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    BEIJING, Aug. 24, 2019 /PRNewswire/ -- Concord Medical Services Holdings Limited ("Concord Medical" or the "Company") (NYSE: CCM), a specialty hospital management group and an operator of the network of radiotherapy and diagnostic imaging centers in China, today announced its unaudited consolidated financial results for the six months ended June 30, 2019[1]. 2019 First Half Highlights Total net revenues were RMB99.5 million ($14.5 million) in the first half of 2019, a 5.3% decrease from total net revenues of RMB105.1 million in the same period last year. Total net revenues included net revenue from the network business of RMB68.0 million ($9.9 million) and net revenue from hospital business of RMB31.5 million ($4.6 million). Gross profit was RMB3.1 million ($0.5 million) in the first half of 2019, representing an 87.0% decrease from RMB23.9 million in the first half of 2018. The gross profit margin was 3.1% for the first half of 2019, compared to 22.8% for the same period last year. Net loss attributable to ordinary shareholders in the first half of 2019 was RMB140.1 million ($20.4 million), compared to RMB128.1 million in the same period last year. Basic and diluted loss per American Depositary Share ("ADS")[2] in the first half of 2019 were both RMB6.10 ($0.89), compared to RMB2.95, respectively, in the same period last year. Non-GAAP net loss in the first half of 2019 was RMB149.3 million ($21.7 million), compared to non-GAAP net loss of RMB121.5 million in the same period last year. Non-GAAP basic and diluted loss per ADS in the first half of 2019 were both RMB3.44 ($0.50), compared to RMB2.81 in the same period last year. Adjusted EBITDA[3] (non-GAAP) was negative RMB108.3 million ($15.8 million) in the first half of 2019, compared to negative RMB73.3 million in the same period last year. Dr. Jianyu Yang, Chairman and Chief Executive Officer of Concord Medical, commented, "With the smooth construction of the Company's hospitals, the corresponding costs have increased and have had an impact on the Company's financial results. However, the year 2018-2019 was an important stage for the Company's business development. In 2018, the Company received financing from strategic investors. In 2019, the Company's three premium cancer hospitals are all under construction. Beijing Proton Medical Center and Guangzhou Concord Cancer Center are expected to commence the operations in 2020. The Company believes that its performance will be greatly improved." "The proportion of revenue generated from the hospital business is increasing gradually. Revenue from the Company's hospital business accounted for 32% of total revenue during the first half of 2019, representing an 8% increase from 24% in the first half of 2018. During the first half of 2019, Shanghai Meizhong Jiahe Cancer Center (also known as Shanghai Concord Medical Cancer Center) handled 4,758 patient treatment cases and patient diagnostic cases, representing a 190% increase from the same period last year." "In the future, the Company will utilize its strengths in cancer treatment and explore business opportunities in the operation and management of cancer franchise hospitals and proton center operations." 2019 First Half Financial Results Network Business Net revenues from the network business were RMB68.0 million ($9.9 million), representing a 14.4% decrease from net revenues of RMB79.4 million in the first half of 2018, primarily attributable to the closure of certain centers in our network of centers. With one center closed in the first half of 2019, the Company operated a network of 30 centers in 20 cities in China as of June 30, 2019. Cost of revenue of the network business was RMB34.8 million ($5.1 million), representing a 18.9% decrease from RMB42.9 million in the first half of 2018. Gross profit from the network business was RMB33.2 million ($4.8 million), representing a 9.0% decrease from RMB36.5 million in the first half of 2018. The gross profit margin for the first half of 2019 was 48.8%, compared to 46.0% for the same period last year. Selling expenses of the network business were RMB9.3 million ($1.4 million), representing a 6.1% decrease from RMB9.9 million in the first half of 2018. Selling expenses as a percentage of net revenues was 13.7% in the first half of 2019, compared to 12.5% in the first half of 2018. The decrease in selling expenses of the network business was mainly