iKang Healthcare Group, Inc. (“iKang” or the “Company”)
(Nasdaq:KANG), major provider in China’s fast growing private
preventive healthcare services market, today announced its
unaudited financial results for the fiscal third quarter ended
December 31, 2016.
Fiscal Third Quarter Ended December 31,
2016 Financial Highlights
- Net revenues were US$154.6 million, an increase of 16.2%
year-over-year (an increase of 24.2% on RMB basis) (1)
- Gross profit was US$73.1 million, an increase of 8.2%
year-over-year (an increase of 15.7% on RMB basis) (1)
- Operating income was US$26.9 million, an increase of 10.2%
year-over-year (an increase of 17.8% on RMB basis) (1)
- Net income attributable to the Company was US$14.0
million, a decrease of 30.7% year-over-year (a decrease of 25.9% on
RMB basis) (1)
- Non-GAAP net income attributable to the
Company(2) was US$14.5 million, a decrease of 30.0%
year-over-year (a decrease of 25.1% on RMB basis)
(1)
- Basic and diluted income per ADS attributable to common
shareholders were US$0.21 and US$0.20, respectively, as
compared to US$0.29 and US$0.29, respectively, in the
fiscal third quarter of 2015
- Non-GAAP basic and diluted income per ADS(3) attributable
to common shareholders were US$0.21 and US$0.21,
respectively, as compared to US$0.30 and US$0.30,
respectively, in the fiscal third quarter of 2015
Fiscal Nine Months Ended December 31,
2016 Financial Highlights
- Net revenues were US$375.6 million, an increase of 18.1%
year-over-year (an increase of 25.3% on RMB basis) (1)
- Gross profit was US$172.0 million, an increase of 10.8%
year-over-year (an increase of 17.6% on RMB basis) (1)
- Operating income was US$48.1 million, a decrease of 12.3%
year-over-year (a decrease of 6.5% on RMB basis) (1)
- Net income attributable to the Company was US$22.0
million, a decrease of 48.2% year-over-year (a decrease of 44.6% on
RMB basis) (1)
- Non-GAAP net income attributable to the
Company(2) was US$23.5 million, a decrease of 46.6%
year-over-year (a decrease of 43.0% on RMB basis) (1)
- Basic and diluted income per ADS attributable to common
shareholders were US$0.32 and US$0.32, respectively,
as compared to US$0.62 and US$0.61, respectively, in the
first fiscal nine months of 2015
- Non-GAAP basic and diluted income per ADS(3) attributable
to common shareholders were US$0.35 and US$0.34,
respectively, as compared to US$0.64 and US$0.63,
respectively, in the first fiscal nine months of 2015
(1) RMB basis refers to the year on year
comparison made on local currency – Chinese Renminbi basis.(2)
Non-GAAP net income attributable to the Company is defined as net
income attributable to the Company excluding share-based
compensation expenses. For more information on these non-GAAP
financial measures, please see the section captioned under
“Non-GAAP Financial Measures” and the tables captioned
“Reconciliation of GAAP and Non-GAAP Results” set forth at the end
of this release.(3) Non-GAAP basic and diluted earnings per ADS is
defined as non-GAAP net income divided by the weighted average
number of basic and diluted ADS.
Mr. Lee Ligang Zhang, Chairman and Chief
Executive Officer of iKang, commented on the results. “I am very
pleased to report another quarter of very solid revenue growth at
24.2% and first three quarters revenue growth at 25.3% (on RMB
basis) in spite of general economic slowdown in China. Our growth
momentum has been driven by the continuous investment in expanding
our nationwide network coverage and optimizing the operational
efficiency of each operating medical center.”
“In this quarter, we continued to ramp up the
acquired medical centers while expanding our network with
investments in self-built. The results have been pleasing as
we have opened 20 new medical centers and entered eight new cities
since December 31, 2015, bringing a total of 104 medical centers in
32 cities as of today.”
Mr. Zhang concluded, “The management is fully
committed to continue the strategic imperatives to maintain growth
momentum for our core business while setting priorities to drive
the next phase of growth.”
FISCAL THIRD QUARTER ENDED DECEMBER 31, 2016 UNAUDITED
FINANCIAL RESULTS
Net RevenuesNet revenues for the fiscal
third quarter were US$154.6 million, representing a 16.2%
increase from US$133.0 million in the same period of the
last fiscal year. On RMB basis, the revenue growth was 24.2%.
