LONDON, UK / ACCESSWIRE / September 18, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Concord Medical Services Holdings Ltd (NYSE: CCM) ("Concord Medical"), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=CCM, following the Company's disclosure of its financial results on August 25, 2017, for the first half of the fiscal year 2017 (H1 FY17). The Beijing, China-based Company's total net revenues fell a reported 19.0% y-o-y in H1 FY17. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
During the period ended June 30, 2017, Concord Medical reported revenues of RMB206.24 million ($30.42 million) compared to RMB254.64 million in the year-ago same period. The specialty hospital management Company's GAAP net loss attributable to ordinary shareholders came in at RMB101.78 million ($15.01 million) for H1 FY17 compared to RMB50.36 million in the year-ago corresponding period. The Company reported a diluted loss of RMB2.34 per American Depository Share (ADS) ($0.34 loss per ADS) in H1 FY17 versus a diluted loss of RMB1.15 per ADS in H1 FY16. Furthermore, non-GAAP net loss stood at RMB100.15 million, or RMB2.24 loss per ADS, for H1 FY17 compared to a non-GAAP net loss of RMB50.00 million, or RMB1.12 per ADS, in H1 FY16.
Operating Metrics
In H1 FY17, the Company incurred RMB134.97 million ($19.91 million) as a total cost of revenues, up from RMB153.08 million in H1 FY16. The Company posted a gross profit of RMB71.27 million ($10.51 million) in H1 FY17 versus RMB101.56 million in the prior year's comparable period. The Company's gross margin was 34.6% for H1 FY17 compared to 39.9% for the same period of last year.
Concord Medical's selling expenses were RMB30.51 million ($4.50 million) in H1 FY17 versus RMB41.41 million in H1 FY16. During H1 FY17, the Company's general and administrative expenses increased to RMB115.80 million ($17.08 million) from RMB75.47 million in the year-ago same period. The Company posted operating loss of RMB75.07 million ($11.07 million) in H1 FY17 compared to an operating loss of RMB15.33 million in H1 FY16. Furthermore, the Company posted negative adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of RMB3.93 million in H1 FY17 versus a positive EBITDA of RMB68.59 million in H1 FY16.
Segment-Wise
In H1 FY17, Concord Medical's Network segment's revenues were RMB196.35 million ($28.96 million), falling 20.4% from RMB246.65 million in H1 FY16. The Company primarily attributed the decline in revenues to a closure of 18 centers in H1 FY17. Meanwhile, the Company operated a network of 60 centers in 34 cities in China as of June 30, 2017. The segment's gross profit was RMB86.8 million ($12.8 million) during H1 FY17 compared to RMB108.8 million in the first half of FY16. Meanwhile, gross profit margin was 44.2% for H1 FY17, up from 44.1% for the same period of last year.
Net revenues from the Hospital segment were RMB9.89 million ($1.46 million) during H1 FY17, rising 23.8% from RMB7.98 million in H1 FY16. Moreover, the segment reported a gross loss of RMB15.6 million ($2.3 million) in H1 FY17 compared to a gross loss of RMB7.2 million in H1 FY16.
Balance Sheet & Cash Flow
The Company ended the period with a cash and cash equivalents balance of RMB608.20 million ($89.71 million) compared to RMB189.91 million as of December 31, 2016. Additionally, the Company's long-term bank borrowings were down to RMB15.09 million ($2.23 million) as on June 30, 2017, from RMB215.671 million as of December 31, 2016.
Stock Performance
At the closing bell, on Friday, September 15, 2017, Concord Medical Services' stock was marginally down 0.25%, ending the trading session at $3.99. A total volume of 16.02 thousand shares have exchanged hands. The Company's stock price rallied 13.03% in the last three months. The stock currently has a market cap of $173.09 million.
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