Robust IVD Revenue Exceeded HIFU Revenue
FY2007 Annual Targets Under Review
BEIJING, Aug. 28 /Xinhua-PRNewswire-FirstCall/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED), a leading China-based medical device company that develops, manufactures and markets advanced in- vitro diagnostic products and high intensity focused ultrasound tumor therapy system, today announced its unaudited financial results for the first quarter ended June 30, 2007 ("1Q FY2007"). The Company's 2007 fiscal year ends on March 31, 2008.
1Q FY2007 Highlights
-- Net revenues increased by 66.6% year-over-year to RMB151.5 million
-- Non-GAAP adjusted net income, as defined below, increased by 37.4%
year-over-year to RMB68.7 million (US$9.0 million). The growth rate of
non-GAAP adjusted net income was lower than that of net revenues
primarily due to interest expense and amortization of convertible notes
totalling RMB12.1 million (US$1.6 million). Net income increased by
12.6% year-over-year to RMB51.7 million (US$6.8 million).
-- Non-GAAP adjusted diluted earnings per ADS*, as defined below,
increased by 42.6% year-over-year to RMB2.61 (US$0.34). Diluted
earnings per ADS increased by 16.7% year-over-year to RMB1.96 (US$0.26).
* One American Depositary Share ("ADS") = 10 ordinary shares
See "Non-GAAP Measure Disclosures" below, where the impact of certain items on reported results is discussed.
"We are pleased to see the momentum of this quarter's business growth
mainly driven by in-vitro diagnostic business. The revenue from IVD
businesses has exceed
|SOURCE China Medical Technologies, Inc.|
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