As of December 31, 2016, the number of self-owned medical
centers totaled 104 compared to 84 as of December 31, 2015. In
this quarter, the Company served approximately a total of 1.98
million customer visits under both corporate and individual
programs, representing an increase of 20.5% over the fiscal third
quarter of 2015.
The table below sets forth a breakdown of net revenues:
(US$ million) |
3rd Fiscal Quarter Ended December 31,
2016 |
3rd Fiscal Quarter Ended December 31,
2015 |
YoY % Change |
Medical Examinations |
129.3 |
113.3 |
14.2 |
% |
Disease Screening |
12.7 |
9.9 |
28.1 |
% |
Dental Services |
3.2 |
2.0 |
60.9 |
% |
Other Services |
9.3 |
7.8 |
19.1 |
% |
Total |
154.6 |
133.0 |
16.2 |
% |
|
|
|
|
|
Medical Examinations: Net revenues for the
quarter were US$129.3 million, representing a 14.2% increase
from US$113.3 million in the same period of the last fiscal
year.
Disease Screening: Net revenues for the
quarter were US$12.7 million, representing a 28.1% increase
from US$9.9 million in the same period of the last fiscal
year. Disease screening services refer to the additional services
requested by individuals under the basic corporate medical
examination programs as a result of individual needs.
Dental Services: Net revenues for the
quarter were US$3.2 million, representing a 60.9% increase
from US$2.0 million in the same period of the last fiscal
year.
Other Services: Net revenues for the
quarter were US$9.3 million, representing a 19.1% increase
from US$7.8 million in the same period of the last fiscal
year.
Cost of RevenuesCost of
revenues for the quarter was US$81.4 million, representing a
24.5% increase from US$65.4 million in the same period of
the last fiscal year.
Gross Profit and Gross
MarginGross profit for the quarter was US$73.1
million, representing an 8.2% increase from US$67.6
million in the same period of the last fiscal year. Gross
margin for the quarter was 47.3%, as compared to 50.8% in the third
quarter of the last fiscal year. Gross margin was diluted mainly
due to the addition of newly acquired and self-built medical
centers which have lower gross margins due to the ramp up.
Operating ExpensesTotal
operating expenses for the quarter were US$46.2 million,
representing a 7.0% increase from US$43.2 million in the
same period of the last fiscal year.
Selling and marketing expensesSelling and
marketing expenses for the quarter were US$21.5 million,
accounting for 13.9% of total net revenues as compared to 15.2% in
the same period of the last fiscal year.
General and administrative expensesGeneral and
administrative expenses for the quarter were US$23.9 million,
accounting for 15.4% of total net revenues as compared to 16.5% in
the same period of the last fiscal year.
Research and development expensesResearch and
development expenses for the quarter were US$850,000,
accounting for 0.6% of total net revenues as compared to 0.8% in
the same period of the last fiscal year.
Income from OperationsIncome
from operations for the quarter was US$26.9 million,
representing a 10.2% increase from US$24.4 million in the
same period of the last fiscal year. On RMB basis, the increase was
17.8%, which was in line with our revenue growth. Excluding
share-based compensation expenses of US$0.5 million for both
this quarter and the same quarter last year, non-GAAP income from
operations for the quarter was US$27.4 million as
compared to US$24.9 million, which reflected an increase of
10.0%.
Interest
ExpenseInterest expense for the quarter was US$4.4 million
as compared to US$768,000 in the same period in the last fiscal
year. The increase was mainly due to the addition of accrued
expense for the borrowings totaled at approximately US$202 million,
which were borrowed in December 2015.
Loss from Equity Method
InvestmentsLoss from equity method investments for the
quarter was US$2.9 million, which mainly represented the loss
picked up from our equity investments.
Net
Income Net income
attributable to the Company for the quarter was US$14.0
million, representing a decrease of 30.7% from US$20.3
million in the same period of the last fiscal year.
Non-GAAP net income for the quarter
was US$14.5 million, representing a decrease of 30.0%
from US$20.7 million in the same period of the last
fiscal year.
