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China Shenghuo Announces Restated Results For Full Year 2007 & First Quarter 2008, Reports Results For Second & Third Quarter 2008
Date:11/20/2008

KUNMING, China, Nov. 20 /PRNewswire-FirstCall/ -- China Shenghuo Pharmaceutical Holdings, Inc. (NYSE Alternext US: KUN) ("China Shenghuo" or the "Company"), today announced that, consistent with its previous announcements, it has filed with the United States Securities and Exchange Commission (the "SEC") an amended Annual Report on Form 10-KSB/A for the year ended December 31, 2007, an amended Quarterly Report on Form 10-Q/A for the first quarter ended March 31, 2008 and Quarterly Reports on Form 10-Q for the second quarter ended June 30, 2008 and the third quarter ended September 30, 2008.

As previously discussed, an independent internal investigation found that two of the Company's financial department personnel improperly accounted for the collection of certain trade receivables and employee advances. As a result of these accounting errors, the Company determined that it had understated its bad debt allowance, which resulted in the understatement of general and administrative expenses and the overstatement of net income and earnings per share for the full year 2007 and first quarter 2008.

The Audit Committee found no evidence to suggest that these accounting errors were made at the direction of, or with the knowledge or involvement of, the Company's executive officers and management. The two employees found to be responsible for the accounting errors have been dismissed by the Company. The Company also recently announced the appointment of Wendy Fu, a US licensed CPA, as the Company's new Chief Financial Officer. Ms. Fu has replaced Ms. Gao, the Company's former Chief Financial Officer, who now heads the Company's internal control group.

Mr. Gui Hua Lan, Chief Executive Officer of China Shenghuo, said, "As a result of the errors that have come to light, we are implementing significant remedial measures and other actions to address our weaknesses in internal control. The appointment of our new CFO and the new independent director Dr. Jason Zhang, who is also on our Audit Committee, is to bring their expertise in accounting, auditing, corporate governance and reporting to help restore shareholders' confidence. These steps should result in substantial improvement in our financial reporting process."

Restatement Impact on Full-Year 2007 and First Quarter 2008

    The summarized restated results for 2007 and first quarter 2008 are as
follows:

    Full Year 2007             As Previously Reported     As Restated
    Net Income (Loss)               $4,016,640             $1,720,387
    Net Income (Loss)
     Per Diluted Share                    0.21                   0.09

    First Quarter 2008         As Previously Reported     As Restated
    Net Income (Loss)                ($338,341)             ($852,660)
    Net Income (Loss)
     Per Diluted Share                   (0.02)                 (0.04)

More detail regarding these amounts and the restatements can be obtained from the Company's amended Annual Report on Form 10-KSB/A for the year ended December 31, 2007, and its amended Quarterly Report on Form 10-Q/A for the first quarter ended March 31, 2008, which were filed with the U.S. Securities and Exchange Commission on Friday November 14, 2008.

Second Quarter 2008 Financial Highlights

Revenues for the second quarter of 2008 were $8.59 million, up 35% year- over-year compared with $6.36 million reported in the second quarter of 2007. The increase in sales was driven mainly by the increase in sales of the Company's main product, Xuesaitong Soft Capsules, as well as the Company's non-prescription ("OTC") pharmaceutical products.

Gross profit for the three months ended June 30, 2008 was $5.60 million compared with $4.77 million in the same period last year. Gross margin was 65.2%, a decline from 75.1% in the second quarter of 2007. The decrease in gross margin percentage was primarily due to the sales of other branded OTC products, which carry lower profit margins. Sales of these products were terminated at the end of the second quarter.

Net loss for the second quarter of 2008 was $1.54 million compared with net income of $1.32 million for the same period last year. Second quarter 2008 loss per diluted share was $0.08 compared to earnings per diluted share of $0.07 for the same period last year.

Third Quarter 2008 Financial Results

Revenues for the third quarter ended September 30, 2008 were $7.28 million, representing an increase of 73% compared to $4.20 million for the third quarter of 2007. The increase in sales was driven mainly by increased sales of the Company's main product, Xuesaitong Soft Capsules, augmented by increased sales of the OTC products, cosmetic products and increased export of products.

Third quarter 2008 gross profit was $5.31 million, an increase of 68% over $3.16 million for the same period in 2007. Gross margin for the third quarter of 2008 was 72.9%, compared with 75.3% for the third quarter of 2007. The decrease in gross margin percentage was driven largely by the increase in the cost of the raw material used in the Company's primary product.

