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China Cord Blood Corporation Reports Third Quarter and First Nine Months of Fiscal 2011 Financial Results
Date:2/28/2011

160;Revenue from processing fees increased by 27.5% to RMB71.7 million ($10.9 million) from the prior year period. This reflects 14,765 new subscriber sign-ups this quarter, a 25.4% increase in new subscriber sign-ups from the prior year period. Revenue from storage fees increased 48.1% year-over-year to RMB18.8 million ($2.8 million), as a result of sustained growth in the accumulated subscriber base.  Revenue from storage fee accounted for 20.8% of the total third quarter revenue, compared to 18.4% in the same period last year. Driven by the strong demand from the Beijing and Guangdong markets, the Company's accumulated subscriber base as of December 31, 2010 reached a new record of 170,189, up 44.7% year-over-year.

GROSS PROFIT. Gross profit in the third quarter increased to RMB69.5 million ($10.5 million), up 33.2% from RMB52.2 million in the same period last year. Gross margin reached a new high by increasing 110 basis points to 76.8% year-over-year, primarily as a result of the rising revenue largely related to rising contribution from storage fees and economies of scale.  

OPERATING INCOME. Operating income for the third quarter reached RMB34.8 million ($5.3 million), up 38.8% from RMB25.1 million, driven by new subscriber numbers, margin expansion and successful cost control measures. Operating income as a percentage of revenues increased slightly to 38.5%, up 210 basis points year-over-year. Depreciation and amortization expense for the third quarter amounted to RMB5.8 million ($0.9 million).

Research and Development expense. Third quarter research and development expense rose to RMB1.9 million ($0.3 million).

Sales and Marketing expense. Sales and marketing expense increased 20.4% to RMB12.5 million ($1.9 million) as the Company continued to expand its marketing resources to cope with rising demand in Beijing and Guangdong. The Company's d
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SOURCE China Cord Blood Corporation
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