News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

China Cord Blood Reports Financial Results For The Second Quarter And First Half Of Fiscal 2017



11/18/2016 8:40:39 AM

  Life Sciences Jobs  
  • Newest Jobs - Last 24 Hours
  • California Jobs
  • Massachusetts Jobs
  • New Jersey Jobs
  • Maryland Jobs
  • Washington Jobs
  View More Jobs

HONG KONG, Nov. 17, 2016 /PRNewswire/ --

  • 2Q17 Added 18,037 New Subscribers
  • 2Q17 Revenue Up 7.4% YOY to RMB184.1 Million ($27.6 Million)
  • 2Q17 Operating Income Up 4.3% YOY to RMB54.7 Million ($8.2 Million)
  • Conference Call to be Held on November 18, 2016 at 8:00 a.m. ET

China Cord Blood Corporation (NYSE: CO) ("CCBC" or the "Company"), China's leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services, today announced its unaudited financial results for the second quarter and first half of fiscal year 2017 ended September 30, 2016.

Second Quarter of Fiscal 2017 Highlights

  • Revenues for the second quarter of fiscal 2017 increased by 7.4% to RMB184.1 million ($27.6 million) from RMB171.5 million in the prior year period.
  • New subscribers and accumulated subscriber base were 18,037 and 536,8771, respectively.
  • Gross profit increased by 8.1% to RMB145.1 million ($21.8 million) from RMB134.2 million in the prior year period.
  • Gross margin increased to 78.8% from 78.3% in the prior year period.
  • Operating income increased by 4.3% to RMB54.7 million ($8.2 million) from RMB52.5 million in the prior year period.
  • Operating income before depreciation and amortization and share-based compensation expenses was RMB82.9 million ($12.4 million), up 4.0% compared to RMB79.7 million in the prior year period.2
  • Interest expense was RMB29.8 million ($4.5 million) compared to RMB26.3 million in the prior year period.
  • Net income attributable to the Company's shareholders was RMB16.6 million ($2.5 million) compared to RMB18.7 million in the prior year period.
  • Net cash provided by operating activities for the second quarter of fiscal 2017 was RMB136.3 million ($20.4 million) compared to RMB168.5 million in the prior year period, after taking into account the interest payment made to the Company's convertible note holder.

First Half of Fiscal 2017 Highlights

  • Revenues for the first half of fiscal 2017 increased by 6.0% to RMB357.1 million ($53.5 million) from RMB336.8 million in the prior year period.
  • New subscriber sign-up reached 34,674 and accumulated subscriber base expanded to 536,8771.
  • Gross profit increased by 6.7% to RMB280.6 million ($42.1 million) from RMB263.0 million in the prior year period.
  • Operating income increased by 5.9% to RMB106.9 million ($16.0 million) compared to RMB100.9 million in the prior year period.
  • Operating income before depreciation and amortization and share-based compensation expenses increased to RMB162.6 million ($24.4 million) by 5.2% year-over-year from RMB154.5 million in the prior year period.2
  • Interest expense amounted to RMB58.6 million ($8.8 million), compared to RMB52.2 million in the prior year period.
  • Net income attributable to the Company's shareholders increased slightly to RMB32.4 million ($4.9 million) from RMB32.3 million in the prior year period.
  • Net cash provided by operating activities for the first half of fiscal 2017 was RMB267.3 million ($40.1 million) compared to RMB298.6 million in the prior year period, after taking into account the interest payment made to the Company's convertible note holder.

"During the second quarter, new subscriber numbers increased by 7.7% year-over-year to 18,037 as a result of the solid performance in our Guangdong market, the steady growth in our Beijing market and the Zhejiang market due to our strong hospital channels and tailored marketing initiatives," said Ms. Ting Zheng, Chief Executive Officer of China Cord Blood Corporation. "While the macroeconomic environment was slower and regulations on clinical applications of stem cells remains uncertain in the reporting quarter, we managed to continue our growth by focusing on new subscriber recruitment. We are confident that we will achieve our full year subscription target goal through organic growth in our core business. We will also explore potential new business opportunities as well as optimize existing resources to further expand revenue and profit growth."

Summary - Second Quarter and First Half Ended September 30, 2015 and 2016



Three Months Ended September 30,


Six Months Ended September 30,



2015


2016


2015


2016

(in thousands)


RMB


RMB


US$


RMB


RMB


US$

Revenues


171,484


184,140


27,613


336,847


357,092


53,549

Gross Profit


134,244


145,052


21,751


263,034


280,571


42,074

Operating Income3


52,478


54,744


8,209


100,905


106,879


16,027

Interest Expense


26,301


29,801


4,469


52,184


58,634


8,793

Net Income Attributable to
  the Company's
  Shareholders


18,723


16,641


2,496


32,274


32,363


4,853

Earnings per Ordinary Share
  - Basic4 and Diluted
   (RMB/US$)


0.25


0.22


0.03


0.44


0.44


0.07

Revenue Breakdown (%)













Processing Fees


65.0%


62.5%




64.9%


62.2%



Storage Fees


35.0%


37.5%




35.1%


37.8%
















New Subscribers (persons)


16,744


18,037




32,834


34,674



Total Accumulated
  Subscribers (persons)


474,193


536,8771




474,193


536,8771



Summary - Selected Cash Flow Statement Items



Three Months Ended September 30,


Six Months Ended September 30,



2015


2016


2015


2016

(in thousands)                       


RMB


RMB


US$


RMB


RMB


US$

Net cash provided by

  operating activities


168,506


136,277


20,436


298,632


267,291


40,082

Net cash used in

  investing activities


(3,951)


(5,151)


(772)


(9,530)


(84,280)


(12,638)

Net cash used in

  financing activities


(60,000)


(60,000)


(8,998)


(60,000)


(60,000)


(8,998)

Second Quarter of Fiscal 2017 Financial Results

REVENUES. Revenues increased by 7.4% to RMB184.1 million ($27.6 million) in the second quarter of fiscal 2017 from RMB171.5 million in the prior year period. The increase in processing fee revenues and recurring storage fee revenues were mainly driven by the increase in new subscribers and the Company's enlarged total subscriber base.

To read full press release, please click here.


Read at BioSpace.com


comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES