BEIJING, Sept. 30 /PRNewswire-Asia-FirstCall/ -- China Medical
Technologies, Inc. (the "Company") (NASDAQ:CMED), a leading
China-based medical device company that develops, manufactures and
markets advanced in- vitro diagnostic products, today announced the
filing of its annual report on Form 20-F for the fiscal year ended
March 31, 2009 with the U.S. Securities and Exchange Commission
(the "SEC"). The annual report, which contains its consolidated
financial statements for the fiscal year ended March 31, 2009
audited by its new independent auditors, PricewaterhouseCoopers,
and comparative consolidated financial statements for the fiscal
year ended March 31, 2008 audited by its former independent
auditors, KPMG, can be accessed on the Company's investor relations
website at http://ir.chinameditech.com/. Shareholders can receive a
hard copy of the annual report free of charge by sending a request
to . The Company has recently made the following adjustments on its
previously reported unaudited quarterly and annual condensed
consolidated statements of income which are setout below:
Reclassification of expenses Reclassification of sales and
marketing expenses related to the costs of free ECLIA analyzers to
cost of revenues The Company considered that it was more
appropriate to record the costs of ECLIA analyzers provided free of
charge to the Company's customers starting from April 2008 in the
cost of revenues rather than sales and marketing expenses. The
reclassification of the expenses to cost of revenues covered the
respective unaudited quarterly consolidated income statement for
the quarters ended June 30, 2008, September 30, 2008, December 31,
2008, March 31, 2009 and June 30, 2009 and the unaudited annual
consolidated income statement for the fiscal year ended March 31,
2009. Reclassification of foreign exchange gain (loss) from general
and administrative expenses to other income (expense) The Company
reclassified the foreign exchange gain (loss) from general and
administrative expenses to other income (expense). The
reclassification of the gain (loss) to other income (expense)
covered the respective unaudited quarterly consolidated income
statement for the quarters ended June 30, 2008, September 30, 2008,
December 31, 2008, March 31, 2009 and June 30, 2009 and the
unaudited annual consolidated income statement for the fiscal year
ended March 31, 2009. Recognition of the full gain on the sale of
the HIFU Business The Company recently received a letter from
Chengxuan International Ltd. ("Chengxuan"), a major shareholder of
the Company which is controlled and owned by the Company's Chairman
and Chief Executive Officer, Mr. Xiaodong Wu. The letter notified
the Company that Chengxuan withdrew its claim of compensation of
approximately US$15.5 million against the Company for the events
subsequent to the purchase of the HIFU Business from the Company.
As such, the Company considered that the previous deferral of the
gain of approximately US$15.5 million on the sale of the HIFU
Business has become unnecessary and has recorded the full gain on
the sale in the unaudited quarterly consolidated income statement
for the quarter ended December 31, 2008 and the unaudited annual
consolidated income statement for the fiscal year ended March 31,
2009. The respective unaudited quarterly and annual condensed
consolidated statements of income have been adjusted and included
in this press release. About China Medical Technologies, Inc. China
Medical Technologies is a leading China-based medical device
company that develops, manufactures and markets advanced in-vitro
diagnostic products using Enhanced Chemiluminescence (ECLIA)
technology, Fluorescent in situ Hybridization (FISH) technology and
Surface Plasmon Resonance (SPR) technology to detect and monitor
various diseases and disorders. For more information, please visit
http://www.chinameditech.com/ . Contact Winnie Yam Tel:
+852-2511-9808 Email: China Medical Technologies, Inc. Unaudited
Condensed Consolidated Statements of Income For the Three Months
Ended June 30, 2008 Adjustments June 30, 2008 RMB'000 RMB'000
RMB'000 As previously As adjusted reported on September 1, 2009 (1)