Basic and Diluted Earnings per
ADSBasic and diluted income per ADS attributable to common
shareholders were US$0.21 and US$0.20, respectively, as
compared to US$0.29 and US$0.29, respectively, in the fiscal third
quarter of 2015.
Non-GAAP basic and diluted income per ADS
attributable to common shareholders were US$0.21 and US$0.21,
respectively, as compared to US$0.30 and US$0.30, respectively, in
the fiscal third quarter of 2015.
FIRST FISCAL NINE MONTHS ENDED DECEMBER 31,
2016 UNAUDITED FINANCIAL RESULTS
Net RevenuesNet revenues for the first
fiscal nine months were US$375.6 million, representing 18.1%
increase from US$318.0 million in the same period of the
last fiscal year. On RMB basis, the revenue growth was 25.3%.
We have in total added 20 new medical centers since December 31,
2015. During this period, the Company served approximately a
total of 4.83 million customer visits under both corporate and
individual programs, representing an increase of 23.3% over the
first fiscal nine months of 2015.
The table below sets forth a breakdown of net
revenues:
(US$ million) |
First Fiscal Nine Months Ended
December 31, 2016 |
First Fiscal Nine Months Ended
December 31, 2015 |
YoY % Change |
Medical Examinations |
314.5 |
268.9 |
16.9 |
% |
Disease Screening |
29.0 |
22.5 |
29.2 |
% |
Dental Services |
6.9 |
5.1 |
35.4 |
% |
Other Services |
25.1 |
21.5 |
17.0 |
% |
Total |
375.6 |
318.0 |
18.1 |
% |
|
|
|
|
|
Medical Examinations: Net revenues for the
period were US$314.5 million, representing a 16.9% increase
from US$268.9 million in the same period of last fiscal
year.
Disease Screening: Net revenues for the
period were US$29.0 million, representing a 29.2% increase
from US$22.5 million in the same period of last fiscal
year.
Dental Services: Net revenues for the
period were US$6.9 million, representing a 35.4% increase
from US$5.1 million in the same period of the last fiscal
year.
Other Services: Net revenues for the period
were US$25.1 million, representing a 17.0% increase
from US$21.5 million in the same period of the last
fiscal year.
Cost of RevenuesCost of
revenues for the period was US$203.6 million, representing a
25.1% increase from US$162.7 million in the same period
of the last fiscal year.
Gross Profit and Gross
MarginGross profit for the period was US$172.0
million, representing a 10.8% increase from US$155.3
million in the same period in the last fiscal year. Gross
margin for the period was 45.8%, as compared to 48.8% in the same
period of the last fiscal year. Gross margin was diluted
mainly due to the additions of newly acquired and self-built
medical centers which have lower gross margins due to the ramp
up.
Operating ExpensesTotal
operating expenses for the period were US$123.9 million,
representing a 23.4% increase from US$100.4 million in
the same period of the last fiscal year.
Selling and marketing expensesSelling and
marketing expenses for the period were US$56.4 million,
accounting for 15.0% of total net revenues as compared to 15.3% in
the same period of the last fiscal year.
General and administrative expensesGeneral and
administrative expenses for the period were US$65.0 million,
accounting for 17.3% of total net revenues as compared to 15.4% in
the same period of the last fiscal year. The increase was mainly
due to (i) the increases in payrolls and rental costs, which were
associated with our expansion into new geographic areas, and (ii)
the professional service expenses relating to the
privatization.
Research and development expensesResearch and
development expenses for the period were US$2.5 million,
accounting for 0.7% of total net revenues as compared to 0.9% in
the same period of the last fiscal year.
Income from OperationsIncome
from operations for the period was US$48.1 million,
representing a 12.3% decrease from US$54.8 million in the
same period of the last fiscal year. On RMB Basis, the decrease was
6.5%. Excluding share-based compensation expenses
of US$1.46 million for this period and US$1.47
million for the same period of the last year, non-GAAP income
from operations for the period was US$49.5 million as compared
to US$56.3 million, which reflected a decrease of 12.0%.
Interest
ExpenseInterest expense for the period was US$10.7 million
as compared to US$1.6 million in the same period of the last fiscal
year. The increase was mainly due to the addition of accrued
expense for the borrowings totaled at approximately US$202 million,
which were borrowed in December 2015.
