BEIJING, Aug. 16, 2011 /PRNewswire-Asia-FirstCall/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED), a leading China-based advanced in-vitro diagnostic ("IVD") company, announced its unaudited financial results for the first fiscal quarter ended June 30, 2011 ("1Q FY2011") today.
1Q FY2011 Highlights | ||||||||
For the Three Months Ended | ||||||||
June 30, 2010 | June 30, 2011 | June 30, 2011 | ||||||
RMB | RMB | US$ | % change | |||||
(in thousands except for per ADS information) | ||||||||
Net revenues | 186,170 | 237,111 | 36,685 | 27.4% | ||||
Net income | 33,678 | 35,728 | 5,528 | 6.1% | ||||
Diluted earnings per ADS* | 1.29 | 1.35 | 0.21 | 4.7% | ||||
Non-GAAP net income | 57,011 | 90,452 | 13,995 | 58.7% | ||||
Non-GAAP diluted earnings per ADS* | 2.18 | 3.42 | 0.53 | 56.9% | ||||
Adjusted EBITDA | 105,152 | 154,289 | 23,871 | 46.7% | ||||
For the Three Months Ended | ||||||||
March 31, 2011 | June 30, 2011 | June 30, 2011 | ||||||
RMB | RMB | US$ | % change | |||||
(in thousands) | ||||||||
Net cash provided by operating activities | 37,339 | 62,243 | 9,630 | 66.7% | ||||
As of | ||||||||
March 31, 2011 | June 30, 2011 | June 30, 2011 | ||||||
RMB | RMB | US$ | % change | |||||
(in thousands) | ||||||||
Cash and cash equivalents | 1,123,818 | 1,239,458 | 191,763 | 10.3% | ||||
Trade accounts receivable, net | 481,096 | 565,061 | 87,422 | 17.5% | ||||
Convertible notes | 2,752,304 | 2,669,914 | 413,076 | (3.0)% | ||||
Outlook for second fiscal quarter ending September 30, 2011 | ||||||
For the Three Months Ending September 30, 2011 | Year over Year | |||||
RMB | US$ | % change | ||||
(in millions except for per ADS information) | ||||||
Target net revenues | 238.0 240.0 | 36.8 37.1 | 17.9 18.9% | |||
Target non-GAAP net income | 82.0 84.0 | 12.7 13.0 | 25.4 28.4% | |||
Target non-GAAP diluted earnings per ADS* | 3.07 3.15 | 0.47 0.49 | 22.8 26.0% | |||
Outlook for the full fiscal year ending March 31, 2012 | ||||||
For the Fiscal Year Ending March 31, 2012 | Year over Year | |||||
RMB | US$ | % change | ||||
(in millions except for per ADS information) | ||||||
Target net revenues | 970.0 995.0 | 150.1 153.9 | 15.2 18.1% | |||
Target non-GAAP net income | 315.0 325.0 | 48.7 50.3 | 15.4 19.0% | |||
Target non-GAAP diluted earnings per ADS* | 11.75 12.13 | 1.82 1.88 | 13.1 16.7% | |||
The above targets are based on the Company's current views on operating and market conditions, which are subject to change.
*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 have recently implemented the first steps of two new initiatives which will support our long term growth," commented Mr. Xiaodong Wu, Chairman and Chief Executive Officer of the Company. "We have established a collaboration with Da An Health for our domestic market as well as a collaboration with Leica Microsystems for both the domestic and the international markets. Da An Health is a fast growing independent laboratory service network serving mainly small and mid-size hospitals in China. We believe this collaboration will help us penetrate over time a new and big customer group for our molecular diagnostic products in a cost effective way. The collaboration with Leica Microsystems is to implement our strategy to enter the international market for our products through partnerships with leading global players. The partnership with Leica Microsystems substantially reduces our business risks and costs associated with entering the international market considering the complicated regulatory approval processes, medical reimbursement conditions and distribution channels in different countries and regions. The joint research and development with Leica Microsystems to automate our FISH probes on Leica's BOND system is important for the high volume users such as independent laboratory service networks in major global markets as well as existing and potential high volume hospital users in China. We are working closely with our new partners to realize the value of these collaborations for all of us. Meanwhile, we are also in discussion with a number of leading global players for different types of collaborations for our other molecular diagnostic products."
