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

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Allegation 2

CMED sold its primary business segment, responsible for the majority of the firm’s sales since inception, to the chairman at less than 2x trailing EBITDA.We believe that this suspicious looking transaction was designed to cover up that the Chinese FDA was about to (or already had) suspended CMED’s permit to sell HIFU products, thus rendering CMED’s core business segment worthless almost overnight. (Source: Glaucus Research Group)

Again, the allegation by Glaucus indicates its team’s lack of commercial knowledge. Mr. Wu would not pay US$53.5 million to buy the business from the Company if he knew that the HIFU business would be suspended by SFDA around mid-2009 before the purchase in December 2008. It was fine to let the suspension happen as the decision of SFDA, a government agency, was not within the control of the Company or its management.  Glaucus’s reasoning is also conflicting.  If the business is known to be worthless, nobody should buy the business even at 2X EBITDA of historical financial results.  The Company provided a detailed discussion for the sale of the HIFU business to Mr. Wu in the Company’s press release in December 2008 while Glaucus only extracted partial information favorable to Glaucus’s analysis and allegation.  Besides, the sale of the HIFU business to Mr. Wu was part of the internal investigation conducted in 2009.  The investigation did not find anything wrong for the sale of the business.  The investigators reviewed the independent business evaluation of the HIFU prepared by a Big Four firm.

Allegation 3

Despite a purportedly profitable business, CMED is a serial capital raiser and has not generated free cash flow for most of its history. The company has spent twice as much on “investing activities” as it has purportedly generated from operations, so much like a typi
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SOURCE China Medical Technologies, Inc.
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