Business
China Jo-Jo Drugstores Reports Fiscal Year 2021 Financial Results
HANGZHOU, China, June 29, 2021 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) ("Jo-Jo Drugstores" or the "Company"), a leading online and offline
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[{"type":"text","content":"HANGZHOU, China, June 29, 2021 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ: CJJD) (\"Jo-Jo Drugstores\" or the \"Company\"), a leading online and offline retailer, wholesale distributor of pharmaceutical and other healthcare products, and healthcare provider in China, today announced its financial results for the fiscal year ended March 31, 2021.\nMr. Lei Liu, Chairman and CEO of Jo-Jo Drugstores, commented, \"We are pleased to present our financial results for the fiscal year 2021. Our revenue and gross profit record $133.13 million and $29.24 million for the fiscal year 2021, up 13.5% and 14.6% compared to the fiscal year 2020. Revenue from retail drugstores, online pharmacy, and wholesale segments increased by 2.7%, 66.1% and 16.3%, respectively, demonstrating that we successfully executed our multifaceted growth strategy and strategic transformation.\"\nMr. Liu continued, \"The project of 'Healthy China 2030' brings us new opportunities since it will advance the healthcare sector reforms and greatly enhance overall medical service quality and efficiency in China. To realize the potential of our business model in this trend, we enhanced various information and data systems, continued to develop the management system for patients with chronic diseases, upgraded our 'Medical + Medicine' business model, introduced digital services, developed 24-hour service stores, launched a new Office Automation system, and accelerated comprehensive budget management. We aim to build a strong foundation for sustainable growth and engage with consumers from various platforms. As a leading consumer brand in China with a diversified portfolio of essential healthcare businesses, we are confident that we are on the right track to deliver significant value to all of our investors.\" \nFiscal Year 2021 Financial Highlights\nFor the Year Ended March 31,\n($ millions, except per share data)\n2021\n2020\n% Change\nRevenue\n133.13\n117.33\n13.5%\n Retail drugstores\n76.10\n74.08\n2.7%\n Online pharmacy\n22.48\n13.54\n66.1%\n Wholesale\n34.55\n29.71\n16.3%\nGross profit\n29.24\n25.53\n14.6%\nGross margin\n22.0%\n21.8%\n0.2 pp*\nLoss from operations\n(8.84)\n(7.00)\n-26.2%\nNet loss\n(8.38)\n(6.46)\n-29.7%\nLoss per share\n(0.20)\n(0.18)\n-11.1%\n*Notes: pp represents percentage points\nRevenue increased by 13.5% to $133.13 million for the fiscal ...