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Press Release

Concord Medical Reports Financial Results for the First Half of 2016

Concord Medical
Posted on: 27 Aug 16

BEIJING, Aug. 24, 2016 /PRNewswire/ -- Concord Medical Services Holdings Limited ("Concord Medical" or the "Company") (NYSE: CCM), a leading specialty hospital management solution provider and operator of the largest network of radiotherapy and diagnostic imaging centers in China, today announced its unaudited consolidated financial results for the six months ended June 30, 2016[1].

2016 First Half Highlights

Total net revenues were RMB254.6 million ($38.3 million) in the first half of 2016, a 21.7% decrease from total net revenues of RMB325.2 million in the same period last year. Total net revenues included net revenue from the network business of RMB246.7 million ($37.1 million) and net revenue from Concord Cancer Hospital of RMB8.0 million ($1.2 million).

Gross profit was RMB101.6 million ($15.3 million), representing a 33.9% decrease from RMB153.6 million in the first half of 2015. The gross profit margin for the first half of 2016 was 39.9%, compared to 47.2% for the same period last year.

Net loss attributable to ordinary shareholders in the first half of 2016 was RMB50.4 million ($7.6 million), which consisted of net loss of RMB32.2 million in the first quarter and RMB18.2 million in the second quarter of 2016, compared to net income of RMB65.1 million in the same period last year.

Both basic and diluted loss per American Depositary Share ("ADS")[2] in the first half of 2016 were RMB1.15 ($0.17), compared to basic and diluted profit per ADS of RMB1.45 and RMB1.44, respectively, in the same period last year.

Non-GAAP net loss in the first half of 2016 was RMB50.0 million ($7.5 million), compared to non-GAAP net income of RMB69.1 million in the same period last year. Non-GAAP basic and diluted loss per ADS in the first half of 2016 were both RMB1.12 ($0.16).

Adjusted EBITDA[3] (non-GAAP) was RMB68.6 million ($10.3 million) in the first half of 2016, representing a 49.1% decrease from RMB134.8 million in the same period last year.

Dr. Jianyu Yang, Chairman and Chief Executive Officer of Concord Medical, commented, "Due to the uncertainties in the regulatory environment and closure of cooperative centers, our revenue and profit were still under pressure during the second quarter of 2016. However, we are glad to see our initiatives in cutting the cost and administrative expenses of cooperative centers are paying off and the net loss has apparently decreased in the second quarter compared to the first quarter of this year."

"During the second quarter, we have made great effort in improving the oncology services provided by our Concord Cancer Hospital in Singapore. We kept upgrading the hospital under the guidance of MD Anderson Cancer Center, a linear accelerator is promised to be set up and more initiatives in immunotherapy have been developed to help more patients from Southeast Asia and mainland China."

"The first cancer hospital under our Meizhongjiahe brand, Datong Meizhongjiahe Cancer Hospital, was opened preliminarily in May. Equipped with MRI and advanced linear accelerator, the 100-bed high-end hospital will provide advanced imaging diagnosis and radiotherapy to patients in Datong and nearby cities in Shanxi Province. Also, the pace of developing the Meizhongjiahe network of wholly-owned specialty cancer hospitals and imaging diagnosis centers around China was accelerated. Our next step is to expand the Meizhongjiahe network in second-tier and third-tier cities, where there is a strong patient demand for advanced cancer diagnosis and treatments but there is a lack of resources and services. As part of the Company's comprehensive development strategy, the hospitals in Meizhongjiahe brand will join our planned premium hospitals in Beijing, Shanghai and Guangzhou to expand the Company's domestic coverage."

For more information:
www.prnewswire.com/news-releases/concord-medical-reports-financial-results-for-the-first-half-of-2016-300317627.html

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 27/08/2016

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