due to reduced marketing, conference, office and travel expenses. General and administrative expenses of the network business were RMB82.5 million ($12.1 million), representing a 0.3% increase from RMB82.6 million in the first half of 2018. General and administrative expenses as a percentage of net revenues were 121.9% in the first half of 2019, compared to 104.0% in the same period last year. The increases were mainly due to the counsel fee and travel expense related to the closure of certain centers. Comparing to RMB4.8 million in the same period last year, capital expenditures increased to RMB24.8 million ($3.6 million) in the first half of 2019 primarily for procuring equipment for network centers. Accounts receivable were RMB85.0 million ($12.4 million) as of June 30, 2019, compared to RMB82.0 million as of December 31, 2018. The average period of sales outstanding for accounts receivable (also known as "Days Sales Outstanding") was 221 days in the first half of 2019. During the first half of 2019, the Company handled 5,334 patient treatment cases and 74,721 patient diagnostic cases, representing a 0.4% decrease and a 5.9% increase from the same period last year, respectively. The increase in patient diagnostic cases was mainly due to the counting of the cases from a center which entered into network contract with the Company in December 2018. Hospital Business Net revenues from the hospital business were RMB31.5 million ($4.6 million) in the first half of 2019, representing a 22.6% increase from net revenues of RMB25.7 million in the first half of 2018, mainly due to the consolidation of Shanghai Meizhong Jiahe Cancer Center Co., Ltd. in the fourth quarter of 2018. Cost of service of the hospital business in the first half of 2019 was RMB61.6 million ($9.0 million), a 60.8% increase from cost of service of RMB38.3 million in the first half of 2018, mainly because of the consolidation of Shanghai Meizhong Jiahe Cancer Center Co., Ltd. in the fourth quarter of 2018. Gross loss from the hospital business was RMB30.1 million ($4.4 million) in the first half of 2019, compared to RMB12.6 million in same period last year. Selling expenses of the hospital business were RMB1.5 million ($0.2 million) in the first half of 2019, representing a 114.3% increase from selling expenses of RMB0.7 million in the first half of 2018. The increase was mainly due to the consolidation of Shanghai Meizhong Jiahe Cancer Center Co., Ltd. in the fourth quarter of 2018. General and administrative expenses of the hospital business were RMB57.0 million  ($8.3 million) in the first half of 2019, of which employee benefit expenses were RMB19.9 million ($2.9 million). In the same period of last year, general and administrative expenses of the hospital business were RMB31.8 million. The increase was mainly due to the increase in salary and consultation fees for hospitals. Comparing to RMB282.1 million in the first half of 2018, capital expenditures of the hospital were RMB410.5 million ($59.8 million) in the first half of 2019, which was mainly related to the construction fees and medical equipment payment for Beijing Proton Medical Center, Shanghai Concord Cancer Center and Guangzhou Concord Cancer Center. As of June 30, 2019, accounts receivable from hospital business were RMB10.9 million ($1.6 million), a 55.7% increase from accounts receivable of RMB7.0 million as of December 31, 2018. The number of Days Sales Outstanding was 51 days in the first half of 2019. As of June 30, 2019, the Company had bank loan totaling RMB1.1 billion ($163.0 million). Recent Developments Starting from February 20, 2019, the basic medical services of Shanghai Meizhong Jiahe Cancer Center (also known as Shanghai Concord Medical Cancer Center) used by Shanghai medical insurance participants have been fully covered by medical insurance. Moreover, effective on July 22, 2019, Shanghai Meizhong Jiahe Cancer Center has become a designated hospital in Shanghai, allowing the general outpatient services and the major outpatient services (including radiotherapy and chemotherapy for malignant tumors) to be settled by medical insurance according to the standard of the local third-level hospitals. Shanghai Meizhong Jiahe Medical Imaging Diagnostic Center (also known as Shanghai Concord Medical Imaging Diagnostic Center) has completed the construction stage and is expected to commence a trail operation in the third quarter of 2019. Notes: [1] This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations of RMB into U.S. dollars are made at a rate of RMB6.8650 to $1.00, the noon buying rate in New York City for cable transfers payable in RMB, as certified for customs purposes by the Federal Reserve Bank of New York on June 30, 2019.