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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

eased expenses associated with human resources, increased administrative expenses resulting from our growth over that period and from additional expenses resulting from becoming a publicly listed company in the U.S.

Research and development expenses. Research and development expenses were $263,300 in 2007 compared to $124,300 in 2006. This was due to new product development including our MLC, linear accelerator and next generation SGS device.

Net Income

Net income for 2007 was $9.02 million, an increase of 2.2 million or 32% compared to $6.82 million in 2006. This increase was due primarily to the increase in product sales.

Comprehensive Income

Comprehensive income for 2007 was $9.72 million, an increase of $2.89 million or 42% compared to $6.82 million in 2006.

Balance Sheet

As of December 31, 2007, the Company had total assets of $18.86 million, of which cash amounted to $866,585, accounts receivable amounted to $8.25 million, prepayment and other current assets amounted to $3.27 million and inventories amounted to $1.07 million. Working capital was approximately $11.08 million. The quick ratio was approximately 4.18:1.

Overview of results for quarter ended March 31, 2008

Operating revenues

Total revenues for the three months ended March 31, 2008 were approximately $1.36 million, a decrease by roughly $2.57 million compared to approximately $3.93 million for the same period of the prior year. This decrease resulted from delays in installations of our radiotherapy units. The Company recognizes revenue only once a purchased radiotherapy unit is actually installed. The reason for the delays in product installations in the first quarter was due to the combination of the Spring Festival holiday and the unexpected, severe snow storms and generally bad weather that impacted China over that period.

Revenue Backlog

Revenue backlog from product sales as of March 31, 2008 was approximately $1
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SOURCE Huiheng Medical, Inc.
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