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China Kanghui Holdings Reports Third Quarter 2011 Financial Results
Date:11/9/2011

CHANGZHOU, China, Nov. 9, 2011 /PRNewswire-Asia/ -- China Kanghui Holdings (NYSE: KH) ("Kanghui" or the "Company"), a leading domestic developer, manufacturer and marketer of orthopedic implants in China, today announced financial results for the third quarter of 2011.

Third Quarter 2011 Highlights

  • Total net revenue for the third quarter of 2011 increased by 26.9% year-over-year to RMB80.7 million from RMB63.6 million in the corresponding period of the prior year.
  • Gross profit for the third quarter of 2011 increased by 28.0% year-over-year to RMB58.5 million from RMB45.7 million in the corresponding period of the prior year
  • Operating income for the third quarter of 2011 increased by 12.3% year-over-year to RMB36.4 million from 32.4 million in the corresponding period of the prior year.
  • Net income for the third quarter of 2011 increased by 8.6% year-over-year to RMB28.9 million from RMB26.6 million in the corresponding period of the prior year.
  • Non-GAAP(1) net income for the third quarter of 2011 increased by 11.0% year-over-year to RMB31.3 million from RMB28.2 million in the corresponding period of the prior year.

  • Mr. Libo Yang, Chief Executive Officer of the Company, stated, "We are very pleased that Kanghui once again exceeded expectations and delivered another strong quarterly financial performance in the third quarter of 2011.  We continued to benefit from strong growth in our domestic sales, as we further enhanced our brand recognition and market share in China. We believe our new manufacturing facilities, new product introductions and the smooth integration of our recent acquisitions have laid a strong foundation for our future growth.  In short, the third quarter of 2011 was another successful milestone that supported our growth strategy.

    Ms. Sarah Wang, Chief Financial Officer of Kanghui, commented, "Our strong third quarter performance demonstrates the resiliency of Kanghui's balanced and diversified revenue model, pursuant to which the decrease in our international sales were fully covered by our strong growth in domestic and OEM sales.  We continued to benefit from firm pricing in our proprietary products and achieved strong gross profits.  Considering the strong demand for our products and our increasing market share, we feel confident about our future prospects for the remainder of 2011 and beyond."

    Third Quarter 2011 Financial and Operating Results Net revenue increased by 26.9% year-over-year to RMB80.7 million ($12.7 million) in the third quarter of 2011 from RMB63.6 million in the corresponding period of the prior year.  Net revenue from trauma products increased by 22.8% year-over-year to RMB48.5 million ($7.6 million) in the third quarter of 2011 from RMB39.5 million in the corresponding period of the prior year. Net revenue from spine products increased by 34.4% year-over-year to RMB25.4 million ($4.0 million) in the third quarter of 2011 from RMB18.9 million in the corresponding period of the prior year. Net revenue from OEM products increased by 30.8% year-over-year to RMB6.8 million ($1.1 million) in the third quarter of 2011 from RMB5.2 million in the corresponding period of the prior year. Domestic sales of proprietary products increased by 36.5% year-over-year to RMB64.0 million ($10.0 million) in the third quarter of 2011 from RMB46.9 million in the corresponding period of the prior year, while international sales of proprietary products decreased by 13.9% year-over-year to RMB9.9 million ($1.6 million) in the third quarter of 2011 from RMB11.5 million in the corresponding period of the prior year.

    In the third quarter of 2011, cost of revenue increased by 23.5% to RMB22.1 million ($3.5 million) from RMB17.9 million in the corresponding period of the prior year. Gross profit increased by 28.0% to RMB58.5 million ($9.2 million) in the third quarter of 2011 from RMB45.7 million in the corresponding period of the prior year. Gross margin for the third quarter of 2011 was 72.5%, compared to 71.9% in the corresponding period of the prior year.  Selling expenses increased by 50.9% to RMB8.3 million ($1.3 million) in the third quarter of 2011 from RMB5.5 million in the corresponding period of the prior year. General and administrative expenses increased by 72.6% to RMB10.7 million ($1.7 million) in the third quarter of 2011 from RMB6.2 million in the corresponding period of the prior year.  Research and development expenses increased by 88.2% to RMB3.2 million ($502, 000) in the third quarter of 2011 from RMB1.7 million in the corresponding period of the prior year.

    Provision for income taxes in the third quarter of 2011 was RMB11.1 million ($1.7 million), representing an effective tax rate of 27.9%, compared to an income tax expense of RMB4.3 million in the corresponding period of the prior year.

