BEIJING, Oct. 17, 2014 (GLOBE NEWSWIRE) -- Dehaier Medical Systems Ltd. (Nasdaq:DHRM) (“Dehaier” or the “Company”), an emerging leader in the development, assembly, marketing and sale of medical devices and homecare medical products in China, today announced its financial results for the six months ended June 30, 2014.
Mr. Ping Chen,Chief Executive Officer of Dehaier, stated, “Our first half of 2014 results reflected continuing headwinds facing the China economy, intensifying competition in our market segments of medical device distribution, and more importantly our proactive efforts to restructure and devote ourselves to the promotion of the sleep respiratory solution systems. While these challenges are likely to continue in the near future, we are very excited about the prospects of our business as we continue to make significant progress in some of the key areas. This June, we acquired all four CFDA certificates needed for our wearable sleep respiratory solution system. However it was approximately six months later than we expected, so the new business segment’s contribution to our half-year performance is a few months behind schedule. We then spent three months preparing and scheduling the official launch right after we obtained all four CFDA certificates. In early October, we were excited to announce that the systems have been successfully introduced to 28 hospitals and medical examination centers across major cities in China. We are deploying marketing and sales strategies for the solutions into hospitals and private medical examination centers in 25 provinces nationwide and in each province we are planning to feature our systems in several 3A hospitals as example hospitals, which we expect to play an important role in driving adoption rates in more hospitals of the region. In the fourth quarter of 2014, we expect to build on this momentum in introducing our systems into more medical facilities.”
Mr. Chen continued, “We expect 2014 to be a transformational year for Dehaier as we continue to restructure our existing businesses and invest heavily in the wearable sleep respiratory solutions for OSAS. With our sleep respiratory business starting to take off, we expect to see further growth in the coming years and deliver significant long-term returns for our shareholders.”
Recent Developments
* In January 2014, the Company received approval from the China Food and Drug Administration (“CFDA”) for its second generation DHR998 Sleep Diagnostic Device; and the Company received an “A” credit rating from Beijing Zhongguancun Enterprises Credit Promotion Association.
* In February 2014, the Company renewed its exclusive distribution right with Timesco for Timesco’s CLX laryngoscope products.
* In February 2014, the Company sold 734,700 shares of its common stock at a price of $9.12 per share and warrants to purchase an aggregate of 220,410 shares of common stock with an exercise price of $11.86 per share to institutional investors in a registered offering. The warrants may be exercised for forty-two months from the date of issuance. The Company also issued warrants to purchase 73,470 shares of common stock to the placement agent with substantially the same terms as the investor warrants. Net proceeds for the Company from the registered offering was approximately $6.1 million.
* In April 2014, the Company served as the exclusive product-appointed distribution agent for some of the world’s leading medical companies in bidding for multiple government procurement projects in China, and the Company became an authorized agent of Olympus (Beijing) Sales & Service Co., Ltd. to supply its electronic gastroscope and electronic bronchoscope products for several medical device procurement projects funded by the Chinese government.
* In June 2014, the Company received approval from the CFDA for its Morpheus Ox software, and the Company obtained a software copyright certificate for its Tele-Consultation Management System V1.0 from China’s State Copyright Bureau and a software product register and test report from the Software Testing Center of China’s State Information Center. The Company also showcased its Morpheus Ox System and work station at the 8th Biennial Chinese Sleep Research Society Conference which took place in Beijing from June 13-15, 2014.
* In July 2014, the Company showcased its current line of sleep respiratory solutions at the 5th Chinese Sleep Medicine Congress which took place in Nanchang, Jiangxi Province from July 11-13, 2014.
* In August 2014, the Company began to provide its Sleep Respiratory Solutions to its first wave of customers in 3A hospitals across major cities in China. The Sleep Respiratory Solutions and products will allow doctors to provide OSAS diagnosis, early intervention treatment, treatment evaluation and other related services for OSAS patients.
* In September 2014, the Company announced that it cooperated with several large medical enterprises in multiple medical equipment procurement projects for top-tier hospitals in China and successfully secured purchase orders of medical equipment including anesthesia machines, defibrillators, color doppler ultrasound machines, magnetic resonance imaging machines, computed tomography machines and video bronchoscopes. The projects totaled $11 million, including the projects on which the Company submitted bids.
* In October 2014, the Company announced that 22 hospitals and 6 medical examination centers in Beijing, Shanghai, Tianjin, Henan, Shandong, Shanxi, and Gansu provinces had introduced its wearable sleep respiratory technology systems that provide OSAS diagnosis, CPAP treatment, curative effect evaluation and other related services.
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