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China Medical Technologies Responds to the Allegations Raised by Glaucus Research Group
Date:12/6/2011

cal Chinese fraud, it relies on debt or equity financing as its primary source of cash generation. (Source: Glaucus Research Group)

The Company spent substantial cash to transform from a higher risk therapeutic medical equipment business (HIFU) to an IVD business offering traditional immunoassay diagnostic products (ECLIA) and advanced molecular diagnostic business (FISH and SPR) to a much broader customer base and generating recurring revenues.  The molecular diagnostic business continued to generate high double-digit growth since the acquisition of FISH in 2007.

Allegation 4

CMED’s balance sheet presents numerous highly suspicious red flags. CMED’s receivables account for a much higher percentage of net revenues than its Chinese competitors and its Day Sales Outstanding are on average 141.9 days longer than a leading Chinese competitor, despite the fact that both companies sell similar products to similarly situated customers. (Source: Glaucus Research Group)

Glaucus claimed to read our press releases and quoted information in the Report.  However, Glaucus intentional or unintentional overlooked our explanations of our long DSO contained in our several earnings press releases and our annual reports.  The Company conducted its molecular diagnostic business through its direct sales team rather than distributors.  The payment time for hospitals is much longer than distributors.  One of the reasons to use distributors is to get working capital provided by the distributors while distributors take the place to collect long time payment from hospitals for diagnostic consumable products.  One of the disadvantages to use distributors is to share profit margin with distributors.  This explained partially the “Uncreditable Margins” alleged by Glaucus.

Allegation 5

In 2009, an anonymous letter to the audit committee accused senior ma
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SOURCE China Medical Technologies, Inc.
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