    Operating income increased by 12.3% to RMB36.4 million ($5.7 million) in the third quarter of 2011 from RMB32.4 million in the corresponding period of the prior year. Operating margin decreased to 45.1% in the third quarter of 2011 from 50.9% in the corresponding period of the prior year.

    Net income was RMB28.9 million ($4.5 million) in the third quarter of 2011, representing a year-over-year increase of 8.6% from RMB26.6 million in the corresponding period of the prior year. On a diluted per ADS(2) basis, the Company reported net income per diluted ADS of RMB1.12 ($0.18) in the third quarter of 2011, compared to a net income per diluted ADS of RMB0.73 in the corresponding period of the prior year. Non-GAAP net income, which excludes share based compensation expenses, increased by 11.0% to RMB31.3 million ($4.9 million) from RMB28.2 million in the corresponding period of the prior year. The Company reported non-GAAP net income per diluted ADS of RMB1.21 ($0.19) in the third quarter of 2011, compared to a non-GAAP net income per diluted ADS of RMB0.81 in the corresponding period of the prior year.  

    During the third quarter of 2011, the Company had a weighted average diluted share count of approximately 155.2 million shares (equivalent to 25.9 million ADSs), compared to 112.3 million shares (equivalent to 18.7 million ADSs) in the corresponding period of the prior year.

    Balance SheetAs of September 30, 2011, the Company had cash and cash equivalents of RMB340.4 million ($53.4 million), compared to RMB262.5 million as of December 31, 2010. As of September 30, 2011, the Company held short-term investments of RMB93.2 million ($14.6 million), compared to RMB266.7 million as of December 31, 2010.

    Business OutlookMr. Yang added, "Taken into account our strong third quarter performance and the continued demand for all of our product lines, we are once again increasing our revenue and net income guidance for full year 2011."

    The Company anticipates revenue for full year 2011 to increase to the range of RMB313 million to RMB318 million, which represents a year-over-year growth of 29% to 31%.  This compares to the Company's previous 2011 revenue guidance of RMB303 million to RMB313 million.  The Company estimates non-GAAP net income for full year 2011 will increase to the range of RMB124 million to RMB128 million, compared to its previous estimate of RMB122 million to RMB127 million.

    Non-Cash Share-Based Compensation Expense DiscussionThe Company recognized non-cash share-based compensation expenses of approximately RMB2.4 million ($376, 000) in the third quarter of 2011.

    The Company classified these non-cash share-based compensation expenses in its costs of revenue, selling expenses, general and administrative expenses as well as in research and development expenses. The break out of these expenses per line item is provided in the financial tables attached to this press release.

    The Company has provided a non-GAAP presentation of results which excludes the non-cash share-based compensation expenses. Please refer to the non-GAAP presentation provided in the appendix for a year over year comparison of non-cash share-based compensation expenses. The Company believes that non-GAAP presentation is a helpful tool for the Company to plan and forecast future periods and both management and investors benefit from referring to such non-GAAP presentation in assessing the performance of the Company.

    Conference CallKanghui will hold a corresponding conference call and live webcast at 8:00 a.m. ET on Thursday, November 10, 2011 (9:00 p.m. Beijing time on Thursday, November 10, 2011) to discuss the third quarter results and answer questions from investors.  Listeners may access the call by dialing:US Toll Free:

    1-866-519-4004US Toll/International:

    1-718-354-1231Hong Kong Toll Free:

    800-930-346Hong Kong Toll:

    852-2475-0994China Toll Free:

    800-819-0121China Toll:

    400-620-8038Conference ID:

    20863271A replay of the webcast will be accessible through November 24, 2011 on http://ir.kanghui.com or by dialing:

    United States toll free:

    +1-866-214-5335US Toll/International:  

    +1-718-354-1232Passcode:

    20863271About China Kanghui HoldingsFounded in 1997, Kanghui is a leading domestic developer, manufacturer and marketer of orthopedic implants in China. The Company offers a wide array of proprietary orthopedic implant products in trauma and spine. It has an extensive network of distributors for its products in China. In addition, Kanghui's products are distributed in 28 countries. Kanghui has strong research and development capabilities, focused on developing new proprietary products, including new product lines, extensions of existing product lines and enhancements of existing products. For more information, please visit www.kanghui.com.

