Global Cord Blood Corporation Reports Financial Results for the Second Quarter and First Half of Fiscal 2019
2Q19 Added 22,908 New Subscribers
Revenues Up 5.3% YoY to RMB247.1 Million ($36.0 Million)
Operating Income Up 37.3% YoY to RMB104.8 Million ($15.3 Million)
Non-GAAP Operating Income Up 8.7% YoY to RMB118.2 Million ($17.2 Million)
Conference Call to be Held on November 28, 2018 at 8:00 a.m. ET
HONG KONG, Nov. 27, 2018 /PRNewswire/ -- Global Cord Blood Corporation (NYSE: CO) ("GCBC" or the "Company"), China's leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services, today announced its unaudited financial results for the second quarter and first half of fiscal year 2019 ended September 30, 2018.
Second Quarter of Fiscal 2019 Highlights
-- Revenues increased by 5.3% year over year ("YoY") to RMB247.1 million
($36.0 million).
-- New subscribers and accumulated subscriber base were 22,908 and
704,690([1]), respectively.
-- Gross profit increased by 5.8% YoY to RMB199.8 million ($29.1 million).
-- Gross margin increased from 80.5% in the prior year period to 80.9%.
-- Operating income increased by 37.3% YoY to RMB104.8 million ($15.3
million).
-- Operating income before depreciation and amortization and share-based
compensation expenses([2]) ("non-GAAP operating income") increased by
8.7% YoY to RMB118.2 million ($17.2 million).
-- Net income attributable to the Company's shareholders was RMB65.1
million ($9.5 million) compared to RMB67.6 million in the prior year
period, after taking into account the unrealized holding loss of RMB30.9
million ($4.5 million) for equity securities, or more commonly known as
mark-to-market loss, following the adoption of a new accounting
standard([3]).
-- Net cash provided by operating activities for the second quarter of
fiscal 2019 was RMB211.6 million ($30.8 million).
First Half of Fiscal 2019 Highlights
-- Revenues for the first half of fiscal 2019 increased by 4.8% YoY to
RMB480.9 million ($70.0 million).
-- New subscriber sign-up was 43,509, and accumulated subscriber base
expanded to 704,690([1]).
-- Gross profit increased by 6.0% YoY to RMB390.5 million ($56.9 million).
-- Operating income increased by 25.7% YoY to RMB200.2 million ($29.2
million).
-- Non-GAAP operating income([2]) increased by 12.8% YoY to RMB226.7
million ($33.0 million).
-- Net income attributable to the Company's shareholders increased to
RMB138.7 million ($20.2 million) from RMB136.7 million in the prior year
period.
-- Net cash provided by operating activities for the first half of fiscal
2019 was RMB386.9 million ($56.3 million).
"We are glad to see the new subscriber number increase by 11.2% in the second quarter from the previous quarter, which demonstrates the success of the measures we took under current market conditions. As we continue to execute on our strategies, we remain cautiously optimistic about our growth prospects in the second half of the year, which are supported by the Chinese government announcing business-friendly policies amid escalating trade tensions between the U.S. and China." said Ms. Ting Zheng, Chairperson and Chief Executive Officer of GCBC. "While keeping our focus on nurturing and penetrating existing domestic markets, we will continue to explore potential development opportunities to expand revenue sources or save costs in order to consolidate our position as the industry leader."
