China Botanic Pharmaceutical today announced that the State Intellectual Property Office of the People's Republic of China has granted China patent No. ZL200710301682X to China Botanic for its proprietary process to separate and extract effective parts of Siberian Ginseng (Acanthopanax). The patent will also protect the resulting Siberian Ginseng extracts and their applications and will provide market exclusivity for a period of 20 years.
"The issuance of this patent will enhance the commercial potential of our Siberian Ginseng applications in China, one of the largest markets for depression therapies, and further strengthen our leading market position. We believe Syringin Powder will be our most powerful depression fighter to date and we continue to discover additional properties of Siberian Ginseng every day. We are excited about future revenue growth and opportunities created as a result of the patent and the high-quality efforts of our R&D program, which continues to earn us attractive returns. We also plan to apply for a series of domestic and overseas patents for each Siberian Ginseng extract that has deep development value and eventually form a patent protection network for our core technology."
We anticipate continued growth in revenue and net income in the coming years driven by our established market presence, strong customer loyalty, ability to introduce new market-oriented products and aggressive sales and marketing efforts. We are confident that we will achieve our goals for fiscal 2011 and meet our financial guidance for revenue in the range of $70.6 million to $71.7 million and our raised after-tax net income guidance of approximately $25.5 million. The recent government levied price controls in the TCM industry do not result in a margin squeeze for China Botanic as our product prices are significantly lower than the government price ceilings and the prices of our competitors. We enjoy a strong pricing advantage even after our recent price increases and our customers are satisfied with the high-quality of our products. In addition, our research team continues to work on several other promising products and we hope to announce new product introductions in the coming quarters, which will strengthen our market position and enhance our longer term growth.
We are confident that we will achieve our goals for fiscal 2011 and reaffirm our previously disclosed fiscal 2011 guidance for revenue in the range of $70.6 million to $71.7 million, and after-tax net income of $22.9 million to $23.2 million. These figures represent a 28% to 30% increase from fiscal 2010 revenue of $55.2 million and net income of $17.9 million. Our guidance does not take into account the impact of any potential acquisitions.