Sales and marketing expenses for the third quarter of 2008 increased 93% to $2.99 million over $1.55 million in the third quarter of 2007, primarily due to the increase in commission paid to sales representatives due to increased sales of the Company's primary product and the increase in marketing expenses for the Company's cosmetic products. General and administrative expenses for the third quarter of 2008 increased to $1.82 million compared to $341,372 for the same quarter in 2007, primarily due to the increase in expenses related to the Company's status as a public company with its securities traded on a U.S. national exchange (including accounting and legal expenses in connection with the restatement), and the increase in expenses related to business expansion of cosmetic products.

Third quarter 2008 operating income decreased to $432,408 compared to $1.27 million for the third quarter of 2007.

Third quarter 2008 net income decreased to $154,286, or $0.01 earnings per diluted share. This compares to net income of $867,641 or $0.04 earnings per diluted share for the same quarter in 2007.

Nine-Month Results

Revenues for the first nine months of 2008 increased 43% to $21.35 million compared to $14.88 million for the first nine months of 2007. The increase was primarily due to increased sales of the Company's main product, Xuesaitong Soft Capsules, OTC products and cosmetic products, and the increased export of products.

Gross profit for the first nine months of 2008 increased 29% to $14.30 million over $11.12 million for the same period in 2007. Gross margin for the first nine months of 2008 was 66.9%, compared with 74.7% for the first nine months of 2007. The decrease in gross margin percentage was primarily due to the fact that, in the first and second quarter of 2008, there were sales of other brand's products which have a higher purchasing price and thus generate a smaller profit margin.

Sales and marketing expenses rose 67% to $8.67 million in the first nine months of 2008 over $5.18 million in the same period of 2007, primarily due to the increase in marketing and advertising of the Company's cosmetic products and the increase in commission paid to sales representatives. General and administrative expenses increased to $7.00 million in the first nine months of 2008 compared to $2.70 million for the same period in 2007, primarily due to the increase of the expenses related to the Company's status as a public company with its securities traded on a U.S. national exchange (including accounting and legal expenses in connection with the restatement), expenses relating to business expansion, and the allowance for doubtful accounts due to the increase of trade receivables aging over one to two years.

Operating loss for the first nine months of 2008 was $1.63 million compared with operating income of $3.23 million for the same period of 2007.

Net loss the first nine months of 2008 was $2.24 million, or $0.11 loss per diluted share. This compares to a net income of $3.66 million, or $0.19 earnings per diluted share for the same period of 2007.

As of September 30, 2008, the Company's total cash and cash equivalents amounted to $1.08 million as compared with $2.80 million as of December 31, 2007. Total shareholders' equity amounted to $9.82 million as of September 30, 2008 compared with total shareholders' equity of $11.31 million as of December 31, 2007.

Following the completion of its independent internal investigation and financial restatement for the full year 2007 and the first quarter of 2008, as well as the filings of its quarterly reports for the second and third quarters of 2008, the Company will await confirmation from the NYSE Alternext US LLC (formerly the American Stock Exchange) (the "Exchange") that it has regained compliance with the Exchange's listing standards. The company will request that the Exchange permit its common stock to resume trading under the ticker symbol "KUN," shortly.

"We are very pleased to have the investigation and restatement behind us and are glad that our shares are expected to resume trading on the NYSE Alternext US LLC," said Mr. Gui Hua Lan, Chief Executive Officer of China Shenghuo. "I want to reiterate that after this rigorous process, I am very confident in the integrity of our results."

"As for our financial performance, our results for the first nine months of 2008 demonstrated measurable sales improvements, said Mr. Feng Lan, President of China Shenghuo. "We continue to focus our efforts on expanding our share in the vast Chinese cardiovascular and cerebrovascular market. Our flagship product, Xuesaitong Soft Capsules, continued to perform well, and our 12 Ways cosmetics products are gradually gaining national recognition. We believe that the Company's fundamentals remain strong and our products are well regarded in China."