Summary - Second Quarter and First Half Ended September 30, 2017 and 2018
Three Months Ended September 30, Six Months Ended September 30,
2017 2018 2017 2018
(in thousands)
RMB
RMB
US$
RMB
RMB
US$
Revenues 234,572 247,104 35,979 458,794 480,925 70,025
Gross Profit 188,928 199,841 29,097 368,368 390,504 56,859
Operating Income[4] 76,328 104,766 15,253 159,289 200,208 29,151
Unrealized Holding Loss For
Equity Securities[3] (30,945) (4,506) (40,266) (5,863)
Net Income Attributable to 67,595 65,114 9,479 136,730 138,656 20,188
the Company's
Shareholders
Earnings per Share[5]
(RMB/US$)
- Basic 0.60 0.54 0.08 1.22 1.15 0.17
- Diluted 0.60 0.53 0.08 1.22 1.14 0.17
Revenues Breakdown (%)
Processing Fees and Other 65.7%
Services 61.4% 65.6% 61.4%
Storage Fees 34.3% 38.6% 34.4% 38.6%
New Subscribers (persons) 23,647 22,908 46,170 43,509
Total Accumulated
Subscribers (persons) 620,680
704,690[1] 620,680
704,690[1]
Summary - Selected Cash Flow Statement Items
Three Months Ended September 30, Six Months Ended September 30,
2017 2018 2017 2018
(in thousands) RMB RMB US$ RMB RMB US$
Net cash provided by 215,293 211,617 30,812 441,710 386,934 56,338
operating activities
Net cash used in (11,354) (8,822) (1,285) (22,017) (15,948) (2,323)
investing activities
Net cash used in (18,173) (2,646) (18,173) (2,646)
financing activities
Second Quarter of Fiscal 2019 Financial Results
REVENUES. Revenues increased by 5.3% YoY to RMB247.1 million ($36.0 million) in the second quarter of fiscal 2019. The increase was mainly driven by the Company's continued enlargement of its total subscriber base.
Revenues generated from storage fees increased by 18.5% YoY to RMB95.4 million ($13.9 million) in the reporting quarter. The accumulated subscriber base as of September 30, 2018, was 704,690([1]). Storage fee revenues accounted for 38.6% of total revenues compared to 34.3% in the prior year period.
Revenues generated from processing fees and other services in the second quarter was RMB151.7 million ($22.1 million). 22,908 new subscriber sign-ups were recorded during the reporting quarter. The market continued to be challenging this quarter, yet, with the Company's continued efforts, the new subscriber number increased by 11.2% quarter over quarter ("QoQ"). Revenues generated from processing fees accounted for 61.4% of total revenues compared to 65.7% in the prior year period.
GROSS PROFIT. Gross profit for the second quarter increased by 5.8% YoY to RMB199.8 million ($29.1 million). Rising raw materials cost was offset by the economy of scale from a higher contribution from storage fees. Gross margin as a result improved to 80.9% from 80.5% in the prior year period.
OPERATING INCOME. Operating income increased by 37.3% YoY to RMB104.8 million ($15.3 million), which was fueled by modest margin expansion and the absence of share-based compensation expense, as no share-based compensation expense was recognized since April 1, 2018. Operating income also improved by 9.8% QoQ. As a result, operating margin increased to 42.4%. Depreciation and amortization expenses for the second quarter increased moderately to RMB13.4 million ($2.0 million), from RMB12.4 million of the same period last year. In the prior year period, there was RMB20.1 million in share-based compensation expense whereas no such expense occurred in the current quarter. Non-GAAP operating income([2]) increased by 8.7% YoY to RMB118.2 million ($17.2 million).
Sales and Marketing Expenses. Sales and marketing expenses decreased by 8.3% YoY to RMB51.5 million ($7.5 million) as no share-based compensation expense were recognized since April 1, 2018. Also, the Company has been increasingly prudent and selective when deploying its marketing budget, and such reduction led to a YoY and QoQ decline in marketing and promotion expense. Sales and marketing expenses as a percentage of revenues decreased to 20.8% from 23.9% of the same quarter last year.
General and Administrative Expenses. During the second quarter, general and administrative expenses decreased by 24.2% YoY to RMB40.0 million ($5.8 million), which was mainly driven by the absence of share-based compensation expense. General and administrative expenses were down 2.5% QoQ as the Company attempted to keep costs under control. As a result, general and administrative expenses as a percentage of revenues declined to 16.2% from 22.5% in the same quarter of the previous year.
OTHER INCOME AND EXPENSES.
Unrealized holding loss for equity securities. In the reporting period, RMB30.9 million ($4.5 million) in unrealized holding loss for equity securities, or more commonly known as mark-to-market loss, mainly attributable to the investments in Cordlife Group Limited ("CGL"), was recognized as other expenses under the new accounting standard, whereas such loss of RMB18.6 million was recorded as other comprehensive loss in the prior year period([3]).
