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China Medical Technologies Reports First Fiscal Quarter Financial Results
Date:8/16/2010

China Medical Technologies Reports First Fiscal Quarter Financial Results -- BEIJING, Aug. 16 /PRNewswire-Asia-FirstCall/ --


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Health Care & Hospitals, Medical Equipment, Medical Pharmaceuticals, Earnings Forecasts & Projections, Earnings Click to view news release full screen  

China Medical Technologies Reports First Fiscal Quarter Financial Results

 

BEIJING, Aug. 16 /PRNewswire-Asia-FirstCall/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED), a leading China-based advanced in-vitro diagnostic ("IVD") company, today announced its unaudited financial results for the first fiscal quarter ended June 30, 2010 ("1Q FY2010").

1Q FY2010 Highlights -- Revenues decreased by 10.9% year-over-year to RMB186.2 million (US$27.5 million) but increased by 5.9% sequentially. -- Net income was RMB33.7 million (US$5.0 million). -- Non-GAAP net income, as defined below, decreased by 21.4% year-over- year to RMB57.0 million (US$8.4 million) but increased by 10.8% sequentially. -- EBITDA, as defined below, was RMB142.0 million (US$20.9 million). -- Adjusted EBITDA, as defined below, was RMB105.2 million (US$15.5 million). -- Diluted earnings per ADS* was RMB1.29 (US$0.19). -- Non-GAAP diluted earnings per ADS*, as defined below, decreased by 20.4% year-over-year to RMB2.18 (US$0.32) but increased by 10.1% sequentially. -- Net cash generated from operations was RMB69.8 million (US$10.3 million). -- Approximately RMB101.7 million (US$15.0 million) 3.5% convertible notes and RMB113.6 million (US$16.8 million) 4% convertible notes were purchased and cancelled by the Company. Approximately 285,000 ADSs* were returned to the Company under the share lending agreement in connection with the issuance of 4% convertible notes in August 2008. Outlook for 2Q FY2010 -- Target revenues are expected to be not less than RMB200.0 million (US$29.5 million), representing a year-over-year increase of not less than 20.4% and a quarter-over-quarter increase of not less than 7.4%. -- Target non-GAAP net income is expected to be not less than RMB65.0 million (US$9.6 million), representing a year-over-year increase of not less than 267.9% and a quarter-over-quarter increase of not less than 14.0%. -- Target non-GAAP diluted earnings per ADS* is expected to be not less than RMB2.49 (US$0.37), representing a year-over-year increase of not less than 271.6% and a quarter-over-quarter increase of not less than 14.2%.

The above targets are based on the Company's current views on the operating and market conditions, which are subject to change.

*One American Depositary Share ("ADS") = 10 ordinary shares

See "Non-GAAP Measure Disclosures" below, where the impact of certain items on reported results is discussed.

"We are pleased with the third consecutive sequential growth in our quarterly revenues. Following the recent receipt of SFDA approval for our SPR-based HPV-DNA chip and positive feedback from the trial use of our chip by our hospital customers, we believe that we will achieve accelerated sequential growth in the upcoming quarters," commented Mr. Xiaodong Wu, Chairman and Chief Executive Officer of the Company.

1Q FY2010 Unaudited Financial Results

The Company reported revenues of RMB186.2 million (US$27.5 million) for 1Q FY2010, representing a 10.9% decrease from the corresponding period of FY2009 but a 5.9% increase from 4Q FY2009.

The Company's revenues are currently generated from two segments, molecular diagnostic systems and immunodiagnostic systems. The molecular diagnostic system segment includes FISH products and SPR products while the immunodiagnostic system segment consists of ECLIA products.

Molecular diagnostic system sales for 1Q FY2010 were RMB108.1 million (US$15.9 million), representing a 9.8% increase from the corresponding period of FY2009 and a 7.1% increase from 4Q FY2009. The year-over-year and sequential increase was primarily due to the increase in usage of the Company's FISH probes by existing and new hospital customers served by the Company's direct sales personnel.

Immunodiagnostic system sales for 1Q FY2010 were RMB78.1 million (US$11.5 million), representing a 29.3% decrease from the corresponding period of FY2009 and a 4.3% increase from 4Q FY2009. The year-over-year decrease was primarily due to the price reduction for ECLIA reagent kits since September 2009.