Conference Call Information

The Company will host a conference call, to be simultaneously webcast, on Tuesday, November 25, 2008 at 10:00 a.m. Eastern Standard Time / 11:00 p.m. Beijing Time. Interested parties may participate in the conference call by dialing +1-877-407-9205 (North America) or +1-201-689-8054 (International) approximately five to ten minutes before the call start time. A live webcast of the conference call will be available on the following website: http://www.investorcalendar.com/IC/CEPage.asp?ID=137977

A replay of the conference call will be available until December 9, 2008 at 11:59 p.m. Interested parties may access the replay by dialing +1-877-660- 6853 (North America) or + 1-201-612-7415 (International) and entering account number 286 and conference ID number 304436. An archived webcast of the conference call will be available at the website listed above until February 22, 2009.

About China Shenghuo

Founded in 1995, China Shenghuo is a specialty pharmaceutical company that focuses on the research, development, manufacture and marketing of Sanchi- based medicinal and pharmaceutical, nutritional supplement and cosmetic products. Through its subsidiary, Kunming Shenghuo Pharmaceutical (Group) Co., Ltd., it owns thirty SFDA (State Food and Drug Administration) approved medicines, including the flagship product Xuesaitong Soft Capsules, which has already been listed in the Insurance Catalogue. At present, China Shenghuo incorporates a sales network of agencies and representatives throughout China, which markets Sanchi-based traditional Chinese medicine to hospitals and drug stores as prescription and OTC drugs primarily for the treatment of cardiovascular, cerebrovascular and peptic ulcer disease. The Company also exports medicinal products to Asian countries such as Indonesia, Russia and Kyrgyzstan. For more information, please visit http://www.shenghuo.com.cn .

Safe Harbor Statement

This press release may contain certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and the actual results and future events could differ materially from management's current expectations. Such factors include, but are not limited to, risks of litigation and governmental or other regulatory inquiry or proceedings arising out of or related to any of the matters described in recent press releases, including arising out of the restatement of the Company's financial statements; the Company's continuing ability to satisfy any requirements which may be prescribed by the Exchange for continued listing on the Exchange; potential adverse effects to the Company's financial condition, results of operations or prospects as a result of possible changes to or restatements of prior period financial statements; risks arising from potential weaknesses or deficiencies in the Company's internal control over financial reporting; the Company's reliance on one supplier for Sanchi; the possible effect of adverse publicity on the Company's business, including possible contract cancellation; the Company's ability to develop and market new products; the Company's ability to establish and maintain a strong brand; the Company's continued ability to obtain and maintain all certificates, permits and licenses required to open and operate retail specialty counters to offer its cosmetic products and conduct business in China; protection of the Company's intellectual property rights; market acceptance of the Company's products; changes in the laws of the People's Republic of China that affect the Company's operations; cost to the Company of complying with current and future governmental regulations; the impact of any changes in governmental regulations on the Company's operations; general economic conditions; and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.



    China Shenghuo Pharmaceutical Holdings, Inc.
    Consolidated Balance Sheets
    (Unaudited)

                                                    June 30,      December 31,
                                                      2008            2007
    ASSETS:                                                       As Restated
    Current Assets:

     Cash and cash equivalents                      $744,575       $2,800,641

     Accounts and notes receivable, less
      allowance for doubtful
      accounts of $6,466,649 and $3,218,661,
      respectively                                 9,227,579       10,567,672

     Employee advances, less allowance for
      doubtful accounts of
      $784,500 and $729,995, respectively          8,874,047        8,249,806

     Advances to suppliers                           681,391          669,858

     Inventory, net of reserve for obsolescence
      of $166,872 and $136,359, respectively       3,969,302        4,125,193

     Receivable from related parties                      --           27,555

     Other current assets                             30,991          159,657

    Total Current Assets                          23,527,885       26,600,382

     Property, plant and equipment, net of
      accumulated depreciation of
      $4,953,450 and $4,247,993, respectively      7,769,698        7,573,204

     Intangible assets, net of accumulated
      amortization of $55,341 and
      $42,957, respectively                          680,198          648,090

    Long-term employee advances, less
     allowance for doubtful accounts of
     $1,358,402 and $1,717,078, respectively         592,608          514,042

    TOTAL ASSETS                                 $32,570,389      $35,335,718

    LIABILITIES AND STOCKHOLDERS' EQUITY:
    Current Liabilities:

     Accounts payable                             $1,454,486         $745,514

     Accrued expenses                              1,795,233        2,017,748

     Deposits                                      2,757,554        3,439,892

     Payable to related parties                       50,561           94,939

     Short-term notes payable                      4,731,702        5,334,260

     Advances from customers                         129,396          119,287

     Taxes and related payables                      650,759          855,084

     Current portion of long-term debt             2,910,446        4,101,667

    Total Current Liabilities                     14,480,137       16,708,391

    Long-Term Debt                                 8,149,248        6,836,111

    Total Liabilities                             22,629,385       23,544,502

    Minority Interest in Net Assets of
     Subsidiaries                                    329,162          479,318

