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China Medical Technologies Reports Fourth Fiscal Quarter and Full Fiscal Year Financial Results
Date:6/1/2011

ekly statistical release of the Federal Reserve Board, as of Thursday, March 31, 2011. 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 March 31, 2011 or at any other dates.

Product Development PlanThe Company plans to focus on the following product development activities with respect to its molecular diagnostic products:

FISH

  • to develop more applications in the areas of prenatal diagnosis, cancer detection and companion diagnostics for cancer targeted drugs through internal research and development.

  • SPR

  • to develop a new automated analyzer for hospitals and independent laboratories to conduct HPV tests using our DNA chips through internal research and development.

  • PCR

  • to develop more assays in the area of companion diagnostics for cancer targeted drugs through internal research and development.

  • Update on Receivable from ChengxuanAs of March 31, 2011, the remaining amount of the receivable from Chengxuan, a company which is one of the Company's major shareholders and is owned by Mr. Xiaodong Wu, was reduced from US$18 million to US$15 million. This receivable relates to the sale of the Company's HIFU business to Chengxuan. Subsequently, Chengxuan paid US$8 million to the Company and indicated that the remaining balance of US$7 million together with interest thereon will be paid in full before June 30, 2011.

    Non-GAAP Measure DisclosuresThe Company reported its operating results in accordance with U.S. generally accepted accounting principles ("GAAP") for the three months and the year ended March 31, 2010 and 2011, respectively. The Company also presented non-GAAP information, which included EBITDA and adjusted EBITDA, for the three months and the year ended March 31, 2010 and 2011, respectively. The non-GAAP measures are defined below:

  • Non-GAAP gross profit represents gross p
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  • SOURCE China Medical Technologies, Inc.
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