Dividend income. During the second quarter, the Company received RMB1.0 million ($0.1 million) dividend income from the Company's equity investments in CGL.
NET INCOME ATTRIBUTABLE TO THE COMPANY'S SHAREHOLDERS. As the increase in operating income was impacted by the mark-to-market loss, income before income tax for the second quarter decreased by 2.6% YoY to RMB81.1 million ($11.8 million). Income tax expense for the second quarter was RMB14.9 million ($2.2 million) compared to RMB14.5 million in the prior year period. Net income attributable to the Company's shareholders for the second quarter decreased by 3.7% YoY to RMB65.1 million ($9.5 million). Net margin for the second quarter was 26.4%, down by 2.4 percentage points compared to the same quarter last year.
EARNINGS PER SHARE([5]). Basic and diluted earnings per ordinary share for the second quarter of fiscal 2019 were RMB0.54 ($0.08) and RMB0.53 ($0.08) compared to RMB0.60 in the prior year period.
First Half of Fiscal 2019 Financial Results
For the first half of fiscal year 2019, total revenues increased by 4.8% YoY to RMB480.9 million ($70.0 million). The increase was mainly attributable to an increase in the Company's storage fee revenues from its accumulated subscriber base. Revenues from storage fees increased by 17.9% YoY to RMB185.9 million ($27.1 million), and revenues from processing fees and other services were down by 2.0% YoY to RMB295.0 million ($42.9 million). Gross profit increased by 6.0% YoY to RMB390.5 million ($56.9 million). Operating income increased by 25.7% YoY to RMB200.2 million ($29.2 million). Non-GAAP operating income([2]) increased by 12.8% YoY to RMB226.7 million ($33.0 million). Net income attributable to the Company's shareholders improved to RMB138.7 million ($20.2 million) from RMB136.7 million in the prior year period. Basic and diluted earnings per share([5]) attributable to ordinary shares were RMB1.15 ($0.17) and RMB1.14 ($0.17), respectively, compared to RMB1.22 in the same period last year. Net cash provided by operating activities in the first half of fiscal 2019 was RMB386.9 million ($56.3 million) compared to RMB441.7 million in the prior year period.
Conference Call
The Company will host a conference call at 8:00 a.m. ET on Wednesday, November 28, 2018, to discuss its financial performance and give a brief overview of the Company's recent developments, followed by a question and answer session. Interested parties can access the audio webcast through the Company's IR website at http://ir.globalcordbloodcorp.com. A replay of the webcast will be accessible two hours after the conference call and available for three weeks at the same URL above. Listeners can also access the call by dialing 1-646-722-4977 or 1-855-824-5644 for US callers, or +852-3027-6500 for Hong Kong callers, access code: 68320201#.
[1]
During the three
months and six months ended
September 30, 2018, 22,908 and
43,509 new subscribers were
recruited, respectively. The Company
reclassified 299 and 437 private
cord blood units as donated cord
blood units during the three months
and six months ended September 30,
2018 after the Company determined
that the recoverability of these
prior private cord blood banking
subscribers was low. Therefore, the
Company terminated their
subscription services according to
the subscription contracts and these
units are being treated as if they
were donated cord blood units and
will be part of the Company's non-
current inventories. Hence, the net
accumulated subscriber base was
704,690 as of September 30, 2018.
[2] See exhibit 3 of this press
release for a reconciliation of non-
GAAP operating income to exclude the
non-cash items related to the
depreciation and amortization and
share-based compensation expenses
to the comparable financial measure
prepared in accordance with U.S.
generally accepted accounting
principles ("U.S. GAAP").
[3] Unrealized holding loss for
equity securities was recognized as
other expenses instead of other
comprehensive losses as practiced
previously because of the adoption
of Accounting Standards Update No.
2016-01 since April 1, 2018. During
the three months ended September 30,
2017 and 2018, unrealized holding
loss for equity securities was
RMB18.6 million and RMB30.9 million
($4.5 million) respectively.
