HONG KONG, Aug. 24, 2020 /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 first quarter of fiscal 2021 ended
June 30, 2020.
First Quarter of Fiscal 2021 Highlights
- Revenues increased by 2.8% year-over-year ("YoY") to
RMB280.9 million ($39.8 million).
- New subscribers and accumulated subscriber base were 17,233 and
849,933[1], respectively.
- Gross profit increased by 4.3% YoY to RMB237.5 million ($33.6
million). Gross margin improved to 84.5% from 83.3% in the
prior year period.
- Operating income increased by 18.8% YoY to RMB133.5 million ($18.9
million).
- Operating income before depreciation and
amortization[2] ("non-GAAP operating income") increased
by 16.8% YoY to RMB145.9 million
($20.6 million).
- Net income attributable to the Company's shareholders increased
by 22.3% YoY to RMB132.5 million
($18.8 million).
"Despite the ongoing challenges brought on by the 2019 novel
coronavirus (COVID-19) pandemic and sluggish consumer sentiment, we
recorded 17,233 new subscribers during the first quarter of fiscal
2021," commented Ms. Ting Zheng, Chairperson and Chief Executive
Officer of GCBC. "As we continue to navigate the current situation,
we will remain vigilant to the long-term consequences of the
pandemic and the constraints it has cast upon our business
environment, as well as any potential developments in the
regulatory regime that governs China's cord blood banking industry. We will
also continue to pursue business opportunities as we expand our
service offerings to support the long-term growth of the
Company."
Summary - First Quarter Ended June 30, 2019 and 2020
|
Three Months Ended
June 30,
|
|
2019
|
|
2020
|
(in
thousands)
|
RMB
|
|
RMB
|
|
US$
|
Revenues
|
273,375
|
|
280,913
|
|
39,761
|
Gross
Profit
|
227,626
|
|
237,450
|
|
33,609
|
Operating
Income[3]
|
112,386
|
|
133,509
|
|
18,897
|
Change in Fair Value
of Equity Securities
|
9,979
|
|
18,405
|
|
2,605
|
Net Income
Attributable to the Company's
Shareholders
|
108,344
|
|
132,509
|
|
18,756
|
Earnings per Ordinary
Share(RMB/US$)
|
|
|
|
|
|
–
Basic
|
0.89
|
|
1.09
|
|
0.15
|
–
Diluted
|
0.89
|
|
1.09
|
|
0.15
|
|
|
|
|
|
|
Revenue Breakdown
(%)
|
|
|
|
|
|
Processing Fees and
Other Services
|
61.3%
|
|
57.5%
|
|
|
Storage
Fees
|
38.7%
|
|
42.5%
|
|
|
|
|
|
|
|
|
New Subscribers
(persons)
|
20,815
|
|
17,233
|
|
|
Total Accumulated
Subscribers (persons)
|
770,699
|
|
849,933[1]
|
|
|
Summary - Selected Cash Flow Statement Items
|
Three Months Ended
June 30,
|
|
2019
|
|
2020
|
(in
thousands)
|
RMB
|
|
RMB
|
|
US$
|
Net cash provided by
operating activities
|
169,756
|
|
99,829
|
|
14,131
|
Net cash used in
investing activities
|
(6,625)
|
|
(7,444)
|
|
(1,054)
|
Net cash provided by
financing activities
|
-
|
|
-
|
|
-
|
First Quarter of Fiscal 2021 Financial Results
REVENUES. Revenues increased by 2.8% YoY to
RMB280.9 million ($39.8 million) in the first quarter of fiscal
2021. The increase was mainly driven by the larger client base and
the increase in storage fee revenues, which outweighed the decrease
in processing fee revenues.
By the end of June 2020, the
Company's accumulated subscriber base grew to 849,933[1] and revenues generated from
storage fees increased by 12.7% YoY to RMB119.3 million ($16.9
million) in the reporting quarter. Storage fee revenues
increased to 42.5% of total revenues from 38.7% in same period last
year.
