons unrelated to the overall operating performance of a company's business.

    These non-GAAP measures are not measures of performance under accounting principles generally accepted in the United States (U.S. GAAP). The Company includes them in this press release in order to:

    -- improve transparency for investors;
    -- assist investors in their assessment of the Company's operating 
       performance;
    -- facilitate comparisons to historical performance;
    -- ensure that these measures are fully understood in light of how the 
       Company evaluates its operating results; and
    -- properly define the metrics used and confirm their calculation. 

    These non-GAAP measures are not meant to be considered in isolation or as a substitute for items appearing on the Company's financial statements prepared in accordance with U.S. GAAP. Rather, the non-GAAP measures should be used as a supplement to U.S. GAAP results to assist the reader in better understanding the operational performance of the Company. The Company recognizes that the usefulness of these non-GAAP measures has certain limitations, including:

    -- These non-GAAP measures do not include share-based compensation expense. 
       Because the Company periodically has granted, and expects to continue 
       to grant, options and restricted share awards to its employees, share-
       based compensation expense is a necessary element of the Company's 
       costs and ability to generate profits and cash flows. Therefore, any 
       measure that excludes share-based compensation expense may have 
       material limitations.
    -- The manner in which the Company calculates these non-GAAP measures may 
       differ from that of other companies, which limits their usefulness as 
       comparative measures.

    Management compensates for these limitations by using these non-GAAP measures as comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of its operating performance. Please refer to the non-GAAP reconciliation tables at the end of this press release for a reconciliation of adjusted net income attributable to Winner Medical Group Inc., adjusted earnings per share, adjusted income from operations and adjusted selling, general and administrative expenses to net income attributable to Winner Medical Group Inc., earnings per share, income from operations and selling, general and administrative expenses, respectively, which are the most directly comparable U.S. GAAP financial measures.

    For more information, please contact:

    Company: Peng Zhai
             Investor Relations Manager
             Winner Medical Group Inc.
             Tel:   +86-755-2806-6858
                    +86-755-2813-8888 (x691)
             Email: investors@winnermedical.com
             Web:   http://ir.winnermedical.com

    Investors: Scott Powell
               HC International, Inc.
               Tel:   +1-917-721-9480
               Email: scott.powell@hcinternational.net
               Web:   http://www.hcinternational.net



    Winner Medical Group Inc.
    Consolidated Statements of Income and Comprehensive Income

                              Three months ended        Nine months ended
                                  June 30                    June 30
                              2010         2009         2010         2009
                           (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
                               US$          US$          US$          US$
    
    Net sales               30,926,910   24,357,878   86,788,642   70,715,298
    
    Cost of sales          (21,993,948) (17,176,129) (61,067,648) (51,128,269)
    Gross profit             8,932,962    7,181,749   25,720,994   19,587,029
    
    Other operating       
     income, net               145,370       96,183      634,457      987,432
    Exchange difference,  
     net                      (152,908)      47,432     (233,089)  (1,082,265)
    Selling, general and  
     administrative       
     expenses               (5,277,382)  (3,600,442) (14,741,028) (11,923,716)
    
    Income from operations   3,648,042    3,724,922   11,381,334    7,568,480
    Interest income             13,295       19,069       41,038       42,888
    Interest expense           (21,545)     (70,884)    (120,048)    (397,940)
    Equity in earnings of 
     50 percent or less   
     owned persons             103,954       86,446      148,979      309,584
                             
    Income before income  
     taxes                   3,743,746    3,759,553   11,451,303    7,523,012
    
    Income taxes              (347,881)    (694,718)  (1,549,977)  (1,414,383)
    Net income               3,395,865    3,064,835    9,901,326    6,108,629
    
    Net (income)/ loss    
     attributable to non- 
     controlling interests     (21,928)      (1,183)      69,861       74,196
    Net income            
     attributable to    
     Winner Medical 
     Group Inc.              3,373,937    3,063,652    9,971,187    6,182,825
    
    Comprehensive income:
    Net income               3,395,865    3,064,835    9,901,326    6,108,629
    Foreign currency      
     translation          
     difference                438,928       37,243      290,862      (87,899)
    Comprehensive         
     (income)/ loss       
     attributable to       
     non-controlling  
     interests                 (21,648)      (1,183)      70,302       74,196
    
    Comprehensive income  
     attributable to
     Winner Medical    
     Group Inc.              3,813,145    3,100,895   10,262,490    6,094,926
    
    
    Net income            
     attributable to
     Winner Medical Group  
     Inc. per share
    - basic                       0.14         0.14         0.44         0.28
    - diluted                     0.14         0.14         0.43         0.28
    
    Weighted average      
     common stock         
     outstanding
    - basic                 23,378,040   22,363,740   22,701,840   22,363,740
    - diluted               24,060,419   22,363,814   23,112,894   22,388,400