Gross margin was 67.0% for 1Q FY2010 which decreased year-over-year from 73.5% for the corresponding period of FY2009 but improved sequentially from 64.9% for 4Q FY2009. The year-over-year decrease in gross margin was primarily due to the impact of the price reduction for ECLIA reagent kits. The sequential increase in gross margin was primarily due to the price reduction for major raw materials used in the production of ECLIA reagent kits and more contribution from the sales of FISH probes which generate higher gross margin.

Research and development expenses were RMB10.6 million (US$1.6 million) for 1Q FY2010, representing a 9.2% year-over-year decrease but a 2.7% sequential increase. The year-over-year decrease was primarily due to lower stock compensation expenses.

Sales and marketing expenses were RMB18.3 million (US$2.7 million) for 1Q FY2010, representing a 68.0% year-over-year increase and a 9.4% sequential increase. The year-over-year and sequential increase was primarily due to the increase in direct sales efforts for molecular diagnostic systems.

General and administrative expenses were RMB25.1 million (US$3.7 million) for 1Q FY2010, representing a 46.4% year-over-year decrease and a 6.0% sequential decrease. The year-over-year decrease was primarily due to no costs of independent internal investigation for 1Q FY2010.

Amortization of SPR intangible assets was RMB27.3 million (US$4.0 million) for 1Q FY2010. Due to the commencement of sales of HPV-DNA chips, the amortization of SPR intangible assets will be classified from operating expenses to cost of revenues starting from 2Q FY2010.

Interest expense on convertible notes was RMB32.5 million (US$4.8 million) for 1Q FY2010. As of June 30, 2010, the Company's outstanding convertible notes of US$135 million and US$248 million bear interest at 3.5% and 4% per annum, respectively, and will mature in November 2011 and August 2013, respectively.

Interest expense on amortization of convertible notes issuance costs was RMB4.0 million (US$0.6 million) for 1Q FY2010.

Due to the adoption of new authoritative guidance governing the accounting for own-share lending arrangements in contemplation of convertible debt issuance or the financing effective on April 1, 2010, the Company recorded additional non-cash interest expense on amortization of share lending costs of RMB2.5 million (US$0.4 million) for the 4% convertible notes in 1Q FY2010. The Company also made adjustments related to these convertible notes for the corresponding periods of FY2009 by increasing non-cash interest expense on amortization of share lending costs by RMB2.6 million and RMB2.8 million for 4Q FY2009 and 1Q FY2009 respectively, to adopt this guidance retrospectively. There is no share lending arrangement for 3.5% convertible notes.

Other income was RMB43.3 million (US$6.4 million) for 1Q FY2010. The significant year-over-year and sequential increase was primarily due to the gain from the purchase of the Company's convertible notes on the open market.

Income tax expense was RMB18.7 million (US$2.8 million) for 1Q FY2010. The significant income tax expense was primarily because certain expenses of the Company such as stock compensation expense, amortization of acquired intangible assets and interest expense of convertible notes were not deductible for income tax purpose. In addition, the Company is required to accrue for withholding income tax on distributable earnings generated in China during 1Q FY2010.

Net income was RMB33.7 million (US$5.0 million) for 1Q FY2010, representing a significant increase from the corresponding period of FY2009 and 4Q FY2009.

Non-GAAP net income was RMB57.0 million (US$8.4 million) for 1Q FY2010, representing a 21.4% decrease from the corresponding period of FY2009 but a 10.8% increase from 4Q FY2009.

Earnings before interest, taxes, depreciation and amortization ("EBITDA") was RMB142.0 million (US$20.9 million) for 1Q FY2010, representing a 26.6% increase from the corresponding period of FY2009 and a 25.7% increase from 4Q FY2009.

Adjusted EBITDA which excludes stock compensation expense and gain on purchase of convertible notes was RMB105.2 million (US15.5 million) for 1Q FY2010, representing a 15.4% decrease from the corresponding period of FY2009 but a 5.6% increase from 4Q FY2009.

Stock compensation expense for 1Q FY2010 was RMB10.6 million (US$1.6 million), of which RMB0.1 million was allocated to cost of revenues, RMB1.4 million to research and development expenses, RMB0.1 million to sales and marketing expenses and RMB9.0 million to general and administrative expenses.

Amortization of acquired intangible assets for 1Q FY2010 was RMB49.7 million (US$7.3 million), of which RMB22.4 million was allocated to cost of revenues and RMB27.3 million to operating expenses. Due to the commencement of sales of HPV-DNA chips, amortization of acquired intangible assets will all be allocated to cost of revenues starting from 2Q FY2010.

