Chindex's 4Q net income falls on lower sales
Chindex International Inc., which sells medical products in China, said Monday its fiscal fourth-quarter net income fell on lower product revenue.
In the quarter ended March 31, Chindex's net income fell to $515,000, or 4 cents per share, compared with net income of $3.4 million, or 24 cents per share, during the same period a year prior.
Revenue fell 31 percent to $41.3 million from $59.7 million.
It said revenue from its healthcare services division increased 4.9 percent to $21.2 million, reflecting growing inpatient and outpatient volume.
But its revenue from the medical products division fell 49.1 percent to $20.1 million from $39.5 million a year earlier. The company cited a government review process and timing along with a general uncertainty around healthcare reform and spending for the decline.
For the full year, the company earned $8.2 million, or 56 cents per share, up from $5 million, or 34 cents per share, in the prior year. Revenue fell slightly to $171.2 million from $171.4 million.