During the quarter, the COVID-19 pandemic continued to affect
the Company's hospital channels and business operations, as well as
general consumer sentiment-resulting in the new subscriber numbers
for the reporting period decreasing by 17.2% YoY and 6.8%
quarter-over-quarter to 17,233. Revenues generated from processing
fees and other services in the reporting quarter decreased by 3.5%
YoY to RMB161.6 million ($22.9 million), with decreases in such activities
offset in part by the full period contribution of the revised
processing fee pricing.
GROSS PROFIT. Gross profit for the reporting
quarter increased by 4.3% YoY to RMB237.5
million ($33.6 million). Gross
margin improved to 84.5% from 83.3% in the prior year period.
OPERATING INCOME. Facing challenges caused by the
pandemic, the Company took measures to control operating expenses.
As a result, operating income for the reporting quarter increased
by 18.8% YoY to RMB133.5 million
($18.9 million). Operating margin
expanded to 47.5% in the reporting quarter from 41.1% in the prior
year period. Depreciation and amortization expenses for the first
quarter were RMB12.4 million
($1.7 million), similar to that in
the prior year period. Non-GAAP operating income[2] improved by 16.8% YoY to
RMB145.9 million ($20.6 million).
Research and Development Expenses. Research and
development expenses for the first quarter decreased by 7.6% YoY to
RMB4.3 million ($0.6 million).
Sales and Marketing
Expenses. As the Company continued to tighten sales and
marketing expenses and maintain only essential promotional
activities, sales and marketing expenses for the reporting quarter
decreased by 9.2% YoY to RMB55.1
million ($7.8 million). Sales
and marketing expenses as a percentage of revenues were down to
19.6% from 22.2% in the prior year period.
General and Administrative
Expenses. General and administrative expenses for the first
quarter decreased by 10.8% YoY to RMB44.5
million ($6.3 million), mainly
driven by lower staff costs, fees, overhead and provisions. General
and administrative expenses as a percentage of revenues decreased
to 15.9% from 18.3% in the prior year period.
OTHER INCOME AND EXPENSES.
Change in Fair Value of
Equity Securities. In the first quarter, the Company
recognized an increase in fair value of equity securities, or
"mark-to-market gains," of RMB18.4
million ($2.6 million), up
from RMB10.0 million in the prior
year period. The changes were mainly attributable to the valuation
of the Company's investments in equity securities.
NET INCOME ATTRIBUTABLE TO THE COMPANY'S
SHAREHOLDERS. Due to the increase in operating income and
the increase in fair value of equity securities, income before
income tax for the first quarter increased by 24.0% YoY to
RMB160.4 million ($22.7 million). Income tax expense for the
reporting quarter was RMB26.0 million
($3.7 million). Net income
attributable to the Company's shareholders for the reporting
quarter increased by 22.3% YoY to RMB132.5
million ($18.8 million). Net
margin for the first quarter improved by 7.6 percentage points to
47.2%.
EARNINGS PER SHARE. Basic and diluted earnings per
ordinary share for the first quarter fiscal 2021 increased by 22.5%
YoY to RMB1.09 ($0.15).
Corporate Developments
- On June 4, 2019, the Board of
Directors of the Company (the "Board") received a non-binding
proposal letter from Cordlife Group Limited ("Cordlife"), a company
listed on the Mainboard of the Singapore Exchange Securities
Trading Limited ("SGX"), pursuant to which Cordlife proposed to
combine the businesses of Cordlife and the Company, by way of a
statutory merger. According to the letter, Cordlife would issue
approximately 2,497.9 million ordinary shares at an issue price of
SGD0.5 per ordinary share in exchange
for all of the outstanding ordinary shares of the Company at
$7.50 per ordinary share. Upon
completion of the proposed transaction, the Company's ordinary
shares would be delisted from the New York Stock Exchange, and
Cordlife ordinary shares would continue to trade on the SGX. On
June 5, 2019, the Board formed a
special committee of independent directors (the "Special
Committee") who are not affiliated with Cordlife to evaluate such
proposal.
On November 11, 2019, the Company
appointed Mr. Jack Chow as an
independent non-executive director ("INED") of the Board. Mr. Chow
has extensive professional experience and a broad network in the
finance and investment industry. He replaced Mr. Mark Chen as a member of the Audit Committee and
Ms. Jennifer Weng as a member of the
Special Committee. Mr. Chow also joined the Board's Compensation
Committee and Nominating and Corporate Governance Committee.