[2] Each ADS represents three Class A ordinary shares of the Company;  the Company adjusts for the accretion of mezzanine equity in the calculation of loss attributable to ordinary shareholders of the Company used in the earnings per ADS calculation.[3] Adjusted EBITDA is defined as net income plus interest, taxes, depreciation and amortization, share-based compensation expenses, and other adjustments. Other adjustments include foreign exchange gain, loss on disposal of long-lived assets and other income. About Concord Medical Concord Medical Services Holdings Limited is a specialty hospital management group, including premium cancer hospitals and international hospitals with multi-disciplinary treatment featuring proton therapy, as well as secondary specialty cancer hospitals and independent medical institutions, and an operator of the network of radiotherapy and diagnostic imaging centers in China. As of June 30, 2019, the Company operated a network of 30 centers based in 20 hospitals, spanning over 20 cities across 13 provinces and administrative regions in China. Under long-term arrangements with top-tier hospitals in China, the Company provides radiotherapy and diagnostic imaging equipment to and manages the daily operations of these centers, which are located on the premises of its hospital partners. The Company also provides ongoing training to doctors and other medical professionals in its network of centers to ensure a high level of clinical care for patients. For more information, please see http://ir.ccm.cn. Safe Harbor Statement This announcement contains forward-looking statements. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions. Forward-looking statements are inherently subject to uncertainties and contingencies beyond the Company's control and based upon premises with respect to future business decisions, which are subject to change. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. About Non-GAAP Financial Measures To supplement the consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Concord Medical uses certain non-GAAP measures. The Company presents certain of its financial information that is adjusted from results based on GAAP to exclude the impact of share-based compensation expense. The Company believes excluding share-based compensation expense from its GAAP financial measures is useful for its management and investors to assess and analyze the Company's core operating results, as such expense is not directly attributable to the underlying performance of the Company's business operations and do not impact its current cash earnings. Concord Medical also believes these non-GAAP measures excluding share-based compensation expense are important in helping investors to understand the Company's current financial performance and future prospects and to compare business trends among different reporting periods on a consistent basis. In addition, Concord Medical also presents the non-GAAP measure of Adjusted EBITDA, which is defined in this announcement as net income plus interest, taxes, depreciation and amortization, and share-based compensation expenses and other adjustments. Other adjustments include foreign exchange gain, loss on disposal of long-lived assets and other income. Furthermore, Adjusted EBITDA eliminates the impact of items that the Company does not consider to be indicative of the performance of the network business and hospital business. The Company believes investors will similarly use Adjusted EBITDA as one of the key metrics to evaluate its financial performance and to compare its current operating results with corresponding historical periods and with other companies in the healthcare services industry. The presentation of these additional measures should not be considered a substitute for or superior to GAAP results or as being comparable to results reported or forecasted by other companies. The non-GAAP measures have been reconciled to GAAP measures in the attached financial information.   Concord Medical Services Holdings Co., Ltd.  