    Stockholders' Equity:
    Preferred stock, $0.0001 par value,
     10,000,000 shares authorized,
     0 shares outstanding                                 --              --

    Common stock, $0.0001 par value,
     100,000,000 shares authorized,
     19,679,400 outstanding, respectively              1,968            1,968

    Additional paid-in capital                     6,193,927        6,193,927

    Statutory reserves                               147,023          147,023

    Retained earnings                              1,649,208        4,039,337
    Accumulated other comprehensive income,
     foreign currency translation                  1,619,716          929,643

    Total Stockholders' Equity                     9,611,842       11,311,898

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $32,570,389      $35,335,718



    China Shenghuo Pharmaceutical Holdings, Inc.
    Consolidated Balance Sheets
    (Unaudited)

                                                   September 30,   December 31,
                                                       2008           2007
    ASSETS:                                                       As Restated
    Current Assets:
     Cash and cash equivalents                      $1,080,724    $2,800,641
     Accounts and notes receivable, less allowance
      for doubtful accounts of $6,814,980
      and $3,218,661, respectively                   8,542,803    10,567,672
     Employee advances, less allowance for
      doubtful accounts of $23,884 and
      $729,995, respectively                        10,302,878     8,249,806
     Advances to suppliers                             776,438       669,858
     Inventory, net of reserve for obsolescence of
      $130,088 and $136,359, respectively            4,060,925     4,125,193
     Receivable from related parties                    94,461        27,555
     Other current assets                               17,500       159,657
     Total Current Assets                           24,875,729    26,600,382
     Property, plant and equipment, net of
      accumulated depreciation of $5,148,741
      and $4,247,993, respectively                   7,687,342     7,573,204
    Intangible assets, net of accumulated
     amortization of $61,913 and
     $42,957, respectively                             675,406       648,090

    Long-term employee advances, less allowance
     for doubtful accounts of $881,198
     and $1,717,078, respectively                      544,320       514,042
    TOTAL ASSETS                                   $33,782,797   $35,335,718

    LIABILITIES AND STOCKHOLDERS' EQUITY:
    Current Liabilities:
     Accounts payable                               $1,465,178      $745,514
     Accrued expenses                                1,649,091     2,017,748
     Deposits                                        3,623,968     3,439,892
     Payable to related parties                        236,632        94,939
     Short-term notes payable                        4,743,230     5,334,260
     Advances from customers                           249,782       119,287
     Taxes and related payables                        571,113       855,084
     Current portion of long-term debt               8,460,854     4,101,667
    Total Current Liabilities                       20,999,848    16,708,391
    Long-Term Debt                                   2,625,782     6,836,111
    Total Liabilities                               23,625,630    23,544,502

    Minority Interest in Net Assets of
     Subsidiaries                                      336,923       479,318

    Stockholders' Equity:
     Preferred stock, $0.0001 par value,
      10,000,000 shares authorized, 0
      shares outstanding                                    --            --
     Common Stock, $0.0001 par value, 100,000,000
      shares authorized, 19,679,400
      outstanding, respectively                          1,968         1,968
     Additional paid-in capital                      6,193,927     6,193,927
     Statutory reserves                                147,023       147,023
     Retained earnings                               1,803,494     4,039,337
     Accumulated other comprehensive income,
      foreign currency translation                   1,673,832       929,643
    Total Stockholders' Equity                       9,820,244    11,311,898
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $33,782,797   $35,335,718



    China Shenghuo Pharmaceutical Holdings, Inc.
    Consolidated Statements of Operations and Comprehensive Income
    (Unaudited)

                              Three Months Ended         Six Months Ended
                                   June 30,                  June 30,
                               2008         2007         2008         2007


    Sale of Products       $8,591,297   $6,356,217  $14,077,765  $10,683,342
    Cost of Products Sold   2,988,119    1,580,478    5,087,581    2,722,176
    Gross Profit            5,603,178    4,775,739    8,990,184    7,961,166

    Operating Expenses:
    Selling expense         4,035,573    2,031,590    5,677,075    3,634,414
    General and
     administrative expense 2,714,259    1,388,866    5,181,837    2,362,471
    Research and
     development expense       70,213        2,472      189,189        5,349
    Total Operating
     Expenses               6,820,045    3,422,928   11,048,101    6,002,234

