BEIJING, Nov. 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 second fiscal quarter ended September 30, 2011 ("2Q FY2011") today.
2Q FY2011 and Six
Months Ended September 30, 2011 Highlights
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For the Three Months Ended
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September 30,
2010
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September 30,
2011
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September 30,
2011
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RMB
|
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RMB
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US$
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% change
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(in
thousands except for per ADS information)
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Net revenues
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201,834
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238,450
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37,386
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18.1%
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Net income (loss)
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(2,936)
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33,343
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5,228
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n/a
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Diluted earnings (loss) per ADS*
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(0.11)
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1.26
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0.20
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n/a
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Non-GAAP net income
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65,401
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89,557
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14,042
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36.9%
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Non-GAAP diluted earnings per ADS*
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2.50
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3.38
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0.53
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35.2%
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Adjusted EBITDA
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116,314
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151,351
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23,730
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30.1%
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|
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For the Three Months Ended
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June 30,
2011
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September 30,
2011
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September 30,
2011
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RMB
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RMB
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US$
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% change
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(in thousands)
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Net cash provided by operating
activities
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62,243
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79,053
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12,395
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27.0%
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|
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|
|
|
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For the Six Months Ended
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|
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September 30,
2010
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September 30,
2011
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September 30,
2011
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|
|
|
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RMB
|
|
RMB
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US$
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|
% change
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|
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(in thousands except for per ADS information)
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|
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Net revenues
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388,004
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|
475,561
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|
74,563
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22.6%
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Net income
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30,742
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|
69,071
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|
10,830
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124.7%
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Diluted earnings per ADS*
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1.18
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|
2.61
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|
0.41
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121.2%
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Non-GAAP net income
|
122,412
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|
180,009
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|
28,224
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47.1%
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Non-GAAP diluted earnings per ADS*
|
4.68
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|
6.79
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|
1.07
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45.1%
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Adjusted EBITDA
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221,466
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|
305,640
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47,921
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38.0%
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Outlook for the Third
Fiscal Quarter Ending
December 31, 2011
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For the Three Months Ending December 31, 2011
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Year over Year
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RMB
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US$
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% change
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|
|
(in millions except for per ADS information)
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Target net revenues
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245.0 –
250.0
|
38.4 –
39.2
|
9.4 –
11.6%
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Target non-GAAP net income
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85.0 –
88.0
|
13.3 –
13.8
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12.4 –
16.3%
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|
Target non-GAAP diluted earnings per ADS*
|
3.20 –
3.30
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0.50 –
0.52
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11.5 –
15.0%
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|
|
|
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|
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Outlook for the Full Fiscal
Year Ending March
31, 2012
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|
|
For the Fiscal Year Ending March 31, 2012
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Year over Year
|
|
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RMB
|
US$
|
% change
|
|
|
(in millions except for per ADS information)
|
|
|
Target net revenues
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970.0 –
980.0
|
152.1 –
153.7
|
15.2 –
16.3%
|
|
Target non-GAAP net income
|
335.0 –
340.0
|
52.5 –
53.3
|
22.7 –
24.5%
|
|
Target non-GAAP diluted earnings per ADS*
|
12.40 –
12.60
|
1.94 –
1.98
|
19.3 –
21.3%
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|
|
|
|
|
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|
The above targets are based on the Company's current views on
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 to receive SFDA approval on our second PCR-based
companion diagnostic assay on KRAS mutation for colorectal cancer
targeted drug. We see huge potential on personalized medicine for
cancer patients in China and will
continue to develop this market segment." commented Mr.
Xiaodong Wu, Chairman and Chief
Executive Officer of the Company.
2Q FY2011 Unaudited Financial
Results
The Company reported net revenues of RMB238.5 million (US$37.4
million) for 2Q FY2011, representing an 18.1% increase from
the corresponding period of FY2010.
The Company's revenues are currently generated from two
segments, molecular diagnostic systems and immunodiagnostic
systems. The molecular diagnostic system segment mainly includes
FISH products and SPR products while the immunodiagnostic system
segment consists of ECLIA products.
Molecular diagnostic system sales for 2Q FY2011 were
RMB164.0 million (US$25.7 million), representing a 38.5% increase
from the corresponding period of FY2010. The year-over-year
increase was primarily due to the increase in usage of the
Company's FISH probes by hospitals as well as the significant
increase in sales of SPR-based HPV-DNA chips to hospitals during 2Q
FY2011.
Immunodiagnostic system sales for 2Q FY2011 were RMB74.5 million (US$11.7
million), representing a 10.8% decrease from the
corresponding period of FY2010. The year-over-year decrease was
primarily due to more stringent control over credit sales to
distributors so as to mitigate the risk and magnitude of bad
debts.
Gross margin was 64.9% for 2Q FY2011 which increased
year-over-year from 55.2% for the corresponding period of FY2010.
Non-GAAP gross margin was 84.8% for 2Q FY2011 which increased
year-over-year from 79.7% for the corresponding period of FY2010.
The year-over-year increase in gross margins was primarily due to
more contribution from the sales of FISH probes and HPV-DNA chips
which generated higher gross margin and a substantial reduction in
the Company's provision of free ECLIA analyzers and SPR analyzers.
The reduction in the provision of free analyzers resulted from the
above-mentioned more stringent control over credit sales to ECLIA
distributors and the research and development of a new generation
of SPR analyzer.
Research and development expenses were RMB11.0 million (US$1.7
million) for 2Q FY2011, representing a 1.3% year-over-year
increase. Non-GAAP research and development expenses were
RMB10.4 million (US$1.6 million) for 2Q FY2011, representing a
6.9% year-over-year increase.
Sales and marketing expenses were RMB30.2
million (US$4.7 million) for
2Q FY2011, representing a 40.6% year-over-year increase. Non-GAAP
sales and marketing expenses were RMB30.0
million (US$4.7 million) for
2Q FY2011, representing a 41.0% year-over-year increase. The
year-over-year increases were primarily due to the increase in
direct sales efforts for molecular diagnostic systems and sales
incentives to direct sales personnel.
