Happiness Biotech Reports Revenue Decline; Stock Drops
The company, which sells traditional Chinese medicine and dietary supplements, posted disappointing results for the six months through September.
Happiness Biotech Group Ltd. (Nasdaq: HAPP) posted flat revenue and declining profit in the half-year through September.
The Fujian-based company reported revenue of $31.4 million for the six months, same as in the corresponding period of 2018.
Net income of Happiness Biotech hit $8.4 million, or 38 cents per American depositary share, compared with $8.8 million, or 37 cents per ADS, in the comparable period of 2018.
Happiness Biotech, founded 14 years ago, develops traditional Chinese health supplements from herbal and animal extracts. It focuses on the research, development, manufacturing, marketing and sales of nutraceuticals and dietary supplements.
The company raised $11 million in its U.S. initial public offering in October by selling 2 million ordinary shares at $5.50 each.
On Monday, the stock in Happiness Biotech closed at $4.40 per share, down more than 2%.