This Week's IPOs Part III: Cross Match Technologies, Tully's Coffee, WuXi Pharmaceutical Co.

The other three IPOs due out this week are: Cross Match Technologies (CROS), a provider of biometric technologies for government agencies; Tully's Coffee (TULY), a specialty coffee retailer; and WuXi Pharmaceutical Company (WX) a Chinese drug manufacturer that also provides R&D outsourcing services.

All quotations are from the companies' most recent S-1 filings with links provided.

CROSS MATCH TECHNOLOGIES (CROS)
Business Overview (from prospectus)

We are a global provider of biometric technologies designed to protect people, property and privacy. Our customers include systems integrators, governments, law enforcement agencies and businesses around the world that use our products in identity management systems. Our products include fingerprint, palm and full-hand scanning devices, commonly known in the industry as Livescan devices, document readers and proprietary software, such as criminal booking, civil identification and facial recognition applications. We offer customized products to meet individual customer needs by combining our proprietary software applications with our biometric devices and third-party technologies. In addition, we provide maintenance and installation and training services. We believe our products are recognized for their quality, reliability, performance, ease-of-use and functionality, which we believe positions us well in the rapidly growing biometrics market and security industry. Our total revenue has grown at a compound annual growth rate, or CAGR, of 33% from 2002 to 2006. For 2006, our total revenue was $76.9 million.

Offering: 11.8 million shares at $14.00-$16.00 per share. Net proceeds of approximately $114.2 million will be used for working capital and general corporate purposes as well as funding for possible acquisitions.

Lead Underwriters: Credit Suisse, UBS Investment Bank

Financial Highlights:

Revenue for 2006 increased $30.7 million, or 66.5%, to $76.9 million from $46.2 million for 2005... Cost of revenue for 2006 increased $16.2 million, or 66.1%, to $40.7 million, from $24.5 million for 2005. Gross profit was 47.1% of revenue for 2006 compared to 47.0% of revenue for 2005... Selling and marketing expenses increased to $10.0 million, or 13.0% of revenue, for 2006 from $6.0 million, or 13.0% of revenue, for 2005... we had a net loss of $11.3 million for the year ended December 31, 2006 compared to a net loss of $4.9 million for the year ended December 31, 2005, an increase of $6.3 million.

TULLY’S COFFEE CORPORATION (TULY)
Business Overview (from prospectus)

Tully’s Coffee is a specialty retailer in the rapidly growing fast-casual categories of specialty coffee, snacks and non-alcoholic beverages, within the broader quick-service restaurant industry. Tully’s is famous for our gourmet hand-craft roasted coffees, wide selection of barista beverages, delicious assortment of breakfast and lunch offerings and anytime snacks, desserts and specialty beverages, and our genuine community coffeehouse experience. In addition, Tully’s also operates as a gourmet coffee roaster and wholesaler in the rapidly growing specialty coffee industry.

Offering: 3.5 million shares at $10.00 - $12.00 per share. Net proceeds of approximately $34.5 million will be used to expand retail operations and repay debt.

Lead Underwriters: KeyBanc Capital, D.A. Davidson

Financial Highlights:

Sales of products increased $8,849,000 or 17.2% to $60,241,000 for Fiscal 2007, as compared to $51,392,000 for Fiscal 2006... Cost of goods sold and related occupancy costs increased $6,964,000, or 25.7%, to $34,061,000 for Fiscal 2007 as compared to Fiscal 2006... we had a loss of $9,754,000 for Fiscal 2007 as compared to the net income of $15,423,000 for Fiscal 2006.

WUXI PHARMA TECH (WX)
Business Overview (from prospectus)

We are the leading China-based pharmaceutical and biotechnology research and development, or R&D, outsourcing company. We provide a broad and integrated portfolio of laboratory and manufacturing services in the drug discovery and development process to pharmaceutical and biotechnology companies. Our services are designed to help our customers address the bottleneck between the discovery of qualified targets, commonly known as therapeutic targets, and the testing of drug candidates in human clinical trials. Our operations are grouped into two segments: laboratory services, consisting of discovery chemistry, service biology, analytical, pharmaceutical development and process development services, and manufacturing, focusing on manufacturing of advanced intermediates and active pharmaceutical ingredients for R&D use, or APIs. In 2006, we provided our services to 70 pharmaceutical and biotechnology customers, including nine of the top 10 pharmaceutical companies in the world, as measured by 2006 total revenues. We have received a number of recognitions and awards from our customers. To date, most of our customers have returned to us for additional and often larger and longer-term projects, and each of our top-ten customers over the last three years continues to be our customer today.

Offering: 13.2 million shares at $11.00 - $13.00 per share. Net proceeds of approximately US$107.8 million will be used expansion of manufacturing facilities, acquisitions and for general corporate purposes.

Lead Underwriters: Credit Suisse, J.P. Morgan

Financial Highlights:

Our net revenues increased from US$20.9 million in 2004 to US$33.8 million in 2005 and US$69.9 million in 2006, representing a two-year CAGR of 83%, and a year-over-year growth rate of 107% from 2005 to 2006, and increased from US$12.8 million in the first quarter of 2006 to US$33.8 million in the first quarter of 2007, a growth of 165%. Our net income increased from US$4.3 million in 2004 to US$6.1 million in 2005 and US$8.9 million in 2006 (including total share-based compensation charges of approximately US$0 in 2004, US$3.1 million in 2005 and US$8.4 million in 2006), representing a two-year CAGR of 44%, and a year-over-year growth rate of approximately 44% from 2005 to 2006, and increased from US$0.8 million in the first quarter of 2006 to US$6.0 million in the first quarter of 2007 (including total share-based compensation charges of US$0.3 million in the first quarter of 2006 and US$3.4 million in the first quarter of 2007). Our gross margins were 55.7% in 2004, 54.1% in 2005, 49.1% in 2006 and 46.3% in the first quarter of 2007. Our historical growth has been attributable primarily to an increase in the number of our customers and resulting projects, expansion of our capabilities, an increase in our service offerings along the drug discovery value chain and the continued development of our existing customer base towards long-term, integrated service contracts. In 2006, we provided our services to 70 pharmaceutical and biotechnology customers, including nine of the top 10 pharmaceutical companies in the world, as measured by 2006 total revenues. We had 533, 890, 1,843 and 1,972 employees as of December 31, 2004, 2005 and 2006, and May 31, 2007, respectively.