Consolidated Balance Sheets (in thousands) December 31, 2018 June 30, 2019 RMB RMB US$ (audited) (Unaudited) (Unaudited) ASSETS Current assets Cash and cash equivalents 404,742 380,225 55,386 Restricted cash 421,990 157,900 23,001 Short-term investment 50,000 13,002 1,894 Accounts receivable 86,868 93,838 13,669 Inventories 3,356 3,142 458 Prepayments and other current assets 227,714 134,807 19,637 Assets held-for-sale 4,384 4,384 639 Net investment in direct financing leases, current portion 29,638 29,103 4,239 Total current assets 1,228,692 816,401 118,923 Non-current assets Property, plant and equipment, net 1,219,309 1,461,359 212,871 Right of use assets, net - 532,029 77,499 Intangible assets, net 456,844 451,525 65,772 Deposits for non-current assets 637,838 655,706 95,514 Net investment in direct financing leases, non-current portion 42,977 34,953 5,091 Long-term investments 388,364 377,481 54,986 Other non-current assets 7,876 10,527 1,530 Prepaid land lease payments 438,323 - - Prepayment for long term investment - 9,979 1,454 Goodwill 165,171 165,171 24,060 Total non-current assets 3,356,702 3,698,729 538,776 Total assets 4,585,394 4,515,130 657,699 LIABILITIES AND EQUITY Current liabilities Short-term bank and other borrowings 396,520 149,200 21,733 Long-term bank and other borrowings, current portion 44,068 67,744 9,868 Accounts payable 5,438 5,785 843 Lease liabilities, current - 14,596 2,126 Accrued expenses and other liabilities 418,006 257,459 37,503 Income tax payable 3,762 888 129 Dividend payable 2,471 2,467 359 Total current liabilities 870,265 498,139 72,561 Non-current liabilities Long-term bank and other borrowings, non-current portion 497,526 901,994 131,390 Deferred tax liabilities 165,646 153,066 22,297 Lease liabilities, non current - 82,111 11,961 Other long-term liabilities 121,342 128,396 18,703 Mandatorily redeemable noncontrolling interest 434,216 433,553 63,154 Amounts due to related parties, non-current portion 222,518 187,934 27,374 Total non-current liabilities 1,441,248 1,887,054 274,879 Total liabilities 2,311,513 2,385,193 347,440 Contigently redeemable noncotrolling interests 1,720,366 1,814,208 264,269 Equity Class A ordinary shares 68 68 10 Class B ordinary shares 37 37 5 Treasury stock (8) (8) (1) Additional paid-in capital 1,758,937 1,770,067 257,839 Accumulated other comprehensive loss (88,621) (89,040) (12,970) Accumulated deficit (1,232,991) (1,497,753) (218,172) Total Concord Medical Services Holdings Limited shareholders' equity 437,527 183,476 26,726 Noncontrolling interests 116,093 132,359 19,280 Total equity 553,620 315,835 46,006 Total liabilities, mezzanine equity and equity 4,585,499 4,515,236 657,715     Concord Medical Services Holdings Co., Ltd.  Consolidated Profit & Loss (in thousands, except for number of shares and per share data data) June 30, 2018 June 30, 2019 RMB RMB US$ (Unaudited) (Unaudited) (Unaudited) Revenues,net of business tax,value-added tax and related surcharges Network 79,393 68,046 9,912 Hospital 25,722 31,466 4,584 Total net revenues 105,115 99,512 14,496 Cost of revenues Network (42,882) (34,799) (5,069) Hospital (38,287) (61,596) (8,972) Total cost of revenues (81,169) (96,395) (14,041) Gross profit 23,946 3,117 455 Operating expenses Selling expenses (10,621) (10,827) (1,577) General and administrative expenses (114,351) (139,518) (20,323) Operating loss (101,026) (147,228) (21,445) Interest expense (33,381) (9,329) (1,359) Foreign exhange gain,net 10,693 2,606 380 Loss on disposal of long-lived assets (2,060) (2,781) (405) Interest income 5,129 6,124 892 Loss from equity method investments (3,438) (4,536) (661) Other income, net 2,161 2,671 389 Loss before income tax (121,922) (152,473) (22,209) Income tax expenses (5,949) (7,912) (1,153) Net loss (127,871) (160,385) (23,362) Net loss attributable to noncontrolling interests 255 (20,268) (2,952) Net loss attributable to Concord Medical ServicesHoldings Limited (128,126) (140,117) (20,410) Loss per share for Class A and Class B ordinary shares Basic (2.95) (6.10) (0.89) Diluted (2.95) (6.10) (0.89) Weighted average number of Class A and Class B ordinary shares outstanding: Basic  43,363,992 43,387,223 43,387,223 Diluted 43,363,992 43,387,223 43,387,223 Other comprehensive (loss) income, net of tax of nil Foreign currency translation,net of tax of nil 4,773 (419) (61) Total other comprehensive (loss) income, net of tax of nil 4,773 (419) (61) Comprehensive loss (123,098) (160,804) (23,423) Comprehensive loss attributable to noncontrolling interests (614) (19,123) (2,785) Comprehensive loss