General and administrative expenses were RMB21.9 million (US$3.4
million) for 2Q FY2011, representing a 12.7% year-over-year
decrease. The year-over-year decrease was primarily due to a
decrease in stock compensation expense. Non-GAAP general and
administrative expenses were RMB17.2
million (US$2.7 million) for
2Q FY2011, representing a 0.4% year-over-year decrease.
Interest expense on convertible notes was RMB32.7 million (US$5.1
million) for 2Q FY2011. Non-GAAP interest expense on
convertible notes was RMB31.8 million
(US$5.0 million) for 2Q FY2011. As of
September 30, 2011, the Company had
outstanding convertible notes of US$16.7
million in principal value which bore interest at 3.5% and
matured in November 2011, and
US$246.5 million and US$150.0 million in principal value of
outstanding convertible notes which bear interest at 4% and 6.25%
per annum, respectively, and matured or will mature in August 2013 and December
2016, respectively.
Interest expense related to amortization of convertible notes
issuance costs was RMB3.9 million
(US$0.6 million) for 2Q FY2011.
Interest expense related to amortization of share lending costs
was RMB2.3 million (US$0.4 million) for 2Q FY2011.
Other income was RMB1.2 million
(US$0.2 million) for 2Q FY2011.
Income tax expense was RMB29.4
million (US$4.6 million) for
2Q FY2011. The consistently high effective tax rate was due to the
fact that certain expenses of the Company such as stock
compensation expense, amortization of acquired intangible assets
and interest expense of convertible notes were not deductible for
income tax purpose. In addition, the Company accrues for
withholding income tax on distributable earnings generated in
China which the Company does not
intend to permanently reinvest in China.
Net income was RMB33.3 million
(US$5.2 million) for 2Q FY2011,
compared to net loss of RMB2.9
million for the corresponding period of FY2010. Non-GAAP net
income was RMB89.6 million
(US$14.0 million) for 2Q FY2011,
representing a 36.9% increase from the corresponding period of
FY2010. The year-over-year increases were primarily due to the
increase in molecular diagnostic system sales and other reasons
mentioned above.
Earnings before interest, taxes, depreciation and amortization
("EBITDA") was RMB145.5 million
(US$22.8 million) for 2Q FY2011,
representing a 35.9% increase from the corresponding period of
FY2010. The year-over-year increase was primarily due to the
increase in molecular diagnostic system sales.
Adjusted EBITDA was RMB151.4
million (US$23.7 million) for
2Q FY2011, representing a 30.1% increase from the corresponding
period of FY2010. The year-over-year increase was primarily due to
the increase in molecular diagnostic system sales.
Stock compensation expense for 2Q FY2011 was RMB5.9 million (US$0.9
million), of which RMB0.4
million was allocated to cost of revenues, RMB0.6 million to research and development
expenses, RMB0.2 million to sales and
marketing expenses and RMB4.7 million
to general and administrative expenses. The Company approved the
grant of 4,500,000 restricted shares, equivalent to 450,000 ADSs,
to directors, officers and certain employees on November 7, 2011. The restricted shares vest at
the end of a two-year period.
Amortization of acquired intangible assets for 2Q FY2011 was
RMB47.2 million (US$7.4 million) which was all allocated to cost
of revenues.
As of September 30, 2011, the
Company's cash and cash equivalents were RMB1,316.8 million (US$206.5 million). Net cash generated from
operating activities for 2Q FY2011 was RMB79.1 million (US$12.4
million). Net cash used in investing activities for 2Q
FY2011 was RMB0.6 million
(US$0.1 million). There was no
financing activity for 2Q FY2011.
As of September 30, 2011, the
Company's net accounts receivable balance was RMB638.5 million (US$100.1
million), representing an increase of 13.0% from the balance
at June 30, 2011. The increase in net
accounts receivable was primarily due to the increase in molecular
diagnostic system sales to hospital customers which normally pay in
6 to 12 months and slower payments from certain distributors of
immunodiagnostic systems.
The Company evaluates the collectability of its accounts
receivable based on the aging of account balances, collection
history, credit quality of the customer and current economic
conditions that may affect a customer's ability to pay. The Company
has recognized an allowance for doubtful accounts in its
consolidated financial statements. The allowance for doubtful
accounts increased by RMB4.8 million
(US$0.8 million) to RMB33.6 million (US$5.3
million) as of September 30,
2011 from RMB28.8 million as
of June 30, 2011.
Six Months Ended September 30, 2011 Unaudited
Financial Results
Revenues were RMB475.6 million
(US$74.6 million) for the six months
ended September 30, 2011,
representing a 22.6% increase from the corresponding period of
FY2010. The year-over-year increase in revenues was primarily due
to the increase in molecular diagnostic system sales which was
offset in part by the decrease in immunodiagnostic system
sales.
Gross margin was 63.9% for the six months ended September 30, 2011 which increased year-over-year
from 60.9% for the corresponding period of FY2010. Non-GAAP gross
margin was 84.0% for the six months ended September 30, 2011 which increased year-over-year
from 79.4% for the corresponding period of FY2010. The
year-over-year increase in gross margins was primarily due to more
contribution from the sales of FISH probes and HPV-DNA chips which
generated higher gross margin and the substantial reduction in the
Company's provision of free ECLIA analyzers and SPR analyzers as
noted above.
Research and development expenses were RMB21.8 million (US$3.4
million) for the six months ended September 30, 2011, representing a 1.2%
year-over-year increase. Non-GAAP research and development expenses
were RMB20.1 million (US$3.2 million) for the six months ended
September 30, 2011, representing a
6.1% year-over-year increase.
Sales and marketing expenses were RMB53.4
million (US$8.4 million) for
the six months ended September 30,
2011, representing a 34.5% year-over-year increase. Non-GAAP
sales and marketing expenses were RMB53.0
million (US$8.3 million) for
the six months ended September 30,
2011, representing a 34.3% year-over-year increase. The
year-over-year increase was primarily due to the increase in direct
sales efforts for molecular diagnostic systems and sales incentives
to direct sales personnel.