    Income (Loss) from
     Operations            (1,216,867)   1,352,811   (2,057,917)   1,958,932

    Other Income (Expense):
    Interest income             1,848        2,804        5,113        9,266
    Income from research
     and development
     activities                75,588       79,786      338,625       81,004
    Interest expense         (435,114)    (209,458)    (691,196)    (389,641)
    Non-operating expenses    (65,337)          --     (138,482)          --
    Net Other Expense        (423,015)    (126,868)    (485,940)    (299,371)

    Income Before Income
     Taxes                 (1,639,882)   1,225,943   (2,543,857)   1,659,561
    Benefit from (provision
     for) income taxes          2,163      172,769          (13)   1,310,247
    Minority interest in
     income of subsidiaries   100,250      (80,876)     153,741     (178,796)

    Net (Loss) Income     $(1,537,469)  $1,317,836  $(2,390,129)  $2,791,012
    Foreign currency
     translation
     adjustment               217,091      189,062      690,073      274,797
    Comprehensive Income  $(1,320,378)  $1,506,898  $(1,700,056)  $3,065,809

    Earnings Per Share
    Basic                      $(0.08)       $0.07       $(0.12)       $0.15
    Diluted                    $(0.08)       $0.07       $(0.12)       $0.15
    Weighted-Average Shares
    Outstanding

    Basic                  19,679,400   19,175,004   19,679,400   19,147,356

    Diluted                19,679,400   19,228,838   19,679,400   19,200,691



    China Shenghuo Pharmaceutical Holdings, Inc.
    Consolidated Statements of Operations and Comprehensive Income
    (Unaudited)

                               Three Months Ended        Nine Months Ended
                                  September 30,            September 30,
                               2008         2007         2008        2007

    Sale of Products        $7,281,384   $4,201,613  $21,359,149 $14,884,955
    Cost of Products Sold    1,973,865    1,039,578    7,061,446   3,761,754
    Gross Profit             5,307,519    3,162,035   14,297,703  11,123,201

    Operating Expenses:
    Selling expense          2,989,486    1,545,554    8,666,561   5,179,968
    General and
     administrative expense  1,819,573      341,372    7,001,410   2,703,843
    Research and development
     expense                    66,052        5,371      255,241      10,720
    Total Operating Expenses 4,875,111    1,892,297   15,923,212   7,894,531

    Income (Loss) from
     Operations                432,408    1,269,738   (1,625,509)  3,228,670

    Other Income (Expense):
    Interest income                588        5,446        5,701      14,712
    Income from research and
    development activities       5,745          384      344,370      81,388
    Interest expense          (272,002)    (275,514)    (963,198)   (665,155)
    Non-operating expenses        (330)          --     (138,812)         --
    Net Other Expense         (265,999)    (269,684)    (751,939)   (569,055)

    Income (Loss) Before
     Income Taxes              166,409    1,000,054   (2,377,448)  2,659,615
    Benefit from (provision
     for) income taxes          (4,471)     (86,861)      (4,484)  1,223,386
    Minority interest in
     income of
    subsidiaries                (7,652)     (45,552)     146,089    (224,348)

    Net Income (Loss)         $154,286     $867,641  $(2,235,843) $3,658,653
    Foreign currency
     translation
     adjustment                 54,116      174,392      744,189     449,189
    Comprehensive Income
     (Loss)                   $208,402   $1,042,033  $(1,491,654) $4,107,842

    Earnings (Loss) Per Share
    Basic                        $0.01        $0.04       $(0.11)      $0.19
    Diluted                      $0.01        $0.04       $(0.11)      $0.19
    Weighted-Average Shares
    Outstanding

    Basic                   19,679,400   19,579,400   19,679,400  19,292,953

    Diluted                 19,679,400   19,635,898   19,679,400  19,345,401


    For more information, please contact:

     China Shenghuo Pharmaceutical Holdings, Inc.
     Mr. Changhua Mu
     Securities Affairs Representative
     Tel: +86-871-7282698
     Email: c.mu@chinashenghuo.net

     Grayling Global
     Eddie Cheung
     Investor Relations
     Tel: 646-284-9414
     Email: echeung@hfgcg.com

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SOURCE China Shenghuo Pharmaceutical Holdings, Inc.
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