Revenues 162,052 162,052 Cost of revenues (2) (51,270) (3,444)
(54,714) Gross profit 110,782 107,338 Operating expenses: Research
and development (6,138) (6,138) Sales and marketing (2) (11,285)
3,444 (7,841) General and administrative (3) (24,780) 2,755
(22,025) Total operating expenses (42,203) (36,004) Operating
income 68,579 71,334 Interest income 3,997 3,997 Interest expense -
convertible notes (16,285) (16,285) Interest expense - amortization
of convertible notes issuance costs (1,585) (1,585) Interest
expense - other (1,145) (1,145) Other expense (3) - (2,755) (2,755)
Income before income taxes 53,561 53,561 Income tax expense
(12,561) (12,561) Income from continuing operations 41,000 41,000
Income from discontinued Operation, net 32,377 32,377 Net income
73,377 - 73,377 Notes: (1) As a result of the adoption of FSP
APB14-1 effective April 2009, the Company adjusted interest expense
for convertible notes in the unaudited condensed consolidated
statement of income for the three months ended June 30, 2008
retrospectively in accordance with U.S. GAAP. (2) The Company
reclassified the costs of free ECLIA analyzers from sales and
marketing expenses to cost of revenues. (3) The Company
reclassified the foreign exchange loss from general and
administrative expenses to other expense. China Medical
Technologies, Inc. Unaudited Condensed Consolidated Statements of
Income For the Three Months Ended September 30, September 30, 2008
Adjustments 2008 RMB'000 RMB'000 RMB'000 As previously As adjusted
reported Revenues 193,967 193,967 Cost of revenues (1) (52,043)
(5,265) (57,308) Gross profit 141,924 136,659 Operating expenses:
Research and development (6,338) (6,338) Sales and marketing (1)
(16,515) 5,265 (11,250) General and administrative (2) (26,859)
1,387 (25,472) Total operating expenses (49,712) (43,060) Operating
income 92,212 93,599 Interest income 10,301 10,301 Interest expense
- convertible notes (18,410) (18,410) Interest expense -
amortization of convertible notes issuance costs (3,235) (3,235)
Interest expense - other (1,145) (1,145) Other expense (2) -
(1,387) (1,387) Income before income taxes 79,723 79,723 Income tax
expense (14,423) (14,423) Income from continuing operations 65,300
65,300 Income from discontinued Operation, net 52,432 52,432 Net
income 117,732 - 117,732 Notes: (1) The Company reclassified the
costs of free ECLIA analyzers from sales and marketing expenses to
cost of revenues. (2) The Company reclassified the foreign exchange
loss from general and administrative expenses to other expense.
China Medical Technologies, Inc. Unaudited Condensed Consolidated
Statements of Income For the Three Months Ended December 31,
December 31, 2008 Adjustments 2008 RMB'000 RMB'000 RMB'000 As
previously As adjusted reported Revenues 225,296 225,296 Cost of
revenues (1) (55,818) (2,897) (58,715) Gross profit 169,478 166,581
Operating expenses: Research and development (8,304) (8,304)
Acquired in-process research and development (244,872) (244,872)
Sales and marketing (1) (14,565) 2,897 (11,668) General and
administrative (2) (3) (38,115) 8,554 (29,561) Amortization of SPR
intangible assets (2) - (9,132) (9,132) Total operating expenses
(305,856) (303,537) Operating loss (136,378) (136,956) Interest
income 12,448 12,448 Interest expense - convertible notes (27,856)
(27,856) Interest expense - amortization of convertible notes
issuance costs (4,652) (4,652) Interest expense - other (1,165)
(1,165) Other income (3) - 578 578 Loss before income taxes
(157,603) (157,603) Income tax expense (13,915) (13,915) Loss from
continuing operations (171,518) (171,518) Income from and gain on
sale of discontinued Operation, net (4) 173,422 106,178 279,600 Net
income 1,904 106,178 108,082 Notes: (1) The Company reclassified
the costs of free ECLIA analyzers from sales and marketing expenses
to cost of revenues. (2) The Company disclosed the amortization of
SPR intangible assets separately from general and administrative
expenses. (3) The Company reclassified the foreign exchange gain
from general and administrative expenses to other income. (4) The
Company recorded the full gain on the sale of the HIFU Business.