General and administrative expenses were RMB44.5 million (US$7.0
million) for the six months ended September 30, 2011, representing an 11.4%
year-over-year decrease. The year-over-year decrease was primarily
due to a decrease in stock compensation expense. Non-GAAP general
and administrative expenses were RMB33.5
million (US$5.3 million) for
the six months ended September 30,
2011, representing a 0.5% year-over-year decrease.
Net income was RMB69.1 million
(US$10.8 million) for the six months
ended September 30, 2011, which
improved significantly from RMB30.7
million for the corresponding period of FY2010. Non-GAAP net
income was RMB180.0 million
(US$28.2 million) for the six months
ended September 30, 2011,
representing a 47.1% increase from the corresponding period of
FY2010.
EBITDA was RMB296.1 million
(US$46.4 million) for the six months
ended September 30, 2011,
representing an 18.9% increase from the corresponding period of
FY2010.
Adjusted EBITDA was RMB305.6
million (US$47.9 million) for
the six months ended September 30,
2011, representing a 38.0% increase from the corresponding
period of FY2010.
Stock compensation expense for the six months ended September 30, 2011 was RMB13.7 million (US$2.1
million), of which RMB0.6
million was allocated to cost of revenues, RMB1.7 million to research and development
expenses, RMB0.4 million to sales and
marketing expenses and RMB11.0
million to general and administrative expenses.
Amortization of acquired intangible assets for the six months
ended September 30, 2011 was
RMB94.8 million (US$14.9 million), which was all allocated to cost
of revenues.
For the convenience of readers, certain RMB amounts have been
translated into U.S. dollars at the rate of RMB6.3780 to US$1.00, the noon buying rate in New York City for cable transfers of RMB per
U.S. dollar as set forth in the H.10 weekly statistical release of
the Federal Reserve Board, as of Friday,
September 30, 2011. No representation is made that the RMB
amounts could have been or could be converted into U.S. dollars at
that rate or at any other rate on September
30, 2011 or at any other dates.
Non-GAAP Measure Disclosures
The Company reported its operating results in accordance with
U.S. generally accepted accounting principles ("GAAP") for the
three months and six months ended September
30, 2010 and 2011, respectively. The Company also presented
non-GAAP information for the three months and six months ended
September 30, 2010 and 2011. The
non-GAAP measures are defined below:
- Non-GAAP gross profit represents gross profit reported
in accordance with GAAP, excluding the effects of stock
compensation expense and amortization of acquired intangible
assets.
- Non-GAAP gross margin represents non-GAAP gross profit
divided by net revenues.
- Non-GAAP research and development expenses represent
research and development expenses reported in accordance with GAAP,
excluding the effects of stock compensation expense.
- Non-GAAP sales and marketing expenses represent sales
and marketing expenses reported in accordance with GAAP, excluding
the effects of stock compensation expense.
- Non-GAAP general and administrative expenses represent
general and administrative expenses reported in accordance with
GAAP, excluding the effects of stock compensation expense.
- Non-GAAP operating income represents operating income
reported in accordance with GAAP, excluding the effects of stock
compensation expense and amortization of acquired intangible
assets.
- Non-GAAP interest expense on convertible notes
represents interest expense on convertible notes reported in
accordance with GAAP, excluding the effects of non-cash interest
expense of convertible notes.
- Non-GAAP interest expense on amortization of share
lending costs represents the exclusion of interest expense on
amortization of share lending costs reported in accordance with
GAAP, as this item is non-cash.
- Non-GAAP other income (expense),
net represents other income and expense, net reported in
accordance with GAAP, excluding the effects of gain on repurchase
of convertible notes.
- Non-GAAP net income represents net income reported in
accordance with GAAP, excluding the effects of stock compensation
expense, amortization of acquired intangible assets, non-cash
interest expense of convertible notes, interest expense for
amortization of share lending costs as well as gain on repurchase
of convertible notes.
- Non-GAAP earnings per ADS represents non-GAAP net income
divided by the weighted average number of ADSs used in computing
basic and diluted earnings per ADS in accordance with GAAP.
- EBIT represents net income reported in accordance with
GAAP, excluding the effects of interest income, interest expense
and income tax expense.
- EBITDA represents net income reported in accordance with
GAAP, excluding the effects of interest income, interest expense,
income tax expense, depreciation and amortization.
- Adjusted EBITDA represents EBITDA excluding the effects
of stock compensation expense as well as gain on repurchase of
convertible notes.
Non-GAAP financial measures are used by the Company in its
financial and operating decision-making because management believes
they reflect the Company's ongoing business in a manner that allows
meaningful period-to-period comparison. The Company's management
believes that these non-GAAP financial measures provide useful
information to investors and others in understanding and evaluating
the Company's current operating performance and future prospects in
the same manner as management does, if they so choose.
The presentation of this additional financial information is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
GAAP. For a reconciliation of the non-GAAP financial measures to
the most directly comparable GAAP financial measures, please see
the financial information included with this earnings
announcement.
Conference Call
The Company's senior management team will host an earnings
conference call at 8:00 a.m. U.S.
Eastern Time on November 18, 2011 (or
9:00 p.m. Beijing/Hong
Kong time on the same date) to discuss the results following
this earnings announcement.
The dial-in details for the live conference call are as
follows:
- U.S. Toll Free Number 1-866-519-4004
- International Dial-in Number 1-718-354-1231
Passcode: CMEDCALL
A live webcast of the conference call will be available on
http://ir.chinameditech.com.
A replay of this webcast will be available for one month on this
website.
A telephone replay of the call will be available after the
conclusion of the conference call through 10:00 a.m. U.S. Eastern Time on November 19, 2011.
The dial-in details for the replay are as follows:
- U.S. Toll Free Number 1-866-214-5335
- International Dial-in Number 1-718-354-1232
Passcode: 22980262
About China Medical Technologies, Inc.
