China Sky One Medical (NSDQ: CSKI) has signed up Guangdong Mediacy Kind Medical Devices Industry Service Company to be its exclusive sales agent in Southeast Asia for two of the company’s diagnostic kits: AMI Diagnostic Kit, used to diagnose myocardial infarction, and Human Urinary Albumin Elisa Kit, which diagnoses early acute kidney disease.
The initial contract is for a trial period of three months. A more permanent contract, which also defines sales guidelines, will be developed.
MDK was impressed with the products as well as China Sky One’s quality control and up-to-date manufacturing processes. MDK is convinced that the products have excellent prospects in the proposed markets, based on its own research.
In the first nine months of 2009, the AMI Diagnostic Kit produced $7.5 million of revenue for China Sky One, about 7.5% of the company's total revenues. The Human Urinary Albumin Elisa Kit booked $1.6 million in sales during the same period.
In a statement, Mr. Yan-Qing Liu, Chairman and CEO of China Sky One, said its international sales force had already begun laying a foundation in Southeast Asia for the kits. MDK’s “mature” sales network will build on that, he continued.
Headquartered in Zhuhai, China, MDK is a professional medical devices supply chain service provider. It has built a business network in China and other Asian countries. In the past twelve months, it recorded foreign sales revenues of more than $100 million.