Chindex International reports increasing medical and healthcare revenues
Healthcare products and services group Chindex International (NASDAQ: CHDX) reported increasing revenues as it continued to expand its operations in the People’s Republic of China (PRC).
Third quarter fiscal revenues (3 months ending 31 December 2009)
rose 12% year over year (YoY) to $46.5 million, while net income jumped
to $3.9 million, or 24 cents per diluted share, largely thanks to a
business tax refund of $3.3 million (15 cents per share). Excluding
the tax refund, net income for the third quarter of fiscal year 2010
would be $1.497 million or 9 cents per diluted share, compared to net
income of $0.846 million, or 5 cents per diluted share, in the prior
year period. Total operating costs and expenses for the third quarter
of fiscal year 2010 were flat on a year over year basis.
For the first nine months of 2009 increased by 16.2% YoY to
$129.9 million, while net income rose to $7.7 million, or 48 cents per
diluted share (first nine months 2008: $1.5 million, or 10 cents).
"In the Healthcare Services division we are in a development
cycle with operations in the Beijing market experiencing capacity
limitations as we build out the expansion facilities. At the same time,
operations in the Shanghai and Guangzhou markets continue along
expected growth trajectories,” Roberta Lipson, President and CEO of
Chindex, commented. “The Medical Products division is always subject to
quarterly fluctuations, and although we are seeing significant
improvements over last year, we are experiencing regulatory delays on
high-value medical equipment purchases. Nevertheless, there continues
to be significant excitement in the marketplace for our products..."
Revenue from the Healthcare Services division increased 5% to
$21.6 million in the third quarter of fiscal year 2009, while the
Medical Products division increased revenues by 18% to $24.9 million.
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