China Medical Technologies, Inc. is a leading China-based advanced IVD company using
molecular diagnostic technologies including Fluorescent in situ
Hybridization (FISH) and Surface Plasmon Resonance (SPR) and an
immunodiagnostic technology, Enhanced Chemiluminescence Immunoassay
(ECLIA), to develop, manufacture and distribute diagnostic products
used for the detection of various cancers, diseases and disorders
as well as companion diagnostic tests for targeted cancer drugs.
The Company generates all of its revenues in China through the sale of diagnostic
consumables including FISH probes, SPR-based DNA chips and ECLIA
reagent kits to hospitals which are recurring users of the
consumables for their patients. The Company sells FISH probes and
SPR chips to large hospitals through its direct sales personnel and
ECLIA reagent kits to small and mid-size hospitals through
distributors. For more information, please visit
http://www.chinameditech.com.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. Among other things, the quotations from management in
this press release, as well as its outlook for the third fiscal
quarter ending December 31, 2011 and
full fiscal year ending March 31,
2012, contain forward-looking statements. Such statements
involve certain risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Further information regarding these and other risks is
included in the Company's filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
Contacts
Winnie Yam
Tel: 852-2511-9808
Email: IR@chinameditech.com
China Medical Technologies,
Inc.
Unaudited Condensed
Consolidated Balance
Sheets
|
|
|
As of
|
|
|
June 30, 2011
|
|
September
30, 2011
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands)
|
|
Assets
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
1,239,458
|
|
1,316,837
|
|
206,466
|
|
Trade accounts receivable, net (1)
|
565,061
|
|
638,506
|
|
100,110
|
|
Inventories
|
20,315
|
|
20,406
|
|
3,199
|
|
Prepayments and other receivables
|
12,833
|
|
11,985
|
|
1,879
|
|
Total current assets
|
1,837,667
|
|
1,987,734
|
|
311,654
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
134,562
|
|
129,661
|
|
20,330
|
|
Land use rights
|
6,811
|
|
6,763
|
|
1,060
|
|
Goodwill
|
8,654
|
|
8,654
|
|
1,357
|
|
Intangible assets, net
|
2,891,353
|
|
2,810,152
|
|
440,601
|
|
Convertible notes issuance costs
|
51,148
|
|
46,713
|
|
7,324
|
|
Share lending costs
|
19,804
|
|
17,244
|
|
2,704
|
|
Total assets
|
4,949,999
|
|
5,006,921
|
|
785,030
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Trade accounts payable
|
51,575
|
|
53,385
|
|
8,370
|
|
Accrued liabilities and other payables
|
206,260
|
|
222,334
|
|
34,860
|
|
Convertible notes
|
107,136
|
|
106,622
|
|
16,717
|
|
Income taxes payable
|
91,939
|
|
110,749
|
|
17,364
|
|
Total current liabilities
|
456,910
|
|
493,090
|
|
77,311
|
|
|
|
|
|
|
|
|
Convertible notes
|
2,562,778
|
|
2,528,877
|
|
396,500
|
|
Deferred income taxes
|
98,985
|
|
106,155
|
|
16,644
|
|
Total liabilities
|
3,118,673
|
|
3,128,122
|
|
490,455
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
Ordinary shares US$0.1 par value:
500,000,000 authorized; 322,680,001 issued and
outstanding as of June 30, 2011 and 324,080,001 issued
and outstanding as of September 30, 2011
|
258,840
|
|
259,738
|
|
40,724
|
|
Additional paid-in capital
|
881,287
|
|
895,888
|
|
140,465
|
|
Treasury stock
|
(201,362)
|
|
(201,362)
|
|
(31,571)
|
|
Accumulated other comprehensive loss
|
(78,120)
|
|
(79,489)
|
|
(12,463)
|
|
Retained earnings
|
970,681
|
|
1,004,024
|
|
157,420
|
|
Total shareholders' equity
|
1,831,326
|
|
1,878,799
|
|
294,575
|
|
Total liabilities and shareholders' equity
|
4,949,999
|
|
5,006,921
|
|
785,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
June 30, 2011
|
|
September 30, 2011
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
(1) Trade accounts receivable
|
593,814
|
|
672,154
|
|
105,386
|
|
Allowance for doubtful accounts
|
(28,753)
|
|
(33,648)
|
|
(5,276)
|
|
Trade accounts receivable, net
|
565,061
|
|
638,506
|
|
100,110
|
|
|
|
|
|
|
|
|
|
China Medical Technologies,
Inc.
