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MicroPort Scientific Corp Issues H1 2013 Net Profit Guidance Below Analysts' Estimates

Friday, 2 Aug 2013 08:51am EDT 

MicroPort Scientific Corp announced that, based on information currently available to the Board, the Company is expected to record a material decrease in its unaudited net profit for the first half of 2013 as compared with that for the first half of 2012. The expected decrease in the unaudited net profit is principally attributable to (1) the decrease in turnover on the business of drug eluting stent (DES) comparing to the same period in prior year owing to (I) the prices set by provincials’ tender lowering unit selling prices of the DES; (II) more domestic manufacturers entering the DES market which results in more intense competition; (III) slower growth of percutaneous coronary intervention procedures; (2) a significantly increased cost due to the continuous investment in research and development; and (3) a significant increase in other operating costs representing the advisory fees for the Company's recently announced acquisition transaction. The Company reported net income of CNY222.67 million in the first half of 2012. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report net income of CNY249.70 million for the first half of 2013. 

Company Quote

-0.05 -0.99%
11 Jul 2014