    Winner Medical Group Inc.
    Consolidated Balance Sheets

                                                June 30          September 30
                                                  2010               2009
                                               (Unaudited)        (Unaudited)
                                                   US$                US$
    ASSETS
    Current assets:
      Cash and cash equivalents                 12,736,013         9,493,026
      Restricted bank deposits                     128,550           123,868
        Accounts receivable, less          
         allowances for doubtful accounts  
         of US$313,147 and US$244,401 at   
         June 30, 2010 and September 30,   
         2009, respectively                     15,959,486        13,148,462
    
      Amount due from an affiliated company          5,754                --
      Inventories                               17,105,048        14,932,740
      Prepaid expenses and other current   
       assets                                    7,654,839         3,614,567
      Income taxes recoverable                      33,525            30,910
      Deferred tax assets                          338,514           359,151
                   Total current assets         53,961,729        41,702,724
      Property, plant and equipment, net        57,877,050        55,770,870
      Investment in equity investees             2,072,935         1,923,956
      Intangible assets, net                       128,344           147,008
      Non-current restricted bank deposits         101,029            34,917
      Prepaid expenses and other           
       receivables                                 657,073         1,104,344
      Deferred tax assets                          115,722           252,190
                   Total assets                114,913,882       100,936,009
    
              LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
      Short-term bank loans                        736,279         6,589,545
      Accounts payable                           5,651,649         4,843,404
      Accrued payroll and employee       
       benefits                                  1,925,721         2,072,892
      Customer deposits                            397,688           603,824
      Other accrued liabilities                  2,704,998         2,574,736
      Amounts due to affiliated companies            7,769            56,349
      Income taxes payable                       1,464,951         1,938,941
                   Total current liabilities    12,889,055        18,679,691
    Deferred tax liabilities                        42,134            41,899
                   Total liabilities            12,931,189        18,721,590
    
    Commitments and contingencies
    
    Stockholders' equity:
      Common stock, par value $0.001 per   
       share; authorized 247,500,000, 
       issued and outstanding June 30, 2010 -          
       23,950,740 shares; September 30,    
       2009 -22,363,740 shares                      23,951            22,364
    Additional paid-in capital                  40,740,622        31,166,123
    Retained earnings                           45,679,735        36,797,172
    Statutory reserves                           4,516,719         3,428,095
    Accumulated other comprehensive      
     income                                     11,009,153        10,717,850
        Total Winner Medical Group Inc.
         stockholders' equity                  101,970,180        82,131,604
                                                    
    Non-controlling interests                       12,513            82,815
        Total equity                           101,982,693        82,214,419
    
        Total liabilities and equity           114,913,882       100,936,009



    Winner Medical Group Inc.
    Non-GAAP Reconciliation
    
                                 Three months ended      Nine months ended
                                      June 30                  June 30
                                  2010        2009        2010        2009
                               (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                   US$         US$         US$         US$
    Net income attributable to
     Winner Medical Group Inc.
     (GAAP)                     3,373,937   3,063,652   9,971,187   6,182,825
    Share-based compensation      235,506     101,541     782,623     304,623
    Adjusted net income       
     attributable to Winner   
     Medical Group Inc. 
     (Non-GAAP)                 3,609,443   3,165,193  10,753,810   6,487,448
    Earnings per share (GAAP)
        - Basic                      0.14        0.14        0.44        0.28
        - Diluted                    0.14        0.14        0.43        0.28
    Adjusted earnings per     
     share (Non-GAAP)
        - Basic                      0.15        0.14        0.47        0.29
        - Diluted                    0.15        0.14        0.47        0.29
    Weighted average ordinary 
     shares outstanding
        - Basic                23,378,040  22,363,740  22,701,840  22,363,740
        - Diluted              24,060,419  22,363,814  23,112,894  22,388,400

    
                                 Three months ended      Nine months ended
                                      June 30                  June 30
                                  2010        2009        2010        2009
                               (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                   US$         US$         US$         US$
    Income from operations    
     (GAAP)                     3,648,042   3,724,922  11,381,334   7,568,480
    Share-based compensation      235,506     101,541     782,623     304,623
    Adjusted income from      
     operations (Non-GAAP)      3,883,548   3,826,463  12,163,957   7,873,103

    
                                 Three months ended      Nine months ended
                                      June 30                  June 30
                                  2010        2009        2010        2009
                              (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                                   US$         US$         US$         US$
    Selling, general and      
     administrative expenses  
     (GAAP)                     5,277,382   3,600,442  14,741,028  11,923,716
    Share-based compensation      235,506     101,541     782,623     304,623
    Adjusted selling, general 
     and administrative       
     expenses (Non-GAAP)        5,512,888   3,701,983  15,523,651  12,228,339


Source: Winner Medical Group Inc.
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