    Use of Non-GAAP Financial MeasuresThe Company has included non-GAAP financial measures in this press release. Non-GAAP financial measures are defined as GAAP gross profit excluding non-cash share-based compensation expenses, operating income excluding non-cash share-based compensation expenses, net income excluding non-cash share-based compensation expenses, net margin excluding non-cash share-based compensation expenses, basic earnings per share and per ADS excluding non-cash share-based compensation expenses, and diluted earnings per share and per ADS excluding non-cash share-based compensation expenses. The Company believes that management and investors benefit from referring to the non-GAAP financial measures in assessing the performance of the Company and when planning and forecasting future periods. These non-GAAP operating measures are useful for understanding and assessing underlying business performance and operating trends. The use of non-GAAP financial measures has limitations and readers should not consider non-GAAP financial measures in isolation from or as alternatives to consolidated financial metrics prepared in accordance with U.S. GAAP. Readers are encouraged to refer to the reconciliation of non-GAAP measures to GAAP measures included herein.

    Safe-Harbor StatementThis press release contains statements of a forward-looking nature, including, among other things, the Company's unaudited operating results for 2010 and anticipated operating results for 2011, the expected growth driven by the Company's new manufacturing facilities, new product introductions and the smooth integration of its recent acquisitions, the continued demand for the Company's products, the Company's ability to increase its market share, future prospects of the Company and the ability for the Company to realize its business plans for the remainder of 2011. These forward-looking statements are not historical facts but instead represent only the Company's belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of the Company's control. The actual results and other circumstances of the Company may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the third quarter 2011 are preliminary, unaudited and subject to audit adjustment. Adjustments to the financial statements may be identified when audit work is performed for the year end audit, which could result in significant differences from this preliminary unaudited financial information. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements may include, but are not limited to, statements containing words such as "may," "could," "would," "plan," "anticipate," "believe," "estimate," "predict," "potential," "expects," "intends" and "future" or similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to change at any time. These forward-looking statements are based upon management's current expectations and are subject to a number of risks, uncertainties and contingencies, many of which are beyond the Company's control that may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including the Company's beliefs regarding its strengths and strategies; the Company's ability to expand its international business; the Company's ability to develop and successfully market new products in China and internationally; the Company's current expansion strategy, including its ability to expand its manufacturing and research and development facilities and capabilities and the Company's future prospects, business development, results of operations and financial condition. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report on Form 20F for the fiscal year 2010, as filed with the Securities and Exchange Commission on June 3, 2011, and are available on the Securities and Exchange Commission's website at www.sec.gov.  For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see "Risk Factors" that begins on page 5 of the Company's annual report for fiscal year 2010 and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission, which can be found on the Company's website at www.kanghui.com or at www.sec.gov.

    Contact InformationChina Kanghui Holdings Investor Relations Department  
    +1-888-321-2558

    Asia Bridge Capital Limited
    Carene Toh
    +86-186 1835 6339
    carene.toh@asiabridgegroup.com

    China Kanghui HoldingsSummary - ThirdQuarter 2011(RMB in thousands, except for share, ADS, per share data and per ADS data)Three Months Ended
    Septemer 30,Nine Months Ended
    September 30,2010201120102011 Unaudited

    Unaudited Unaudited

    Unaudited Net revenue

    63,599

    80,659170,469

    230,392Gross profit

    45,701

    58,514119,143

    165,279Non-GAAP gross profit

    45,755

    58,563119,286

    165,427Operating income

    32,355

    36,37177,419

    96,549Non-GAAP operating income

    33,939

    38,77384,753

    101,906Net income

    26,648

    28,88572,178

    78,733Non-GAAP net income

    28,232

    31,28779,512

    84,090Earnings per share -basic

    0.14

    0.210.09

    0.57Earnings per share -diluted

    0.12

    0.190.08

    0.51Earnings per ADS -basic

    0.81

    1.230.56

    3.41Earnings per ADS -diluted

    0.73

    1.120.49

    3.08Non-GAAP earnings per share -basic

    0.15

    0.220.20

    0.61Non-GAAP earnings per share -diluted

    0.14

    0.200.17

    0.55Non-GAAP earnings per ADS -basic

    0.91

    1.341.17

    3.64Non-GAAP earnings per ADS -diluted

    0.81

    1.211.02

    3.29- Revenue By Product CategoryTrauma

    39,493

    48,444110,473

    137,926Spine

    18,869

    25,37245,974

    70,826OEM

    5,237

    6,84314,022

    21,640- Revenue by Business SectorDomestic

    46,835

    63,909127,360

    171,651International

    11,527

    9,90729,087

    37,101OEM

    5,237

    6,84314,022

    21,640China Kanghui HoldingsConsolidated Balance SheetsExpressed in thousandsAs of December
    31, 2010As of September 30,
    2011RMBRMB