attributable to Concord Medical Services Holdings Limited (122,484) (141,681) (20,638)     Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (*) (in RMB thousands, except per share data unaudited) For the six months ended June 30, 2018 For the six months ended June 30, 2019 GAAP Measure Adjustment Non-GAAP Measure GAAP Measure Adjustment Non-GAAP Measure Operating loss (101,026) 6,341 (94,685) (147,228) 11,130 (136,098) Net loss (127,871) 6,341 (121,530) (160,385) 11,130 (149,255) Basic loss per share for Class A and Class Bordinary shares (2.95) 0.15 (2.81) (6.10) 0.26 (5.85) Basic loss per share for Class A and Class Bordinary shares (2.95) 0.15 (2.81) (6.10) 0.26 (5.85) (*) The only adjustment is share-based compensation.     Reconciliation from net income to adjusted EBITDA(*) (in RMB thousands, unaudited)  For the six months ended  For the six months ended June 30, 2018 June 30, 2019 Net loss  (127,871) (160,385)    Interest expenses, net 28,252 3,205    Income tax expenses 5,949 7,912    Depreciation and amortization 24,835 32,366    Share-based compensation 6,341 11,130    Other adjustments (10,794) (2,496) Adjusted EBITDA (73,288) (108,268) EBITDA margin -92% -109% (*) Definition of adjusted EBITDA: Adjusted EBITDA is defined as net income plus interest, taxes, depreciation and amortization, share-based compensation expenses and other adjustments. Other adjustments include foreign exchange gain, loss on disposal of long-lived assets and other income.          View original content:http://www.prnewswire.com/news-releases/concord-medical-reports-financial-results-for-the-first-half-of-2019-300906490.html
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    Ted Paraskakis and Amauri Paraskakis, two food lovers, launch an online platform to show their passion to the world TORONTO, Aug. 24, 2019 /PRNewswire/ --Ted Paraskakis and Amauri Paraskakis are showing their passion to the world with the launch of a food and cooking blog where they share their culinary skills and eating experience to their millions of readers. http://tedparaskakis.com/ is the online platform that is seemingly changing the way people see food and bringing a somewhat unique yet fun experience to cooking and food as a whole.  The kitchen is one of the most important rooms in the house, with a majority of the foods eaten passing through the kitchen. While others enjoy cooking, some prefer to eat out and often settle for fast foods from eateries. Regardless of the choice of food, the primary goal of eating is to enjoy the food and of course, benefit from the nutrients. However, millions of people across the globe often struggle with variety, leaving them and settling for practically anything that comes their way. This is where Ted and Amauri Paraskakis are looking to make a difference with the launch of their website and the subsequent post of helpful information and tips on cooking and eating. The blog features a wide variety of categories, including breakfast, appetizers, BBQ, burgers, and fish. Other featured categories on the website are pie, salad, kabab, and crostini. The blog has grown over the years to become one of the most sought-after online resources for anything food-related, offering readers signature recipes to add some twist to their cooking and eating. The website offers a comprehensive guide detailing how to make different types of foods in a language that can be easily understood regardless of their level of cooking skills. Some of the articles recently posted on the website include Amauri Paraskakis' Homemade Garlic Bread, Ted Paraskakis' famous grilled chicken thighs, and AMAURI PARASKAKIS GRILLED CHICKEN SANDWICH. More information about Ted Paraskakis and Amauri Paraskakis and the unique cooking and kitchen tips offered can be found on their website. About Ted Paraskakis and Amauri Paraskakis Ted Paraskakis and Amauri Paraskakis are foodies with a difference as they look to change the world by teaching their amazing culinary skills to other food lovers via their blog. Their website has become the go-to online resource for lovers of good food and persons that love to cook with a wide range of recipes and innovative cooking solutions. For further information: Ted Paraskakis and Amauri Paraskakis: Amauri Paraskakis, info@tedparaskakis.com, http://tedparaskakis.com/ Photo - https://mma.prnewswire.com/media/964877/Ted_Paraskakis_and_Amauri_Paraskakis_Ted_and_Amauri_Paraskakis__.jpg