As of June 30, 2010, the Company's cash and cash equivalents was RMB742.3 million (US$109.5 million). Net cash generated from operating activities for 1Q FY2010 was RMB69.8 million (US$10.3 million).

As of June 30, 2010, the Company's net accounts receivable was RMB311.3 million (US$45.9 million), representing an increase of 2.6% from the balance at March 31, 2010.

For the convenience of readers, certain RMB amounts have been translated into U.S. dollars at the rate of RMB6.7815 to US$1.00, the noon buying rate in New York City for cable transfers of RMB per U.S. dollar as set forth in the H.10 weekly statistical release of the Federal Reserve Board, as of Wednesday, June 30, 2010. No representation is made that the RMB amounts could have been or could be converted into U.S. dollars at that rate or at any other rate on June 30, 2010 or at any other dates.

Non-GAAP Measure Disclosures

The Company provides gross profit, operating income, net income, earnings per ADS, EBITDA and adjusted EBITDA on a Non-GAAP basis to enable investors to better assess the Company's operating performance. The Non-GAAP measures described by the Company are reconciled to the corresponding GAAP measures in the exhibit below titled "Reconciliations of GAAP measures to Non-GAAP measures".

The Company reported for 1Q FY2010 and provided guidance for 2Q FY2010 net income and diluted earnings per ADS on a Non-GAAP basis. Each of the terms used by the Company is defined as follows:

-- Non-GAAP gross profit represents gross profit reported in accordance with GAAP, adjusted for the effects of stock compensation expense and amortization of acquired intangible assets. -- Non-GAAP operating income represents operating income reported in accordance with GAAP, adjusted for the effects of stock compensation expense and amortization of acquired intangible assets. -- Non-GAAP net income represents net income reported in accordance with GAAP, adjusted for the effects of stock compensation expense, amortization of acquired intangible assets, non-cash interest expense of convertible notes, non-cash interest expense for amortization of share lending costs and gain on purchase of convertible notes. -- Non-GAAP earnings per ADS represents Non-GAAP net income divided by the weighted average number of ADSs used in computing basic and diluted earnings per ADS in accordance with GAAP. -- EBITDA represents net income reported in accordance with GAAP, adjusted for the effects of interest income, interest expenses, income tax expense, depreciation as well as amortization of acquired intangible assets. -- Adjusted EBITDA represents EBITDA adjusted for the effects of stock compensation expense and gain on purchase of convertible notes.

Non-GAAP financial measures are used by the Company in their financial and operating decision-making because management believes they reflect the Company's ongoing business in a manner that allows meaningful period-to-period comparison. The Company's management believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does, if they so choose.

The presentation of this additional financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the financial information included with this earnings announcement.

Conference Call

The Company's senior management team will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on August 16, 2010 (or 8:00 p.m. Beijing/Hong Kong time on the same date) to discuss the results following this earnings announcement.

The dial-in details for the live conference call are as follows: -- U.S. Toll Free Number 1-866-543-6407 -- International Dial-in Number 1-617-213-8898 Passcode: CMEDCALL

A live webcast of the conference call will be available on http://ir.chinameditech.com .

A replay of this webcast will be available for one month on this website.

A telephone replay of the call will be available after the conclusion of the conference call through 10:00 a.m. U.S. Eastern Time on August 17, 2010.

The dial-in details for the replay are as follows: -- U.S. Toll Free Number 1-888-286-8010 -- International Dial-in Number 1-617-801-6888 Passcode: 57983372

About China Medical Technologies, Inc.

China Medical Technologies, Inc. is a leading China-based advanced IVD company using molecular diagnostic technologies including Fluorescent in situ Hybridization (FISH) and Surface Plasmon Resonance (SPR) and an immunodiagnostic technology, Enhanced Chemiluminescence Immunoassay (ECLIA), to develop, manufacture and distribute diagnostic products used for the detection of various cancers, diseases and disorders as well as companion diagnostic tests for targeted cancer drugs. The Company generates all of its revenues in China through the sale of diagnostic consumables including FISH probes, SPR-based DNA chips and ECLIA reagent kits to hospitals which are recurring users of the consumables for their patients. The Company sells FISH probes and SPR chips to large hospitals through its direct sales force and ECLIA reagent kits to small and mid-size hospitals through distributors. For more information, please visit http://www.chinameditech.com .

