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China Medical Technologies Reports First Fiscal Quarter Financial Results
Date:8/16/2011

. The joint research and development with Leica Microsystems to automate our FISH probes on Leica's BOND system is important for the high volume users such as independent laboratory service networks in major global markets as well as existing and potential high volume hospital users in China. We are working closely with our new partners to realize the value of these collaborations for all of us. Meanwhile, we are also in discussion with a number of leading global players for different types of collaborations for our other molecular diagnostic products."

"Our DSO increased in recent quarters due to slower payment from some of our ECLIA distributors and the change in our sales mix," commented Mr. Sam Tsang, Chief Financial Officer of the Company. "ECLIA distributors normally pay in about 3 months but some of them took longer time to pay in the past few quarters. Slower payments from distributors indicate a possible risk of bad debt, and we have recently taken measures to control this risk including lowering credit limit for certain slow paying distributors and control over the order fulfillment for these distributors according to their payments. Meanwhile, we are adding new distributors to diversify the risk. The change in sales mix relates to the increasing portion of our revenues from our molecular diagnostic products which we sell to hospitals directly. These hospitals normally pay us in 6 to 12 months and the bigger the hospital, the longer the payment cycle. However, we consider the risk of bad debt from these hospitals to be very low considering that they are tier 1 hospitals, have a strong financial position and are government-owned. Recently, we have increased compensation of our direct sales personnel based on collection from hospitals to increase incentive for collection. On the other hand, despite the increase in DSO in the past few quarters, we still generated sizeable cash flows from operations. We expect our DSO to become stable and decline in the
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SOURCE China Medical Technologies, Inc.
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