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Concord Medical Reports Third Quarter 2012 Financial Results
Date:11/20/2012

illion), of which RMB456.6 million ($72.7 million) was utilized.

During the third quarter of 2012, the Company handled 10,632 patient treatment cases and 73,922 patient diagnostic cases, representing 18.9% and 47.9% increases from the third quarter of 2011, respectively.

Hospital businessNet revenues from the hospital business were RMB91.7 million ($14.6 million) for the third quarter of 2012, which consisted of:

  • outpatient revenues of RMB18.3 million ($2.9 million), representing 20% of the net revenues from the hospital business;
  • inpatient revenues of RMB30.7 million ($4.9 million), representing 33% of the net revenues from the hospital business; and
  • pharmacy revenues of 42.8 million ($6.8 million), representing 47% of the net revenues from the hospital business.
  • Cost of service for the hospital business for the third quarter of 2012 was RMB77.1 million ($12.3 million).

    Gross profit margin of the hospital business was 15.9% for the third quarter of 2012.

    As of September 30, 2012, Chang'an Hospital had accounts receivable of RMB37.2 million ($5.9 million), representing days sales outstanding of 34 days. The accounts receivable was mainly from medical revenues covered by various government-sponsored insurance programs. Chang'an Hospital settles the balance with the local social insurance bureau on a periodic basis. The Company considers the collection risk to be low.

    Based on the preliminary purchasing price allocation (the "PPA") results, we have identified intangible assets as well as prepaid land lease payments valued at RMB184.8 million ($29.4 million). The intangible assets include information system, healthcare qualification and oncology operation licenses. The resulting amortization expense in the third quarter of RMB4.3 million ($0.7 million) was included in Chang'an Hospital's cost of revenue and operating expenses. The PPA results are subject to changes.

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    SOURCE Concord Medical Services Holdings Limited
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