Loss from Equity Method
InvestmentsLoss from equity method investments for the
period was US$6.1 million, which mainly represented the loss picked
up from our equity investments.
Net
Income Net income
attributable to the Company for the period was US$22.0
million, representing a decrease of 48.2% from US$42.5
million in the same period of the last fiscal year.
Non-GAAP net income for the period
was US$23.5 million, representing a decrease of 46.6%
from US$44.0 million in the same period of the last
fiscal year.
Basic and Diluted Earnings per
ADSBasic and diluted income per ADS attributable to common
shareholders were US$0.32 and US$0.32, respectively, as
compared to US$0.62 and US$0.61, respectively, in the first fiscal
nine months of 2015.
Non-GAAP basic and diluted income per ADS
attributable to common shareholders were US$0.35 and US$0.34,
respectively, as compared to US$0.64 and US$0.63, respectively, in
the first fiscal nine months of 2015.
Cash and Cash
EquivalentsAs of December 31, 2016, the Company’s cash and
cash equivalents, restricted cash and terms deposit totaled
US$128.5 million, as compared to US$72.0 million as of September
30, 2016.
Conference Call
iKang’s management will host a conference call at 8:00
am US Eastern Time (8:00 pm Beijing/Hong Kong Time) on
March 17, 2017, to discuss its quarterly results and recent
business activities.
To participate in the conference call, please dial the following
number five to ten minutes prior to the scheduled conference call
time:
China: |
4001-200-539 |
Hong Kong: |
800-905-927 |
United States: |
1855-298-3404 |
International: |
+65 6823-2299 |
Passcode: |
9112811 |
|
|
The Company will also broadcast a live audio webcast of the
conference call. The webcast will be available at
http://ir.ikang.com.
Following the earnings conference call, an archive of the call
will be available by dialing:
China: |
4001-842-240 |
Hong Kong: |
800-966-697 |
United States: |
1866-846-0868 |
International: |
+61-2-9641-7900 |
Replay Passcode: |
9112811 |
Replay End Date: |
March 31, 2017 |
|
|
STATEMENT REGARDING UNAUDITED FINANCIAL
INFORMATION
The unaudited financial information set forth
above is subject to adjustments that may be identified when audit
work is performed on the Company’s year-end financial statements,
which could result in significant differences from this unaudited
financial information.
NON-GAAP FINANCIAL MEASURES
To supplement our consolidated financial
statements which are presented in accordance with U.S. GAAP, we
also use non-GAAP operating income, non-GAAP net income and
non-GAAP EBITDA as additional non-GAAP financial measures. We
present these non-GAAP financial measures because they are used by
our management to evaluate our operating performance. We also
believe that these non-GAAP financial measures provide useful
information to investors and others in understanding and evaluating
our consolidated results of operations in the same manner as our
management and in comparing financial results across accounting
periods and to those of our peer companies.
Reconciliation of non-GAAP operating income,
non-GAAP net income and non-GAAP EBITDA to the most directly
comparable financial measures calculated and presented in
accordance with U.S. GAAP is set forth at the end of this
release.
About iKang Healthcare Group,
Inc.iKang Healthcare Group, Inc. is one of the largest
providers in China’s fast-growing private preventive healthcare
space through its nationwide healthcare services network.
iKang’s nationwide integrated network
of multi-brand self-owned medical centers and
third-party facilities, including medical examination, disease
screening, outpatient service and other value-added services.
iKang’s customer base primarily comprises corporate clients, who
contract with iKang to deliver medical examination services to
their employees and clients, and receive these services at
pre-agreed rates. iKang also directly markets its services to
individual customers. In the fiscal year ended March 31, 2016,
iKang served a total of 4.6 million customer visits under both
corporate and individual programs.
As of March 16, 2017, iKang has a nationwide
network of 104(1) self-owned medical centers, covering
32 of China’s most affluent cities: Beijing, Shanghai, Guangzhou,
Shenzhen, Chongqing, Tianjin, Nanjing, Suzhou, Hangzhou, Chengdu,
Fuzhou, Changchun, Jiangyin, Changzhou, Wuhan, Changsha, Yantai,
Yinchuan, Weihai, Weifang, Shenyang, Xi’an, Wuhu, Guiyang, Ningbo,
Foshan, Jinan, Bijie, Qingdao, Wuxi, and Kaili, as well as Hong
Kong. iKang has also extended its coverage to over 150 cities by
contracting with approximately 400 third-party facilities, which
including select independent medical examination centers and
hospitals across all of China’s provinces, creating a nationwide
network that allows iKang to serve its customers in markets where
it does not operate its own medical centers.
