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

ion for the clinical trials in the United States and expects to conduct the trials in early 2008.

Sales and marketing expenses were RMB6.6 million (US$0.9 million) for 2Q FY2007, representing a 48.5% year-over-year increase. The increase was primarily due to more participation in exhibitions and more promotional events relating to the FISH business.

General and administrative expenses were RMB20.9 million (US$2.8 million) for 2Q FY2007, representing a 74.0% year-over-year increase. The increase was primarily due to an increase in relevant employees to accommodate the Company's rapid growth and stock compensation expense arising from a grant of restricted stocks and stock options in June 2007.

Interest income was RMB7.8 million (US$1.0 million) for 2Q FY2007, representing a 2.3% decrease from the corresponding period of FY2006.

Interest expense of convertible notes was RMB9.9 million (US$1.3 million) for 2Q FY2007. The notes bear interest at 3.5% per annum.

Other interest expense of RMB1.2 million (US$0.2 million) for 2Q FY2007 was due to notional interest in connection with the present value discounting of long term other payable of US$10 million for the final payment of the FISH acquisition due in February 2009.

Amortization of convertible notes issuance cost of RMB2.0 million (US$0.3 million) for 2Q FY2007 was due to the US$150 million convertible notes issued in November 2006. The issuance cost is amortized over the five year term of the convertible notes.

Income tax expense was RMB13.9 million (US$1.8 million) for 2Q FY2007 and the effective tax rate for 2Q FY2007 was 15.2%. One of the Company's PRC subsidiaries is entitled to an income tax concession at a rate of 10% which will expire in December 2007.

Under the Enterprise Income Tax Law effective January 1, 2008, China will adopt a uniform tax rate of 25% for all enterprises with certain preferential income tax rates including 15% income tax rate to be applicable
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SOURCE China Medical Technologies, Inc.
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