Unaudited
Condensed
Consolidated
Statements of Income
and
Reconciliations of
GAAP Measures
to Non-GAAP
Measures
|
|
|
For the Three Months Ended
|
|
For the
Three Months Ended
|
|
|
September 30, 2010
|
|
September
30, 2011
|
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
(in thousands except for per ADS information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues (1)
|
201,834
|
|
-
|
|
201,834
|
|
238,450
|
|
-
|
|
238,450
|
|
Cost of revenues (2)
|
(90,477)
|
|
49,539
|
|
(40,938)
|
|
(83,713)
|
|
47,523
|
|
(36,190)
|
|
Gross profit
|
111,357
|
|
49,539
|
|
160,896
|
|
154,737
|
|
47,523
|
|
202,260
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
|
|
|
|
|
|
|
|
|
|
|
|
|
development (3)
|
(10,877)
|
|
1,145
|
|
(9,732)
|
|
(11,014)
|
|
607
|
|
(10,407)
|
|
Sales and marketing (3)
|
(21,473)
|
|
204
|
|
(21,269)
|
|
(30,183)
|
|
191
|
|
(29,992)
|
|
General and
|
|
|
|
|
|
|
|
|
|
|
|
|
administrative (3)
|
(25,048)
|
|
7,772
|
|
(17,276)
|
|
(21,877)
|
|
4,673
|
|
(17,204)
|
|
Total operating expenses
|
(57,398)
|
|
9,121
|
|
(48,277)
|
|
(63,074)
|
|
5,471
|
|
(57,603)
|
|
Operating income
|
53,959
|
|
58,660
|
|
112,619
|
|
91,663
|
|
52,994
|
|
144,657
|
|
Interest income
|
5,119
|
|
-
|
|
5,119
|
|
8,820
|
|
-
|
|
8,820
|
|
Interest expense –
|
|
|
|
|
|
|
|
|
|
|
|
|
convertible notes (4)
|
(32,019)
|
|
7,221
|
|
(24,798)
|
|
(32,699)
|
|
908
|
|
(31,791)
|
|
Interest expense –
amortization of
convertible notes
issuance costs
|
(3,906)
|
|
-
|
|
(3,906)
|
|
(3,943)
|
|
-
|
|
(3,943)
|
|
Interest expense –
|
|
|
|
|
|
|
|
|
|
|
|
|
amortization of
|
|
|
|
|
|
|
|
|
|
|
|
|
share lending costs (5)
|
(2,456)
|
|
2,456
|
|
-
|
|
(2,312)
|
|
2,312
|
|
-
|
|
Other income (expense),
|
|
|
|
|
|
|
|
|
|
|
|
|
net
|
(1,802)
|
|
-
|
|
(1,802)
|
|
1,193
|
|
-
|
|
1,193
|
|
Income before
|
|
|
|
|
|
|
|
|
|
|
|
|
income tax
|
18,895
|
|
68,337
|
|
87,232
|
|
62,722
|
|
56,214
|
|
118,936
|
|
Income tax expense
|
(21,831)
|
|
-
|
|
(21,831)
|
|
(29,379)
|
|
-
|
|
(29,379)
|
|
Net income (loss)
|
(2,936)
|
|
68,337
|
|
65,401
|
|
33,343
|
|
56,214
|
|
89,557
|
|
Earnings (loss) per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
- basic (6)
|
(0.11)
|
|
2.61
|
|
2.50
|
|
1.26
|
|
2.12
|
|
3.38
|
|
- diluted (6)
|
(0.11)
|
|
2.61
|
|
2.50
|
|
1.26
|
|
2.12
|
|
3.38
|
|
Weighted average
number of ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
- basic (6)
|
26,117,308
|
|
-
|
|
26,117,308
|
|
26,495,308
|
|
-
|
|
26,495,308
|
|
- diluted (6)
|
26,117,308
|
|
-
|
|
26,117,308
|
|
26,513,672
|
|
-
|
|
26,513,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China Medical Technologies,
Inc.
Unaudited
Condensed
Consolidated
Statements of Income
and
Reconciliations of
GAAP Measures to
Non-GAAP
Measures
Convenience
Translation for Reference
Only
|
|
|
For the Three Months Ended
|
|
|
September 30, 2011
|
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
|
US$
|
|
US$
|
|
US$
|
|
|
(in thousands except for per ADS information)
|
|
|
|
|
|
|
|
|
Net revenues (1)
|
37,386
|
|
-
|
|
37,386
|
|
Cost of revenues (2)
|
(13,125)
|
|
7,451
|
|
(5,674)
|
|
Gross profit
|
24,261
|
|
7,451
|
|
31,712
|
|
Operating expenses
|
|
|
|
|
|
|
Research and development (3)
|
(1,727)
|
|
95
|
|
(1,632)
|
|
Sales and marketing (3)
|
(4,732)
|
|
30
|
|
(4,702)
|
|
General and administrative (3)
|
(3,430)
|
|
733
|
|
(2,697)
|
|
Total operating expenses
|
(9,889)
|
|
858
|
|
(9,031)
|
|
Operating income
|
14,372
|
|
8,309
|
|
22,681
|
|
Interest income
|
1,383
|
|
-
|
|
1,383
|
|
Interest expense – convertible notes (4)
|
(5,127)
|
|
143
|
|
(4,984)
|
|
Interest expense – amortization of
|
|
|
|
|
|
|
convertible notes issuance costs
|
(619)
|
|
-
|
|
(619)
|
|
Interest expense – amortization of
|
|
|
|
|
|
|
share lending costs (5)
|
(362)
|
|
362
|
|
-
|
|
Other income (expense), net
|
187
|
|
-
|
|
187
|
|
Income before income tax
|
9,834
|
|
8,814
|
|
18,648
|
|
Income tax expense
|
(4,606)
|
|
-
|
|
(4,606)
|
|
Net income
|
5,228
|
|
8,814
|
|
14,042
|
|
Earnings per ADS
|
|
|
|
|
|
|
- basic (6)
|
0.20
|
|
0.33
|
|
0.53
|
|
- diluted (6)
|
0.20
|
|
0.33
|
|
0.53
|
|
Weighted average number of ADS
|
|
|
|
|
|
|
- basic (6)
|
26,495,308
|
|
-
|
|
26,495,308
|
|
- diluted (6)
|
26,513,672
|
|
-
|
|
26,513,672
|
|
|
|
|
|
|
|
|
For the convenience of readers,
certain RMB amounts have been translated into U.S. dollars at the
rate of
RMB6.3780 to US$1.00, the noon
buying rate in New York City for cable transfers of RMB per U.S.
dollar as set
forth in the H.10 weekly
statistical release of the Federal Reserve Board, as of Friday,
September 30, 2011. No
representation is made that the
RMB amounts could have been or could be converted into U.S. dollars
at that rate
or at any other rate on
September 30, 2011 or at any other dates.
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
September 30, 2010
|
|
September 30, 2011
|
|
(1) Net revenues
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
- Molecular diagnostic systems
|
118,347
|
|
163,941
|
|
25,704
|
|
- Immunodiagnostic systems
|
83,487
|
|
74,509
|
|
11,682
|
|
|
201,834
|
|
238,450
|
|
37,386
|
|
Molecular diagnostic systems
|
|
|
|
|
|
|
- HPV-DNA chips
|
3,802
|
|
16,319
|
|
2,559
|
|
|
|
|
|
|
|
|
(2) Non-GAAP numbers
exclude stock compensation expense and amortization of acquired
intangible assets.