(1) Among the 104 self-owned medical centers,
two medical centers are currently operated primarily by the
minority shareholders of these medical centers or their parent
company.
Forward-looking StatementsThis press release
contains forward-looking statements. These statements, including
management quotes and business outlook, are made under the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as ”will,” "estimate," "project," "predict,"
"believe," "expect," "anticipate," "intend," "potential," "plan,"
"goal" and similar statements. iKang may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Such statements involve certain risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements.
These forward-looking statements include, but are not limited to,
statements about: the Company’s goals and strategies; its future
business development, financial condition and results of
operations; its ability to retain and grow its customer base and
network of medical centers; the growth of, and trends in, the
markets for its services in China; the demand for and market
acceptance of its brand and services; competition in its industry
in China; relevant government policies and regulations relating to
the corporate structure, business and industry; fluctuations in
general economic and business conditions in China. Further
information regarding these and other risks is included in iKang’s
filing with the Securities and Exchange Commission. iKang
undertakes no duty to update any forward-looking statement as a
result of new information, future events or otherwise, except as
required under applicable law.
IKANG HEALTHCARE GROUP, INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands of US dollars, except share data
and per share data) |
(Unaudited) |
|
|
|
As of |
As of |
|
March 31, |
December 31, |
|
|
2016 |
|
2016 |
ASSETS |
|
Current assets: |
|
Cash and
cash equivalents |
|
$ |
108,111 |
$ |
121,278 |
Restricted cash |
|
|
31,836 |
|
- |
Term
deposits |
|
|
12,202 |
|
7,201 |
Accounts
receivable, net of allowance for doubtful accounts of $14,329 |
|
|
74,163 |
|
104,344 |
and
$18,483 as of March 31, 2016 and December 31, 2016,
respectively |
|
Inventories |
|
|
4,015 |
|
6,051 |
Deferred
tax assets-current |
|
|
8,064 |
|
8,950 |
Amount
due from a related party |
|
|
4,653 |
|
5,238 |
Prepaid
expenses and other current assets |
|
|
62,659 |
|
47,156 |
|
|
|
|
|
|
Total current
assets |
|
$ |
305,703 |
$ |
300,218 |
|
|
|
|
|
|
Property and equipment,
net |
|
$ |
130,170 |
$ |
156,468 |
Acquired intangible
assets, net |
|
|
37,179 |
|
27,787 |
Goodwill |
|
|
108,839 |
|
106,427 |
Long-term
investments |
|
|
200,108 |
|
182,936 |
Deferred tax
assets-non-current |
|
|
8,077 |
|
12,863 |
Rental deposit and
other non-current assets |
|
|
13,565 |
|
14,709 |
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
803,641 |
$ |
801,408 |
|
|
|
|
|
|
LIABILITIES, MEZZANINE
EQUITY AND EQUITY (DEFICIT) |
|
Current
liabilities: |
|
Accounts
payable (including accounts payable of the consolidated VIEs |
|
without
recourse to iKang Healthcare Group, Inc. of $22,685 |
|
and
$37,544 as of March 31, 2016 and December 31, 2016,
respectively) |
|
$ |
28,135 |
$ |
43,578 |
Accrued
expenses and other current liabilities (including accrued
expenses |
|
and other
current liabilities of the consolidated VIEs without recourse |
|
to iKang
Healthcare Group, Inc. of $41,319 and $49,065 as of March 31,
2016 |
|
and
December 31, 2016, respectively) |
|
|
47,404 |
|
57,088 |