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release, as well as its outlook for 2Q FY2010, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For more information, please contact: Sam Tsang and Winnie Yam Tel: +852-2511-9808 Email: IR@chinameditech.com China Medical Technologies, Inc. Unaudited Condensed Consolidated Balance Sheets As of March 31, June 30, 2010 2010 RMB RMB US$ As adjusted(1) (in thousands) Assets Current assets Cash and cash equivalents 815,453 742,340 109,465 Trade accounts receivable, net 303,368 311,282 45,902 Inventories 24,889 20,177 2,975 Prepayments and other receivables 21,508 12,048 1,777 Due from a related party 204,774 203,445 30,000 Total current assets 1,369,992 1,289,292 190,119 Property, plant and equipment, net 155,825 151,621 22,358 Land use rights 7,049 7,001 1,032 Goodwill 8,654 8,654 1,276 Intangible assets, net 3,285,190 3,216,535 474,311 Convertible notes issuance costs 46,681 39,166 5,775 Share lending costs(1) 35,678 30,744 4,534 Total assets 4,909,069 4,743,013 699,405 Liabilities Current liabilities Trade accounts payable 20,126 24,136 3,559 Accrued liabilities and other payables 183,498 186,036 27,433 Income taxes payable 57,529 56,518 8,334 Total current liabilities 261,153 266,690 39,326 Convertible notes 2,777,086 2,556,014 376,910 Deferred income taxes 67,134 72,518 10,694 Total liabilities 3,105,373 2,895,222 426,930 Shareholders' equity Ordinary shares US$0.1 par value: 500,000,000 authorized; 322,680,001 issued and outstanding as of March 31, 2010 and June 30, 2010 258,840 258,840 38,169 Additional paid-in capital(1) 808,221 820,778 121,032 Treasury stock (45,143) (47,108) (6,947) Accumulated other comprehensive loss(1) (70,556) (70,731) (10,430) Retained earnings(1) 852,334 886,012 130,651 Total shareholders' equity 1,803,696 1,847,791 272,475 Total liabilities and shareholders' equity 4,909,069 4,743,013 699,405 Note: (1) As a result of the adoption of new authoritative guidance governing the accounting for own-share lending arrangements in contemplation of convertible debt issuance or other financing effective on April 1, 2010, the Company adjusted relevant numbers in the unaudited condensed consolidated balance sheet as of March 31, 2010 retrospectively in accordance with GAAP. China Medical Technologies, Inc. Unaudited Condensed Consolidated Statements of Income For the Three Months Ended June 30, March 31, 2009 2010 June 30, 2010 RMB RMB RMB US$ As adjusted(4) As adjusted(4) (in thousands except for per ADS information) Revenues, net(1) 208,957 175,728 186,170 27,453 Cost of revenues(2) (55,413) (61,624) (61,354) (9,047) Gross profit 153,544 114,104 124,816 18,406 Operating expenses Research and development(2) (11,703) (10,352) (10,632) (1,568) Sales and marketing(2) (10,870) (16,695) (18,266) (2,694) General and administrative(2) (46,954) (26,743) (25,149) (3,708) Amortization of SPR intangible assets (27,352) (27,343) (27,329) (4,030) Total operating expenses (96,879) (81,133) (81,376) (12,000) Operating income 56,665 32,971 43,440 6,406 Interest income 2,773 4,155 4,597 678 Interest expense - convertible notes (35,432) (34,831) (32,505) (4,793) Interest expense - amortization of convertible notes issuance costs (4,380) (4,263) (4,012) (592) Interest expense - amortization of share lending costs(4) (2,756) (2,644) (2,475) (365) Other income, net 240 24,638 43,295 6,384 Income before income tax 17,110 20,026 52,340 7,718 Income tax expense (16,919) (15,206) (18,662) (2,752) Net income 191 4,820 33,678 4,966 Earnings per ADS - basic 0.01 0.19 1.30 0.19 - diluted(3) 0.01 0.19 1.29 0.19 Weighted average number of ADS - basic 26,324,842 25,993,349 26,005,975 26,005,975 - diluted(3) 26,438,076 26,050,599 26,128,403 26,128,403 Notes: (1) Revenues, net RMB'000 RMB'000 RMB'000 US$'000 - Molecular diagnostic systems 98,466 100,897 108,092 15,940 - Immunodiagnostic systems 110,491 74,831 78,078 11,513 208,957 175,728 186,170 27,453 (2) Stock compensation