[4]
The reported
operating income for the three
months and six months ended
September 30, 2017 and 2018 included
the following:
(i) Depreciation and amortization
expenses for the three months ended
September 30, 2017 and 2018 were
RMB12.4 million and RMB13.4 million
($2.0 million). Depreciation and
amortization expenses for the six
months ended September 30, 2017 and
2018 were RMB25.1 million and
RMB26.5 million ($3.9 million); and
(ii) For the three and six months
ended September 30, 2017, share-
based compensation expenses related
to the Company's restricted share
units ("RSUs") scheme were RMB20.1
million and RMB16.6 million
respectively, whereas no such
expense or reversal was recorded in
the current quarter since the RSUs
were fully vested in the quarter
ended March 31, 2018.
[5]
Taking into account
the 7,080,000 shares (related to the
RSU scheme) issued and deposited to
a trust sponsored and funded by the
Company, in addition to 113,524,742
outstanding shares for the three
months and six months ended
September 30, 2017, basic and
diluted earnings per ordinary share
would be RMB0.56 and RMB1.15 for the
three and six months ended September
30, 2017. During the reporting
quarter, 726,333 scrip dividend
shares were issued. As a result,
121,687,974 and 121,551,075 shares
were issued and outstanding as of
September 30, 2018.
Use of Non-GAAP Financial Measures
GAAP results for the three months and six months ended September 30, 2018, include non-cash items related to the depreciation and amortization and share-based compensation expenses. To supplement the Company's unaudited condensed consolidated financial statements presented on a U.S. GAAP basis, the Company has provided adjusted financial information excluding the impact of these items in this press release. The non-GAAP financial measure represents non-GAAP operating income. Such adjustment is a departure of U.S. GAAP; however, the Company's management believes that these adjusted measures provide investors with a better understanding of how the results relate to the Company's historical performance. Also, management uses non-GAAP operating income as a measurement tool for evaluating actual operating performance compared to budget and prior periods. These adjusted measures should not be considered an alternative to operating income, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. These measures are not necessarily comparable to a similarly titled measure of another company. A reconciliation of the adjustments to U.S. GAAP results appears in exhibit 3 accompanying this press release. This additional adjusted information is not meant to be considered in isolation or as a substitute for U.S. GAAP financials. The adjusted financial information that the Company provides also may differ from the adjusted information provided by other companies.
About Global Cord Blood Corporation
Global Cord Blood Corporation is the first and largest umbilical cord blood banking operator in China in terms of geographical coverage and the only cord blood banking operator with multiple licenses. Under current PRC government regulations, only one licensed cord blood banking operator is permitted to operate in each licensed region and no new licenses will be granted before 2020 in addition to the seven licenses authorized as of today. Global Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services. For more information, please visit our website at http://www.globalcordbloodcorp.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or the Company's future financial performance. The Company has attempted to identify forward-looking statements by terminology including "anticipates", "believes", "expects", "can", "continue", "could", "estimates", "intends", "may", "plans", "potential", "predict", "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions, uncertainties and other factors may cause the Company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The information in this press release is not intended to project future performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company does not guarantee future results, levels of activity, performance or achievements. The Company expectations are as of the date this press release is issued, and the Company does not intend to update any of the forward-looking statements after the date this press release is issued to conform these statements to actual results, unless required by law.