China Medical Technologies, Inc. Unaudited Condensed Consolidated
Statements of Income For the Three Months Ended March 31, March 31,
2009 Adjustments 2009 RMB'000 RMB'000 RMB'000 As previously As
adjusted reported Revenues 248,635 248,635 Cost of revenues (1)
(60,206) (1,628) (61,834) Gross profit 188,429 186,801 Operating
expenses: Research and development (10,670) (10,670) Sales and
marketing (1) (13,591) 1,628 (11,963) General and administrative
(2) (3) (48,085) 27,547 (20,538) Amortization of SPR intangible
assets (2) - (27,379) (27,379) Total operating expenses (72,346)
(70,550) Operating income 116,083 116,251 Interest income 5,608
5,608 Interest expense - convertible notes (27,840) (27,840)
Interest expense - amortization of convertible notes issuance costs
(4,649) (4,649) Interest expense - other (785) (785) Other expense
(3) - (168) (168) Income before income taxes 88,417 88,417 Income
tax expense (32,143) (32,143) Income from continuing operations
56,274 56,274 Income from discontinued Operation, net - - Net
income 56,274 - 56,274 Notes: (1) The Company reclassified the
costs of free ECLIA analyzers from sales and marketing expenses to
cost of revenues. (2) The Company disclosed the amortization of SPR
intangible assets separately from general and administrative
expenses. (3) The Company reclassified the foreign exchange loss
from general and administrative expenses to other expense. China
Medical Technologies, Inc. Unaudited Condensed Consolidated
Statements of Income For the Three Months Ended June 30, 2009
Adjustments June 30, 2009 RMB'000 RMB'000 RMB'000 As previously As
adjusted reported Revenues 208,957 208,957 Cost of revenues (1)
(52,872) (2,541) (55,413) Gross profit 156,085 153,544 Operating
expenses: Research and development (11,703) (11,703) Sales and
marketing (1) (13,411) 2,541 (10,870) General and administrative
(2) (3) (74,366) 27,412 (46,954) Amortization of SPR intangible
assets (2) - (27,352) (27,352) Total operating expenses (99,480)
(96,879) Operating income 56,605 56,665 Interest income 2,773 2,773
Interest expense - convertible notes (35,432) (35,432) Interest
expense - amortization of convertible notes issuance costs (4,380)
(4,380) Other income, net (3) 300 (60) 240 Income before income
taxes 19,866 19,866 Income tax expense (16,919) (16,919) Income
from continuing operations 2,947 2,947 Income from discontinued
Operation, net - - Net income 2,947 - 2,947 Notes: (1) The Company
reclassified the costs of free ECLIA analyzers from sales and
marketing expenses to cost of revenues. (2) The Company disclosed
the amortization of SPR intangible assets separately from general
and administrative expenses. (3) The Company reclassified the
foreign exchange loss from general and administrative expenses to
other income, net. China Medical Technologies, Inc. Unaudited
Condensed Consolidated Statements of Income For the Year Ended
March 31, March 31, 2009 Adjustments 2009 RMB'000 RMB'000 RMB'000
As previously As adjusted reported Revenues 829,950 829,950 Cost of
revenues (1) (219,337) (13,234) (232,571) Gross profit 610,613
597,379 Operating expenses: Research and development (31,450)
(31,450) Acquired in-process research and development (244,872)
(244,872) Sales and marketing (1) (55,956) 13,234 (42,722) General
and administrative (2)(3) (137,839) 40,243 (97,596) Amortization of
SPR intangible assets (2) - (36,511) (36,511) Total operating
expenses (470,117) (453,151) Operating income 140,496 144,228
Interest income 32,354 32,354 Interest expense - convertible notes
(83,238) (83,238) Interest expense - amortization of convertible
notes issuance costs (14,387) (14,387) Interest expense - other
(4,240) (4,240) Other expense, net (3) - (3,732) (3,732) Income
before income taxes 70,985 70,985 Income tax expense (73,042)
(73,042) Loss from continuing operations (2,057) (2,057) Income
from and gain on sale of discontinued Operation, net (4) 258,231
106,178 364,409 Net income 256,174 106,178 362,352 Notes: (1) The
Company reclassified the costs of free ECLIA analyzers from sales
and marketing expenses to cost of revenues. (2) The Company
disclosed the amortization of SPR intangible assets separately from
general and administrative expenses. (3) The Company reclassified
the foreign exchange loss, net from general and administrative
expenses to other expense, net. (4) The Company recorded the full
gain on the sale of the HIFU Business. DATASOURCE: China Medical
Technologies CONTACT: Winnie Yam of China Medical Technologies,
Inc., Tel: +852-2511- 9808, Email:
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