On February 6, 2020, the Company
appointed Mr. Jacky Cheng as an INED
of the Board. Mr. Cheng has extensive professional experience and
knowledge in legal and compliance and Chinese laws. He joined the
Board's Compensation Committee as a member and the Company's
Special Committee as a member. Currently, the Special Committee is
composed of four members, including Mr. Mark Chen, Dr. Ken
Lu, Mr. Jack Chow, and Mr.
Jacky Cheng.
- The Company cautions its shareholders and others considering
trading its ordinary shares that no decisions have been made with
respect to the Company's response to the proposed transaction with
Cordlife. The proposed transaction is still subject to various
conditions, including but not limited to, completion of due
diligence, parties entering into a definitive agreement, and/or
each of Cordlife and the Company obtaining its relevant regulatory
and shareholder approvals. In addition, litigation has been filed
in the Cayman Islands challenging
the proposed transaction. There can be no assurance that any
definitive offer will be made, that any agreement will be executed,
or that this or any other transaction will be approved or
consummated.
Conference Call
The Company will host a conference call at 8:00 a.m. ET on
Tuesday, August 25, 2020 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 seven days at the same URL above.
Listeners can also access the call by dialing 1-855-824-5644 or
1-646-722-4977 for US callers, or +852-3027-6500 for Hong Kong callers, access code: 11021450#.
[1] During the three months ended
June 30, 2020, 17,233 new subscribers were recruited. The Company
reclassified 394 private cord blood units as donated cord blood
units during the three months ended June 30, 2020, after the
Company determined that the recoverability of these prior private
cord blood banking subscribers was remote. 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 849,933 as of June 30, 2020.
|
|
[2] See exhibit 3 to this press
release for a reconciliation of non-GAAP operating income to
exclude the non-cash items related to the depreciation and
amortization expenses to the comparable financial measure prepared
in accordance with U.S. generally accepted accounting principles
("U.S. GAAP").
|
|
[3] The reported operating income for
the three months ended June 30, 2019 and 2020 included
depreciation and amortization expenses related to property, plant
and equipment and intangible assets of RMB12.4 million and RMB12.4
million ($1.7 million), respectively.
|
Use of Non-GAAP Financial Measures
GAAP results for the three months ended June 30, 2020 include non-cash items related to
depreciation and amortization 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. Global
Cord Blood Corporation provides cord blood collection, laboratory
testing, hematopoietic stem cell processing and stem cell storage
services. For more information, please visit the Company's 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: the effects of
the current COVID-19 outbreak, including the inability of the
Company's salesforce to return to work due to current lockdowns
implemented in various cities in the PRC and the imposition by some
hospitals in the PRC of restrictions on entrance to solely to
hospital staff and patients; levels of consumer confidence in the
healthcare services sector generally in the PRC as a result of the
outbreak; the length of the COVID-19 outbreak and severity of such
outbreak across the globe; the pace of recovery following the
COVID-19 outbreak; 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 legislative developments in the U.S. affecting listed
issuers whose independent registered public accounting firms are
based in China and not subject to
U.S. Public Company Accounting Oversight Board inspections,
international pressure on trade and currency against the PRC and
its potential impact on the PRC consumer behavior, as well as
general economic conditions; the non-binding proposal letter from
Cordlife and the potential transaction contemplated by such letter,
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 period ending
June 30, 2020 were made at the noon
buying rate of RMB7.0651 to
$1.00 on June
30, 2020 in the City of New
York for cable transfers in Renminbi per U.S. dollar as
certified for customs purposes by the Federal Reserve Bank of
New York. Global Cord Blood
Corporation makes no representation that the Renminbi or U.S.
dollar amounts referred to in this press release could have been or
could be converted into U.S. dollars or Renminbi, at any particular
rate or at all.
For more information, please contact:
Global Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: ir@globalcordbloodcorp.com
ICR, Inc.
