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Huiheng Medical, Inc. Reports Record Financial Results for Fiscal Year 2007 and Financial Results for Q1 2008
Date:5/16/2008


Financial Highlights:

- 2007 Comprehensive Income increased 42% to $9.7 million

- 2007 Revenue increased 29% to $15.9 million

- 2007 Gross Margin of 76%

- Product Sales Backlog as of March 31, 2008 increased 410% to $12.2

million from $2.4 million as of December 31, 2007

SHENZHEN, China, May 16 /Xinhua-PRNewswire-FirstCall/ -- Huiheng Medical, Inc. ("Huiheng" or the "Company") (OTC Bulletin Board: HHGM), a China-based leader in the development, sales and support of radiation therapy equipment used for the treatment of cancer, announced financial results for the year ended December 31, 2007 and for the three months ended March 31, 2008.

Comments from Mr. Hui Xiaobing, Chairman & CEO

Mr. Hui commented, "We believe the market for radiation therapy in China has strong secular growth drivers in place. China's aging population, high rate of cancer incidence, and increasing demand for high-quality medical equipment and efficient healthcare services are some of the key factors we believe will contribute to the growth of the radiotherapy equipment market."

Mr. Hui concluded, "2007 was a very successful year for us, as our revenues grew by nearly 30% and our bottom line comprehensive income grew by more than 40%. We are now looking forward to 2008 and anticipating another strong year. Despite the Chinese New Year Holiday and the severe snowstorms that struck China in the first quarter, 2008 has started off strong as our revenue backlog from product sales increased to approximately $12.24 million as of March 31st, 2008 from approximately $2.4 million as of December 31, 2007."

Overview of 2007 Results

Operating revenues

For the year ended December 31, 2007, net revenues were $15.94 million, an increase of $3.59 million, or 29%, compared to $12.35 million for year ended 2006.

Total revenues from product sales were $9.53 million for 2007, an increase of $2.92 million or 44%, c
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SOURCE Huiheng Medical, Inc.
Copyright©2008 PR Newswire.
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