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China Medical Reels In FISH Test Revenues; Q3 Sales Up 51%

This article was originally published in The Gray Sheet

Executive Summary

Not everyone is losing money in the global economic slump. China Medical Technologies, a Beijing in vitro diagnostics company, generated sales of $33 million in the 2008 third quarter (ended Dec. 31), a 51% increase over the prior-year period, according to unaudited results released March 2

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China Medical divests ultrasound biz: China Medical Technologies divests its high-intensity focused ultrasound (HIFU) tumor therapy business to shareholder Chengxuan International for $53.5 million in order to refocus on in vitro diagnostics. Xiaodong Wu, who is both CEO of CMT and owner of Chengxuan, did not take part in deliberations over the sale, which was approved by CMT's independent board members, CMT notes. Announced Dec. 31, the move reflects pressures on the HIFU business from the global financial crisis, stricter regulations on medical equipment by China's State FDA, and the financial burden involved in obtaining U.S. and EU regulatory approvals for HIFU equipment, CMT explains. Beijing-based CMT recently acquired a human papillomavirus genotyping assay for $345 million, which it expects will generate up to $26.5 million in sales this year; the company will use the proceeds from the HIFU sale to further develop its molecular diagnostics business (1"The Gray Sheet" Oct. 13, 2008, p. 8)

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