BEIJING, June 1, 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 fourth fiscal quarter ("4Q FY2010") and the full fiscal year ended March 31, 2011 ("FY2010") today.
4Q FY2010 Highlights | ||||||||
For the Three Months Ended | ||||||||
March 31, 2010 | March 31, 2011 | March 31, 2011 | ||||||
RMB | RMB | US$ | % change | |||||
(in thousands except for per ADS information) | ||||||||
Net revenues | 175,728 | 230,414 | 35,187 | 31.1% | ||||
Net income | 4,820 | 16,095 | 2,458 | 233.9% | ||||
Diluted earnings per ADS* | 0.19 | 0.61 | 0.09 | 221.1% | ||||
Non-GAAP net income | 51,476 | 75,002 | 11,454 | 45.7% | ||||
Non-GAAP diluted earnings per ADS* | 1.98 | 2.84 | 0.43 | 43.4% | ||||
Adjusted EBITDA | 99,591 | 140,244 | 21,417 | 40.8% | ||||
FY2010 Highlights | ||||||||
For the Year Ended | ||||||||
March 31, 2010 | March 31, 2011 | March 31, 2011 | ||||||
RMB | RMB | US$ | % change | |||||
(in thousands except for per ADS information) | ||||||||
Net revenues | 723,071 | 842,366 | 128,639 | 16.5% | ||||
Net income (loss) | (69,582) | 82,619 | 12,617 | - | ||||
Diluted earnings (loss) per ADS* | (2.65) | 3.14 | 0.48 | - | ||||
Non-GAAP net income | 187,295 | 273,056 | 41,699 | 45.8% | ||||
Non-GAAP diluted earnings per ADS* | 7.13 | 10.39 | 1.59 | 45.7% | ||||
Adjusted EBITDA | 387,580 | 493,254 | 75,326 | 27.3% | ||||
Outlookfor first fiscal quarter ending June 30, 2011
- Target net revenues are expected to range from RMB232.0 million(US$35.4 million) to RMB234.0 million (US$35.7 million), representing a year-over-year increase of 24.6% - 25.7%.
- Target non-GAAP net income is expected to range from RMB73.0 million(US$11.1 million) to RMB74.0 million (US$11.3 million), representing a year-over-year increase of 28.0% - 29.8%.
- Target non-GAAP diluted earnings per ADS* is expected to range from RMB2.75(US$0.42) to RMB2.79(US$0.43), representing a year-over-year increase of 26.1% - 28.0%.
Outlook for full fiscal year ending March 31, 2012
- Target net revenues are expected to range from RMB970.0 million(US$148.1 million) to RMB995.0 million (US$151.9 million), representing a year-over-year increase of 15.2% - 18.1%.
- Target non-GAAP net income is expected to range from RMB310.0 million(US$47.3 million) to RMB318.0 million (US$48.6 million), representing a year-over-year increase of 13.5% - 16.5%. The slightly lower growth rate in non-GAAP net income is primarily due to the full year impact of additional interest expense arising from new convertible notes issued in December 2010.
- Target non-GAAP diluted earnings per ADS* is expected to range from RMB11.70(US$1.79) to RMB12.00(US$1.83), representing a year-over-year increase of 12.6% - 15.5%.
The above targets are based on the Company's current views on the 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 are pleased with the quarterly results, in particular, the continued growth of our molecular diagnostic business during the seasonally weak quarter. We expect our FISH business and HPV-DNA chip business to drive o