RMB'000 RMB'000 RMB'000 US$'000 expense - Cost of revenues -- -- 52 8 - Research and development 2,047 1,440 1,418 209 - Sales and marketing -- -- 91 13 - General and administrative 10,110 9,252 9,031 1,332 12,157 10,692 10,592 1,562 (3) Interest expense and amortization in connection with convertible notes were not added back in computing diluted earnings per ADS because they were anti-dilutive. (4) As a result of the adoption of new authoritative guidance governing the accounting for own-share lending arrangements in contemplation of convertible debt issuance or other financing effective on April 1, 2010, the Company adjusted relevant numbers in the unaudited condensed consolidated statements of income for the three months ended June 30, 2009 and March 31, 2010 retrospectively in accordance with GAAP. China Medical Technologies, Inc. Reconciliations of GAAP measures to Non-GAAP measures For the Three Months Ended June 30, March 31, 2009 2010 June 30, 2010 RMB RMB RMB US$ As adjusted(2)As adjusted(2) (in thousands except for per ADS information) Gross profit 153,544 114,104 124,816 18,406 Adjustments: Stock compensation expense -- -- 52 8 Amortization of acquired intangible assets 22,455 22,423 22,414 3,305 Non-GAAP gross profit 175,999 136,527 147,282 21,719 Gross margin 73.5% 64.9% 67.0% 67.0% Non-GAAP gross margin 84.2% 77.7% 79.1% 79.1% Operating income 56,665 32,971 43,440 6,406 Adjustments: Stock compensation expense 12,157 10,692 10,592 1,562 Amortization of acquired intangible assets 49,807 49,766 49,743 7,335 Non-GAAP operating income 118,629 93,429 103,775 15,303 Operating margin 27.1% 18.8% 23.3% 23.3% Non-GAAP operating margin 56.8% 53.2% 55.7% 55.7% Net income 191 4,820 33,678 4,966 Adjustments: Stock compensation expense 12,157 10,692 10,592 1,562 Amortization of acquired intangible assets 49,807 49,766 49,743 7,335 Non-cash interest expense of convertible notes 7,620 7,618 7,916 1,167 Non-cash interest expense - amortization of share lending costs(2) 2,756 2,644 2,475 365 Gain on purchase of convertible notes -- (24,064) (47,393) (6,989) Non-GAAP net income 72,531 51,476 57,011 8,406 GAAP net margin 0.1% 2.7% 18.1% 18.1% Non-GAAP net margin 34.7% 29.3% 30.6% 30.6% Net income 191 4,820 33,678 4,966 Adjustments: Interest income (2,773) (4,155) (4,597) (678) Interest expense - convertible notes 35,432 34,831 32,505 4,793 Interest expense - amortization of convertible notes issuance costs 4,380 4,263 4,012 592 Interest expense - amortization of share lending costs(2) 2,756 2,644 2,475 365 Income tax expense 16,919 15,206 18,662 2,752 Depreciation 5,450 5,588 5,475 807 Amortization of acquired intangible assets 49,807 49,766 49,743 7,335 EBITDA 112,162 112,963 141,953 20,932 EBITDA margin 53.7% 64.3% 76.2% 76.2% EBITDA 112,162 112,963 141,953 20,932 Adjustments: Stock compensation expense 12,157 10,692 10,592 1,562 Gain on purchase of convertible notes -- (24,064) (47,393) (6,989) Adjusted EBITDA 124,319 99,591 105,152 15,505 Adjusted EBITDA margin 59.5% 56.7% 56.5% 56.5% Earnings per ADS - basic 0.01 0.19 1.30 0.19 - diluted 0.01 0.19 1.29 0.19 Non-GAAP earnings per ADS - basic 2.76 1.98 2.19 0.32 - diluted(1) 2.74 1.98 2.18 0.32 Weighted average number of ADS - basic 26,324,842 25,993,349 26,005,975 26,005,975 - diluted(1) 26,438,076 26,050,599 26,128,403 26,128,403 Notes: (1) Interest expense and amortization in connection with convertible notes were not added back in computing non-GAAP diluted earnings per ADS because they were anti-dilutive. (2) As a result of the adoption of new authoritative guidance governing the accounting for own-share lending arrangements in contemplation of convertible debt issuance or other financing effective on April 1, 2010, the Company adjusted relevant numbers in the unaudited condensed consolidated statements of income for the three months ended June 30, 2009 and March 31, 2010 retrospectively in accordance with GAAP.
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