    US$ Unaudited

    Unaudited AssetsCurrent assets:Cash and cash equivalents262,476340,418

    53,374Bills receivable8,1634,927

    772Short-term investments266,67393,238

    14,619Accounts receivable, net55,13184,448

    13,241Inventories, net86,266105,238

    16,500Prepayments and other current assets11,69319,288

    3,023Deferred tax assets12,13416,214

    2,542Amount due from related parties6441,388

    218Total current assets703,180665,159

    104,289Non-current assets:Property, plant and equipment, net107,237246,551

    38,657Intangible assets, net46,99563,122

    9,897Prepaid land lease payments23,29822,933

    3,596Goodwill131,527155,341

    24,356Long-term investments-26,486

    4,153Deposits for non-current assets37,5076,137

    962Deferred tax assets2,4362,805

    440Other long-term assets-352

    55Total non-current assets349,000523,727

    82,116Total assets1,052,1801,188,886

    186,405Liabilities and equityCurrent liabilities:Accounts payable15,08618,672

    2,928Accrued expenses and other liabilities47,43361,214

    9,598Income tax payable2,8306,529

    1,024Deferred revenue289119

    19Uncertain tax positions8,00416,925

    2,654Amount due to related parties4,0402,266

    355Deferred tax liabilities-378

    59Total current liabilities77,682106,103

    16,637Non-current liabilities:Deferred government grants5,5115,210

    817Deferred tax liabilities11,70015,750

    2,469Total non-current liabilities17,21120,960

    3,286Total liabilities94,893127,063

    19,923Commitments and contingenciesEquity:Ordinary shares (par value of US$0.001 per share; 1,000,000,000 shares authorized as of December 31, 2010 and September 30, 2011 (unaudited); 136,821,600 shares issued and outstanding as of December 31, 2010 and 140,401,842 shares issued and outstanding as of September 30, 2011 (unaudited)) 9991,022

    160Additional paid-in capital892,298910,954

    142,828Accumulated other comprehensive loss(16,737)(17,833)

    (2,796)Statutory reserves31,24731,247

    4,899Retained earnings49,480128,213

    20,102Total China Kanghui Holdings shareholders' equity957,2871,053,603

    165,193Non-controlling interests-8,220

    1,289Total equity957,2871,061,823

    166,482Total liabilities and equity1,052,1801,188,886

    186,405China Kanghui HoldingsConsolidated Statements of OperationsExpressed in thousands, except share and per share dataThree Months Ended September 30,Nine Months Ended September 30,2010201120102011RMB

    RMB

    US$RMB

    RMB

    US$Unaudited

    Unaudited

    UnauditedUnaudited

    Unaudited

    UnauditedNet revenue63,599

    80,659

    12,646170,469

    230,392

    36,123Cost of revenue

    (17,898)

    (22,145)

    (3,472)(51,326)

    (65,113)

    (10,209)Gross profit45,70158,5149,174119,143165,27925,914Operating expensesSelling expenses

    (5,470)

    (8,261)

    (1,295)(16,957)

    (26,999)

    (4,233)General and administrative expenses

    (6,150)

    (10,664)

    (1,672)(21,009)

    (35,212)

    (5,521)Research and development costs

    (1,726)

    (3,218)

    (505)(3,758)

    (6,519)

    (1,022)Operating income32,35536,3715,70277,41996,54915,138Interest income

    1,207

    6,295

    9871,857

    10,543

    1,653Government grants

    330

    -

    -360

    3,190

    500Other income

    34

    941

    147478

    1,934

    303Other expenses

    (36)

    (970)

    (152)(313)

    (1,878)

    (294)Foreign exchange loss

    (2,900)

    (2,783)

    (436)(3,081)

    (8,124)

    (1,274)Income before income taxes30,99039,8546,24876,720102,21416,026Income tax expense

    (4,342)

    (11,108)

    (1,742)(4,542)

    (23,869)

    (3,742)Net income26,64828,7464,50672,17878,34512,284Net loss attributable to non-controlling interests