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
September 30, 2010
|
|
September 30, 2011
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
|
|
|
|
|
|
|
Stock compensation expense
|
117
|
|
373
|
|
58
|
|
Amortization of acquired intangible assets
|
49,422
|
|
47,150
|
|
7,393
|
|
|
49,539
|
|
47,523
|
|
7,451
|
|
|
|
|
|
|
|
|
(3) Non-GAAP numbers
exclude stock compensation expense.
|
|
|
|
|
|
|
|
|
(4) Non-GAAP numbers
exclude non-cash interest expense of convertible notes.
|
|
|
|
|
|
|
|
|
(5) Non-GAAP numbers
exclude interest expense for amortization of share lending
costs.
|
|
|
|
|
|
|
|
|
(6) Interest expense and
amortization in connection with convertible notes were not added
back in computing
GAAP diluted earnings per ADS
because they were anti-dilutive. Non-GAAP earnings per ADS
represents
non-GAAP net income divided by
the weighted average number of ADSs used in computing basic
and
diluted earnings per ADS in
accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
China Medical Technologies,
Inc.
Unaudited
Condensed
Consolidated
Statements of Income
and
Reconciliations of
GAAP Measures
to Non-GAAP
Measures
|
|
|
For the Six Months Ended
|
|
For the Six
Months Ended
|
|
|
September 30, 2010
|
|
September
30, 2011
|
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
(in thousands except for per ADS information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues (1)
|
388,004
|
|
-
|
|
388,004
|
|
475,561
|
|
-
|
|
475,561
|
|
Cost of revenues (2)
|
(151,831)
|
|
72,005
|
|
(79,826)
|
|
(171,593)
|
|
95,443
|
|
(76,150)
|
|
Gross profit
|
236,173
|
|
72,005
|
|
308,178
|
|
303,968
|
|
95,443
|
|
399,411
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
|
|
|
|
|
|
|
|
|
|
|
|
|
development (3)
|
(21,509)
|
|
2,563
|
|
(18,946)
|
|
(21,766)
|
|
1,655
|
|
(20,111)
|
|
Sales and marketing (3)
|
(39,739)
|
|
295
|
|
(39,444)
|
|
(53,446)
|
|
456
|
|
(52,990)
|
|
General and
|
|
|
|
|
|
|
|
|
|
|
|
|
administrative (3)
|
(50,197)
|
|
16,803
|
|
(33,394)
|
|
(44,490)
|
|
10,943
|
|
(33,547)
|
|
Amortization of
|
|
|
|
|
|
|
|
|
|
|
|
|
SPR intangible
|
|
|
|
|
|
|
|
|
|
|
|
|
assets (4)
|
(27,329)
|
|
27,329
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total operating expenses
|
(138,774)
|
|
46,990
|
|
(91,784)
|
|
(119,702)
|
|
13,054
|
|
(106,648)
|
|
Operating income
|
97,399
|
|
118,995
|
|
216,394
|
|
184,266
|
|
108,497
|
|
292,763
|
|
Interest income
|
9,716
|
|
-
|
|
9,716
|
|
16,156
|
|
-
|
|
16,156
|
|
Interest expense –
|
|
|
|
|
|
|
|
|
|
|
|
|
convertible notes (5)
|
(64,524)
|
|
15,137
|
|
(49,387)
|
|
(66,046)
|
|
1,898
|
|
(64,148)
|
|
Interest expense –
amortization of
convertible notes
issuance costs
|
(7,918)
|
|
-
|
|
(7,918)
|
|
(7,950)
|
|
-
|
|
(7,950)
|
|
Interest expense –
|
|
|
|
|
|
|
|
|
|
|
|
|
amortization of
|
|
|
|
|
|
|
|
|
|
|
|
|
share lending costs (6)
|
(4,931)
|
|
4,931
|
|
-
|
|
(4,655)
|
|
4,655
|
|
-
|
|
Other income (expense),
|
|
|
|
|
|
|
|
|
|
|
|
|
net (7)
|
41,493
|
|
(47,393)
|
|
(5,900)
|
|
5,987
|
|
(4,112)
|
|
1,875
|
|
Income before
|
|
|
|
|
|
|
|
|
|
|
|
|
income tax
|
71,235
|
|
91,670
|
|
162,905
|
|
127,758
|
|
110,938
|
|
238,696
|
|
Income tax expense
|
(40,493)
|
|
-
|
|
(40,493)
|
|
(58,687)
|
|
-
|
|
(58,687)
|
|
Net income
|
30,742
|
|
91,670
|
|
122,412
|
|
69,071
|
|
110,938
|
|
180,009
|
|
Earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
- basic (8)
|
1.18
|
|
3.52
|
|
4.70
|
|
2.62
|
|
4.20
|
|
6.82
|
|
- diluted (8)
|
1.18
|
|
3.50
|
|
4.68
|
|
2.61
|
|
4.18
|
|
6.79
|
|
Weighted average
|
|
|
|
|
|
|
|
|
|
|
|
|
number of ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
- basic (8)
|
26,061,946
|
|
-
|
|
26,061,946
|
|
26,398,319
|
|
-
|
|
26,398,319
|
|
- diluted (8)
|
26,147,246
|
|
-
|
|
26,147,246
|
|
26,499,427
|
|
-
|
|
26,499,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China Medical Technologies,
Inc.
