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

to qualified hi-tech enterprises. The related detailed implementation rules and regulations (the ''IRRs'') are expected to be promulgated before the end of 2007. The Company currently believes the IRRs to have no impact on its qualification as a hi-tech enterprise, and believes its current tax rate of 15% will continue to apply. In the event the promulgation of the new IRRs results in a change such that the Company will no longer qualify as a hi-tech enterprise, it will be required to pay income tax in accordance with the IRRs starting on January 1, 2008.

Net income was RMB77.4 million (US$10.3 million) for 2Q FY2007, representing an 8.0% increase from the corresponding period of FY2006.

Adjusted net income excluding stock compensation expense and amortization of acquired intangible assets (non-GAAP) was RMB105.1 million (US$14.0 million) for 2Q FY2007, representing a 38.8% increase from the corresponding period of FY2006. The lower growth rate compared to net revenues was primarily due to convertible note expenses of RMB11.9 million (US$1.6 million).

Stock compensation expense for 2Q FY2007 was RMB5.5 million (US$0.7 million) which was allocated to research and development expenses (RMB0.5 million) and general and administrative expenses (RMB5.0 million).

Amortization of acquired intangible assets for 2Q FY2007 was RMB22.2 million (US$3.0 million) which was recorded as cost of revenues.

As of September 30, 2007, the Company's cash balance was RMB994.2 million (US$132.7 million). Net operating cash flow for 2Q FY2007 was RMB108.9 million (US$14.5 million).

As of September 30, 2007, the Company's accounts receivable was RMB227.3 million (US$30.3 million), representing an increase of 5.6% from the balance at June 30, 2007. The accounts receivable turnover days improved to 119 days from previous 129 days.

For the convenience of readers, certain RMB amounts have been translated into U.S. dollars at the rate of RMB7.4928 to US$1
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SOURCE China Medical Technologies, Inc.
Copyright©2007 PR Newswire.
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