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China Medical Technologies Reports Second Quarter Financial Results
Date:11/20/2007

y recognized by the global medical community over time.''

2Q FY2007 Financial Results

The Company reported net revenues of RMB214.9 million (US$28.7 million) for 2Q FY2007, representing a 63.5% increase from the corresponding period of FY2006.

The Company's revenues are currently generated from three product lines, ECLIA diagnostic systems, FISH diagnostic systems and HIFU tumor therapy systems. ECLIA and FISH system sales include the sales of equipment and reagent kits.

ECLIA system sales for 2Q FY2007 were RMB92.6 million (US$12.4 million), representing an 80.0% increase from the corresponding period of FY2006. The strong year-over-year growth in the ECLIA system sales reflected the increasing utilization of ECLIA analyzers by hospitals and the introduction of new reagents, both of which drove increasing demand for reagent kits.

FISH system sales for 2Q FY2007 were RMB30.8 million (US$4.1 million) after the launch of our FISH systems in June quarter.

HIFU tumor therapy system sales for 2Q FY2007 were RMB91.5 million (US$12.2 million), representing a 14.4% increase from the corresponding period of FY2006. The year-over-year growth in this sector was driven primarily by increases in unit sales and selling price.

Gross margin decreased to 61.5% for 2Q FY2007 as compared to 71.9% for the corresponding period of FY2006. The decrease in gross margin was due to the amortization of FISH intangible assets of RMB18.5 million (US$2.5 million) and FISH equipment sales which generated lower gross margin. Future FISH reagent sales will generate recurring revenue and higher gross margin for the Company. Excluding the impact of FISH amortization, gross margin would be 70.1%.

Research and development expenses were RMB8.1 million (US$1.1 million) for 2Q FY2007, representing a 3.4% year-over-year decrease. The slight decrease was primarily due to the completion of pre-clinical trials in the United States. The Company is in the preparat
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SOURCE China Medical Technologies, Inc.
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