Income
tax payable (including income tax payable of the consolidated
VIEs |
|
without
recourse to iKang Healthcare Group, Inc. of $7,386 and |
|
$11,657
as of March 31, 2016 and December 31, 2016, respectively) |
|
|
8,216 |
|
17,128 |
Deferred
revenues (including deferred revenues of the consolidated VIEs |
|
without
recourse to iKang Healthcare Group, Inc. of $52,210 and |
|
$62,508
as of March 31, 2016 and December 31, 2016, respectively) |
|
|
61,881 |
|
71,473 |
Short
term borrowings (including short term borrowings of the
consolidated |
|
VIEs
without recourse to iKang Healthcare Group, Inc. of $53,364 |
|
and
$196,831 as of March 31, 2016 and December 31, 2016,
respectively) |
|
|
53,364 |
|
196,831 |
|
|
|
|
|
|
Total current
liabilities |
|
$ |
199,000 |
$ |
386,098 |
|
|
IKANG HEALTHCARE GROUP,
INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS -
continued |
(In thousands of US dollars, except share data
and per share data) |
(Unaudited) |
|
|
|
As of |
As of |
|
March 31, |
December 31, |
|
|
2016 |
|
2016 |
|
|
Long-term borrowings
(including long term borrowings of the consolidated |
|
VIEs and VIEs’
subsidiaries without recourse to iKang Healthcare Group, Inc. |
|
of $229,467 and $43,209
as of March 31, 2016 and December 31, 2016, respectively) |
|
229,467 |
|
43,209 |
Deferred tax
liabilities-non-current (including deferred tax liabilities |
|
non-current of the consolidated VIEs without recourse to iKang |
|
Healthcare Group, Inc. of $9,422 and $7,455 as of March 31, 2016
and |
|
December
31, 2016, respectively) |
|
9,772 |
|
7,690 |
|
|
|
|
|
TOTAL LIABILITIES |
$ |
438,239 |
$ |
436,997 |
|
|
Equity: |
|
Total
iKang Healthcare Group, Inc. shareholders' equity |
|
342,826 |
|
342,291 |
Non-controlling interests |
|
22,576 |
|
22,120 |
|
|
|
|
|
TOTAL EQUITY |
$ |
365,402 |
$ |
364,411 |
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY |
$ |
803,641 |
$ |
801,408 |
IKANG HEALTHCARE GROUP, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands of US dollars, except share data
and per share data) |
(Unaudited) |
|
|
|
Three-month periods |
Nine-month periods |
|
ended December 31 |
ended December 31 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
|
Net revenues |
$ |
133,037 |
|
$ |
154,569 |
|
$ |
317,976 |
|
$ |
375,556 |
|
Cost of revenues |
|
65,422 |
|
|
81,426 |
|
|
162,726 |
|
|
203,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
67,615 |
|
$ |
73,143 |
|
$ |
155,250 |
|
$ |
171,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing expenses |
$ |
20,213 |
|
$ |
21,518 |
|
$ |
48,697 |
|
$ |
56,443 |
|
General
and administrative expenses |
|
21,887 |
|
|
23,864 |
|
|
48,955 |
|
|
65,009 |
|
Research
and development expenses |
|
1,093 |
|
|
851 |
|
|
2,771 |
|
|
2,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
$ |
43,193 |
|
$ |
46,233 |
|
$ |
100,423 |
|
$ |
123,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
$ |
24,422 |
|
$ |
26,910 |
|
$ |
54,827 |
|
$ |
48,060 |
|
Interest expense |
|
768 |
|
|
4,370 |
|
|
1,557 |
|
|
10,733 |
|
Interest income |
|
212 |
|
|
188 |
|
|
506 |
|
|
801 |
|
Other
income |
|
1,874 |
|
|
- |
|
|
1,874 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expenses and loss from |
|
|
|
|
|
|
|
|
|
|
|
|
equity
method investments |
$ |
25,740 |
|
$ |
22,728 |
|
$ |
55,650 |
|
$ |
38,128 |
|
Income tax
expenses |
|
5,487 |
|
|
5,682 |
|
|
13,444 |
|
|
9,532 |
|
Loss from equity method
investments |
|
(132 |
) |
|
(2,920 |
) |
|
(132 |
) |
|