Unaudited
Condensed
Consolidated
Statements of Income
and
Reconciliations of
GAAP Measures to
Non-GAAP
Measures
Convenience
Translation for Reference
Only
|
|
|
For the Six Months Ended
|
|
|
September 30, 2011
|
|
|
GAAP
|
|
Adjustments
|
|
Non-GAAP
|
|
|
US$
|
|
US$
|
|
US$
|
|
|
(in thousands except for per ADS information)
|
|
|
|
|
|
|
|
|
Net revenues (1)
|
74,563
|
|
-
|
|
74,563
|
|
Cost of revenues (2)
|
(26,904)
|
|
14,964
|
|
(11,940)
|
|
Gross profit
|
47,659
|
|
14,964
|
|
62,623
|
|
Operating expenses
|
|
|
|
|
|
|
Research and development (3)
|
(3,413)
|
|
260
|
|
(3,153)
|
|
Sales and marketing (3)
|
(8,380)
|
|
72
|
|
(8,308)
|
|
General and administrative (3)
|
(6,976)
|
|
1,716
|
|
(5,260)
|
|
Amortization of SPR intangible assets (4)
|
-
|
|
-
|
|
-
|
|
Total operating expenses
|
(18,769)
|
|
2,048
|
|
(16,721)
|
|
Operating income
|
28,890
|
|
17,012
|
|
45,902
|
|
Interest income
|
2,533
|
|
-
|
|
2,533
|
|
Interest expense – convertible notes (5)
|
(10,355)
|
|
297
|
|
(10,058)
|
|
Interest expense – amortization of
|
|
|
|
|
|
|
convertible notes issuance costs
|
(1,246)
|
|
-
|
|
(1,246)
|
|
Interest expense – amortization of
|
|
|
|
|
|
|
share lending costs (6)
|
(730)
|
|
730
|
|
-
|
|
Other income (expense), net (7)
|
939
|
|
(645)
|
|
294
|
|
Income before income tax
|
20,031
|
|
17,394
|
|
37,425
|
|
Income tax expense
|
(9,201)
|
|
-
|
|
(9,201)
|
|
Net income
|
10,830
|
|
17,394
|
|
28,224
|
|
Earnings per ADS
|
|
|
|
|
|
|
- basic (8)
|
0.41
|
|
0.66
|
|
1.07
|
|
- diluted (8)
|
0.41
|
|
0.66
|
|
1.07
|
|
Weighted average number of ADS
|
|
|
|
|
|
|
- basic (8)
|
26,398,319
|
|
-
|
|
26,398,319
|
|
- diluted (8)
|
26,499,427
|
|
-
|
|
26,499,427
|
|
|
|
|
|
|
|
|
For the convenience of readers,
certain RMB amounts have been translated into U.S. dollars at the
rate of
RMB6.3780 to US$1.00, the noon
buying rate in New York City for cable transfers of RMB per U.S.
dollar as set
forth in the H.10 weekly
statistical release of the Federal Reserve Board, as of Friday,
September 30, 2011. No
representation is made that the
RMB amounts could have been or could be converted into U.S. dollars
at that rate
or at any other rate on
September 30, 2011 or at any other dates.
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
|
|
|
September 30, 2010
|
|
September 30, 2011
|
|
(1) Net revenues
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
- Molecular diagnostic systems
|
226,439
|
|
320,085
|
|
50,186
|
|
- Immunodiagnostic systems
|
161,565
|
|
155,476
|
|
24,377
|
|
|
388,004
|
|
475,561
|
|
74,563
|
|
Molecular diagnostic systems
|
|
|
|
|
|
|
- HPV-DNA chips
|
3,820
|
|
30,369
|
|
4,762
|
|
|
|
|
|
|
|
|
(2) Non-GAAP numbers
exclude stock compensation expense and amortization of acquired
intangible assets.
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
|
|
|
September 30, 2010
|
|
September 30, 2011
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
|
|
|
|
|
|
|
Stock compensation expense
|
169
|
|
616
|
|
96
|
|
Amortization of acquired intangible assets
|
71,836
|
|
94,827
|
|
14,868
|
|
|
72,005
|
|
95,443
|
|
14,964
|
|
|
|
|
|
|
|
|
(3) Non-GAAP numbers
exclude stock compensation expense.
|
|
|
|
|
|
|
|
|
(4) Non-GAAP numbers
exclude amortization of acquired intangible assets.
|
|
|
|
|
|
|
|
|
(5) Non-GAAP numbers
exclude non-cash interest expense of convertible notes.
|
|
|
|
|
|
|
|
|
(6) Non-GAAP numbers
exclude interest expense for amortization of share lending
costs.
|
|
|
|
|
|
|
|
|
(7) Non-GAAP numbers
exclude gain on repurchase of convertible notes.
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
|
|
|
September 30, 2010
|
|
September 30, 2011
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'000
|
|
|
|
|
|
|
|
|
Gain on repurchase of convertible notes
|
47,393
|
|
4,112
|
|
645
|
|
|
|
|
|
|
|
|
(8) Interest expense and
amortization in connection with convertible notes were not added
back in computing
GAAP diluted earnings per ADS
because they were anti-dilutive. Non-GAAP earnings per ADS
represents
non-GAAP net income divided by
the weighted average number of ADSs used in computing basic
and
diluted earnings per ADS in
accordance with GAAP.
|
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|
China Medical Technologies,
Inc.
