China Medical Adjusted 4Q Profit Tops Estimates

NEW YORK (AP) — Medical-device maker China Medical Technologies Inc. said Friday its adjusted profit from continuing operations grew 43 percent in the fiscal fourth quarter.

The Beijing-based company reported preliminary fourth quarter results, and will make a full report in late July. It said its adjusted profit increased to 116 million renminbi, or $17 million, which translates to 60 cents per American Depositary Share. Revenue from continuing operations grew 37 percent, to 248 million renminbi, or $36 million.

The two analysts reporting to Thomson Reuters expected 43 cents per share and $35.3 million in revenue for the quarter, which ended March 31.

For the full year, China Medical Technologies said its adjusted profit from continuing operations grew 79 percent, to 416 million renminbi, or $61 million. That is equal to $2.30 per American Depositary Share. Revenue from continuing operations rose 51 percent to 829 million renminbi, or $121 million.

In premarket trading, China Medical Technologies shares gained $2.10, or 9.2 percent, to $25.