More growth seen in China Medical
China Medical Technologies (Nasdaq: CMED) , a leading medical technology company based in China, on Feb. 27 announced results of its operations for its fiscal third quarter ended December 31, 2006.
The company saw revenues increase by 46.1% to $20.7 million, from $14.2 million in the fiscal third quarter of 2005. Net income increased by 55.4% to $11.3 million, or $0.42 per diluted ADS, from $7.3 million, or $0.27 per diluted ADS, a year earlier.
China Medical was added to the Growth Report Portfolio on Sep. 20, 2006. The firm’s stock is up 6.2% since then. We feel that much growth still remains for China Medical, and as such we maintain our Buy rating and price target of $28.00.