Unaudited Condensed
Consolidated
Statements of
Cash Flows
|
|
|
For the Three Months Ended
|
|
|
June 30, 2011
|
|
September
30, 2011
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands)
|
|
Cash flow from operating activities:
|
|
|
|
|
|
|
Net income
|
35,728
|
|
33,343
|
|
5,228
|
|
Adjustments to reconcile net income to net cash provided
by operating activities:
|
|
|
|
|
|
|
Exchange loss (gain)
|
1,180
|
|
(1,193)
|
|
(187)
|
|
Depreciation and amortization of property, plant
|
|
|
|
|
|
|
and equipment
|
5,501
|
|
5,501
|
|
862
|
|
Amortization of intangible assets
|
47,677
|
|
47,150
|
|
7,393
|
|
Non-cash interest expense on convertible notes
|
990
|
|
908
|
|
143
|
|
Amortization of convertible notes issuance costs
|
4,007
|
|
3,943
|
|
619
|
|
Amortization of share lending costs
|
2,343
|
|
2,312
|
|
362
|
|
Stock compensation expense
|
7,826
|
|
5,844
|
|
916
|
|
Land use rights expense
|
48
|
|
48
|
|
8
|
|
Loss on disposal of property, plant and equipment
|
41
|
|
4
|
|
1
|
|
Deferred income taxes
|
7,389
|
|
7,170
|
|
1,124
|
|
Gain on repurchase of convertible notes
|
(4,112)
|
|
-
|
|
-
|
|
Provision for allowance for doubtful accounts
|
2,367
|
|
4,895
|
|
767
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
Trade accounts receivable
|
(86,332)
|
|
(78,340)
|
|
(12,283)
|
|
Prepayments and other receivables
|
1,846
|
|
749
|
|
117
|
|
Inventories
|
(1,042)
|
|
(91)
|
|
(14)
|
|
Accounts payable
|
7,073
|
|
1,810
|
|
284
|
|
Accrued liabilities and other payables
|
15,728
|
|
26,190
|
|
4,106
|
|
Income taxes payable
|
13,985
|
|
18,810
|
|
2,949
|
|
Net cash provided by operating activities
|
62,243
|
|
79,053
|
|
12,395
|
|
|
|
|
|
|
|
|
Cash flow from investing activities:
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
(656)
|
|
(604)
|
|
(95)
|
|
Proceeds from sale of HIFU business
|
97,358
|
|
-
|
|
-
|
|
Net cash provided by (used in) investing activities
|
96,702
|
|
(604)
|
|
(95)
|
|
|
|
|
|
|
|
|
Cash flow from financing activities:
|
|
|
|
|
|
|
Payment for repurchase of convertible notes
|
(41,621)
|
|
-
|
|
-
|
|
Net cash used in financing activities
|
(41,621)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Effect of foreign currency exchange rate change on cash
|
|
|
|
|
|
|
and cash equivalents
|
(1,684)
|
|
(1,070)
|
|
(167)
|
|
Net increase in cash and cash equivalents
|
115,640
|
|
77,379
|
|
12,133
|
|
Cash and cash equivalents at beginning of period
|
1,123,818
|
|
1,239,458
|
|
194,333
|
|
Cash and cash equivalents at end of period
|
1,239,458
|
|
1,316,837
|
|
206,466
|
|
|
|
|
|
|
|
|
|
China Medical Technologies,
Inc.
EBITDA and
Adjusted
EBITDA Measures
|
|
|
For the Three Months Ended
|
|
|
September 30, 2010
|
|
September 30, 2011
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands)
|
|
Net income (loss)
|
(2,936)
|
|
33,343
|
|
5,228
|
|
Adjustments:
|
|
|
|
|
|
|
Interest income
|
(5,119)
|
|
(8,820)
|
|
(1,383)
|
|
Interest expense – convertible notes
|
32,019
|
|
32,699
|
|
5,127
|
|
Interest expense – amortization of convertible notes issuance costs
|
3,906
|
|
3,943
|
|
619
|
|
Interest expense – amortization of share lending costs
|
2,456
|
|
2,312
|
|
362
|
|
Income tax expense
|
21,831
|
|
29,379
|
|
4,606
|
|
EBIT (1)
|
52,157
|
|
92,856
|
|
14,559
|
|
Adjustments:
|
|
|
|
|
|
|
Depreciation
|
5,497
|
|
5,501
|
|
862
|
|
Amortization
|
49,422
|
|
47,150
|
|
7,393
|
|
EBITDA (2)
|
107,076
|
|
145,507
|
|
22,814
|
|
|
|
|
|
|
|
|
EBITDA (2)
|
107,076
|
|
145,507
|
|
22,814
|
|
Adjustments:
|
|
|
|
|
|
|
Stock compensation expense
|
9,238
|
|
5,844
|
|
916
|
|
Adjusted EBITDA (3)
|
116,314
|
|
151,351
|
|
23,730
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
|
|
|
September 30, 2010
|
|
September 30, 2011
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands)
|
|
Net income
|
30,742
|
|
69,071
|
|
10,830
|
|
Adjustments:
|
|
|
|
|
|
|
Interest income
|
(9,716)
|
|
(16,156)
|
|
(2,533)
|
|
Interest expense – convertible notes
|
64,524
|
|
66,046
|
|
10,355
|
|
Interest expense – amortization of convertible notes issuance costs
|
7,918
|
|
7,950
|
|
1,246
|
|
Interest expense – amortization of share lending costs
|
4,931
|
|
4,655
|
|
730
|
|
Income tax expense
|
40,493
|
|
58,687
|
|
9,201
|
|
EBIT (1)
|
138,892
|
|
190,253
|
|
29,829
|
|
Adjustments:
|
|
|
|
|
|
|
Depreciation
|
10,972
|
|
11,002
|
|
1,725
|
|
Amortization
|
99,165
|
|
94,827
|
|
14,868
|
|
EBITDA (2)
|
249,029
|
|
296,082
|
|
46,422
|
|
|
|
|
|
|
|
|
EBITDA (2)
|
249,029
|
|
296,082
|
|
46,422
|
|
Adjustments:
|
|
|
|
|
|
|
Stock compensation expense
|
19,830
|
|
13,670
|
|
2,144
|
|
Gain on repurchase of convertible notes
|
(47,393)
|
|
(4,112)
|
|
(645)
|
|
Adjusted EBITDA (3)
|
221,466
|
|
305,640
|
|
47,921
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) EBIT represents net
income reported in accordance with GAAP, excluding the effects of
interest income,
interest expense and income tax
expense.
|
|
|
|
|
|
|
|
|
(2) EBITDA represents net
income reported in accordance with GAAP, excluding the effects of
interest income,
interest expense, income tax
expense, depreciation and amortization.
|
|
|
|
|
|
|
|
|
(3) Adjusted EBITDA
represents EBITDA excluding the effects of stock compensation
expense and gain on
repurchase of convertible
notes.
|
|
|
|
|
|
|
|
|
|
SOURCE China Medical Technologies, Inc.