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Shares of Chindex International, Inc. (CHDX) hit a 52-week high during Monday's session after the Company reported its financial results for the first quarter of fiscal 2010, ended June 30, 2009.
Revenue for the first quarter of fiscal 2010, which ended June 30, 2009, increased 41% to $45.3 million from $32.1 million in the first quarter of fiscal year 2009. Revenue from the Medical Products division increased 86% to $23.3 million from $12.5 million in the prior year period, and revenue from the Healthcare Services division increased 13% to $22.0 million from $19.6 million in the first quarter of fiscal year 2009.
Net income in the first quarter of fiscal 2010 was $3.3 million, or $0.20 per diluted share. This compares to a net loss of $161,000, or $(0.01) per diluted share, in the first quarter of fiscal 2009. Excluding the impact of the change in fair value of outstanding warrants, net income per diluted share was approximately $0.25. This easily beat analysts' estimate for net income of $0.07 per share.
Roberta Lipson, President and CEO of Chindex, commented, "Our Medical Products division sales were strong and continued the momentum from Q1. We wtnessed continued demand for the products from our diversified portfolio, particularly robotic surgery systems. We also saw strong demand for women's health imaging systems, cosmetic laser systems, ultrasounds and clinical chemistry product lines. We also expect to see continued strength in the market from the Chinese goverment's health reform and stimulus plans."
Lawrence Pemble, CFO of Chindex, noted, "We are well funded to execute on our growth plans, which is significant in the current economic environment."
He explained, "We remain confident with our expectations for annualized top line growth in the medical products division of low-to-mid teens. We believe the market for our products in increasingly robust, and we are well positioned to continue with a sustainable growth trajectory over time."
Mr. Pemble added, "For the Healthcare Services division, we continue to target annualized revenue growth of mid-to-high teens for the fiscal year."
Ms. Lipson said, "We expect an expansion of sales for all our products offerings and continued growth from the goverment-backed financing programs. These efforts should fuel enhanced performance of the division over the long term."
She added, "Healtcare reform conrtinues to be an important issue in China, and we believe that the goverment and media focus on healthcare reform increases consumer awareness about the quality of healthcare available from the public sector and considerations of premium service options from the private sector. We believe the Chinese goverment stimulus plan is a long term positive for the healthcare sector, an it should drive increased spending on medical products over time. These trends create a more compelling market opportunity for us and sets the stage for sustainable long term growth going forward."
Last week, the Company announced that its Western-style hospital network, United Family Healthcare, plans to launch a comprehensive, international-standard oncology program, called "New Hope," at a stand-alone outpatient facility near its Beijing United Family Hospital. The New Hope Center will provide international expertise to diagnose and treat cancer and will offer an array of treatment modalities, including chemotherapy, radiation therapy and other oncology-related support services.
Ms. Lipson noted, "This center will make an expanded scope and a model of patient care which will be new to China."
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