The forward-looking statements included in this press release are subject to risks, uncertainties and assumptions about the Company's businesses and business environments. These statements reflect the Company's current views with respect to future events and are not a guarantee of future performance. Actual results of the Company's operations may differ materially from information contained in the forward-looking statements as a result of risk factors some of which include, among other things: continued compliance with government regulations regarding cord blood banking in the People's Republic of China, or PRC and any other jurisdiction in which the Company conducts its operations; changing legislation or regulatory environments in the PRC and any other jurisdiction in which the Company conducts its operations; the acceptance by subscribers of the Company's different pricing and payment options and reaction to the introduction of the Company's premium-quality pricing strategy; demographic trends in the regions of the PRC in which the Company is the exclusive licensed cord blood banking operator; labor and personnel relations; the existence of a significant shareholder able to influence and direct the corporate policies of the Company; credit risks affecting the Company's revenue and profitability; changes in the healthcare industry, including those which may result in the use of stem cell therapies becoming redundant or obsolete; the Company's ability to effectively manage its growth, including maintaining effective controls and procedures and attracting and retaining key management and personnel; changing interpretations of generally accepted accounting principles; the availability of capital resources, including in the form of capital markets financing opportunities, in light of industry developments affecting issuers that have pursued a "reverse merger" with an operating company based in China, the presence of a new majority shareholder, international pressure on trade and currency against the PRC and its potential impact on the PRC consumer behavior, as well as general economic conditions; and other relevant risks detailed in the Company's filings with the Securities and Exchange Commission in the United States.
This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars as of and for the periods ending September 30, 2018 were made at the noon buying rate of RMB6.8680 to $1.00 on September 28, 2018 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York. Global Cord Blood Corporation makes no representation that the Renminbi or U.S. dollar amounts referred to in this press release could have been or could be converted into U.S. dollars or Renminbi, at any particular rate or at all.
For more information, please contact:
Global Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: ir@globalcordbloodcorp.com
ICR, Inc.
William Zima
Tel: (+86) 10-6583-7511
U.S. Tel: (646) 405-5185
Email: William.zima@icrinc.com
EXHIBIT 1
GLOBAL CORD BLOOD CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of March 31, and September 30, 2018
---
March 31, September 30,
2018 2018
RMB
RMB US$
(in thousands except share data)
ASSETS
Current assets
Cash and cash equivalents 4,250,610 4,611,250 671,410
Accounts receivable, less allowance for doubtful accounts
(March 31, 2018: RMB58,227; September 30, 2018:
RMB70,817 (US$10,312)) 107,818 104,709 15,244
Inventories 27,718 32,538 4,738
Prepaid expenses and other receivables 22,276 25,582 3,725
Total current assets 4,408,422 4,774,079 695,117
Property, plant and equipment, net 552,960 543,451 79,128
Non-current deposits 233,115 256,457 37,341
Non-current accounts receivable, less allowance for doubtful
accounts (March 31, 2018: RMB69,713; September 30,
2018: RMB70,682 (US$10,291)) 101,809 97,798 14,240
Inventories 71,758 74,021 10,778
Intangible assets, net 102,065 99,755 14,525
Investment in equity securities 153,882 126,477 18,415
Other investment 189,129 189,129 27,538
Deferred tax assets 31,295 36,413 5,302
Total assets 5,844,435 6,197,580 902,384
LIABILITIES
Current liabilities
Accounts payable 11,372 21,582 3,142
Accrued expenses and other payables 73,023 83,684 12,184
Deferred revenue 366,373 387,951 56,487
Income tax payable 17,407 18,494 2,693
Total current liabilities 468,175 511,711 74,506
Non-current deferred revenue 1,874,014 1,997,270 290,808
Other non-current liabilities 362,876 386,920 56,337
