China Medical Adjusted 4Q Profit Rises 9 Percent

NEW YORK (AP) — Medical-device maker China Medical Technologies Inc. said Tuesday its fiscal fourth-quarter adjusted profit from continuing operations rose 9 percent on a boost in sales.

The Beijing-based company reported fiscal fourth-quarter profit of 56.3 million renminbi ($8.2 million), or $2.14 per American Depositary Share, compared with profit of 51.8 million renminbi.

Revenue rose 35 percent to 248.6 million renminbi ($36.4 million) from 181 million renminbi.

Net income was 56.3 million renminbi ($8.2 million) for the quarter, a 47 percent decrease from the prior year.

The company's fiscal 2008 fourth quarter ended March 31. China Medical makes and sells medical diagnostic products in China. It credited its improved gross margins, which rose to 75.8 percent from 58.6 percent, to a change in revenue mix with more sales of its ECLIA (Enhanced Chemiluminescence) reagent kits and FISH (Fluorescent in situ Hybridization) probes.

For the full year, China Medical Technologies said its adjusted loss from continuing operations was 2.1 million renminbi ($301,000), or 8 cents per ADS (1 cent), compared with profit of 124.4 million renminbi.

Revenue rose to 830 million renminbi ($121.5 million) from 547.4 million renminbi.

In morning trading, shares of China Medical slid $1.75, or 11 percent, to $13.65 on double the average daily volume.