William Zima
Tel: (+86) 10-6583-7511
U.S. Tel: (646) 405-5185
Email: William.zima@icrinc.com
EXHIBIT 1
GLOBAL CORD BLOOD
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
As of March 31 and
June 30, 2020
|
|
|
March
31,
|
|
June
30,
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
US$
|
|
(in thousands
except share data)
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
5,473,373
|
|
5,565,529
|
|
787,751
|
Accounts receivable,
less allowance for doubtful
accounts
(March 31, 2020: RMB111,869;
|
|
|
|
|
|
June 30, 2020:
RMB115,852 (US$16,398))
|
104,251
|
|
111,635
|
|
15,801
|
Inventories
|
43,758
|
|
52,460
|
|
7,425
|
Prepaid expenses and
other receivables
|
44,785
|
|
79,533
|
|
11,257
|
Total current
assets
|
5,666,167
|
|
5,809,157
|
|
822,234
|
Property, plant and
equipment, net
|
522,679
|
|
516,621
|
|
73,123
|
Operating lease
right-of-use assets
|
4,548
|
|
4,027
|
|
570
|
Non-current
deposits
|
347,360
|
|
349,245
|
|
49,432
|
Non-current accounts
receivable, less allowance
for doubtful
accounts (March 31, 2020: RMB71,421;
|
|
|
|
|
|
June 30,
2020: RMB71,721 (US$10,151))
|
160,031
|
|
179,123
|
|
25,354
|
Inventories
|
85,109
|
|
86,569
|
|
12,253
|
Intangible assets,
net
|
92,823
|
|
91,668
|
|
12,975
|
Investment in equity
securities at fair value
|
101,306
|
|
119,427
|
|
16,904
|
Other equity
investment
|
189,129
|
|
189,129
|
|
26,769
|
Deferred tax
assets
|
50,701
|
|
51,810
|
|
7,333
|
Total
assets
|
7,219,853
|
|
7,396,776
|
|
1,046,947
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
19,992
|
|
14,307
|
|
2,025
|
Accrued expenses and
other payables
|
113,989
|
|
127,987
|
|
18,115
|
Operating lease
liabilities
|
1,717
|
|
1,738
|
|
246
|
Deferred
revenue
|
402,751
|
|
404,405
|
|
57,240
|
Income tax
payable
|
32,329
|
|
31,548
|
|
4,465
|
Total current
liabilities
|
570,778
|
|
579,985
|
|
82,091
|
Non-current deferred
revenue
|
2,289,762
|
|
2,314,880
|
|
327,650
|
Non-current operating
lease liabilities
|
1,782
|
|
1,754
|
|
248
|
Other non-current
liabilities
|
450,900
|
|
459,891
|
|
65,093
|
Deferred tax
liabilities
|
18,140
|
|
17,789
|
|
2,519
|
Total
liabilities
|
3,331,362
|
|
3,374,299
|
|
477,601
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Shareholders'
equity of Global Cord Blood
Corporation
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
|
|
- US$0.0001 par value,
250,000,000 shares
authorized, 121,687,974 and
121,551,075 shares issued and
outstanding
as of March 31 and June 30,
2020,
respectively
|
83
|
|
83
|
|
12
|
Additional paid-in
capital
|
2,101,582
|
|
2,101,582
|
|
297,460
|
Treasury stock, at
cost (March 31 and June 30,
|
|
|
|
|
|
2020: 136,899 shares,
respectively)
|
(2,815)
|
|
(2,815)
|
|
(398)
|
Accumulated other
comprehensive losses
|
(94,663)
|
|
(95,102)
|
|
(13,461)
|
Retained
earnings
|
1,877,940
|
|
2,010,449
|
|
284,561
|
Total equity
attributable to Global Cord Blood
|
|
|
|
|
|
Corporation
|
3,882,127
|
|
4,014,197
|
|
568,174
|
Non-controlling
interests
|
6,364
|
|
8,280
|
|
1,172
|
