China Medical Technologies See Revenues Climb in '08

China Medical Technologies (NSDQ: CMED), a company that is prospering by focusing on in vitro diagnostic devices, reported preliminary financial data from its fiscal 2008 year, which ended March 31, 2009. The company said revenue increased 51% to $121 million, while net income jumped 80% to $2.3 million on a non-GAAP basis. Because it was a preliminary report, specific details were not provided.

The company currently depends on two lines of diagnostic devices: Enhanced Chemiluminescence [ECLIA] technology and Fluorescent in situ Hybridization [FISH] technology. In October 2008, the company paid $345 million to acquire Surface Plasmon Resonance [SPR] analysis technology and a test for human papillomavirus [HPV], both of which remain in development.

In December 2008, China Medical sold its legacy High Intensity Focus Ultrasound device business to the company’s Chairman and CEO for $53.5 million. The HIFU machines treat tumors. That move left China Medical completely focused on the in vitro diagnostic market.

Disclosure: None