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

s primarily due to the increase in molecular diagnostic system sales and other reasons mentioned above.

Earnings before interest, taxes, depreciation and amortization ("EBITDA") was RMB150.6 million (US$23.3 million) for 1Q FY2011, representing a 6.1% increase from the corresponding period of FY2010. The year-over-year increase was primarily due to the increase in molecular diagnostic system sales offset by the decrease in gain on repurchase of convertible notes.

Adjusted EBITDA was RMB154.3 million (US$23.9 million) for 1Q FY2011, representing a 46.7% increase from the corresponding period of FY2010. The increase was primarily due to increased sales in 1Q FY2011.

Stock compensation expense for 1Q FY2011 was RMB7.8 million (US$1.2 million), of which RMB0.2 million was allocated to cost of revenues, RMB1.0 million to research and development expenses, RMB0.3 million to sales and marketing expenses and RMB6.3 million to general and administrative expenses.

Amortization of acquired intangible assets for 1Q FY2011 was RMB47.7 million (US$7.4 million) which was all allocated to cost of revenues.

As of June 30, 2011, the Company's cash and cash equivalents were RMB1,239.5 million (US$191.8 million). Net cash generated from operating activities for 1Q FY2011 was RMB62.2 million (US$9.6 million). Net cash generated from investing activities for 1Q FY2011 was RMB96.7 million (US$15.0 million). Net cash used in financing activities for 1Q FY2011 was RMB41.6 million (US$6.4 million).

As of June 30, 2011, the Company's net accounts receivable was RMB565.1 million (US$87.4 million), representing an increase of 17.5% from the balance at March 31, 2011. The increase in net accounts receivable was primarily due to the increase in molecular diagnostic system sales to hospital customers which normally pay in 6 to 12 months and the slower payments from certain distributors of immunodiagnostic systems.

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SOURCE China Medical Technologies, Inc.
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