Total
equity
|
3,888,491
|
|
4,022,477
|
|
569,346
|
Total liabilities
and equity
|
7,219,853
|
|
7,396,776
|
|
1,046,947
|
EXHIBIT 2
GLOBAL CORD BLOOD
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
For the Three Months
Ended June 30, 2019 and 2020
|
|
|
Three months ended
June 30,
|
|
2019
|
|
2020
|
|
RMB
|
|
RMB
|
|
US$
|
|
(in thousands
except per share data)
|
|
|
|
|
|
|
Revenues
|
273,375
|
|
280,913
|
|
39,761
|
Cost of
revenues
|
(45,749)
|
|
(43,463)
|
|
(6,152)
|
Gross
profit
|
227,626
|
|
237,450
|
|
33,609
|
Operating
expenses
|
|
|
|
|
|
Research and
development
|
(4,701)
|
|
(4,345)
|
|
(615)
|
Sales and
marketing
|
(60,637)
|
|
(55,060)
|
|
(7,793)
|
General and
administrative
|
(49,902)
|
|
(44,536)
|
|
(6,304)
|
Total operating
expenses
|
(115,240)
|
|
(103,941)
|
|
(14,712)
|
Operating
income
|
112,386
|
|
133,509
|
|
18,897
|
Other income,
net
|
|
|
|
|
|
Interest
income
|
6,220
|
|
6,767
|
|
958
|
Foreign currency
exchange (losses)/gains
|
(28)
|
|
42
|
|
6
|
Change in fair value
of equity securities
|
9,979
|
|
18,405
|
|
2,605
|
Dividend
income
|
507
|
|
-
|
|
-
|
Others
|
340
|
|
1,723
|
|
244
|
Total other
income, net
|
17,018
|
|
26,937
|
|
3,813
|
Income before
income tax
|
129,404
|
|
160,446
|
|
22,710
|
Income tax
expense
|
(19,476)
|
|
(26,021)
|
|
(3,683)
|
Net
income
|
109,928
|
|
134,425
|
|
19,027
|
Net income
attributable to non-controlling interests
|
(1,584)
|
|
(1,916)
|
|
(271)
|
Net income
attributable to Global Cord
|
|
|
|
|
|
Blood
Corporation's shareholders
|
108,344
|
|
132,509
|
|
18,756
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Attributable to
ordinary shares
|
|
|
|
|
|
- Basic
|
0.89
|
|
1.09
|
|
0.15
|
- Diluted
|
0.89
|
|
1.09
|
|
0.15
|
|
|
|
|
|
|
Other
comprehensive income/(losses),
|
|
|
|
|
|
net
of nil income taxes
|
|
|
|
|
|
-
Foreign currency translation adjustments
|
10,353
|
|
(439)
|
|
(62)
|
|
|
|
|
|
|
Comprehensive
income
|
120,281
|
|
133,986
|
|
18,965
|
|
|
|
|
|
|
Comprehensive income
attributable to
|
|
|
|
|
|
non-controlling interests
|
(1,584)
|
|
(1,916)
|
|
(271)
|
Comprehensive
income attributable to
|
|
|
|
|
|
Global Cord
Blood Corporation's shareholders
|
118,697
|
|
132,070
|
|
18,694
|
EXHIBIT 3
GLOBAL CORD BLOOD
CORPORATION
|
RECONCILIATION OF
NON-GAAP OPERATING INCOME
|
For the Three Months
Ended June 30, 2019 and 2020
|
|
|
Three months ended
June 30,
|
|
2019
|
|
2020
|
|
RMB
|
|
RMB
|
|
US$
|
|
(in
thousands)
|
|
|
|
|
|
|
GAAP amount of
operating income
|
112,386
|
|
133,509
|
|
18,897
|
|
|
|
|
|
|
Depreciation and
amortization expenses[4]
|
12,445
|
|
12,356
|
|
1,749
|
|
|
|
|
|
|
Non-GAAP operating
income
|
124,831
|
|
145,865
|
|
20,646
|
|
[4] Depreciation and amortization
expenses related to property, plant and equipment and
intangible
assets respectively.
|
View original
content:http://www.prnewswire.com/news-releases/global-cord-blood-corporation-reports-financial-results-for-the-first-quarter-of-fiscal-2021-301116911.html
SOURCE Global Cord Blood Corporation