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China Medical Technologies Records 33 Percent Increase in MDx Revenues for Q2

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Diagnostics firm China Medical Technologies today said its molecular diagnostics sales rose nearly 33 percent year over year in its fiscal second quarter, helping to grow overall revenues about 22 percent.

For the three months ended Sept. 30, the Beijing firm's molecular diagnostics systems segment recorded revenues of RMB118.3 million ($17.8 million), compared to RMB89.2 million in the second quarter of 2009.

The uptick was due primarily to the increased use of China Medical's fluorescent in situ hybridization probes by new and existing hospital customers, as well as sales of its surface plasmon resonance-based human papillomavirus-DNA chips, the company said. Sales of the HPV-DNA chips, which received approval from State Food and Drug Administration of China in June, totaled RMB3.8 million during the quarter.

In a statement, Xiadong Wu, chairman and CEO of China Medical, said that the HPV-DNA chips are expected to become "another main revenue stream and an important growth driver in addition to our FISH business during the next few years. We have received strong interest in our SPR equipment from many of our top tier hospital customers and significant purchase orders on our chips from hospitals, which have used our chips for their patients on a regular basis."

The company's other segment, immunodiagnostics systems, saw sales rise almost 9 percent year over year to RMB83.5 million in the quarter from RMB76.8 million a year ago. Companywide, revenues increased to RMB201.8 from RMB166.1 a year ago.

Net loss for the period shrank 94 percent to RMB2.9 million, or RMB0.11, from RMB49.8 million, or RMB1.89, a year ago, the company said.