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    SHANGHAI, Aug. 24, 2019 /PRNewswire/ -- From September 14-18, 2019, Shanghai International Blockchain Week 2019, the largest and most influential blockchain gathering in China, will be held by the Wanxiang Blockchain Labs, a top blockchain research body in China. The event this year will bring together over 2000 participants and 250 experts of 50 global projects to share their insights and experience on the development of blockchain technology, its real-world applications, regulations & compliance. Invited guests such as Dr. Xiao Feng, Vice Chairman & Executive Director at Wanxiang Holdings; Founder of Wanxiang Blockchain Labs, Vitalik Buterin, Founder of Ethereum and Chief Scientist at Wanxiang Blockchain; Vice President and Chief Information Officer at Webank (China's first digital bank initiated by Tencent), Henry Ma; and the General Manager at China Unicom IoT Company, Chen XiaoTian, will be in attendance. As the world's leading enterprise-level public blockchain, VeChain possesses a proven track record of promoting the adoption of blockchain technology. For instance, VeChain developed My Story™ with DNV GL, a blockchain-powered, business assurance solution already implemented by three wineries in Italy: Ricci Curbastro, Ruffino and Torrevento. Another example is the San Marino Low Carbon Ecosystem. This recently announced initiative is the first national-level blockchain-based program designed to drive environmentally friendly practices. The Ecosystem is entirely powered by the San Marino Innovation Token, a utility token issued on the VeChainThor Blockchain. The Summit invited Sunny Lu, Founder of VeChain Foundation, to share with the audience his extensive experience in building blockchain-based solutions and real-world applications. Renato Grottola, Antonio Senatore, and Vincenzo Di Nicola, advisors and partners to the VeChain ecosystem are all invited as leaders of the blockchain industry to speak. Renato Grottola is SVP and Global Director of M&A Digital Transformation at DNV GL Business Assurance, member of an expert panel responsible for drafting Italy's national strategy on Blockchain, and Member of the VeChain Foundation Steering Committee. Over the years, Renato has served various positions in the world-leading business assurance group and gained rich experience in driving digital transformation and business development. Under his leadership, DNV GL forged a strategic partnership with VeChain and helped build a host of VeChainThor Blockchain-based solutions and applications. Antonio Senatore serves as the Global CTO at Deloitte Blockchain and is a member of the VeChain Foundation Advisory Board. Having been in the IT industry for over 15 years, Antonio is a leader in technology research, road mapping, lab technical architecture & infrastructure, as well as the Lab technical operating model. Under Antonio's leadership, Deloitte has been developing on the VeChainThor Blockchain and migrated the solutions it developed for DNV GL from Ethereum to the VeChainThor Blockchain in April 2019. Vincenzo Di Nicola is a co-founder of Conio, an Italian startup that provides enterprise solutions for banks to manage cryptocurrencies and safe custody of digital assets. He also serves as a Member of the Scientific Committee of the Republic of San Marino and assists them with their national blockchain initiatives, such as the San Marino Low Carbon Ecosystem and San Marino Innovation Token. VeChain is dedicated to promoting the mass adoption of blockchain technology and changing people's lives for the better. Hence, it is pleased and excited to demonstrate VeChainThor powered applications and solutions at the Shanghai International Blockchain Week 2019. VeChain is looking forward to interacting and connecting with the attending business leaders and innovators, both inside and outside of the blockchain industry, and demonstrate to them how blockchain can be leveraged to empower the economy and make this world a better place. About VeChainLaunched in 2015, VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco. Together with our strategic partners PwC and DNV GL, we have established cooperative relations with many leading enterprises in different industries, including Walmart China, BMW, BYD Auto, Haier, Bright Food, D.I.G., DB Schenker, and PICC. Logo - https://mma.prnewswire.com/media/738233/Vechain_Logo.jpg

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