Deferred tax liabilities 20,628 20,148 2,934
Total liabilities 2,725,693 2,916,049 424,585
EQUITY
Shareholders' equity of Global Cord Blood
Corporation
Ordinary shares
- US$0.0001 par value, 250,000,000 shares authorized,
120,961,641 and 120,824,742 shares issued and
outstanding as of March 31, 2018 and 121,687,974
and 121,551,075 shares issued and outstanding
as of September 30, 2018 83 83 12
Additional paid-in capital 2,053,866 2,101,582 305,996
Treasury stock, at cost (March 31 and September 30,
2018: 136,899 shares, respectively) (2,815) (2,815) (410)
Accumulated other comprehensive losses (54,654) (79,493) (11,575)
Retained earnings 1,116,873 1,254,755 182,695
Total equity attributable to Global Cord Blood
Corporation 3,113,353 3,274,112 476,718
Non-controlling interests 5,389 7,419 1,081
Total equity 3,118,742 3,281,531 477,799
Total liabilities and equity 5,844,435 6,197,580 902,384
EXHIBIT 2
GLOBAL CORD BLOOD CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE
INCOME
For the Three Months and Six Months Ended September 30, 2017 and 2018
---
Three months ended September 30, Six months ended September 30,
2017 2018 2017 2018
RMB RMB US$ RMB RMB US$
(in thousands except per share data)
Revenues 234,572 247,104 35,979 458,794 480,925 70,025
Direct costs (45,644) (47,263) (6,882) (90,426) (90,421) (13,166)
Gross profit 188,928 199,841 29,097 368,368 390,504 56,859
Operating expenses
Research and development (3,664) (3,590) (523) (6,343) (6,381) (929)
Sales and marketing (56,152) (51,488) (7,497) (99,602) (102,903) (14,983)
General and administrative (52,784) (39,997) (5,824) (103,134) (81,012) (11,796)
Total operating expenses (112,600) (95,075) (13,844) (209,079) (190,296) (27,708)
Operating income 76,328 104,766 15,253 159,289 200,208 29,151
Other income/(expenses), net
Interest income 5,790 6,405 933 10,617 12,103 1,762
Interest expense (3,257)
Foreign currency exchange
gains/(losses) 110 (49) (7) 111 (75) (11)
Unrealized holding loss for equity (30,945) (4,506) (40,266) (5,863)
securities
Dividend income 976 142 976 142
Others 993 (56) (8) 2,142 (815) (119)
Total other income/(expenses),
net 6,893 (23,669) (3,446) 9,613 (28,077) (4,089)
Income before income tax 83,221 81,097 11,807 168,902 172,131 25,062
Income tax expense (14,525) (14,921) (2,173) (30,246) (31,445) (4,578)
Net income 68,696 66,176 9,634 138,656 140,686 20,484
Net income attributable to
non-controlling interests (1,101) (1,062) (155) (1,926) (2,030) (296)
Net income attributable to
Global Cord Blood Corporation's
shareholders 67,595 65,114 9,479 136,730 138,656 20,188
Earnings per share:
Attributable to ordinary shares
- Basic 0.60 0.54 0.08 1.22 1.15 0.17
- Diluted 0.60 0.53 0.08 1.22 1.14 0.17
Other comprehensive
(losses)/income, net of
nil income taxes
- Foreign currency translation
adjustments (8,376) 14,597 2,125 (20,107) 37,477 5,457
- Unrealized holding losses
in available-for-sale
equity securities (18,562) (30,487)
Total other comprehensive (26,938) 14,597 2,125 (50,594) 37,477 5,457
(losses)/income
Comprehensive income 41,758 80,773 11,759 88,062 178,163 25,941
Comprehensive income attributable to
non-controlling interests (1,101) (1,062) (155) (1,926) (2,030) (296)
Comprehensive income
attributable to Global Cord Blood
Corporation's shareholders 40,657 79,711 11,604 86,136 176,133 25,645
EXHIBIT 3
GLOBAL CORD BLOOD CORPORATION
RECONCILIATION OF NON-GAAP OPERATING INCOME
For the Three Months and Six Months Ended September 30, 2017 and 2018
---
Three months ended Six months ended
September 30, September 30,
2017 2018 2017 2018
RMB RMB US$ RMB RMB US$
(in thousands)
GAAP amount of operating
income 76,328 104,766 15,253 159,289 200,208 29,151
Depreciation and
amortization expenses[6] 12,354 13,391 1,950 25,106 26,536 3,864
Share-based compensation
expense[7] 20,060 16,622
Non-GAAP operating
income 108,742 118,157 17,203 201,017 226,744 33,015
[6] Depreciation and amortization
expenses relate to property, plant
and equipment and intangible
assets respectively.
[7 Share-based compensation
expense relates to the Company's
RSU scheme of which the shares
have been fully vested in the
quarter ended March 31, 2018,
accordingly there will be no
share-based compensation expense
relating to those RSUs amortized
in future periods.
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SOURCE Global Cord Blood Corporation
