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Concord Medical Announces First Quarter 2011 Financial Results
Date:5/18/2011

e corresponding period of 2010.

"In the first quarter of 2011, we delivered an approximately 15% increase in net revenues compared with the first quarter of 2010," said Dr. Jianyu Yang, director, president and chief executive officer of Concord Medical. "The moderate growth can be primarily attributed to the ramp up process in the newly opened centers." Dr. Yang continued, "We are confident in our expansion strategy and growth prospects. We are pushing forward on all fronts including establishing standalone hospitals and centers, developing new centers with hospital partners, pursuing acquisition targets, and increasing utility and efficiency at our existing facilities."

Recent DevelopmentsDuring the first quarter of 2011, Concord Medical entered into a joint venture agreement with the Oncology Hospital of Zhongshan Medical University, a leading oncology hospital in China, to form a specialty hospital in Guangzhou for cancer diagnosis and treatment. Pursuant to terms of the agreement, Concord Medical is expected to own 70% of the equity interests in the joint venture, which is expected to have 400 patient beds. The joint venture is expected to start operation in 2013.

"The establishment of a joint venture with the Oncology Hospital of Zhongshan Medical University, one of the top cancer hospitals in China, further underlines our strategy to establish a line of standalone facilities alongside our center network on hospital premises," said Dr. Yang. "The purpose of these standalone facilities is to establish the highest benchmark in cancer treatment in China and to strengthen Concord Medical's brand among patients and doctors. Looking forward, Concord Medical intends to continue the expansion of our standalone facilities as a key part of our growth strategy."

On January 6, 2011, Concord Medical announced that it entered into agreements to acquire 52% of the equity interests in Chang'An Hospital from certain shareholders of the hospit
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SOURCE Concord Medical Services Holdings Limited
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