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China Medical Technologies Reports Second Fiscal Quarter Financial Results

Wed, 11/17/2010 - 2:33am
Bio-Medicine.Org

BEIJING, Nov. 17, 2010 /PRNewswire-Asia-FirstCall/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED), a leading China-based advanced in-vitro diagnostic ("IVD") company, today announced its unaudited financial results for the second fiscal quarter ended September 30, 2010 ("2Q FY2010").

2Q FY2010 Highlights

Revenues increased by 21.5% year-over-year to RMB201.8 million (US$30.2 million). Non-GAAP net income, as defined below, increased 270.1% year-over-year to RMB65.4 million (US$9.8 million). Non-GAAP diluted earnings per ADS*, as defined below, increased 273.1% year-over-year to RMB2.50 (US$0.37). Adjusted EBITDA, as defined below, increased 62.6% year-over-year to RMB116.3 million (US$17.4 million). Net cash generated from operations was RMB67.3 million (US$10.1 million).

Outlook for 3Q FY2010

Target revenues are expected to be not less than RMB220.0 million (US$32.9 million), representing a year-over-year increase of not less than 27.7%. Target non-GAAP net income is expected to be not less than RMB74.0 million (US$11.1 million), representing a year-over-year increase of not less than 62.2%. Target non-GAAP diluted earnings per ADS* is expected to be not less than RMB2.82 (US$0.42), representing a year-over-year increase of not less than 62.1%.

Outlook for FY2010

Target revenues are expected to be not less than RMB846.0 million (US$126.4 million), representing a year-over-year increase of not less than 17.0%. The year-over-year increase of annual revenues for FY2010 is lower than that of 3Q FY2010 because of the 10.9% year-over-year decrease in quarterly revenues of 1Q FY2010. Target non-GAAP net income is expected to be not less than RMB280.0 million (US$41.9 million), representing a

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