    -

    139

    22-

    388

    61Net income attributable to China Kanghui Holdings26,64828,8854,52872,17878,73312,345Accretion of redeemable convertible preferred shares:Series A

    (1,483)

    -

    -(7,572)

    -

    -Series B

    (10,977)

    -

    -(54,988)

    -

    -Series B-1

    (567)

    -

    -(2,844)

    -

    -Net income attributable to ordinary shareholders13,62128,8854,5286,77478,73312,345Earnings per share Basic0.14

    0.21

    0.030.09

    0.57

    0.09Diluted0.12

    0.19

    0.030.08

    0.51

    0.08Shares used in earnings per share computationBasic

    100,380,949

    140,358,000

    140,358,00072,092,871

    138,642,708

    138,642,708Diluted

    112,329,330

    155,152,302

    155,152,30282,816,965

    153,254,979

    153,254,979Share-based compensation charges incurred during the period related to:Cost of revenue

    54

    49

    8143

    148

    23Selling expenses

    120

    108

    17348

    329

    52General and administrative expenses

    1,356

    2,195

    3446,701

    4,732

    742Research and development expenses

    54

    50

    8142

    148

    23Total1,5842,4023777,3345,357840China Kanghui HoldingsReconciliations of Non-GAAP Results o GAAP Results of Operations(RMB in thousands, except for share, ADS, per share data and per ADS data)Three Months Ended
    September 30,Nine Months Ended
    September 30,2010201120102011Unaudited

    UnauditedUnaudited

    UnauditedNet revenue63,599

    80,659170,469

    230,392Non-GAAP net income28,232

    31,28779,512

    84,090 Non-GAAP net margin44.4%

    38.8%46.6%

    36.5%Share-based compensation(1,584)

    (2,402)(7,334)

    (5,357)GAAP net income26,648

    28,88572,178

    78,733 GAAP net margin41.9%

    35.8%42.3%

    34.2%Non GAAP earnings per share -basic0.15

    0.220.20

    0.61Non GAAP earnings per share -diluted0.14

    0.200.17

    0.55Non GAAP earnings per ADS -basic0.91

    1.341.17

    3.64Non GAAP earnings per ADS -diluted0.81

    1.211.02

    3.29GAAP earnings per share -basic0.14

    0.210.09

    0.57GAAP earnings per share -diluted0.12

    0.190.08

    0.51GAAP earnings per ADS -basic0.81

    1.230.56

    3.41GAAP earnings per ADS -diluted0.73

    1.120.49

    3.08Shares used in computation of:Basic earnings per share100,380,949

    140,358,00072,092,871

    138,642,708Diluted earnings per share112,329,330

    155,152,30282,816,965

    153,254,979Basic earnings per ADS16,730,158

    23,393,00012,015,479

    23,107,118Diluted earnings per ADS18,721,555

    25,858,71713,802,828

    25,542,496Non-GAAP operating income33,939

    38,77384,753

    101,906 Non-GAAP operating margin53.4%

    48.1%49.7%

    44.2%Share-based compensation(1,584)

    (2,402)(7,334)

    (5,357)GAAP operating income32,355

    36,37177,419

    96,549 GAAP operating margin50.9%

    45.1%45.4%

    41.9%Non-GAAP gross profit45,755

    58,563119,286

    165,427 Non-GAAP gross margin71.9%

    72.6%70.0%

    71.8%Share-based compensation(54)

    (49)(143)

    (148)GAAP gross profit45,701

    58,514119,143

    165,279 GAAP gross margin71.9%

    72.5%69.9%

    71.7%(1) All non-GAAP measures exclude share-based compensation expenses. For further details on non-GAAP measures, please refer to the reconciliation tables and a detailed discussion of the Company's use of non-GAAP information set forth elsewhere in this press release.(2) Each of the Company's American Depositary Shares ("ADS"), which are traded on New York Stock Exchange, represents six of the Company's ordinary shares.(3) This announcement contains translations of certain Renminbi ("RMB") amounts into US dollars ("$") at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to US dollars as of and for the quarter ended September 30, 2011 were made at the noon buying rate of RMB6.3780 to USD1.00 on September 30, 2011 in the City of New York for cable transfers in Renminbi per US dollar as certified for customs purposes by the Federal Reserve Bank of New York. The Company makes no representation that the Renminbi or US dollar amounts referred to in this press release could have been or could be converted into US dollars or Renminbi, at any particular rate or at all.
    '/>"/>

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