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China Medical Technologies Reports Third Fiscal Quarter Financial Results

Fri, 02/18/2011 - 3:33am
Bio-Medicine.Org

BEIJING, Feb. 18, 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 third fiscal quarter ended December 31, 2010 ("3Q FY2010") today.

3Q FY2010 HighlightsFor the Three Months EndedDecember 31,

2009December 31,

2010December 31,

2010RMBRMBUS$% change(in thousands except for per ADS information)Revenues, net172,320

223,948

33,932

30.0Adjusted EBITDA92,133

131,544

19,931

42.8Non-GAAP net income45,618

75,642

11,461

65.8Non-GAAP diluted earnings per ADS*1.74

2.87

0.43

64.9Nine Months FY2010 HighlightsFor the Nine Months EndedDecember 31,

2009December 31,

2010December 31,

2010RMBRMBUS$% change(in thousands except for per ADS information)Revenues, net547,343

611,952

92,720

11.8Adjusted EBITDA287,989

353,010

53,486

22.6Non-GAAP net income135,819

198,054

30,008

45.8Non-GAAP diluted earnings per ADS*5.15

7.55

1.14

46.6Outlook for 4Q FY2010

Target revenues are expected to be approximately RMB234.0 million (US$35.5 million), representing a year-over-year increase of 33.2%. Target non-GAAP net income is expected to be approximately RMB71.0 million (US$10.8 million), representing a year-over-year increase of 37.9%. The Company has taken into account the impact of incremental cash interest arising from the issuance of 2016 Convertible Notes in December 2010 to refinance its 2011 Convertible Notes. Target non-GAAP diluted earnings per ADS* is expected to be approximately RMB2.69 (US$0.41), representing a year-over-year increase of 35.9%.

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