(6,082 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
20,121 |
|
$ |
14,126 |
|
$ |
42,074 |
|
$ |
22,514 |
|
Less: Net (loss)/income
attributable to non-controlling interest |
|
(129 |
) |
|
90 |
|
|
(461 |
) |
|
491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to iKang Healthcare Group, Inc. |
$ |
20,250 |
|
$ |
14,036 |
|
$ |
42,535 |
|
$ |
22,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
of iKang
Healthcare Group, Inc. |
$ |
20,250 |
|
$ |
14,036 |
|
$ |
42,535 |
|
$ |
22,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
attributable to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
of iKang
Healthcare Group, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.59 |
|
$ |
0.41 |
|
$ |
1.24 |
|
$ |
0.65 |
|
Diluted |
$ |
0.58 |
|
$ |
0.41 |
|
$ |
1.21 |
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per ADS (one
common share equals to two ADSs) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.29 |
|
$ |
0.21 |
|
$ |
0.62 |
|
$ |
0.32 |
|
Diluted |
$ |
0.29 |
|
$ |
0.20 |
|
$ |
0.61 |
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
used in calculating net income |
|
|
|
|
|
|
|
|
|
|
|
|
per
common share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
34,361,539 |
|
|
34,091,668 |
|
|
34,361,539 |
|
|
34,010,851 |
|
Diluted |
|
35,122,485 |
|
|
34,563,876 |
|
|
35,109,039 |
|
|
34,484,412 |
|
IKANG HEALTHCARE GROUP, INC. |
RECONCILIATION OF GAAP AND NON-GAAP
RESULTS |
(In thousands of US dollars, except share data
and per share data) |
(Unaudited) |
|
|
|
Three-month periods |
Nine-month periods |
|
ended December 31 |
ended December 31 |
|
|
2015 |
|
2016 |
|
2015 |
|
2016 |
|
|
Income from
operations |
$ |
24,422 |
$ |
26,910 |
$ |
54,827 |
$ |
48,060 |
Add: |
|
Share-based compensation expenses |
|
489 |
|
489 |
|
1,470 |
|
1,462 |
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income |
$ |
24,911 |
$ |
27,399 |
$ |
56,297 |
$ |
49,522 |
|
|
|
|
|
|
|
|
|
Net income attributable
to iKang Healthcare Group, Inc. |
$ |
20,250 |
$ |
14,036 |
$ |
42,535 |
$ |
22,023 |
Add: |
|
Share-based compensation expenses |
|
489 |
|
489 |
|
1,470 |
|
1,462 |
|
|
|
|
|
|
|
|
|
Non-GAAP net
income |
$ |
20,739 |
$ |
14,525 |
$ |
44,005 |
$ |
23,485 |
|
|
|
|
|
|
|
|
|
Income from
operations |
$ |
24,422 |
$ |
26,910 |
$ |
54,827 |
$ |
48,060 |
Add: |
|
Depreciation and amortization |
|
7,828 |
|
9,395 |
|
22,222 |
|
27,442 |
Share-based compensation expenses |
|
489 |
|
489 |
|
1,470 |
|
1,462 |
|
|
|
|
|
|
|
|
|
Non-GAAP EBITDA |
$ |
32,739 |
$ |
36,794 |
$ |
78,519 |
$ |
76,964 |
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to common shareholders |
|
of iKang
Healthcare Group, Inc. |
$ |
20,739 |
$ |
14,525 |
$ |
44,005 |
$ |
23,485 |
|
|
Non-GAAP net income per
share attributable to common shareholders |
|
of iKang
Healthcare Group, Inc. |
|
Basic |
$ |
0.60 |
$ |
0.43 |
$ |
1.28 |
$ |
0.69 |
Diluted |
$ |
0.59 |
$ |
0.42 |
$ |
1.25 |
$ |
0.68 |
|
|
Non-GAAP net income per
ADS (one common share equals to two ADSs) |
|
Basic |
$ |
0.30 |
$ |
0.21 |
$ |
0.64 |
$ |
0.35 |
Diluted |
$ |
0.30 |
$ |
0.21 |
$ |
0.63 |
$ |
0.34 |
IR Contact:
iKang Healthcare Group, Inc.
Christy Xie
Director of Investor Relations
Tel: +86 10 5320 8599
Email: ir@ikang.com
Website: www.ikanggroup.com
FleishmanHillard
Email: ikang@fleishman.com
IKANG HEALTHCARE GROUP, INC. (NASDAQ:KANG)
Historical Stock Chart
From Feb 2024 to Mar 2024
IKANG HEALTHCARE GROUP, INC. (NASDAQ:KANG)
Historical Stock Chart
From Mar 2023 to Mar 2024