CHANGZHOU, China, Aug. 23,
2023 /PRNewswire/ -- Jin Medical International
Limited ("the Company" or "JinMed") (NASDAQ: ZJYL), a Cayman Islands holding company with Chinese
operating entities that manufacture and develop wheelchairs and
living aids products, today announced its financial results for the
six months ended March 31, 2023 ("the
period").
Financial and Operational Highlights for Six Months Ended
March 31, 2023
- Revenues were $10.25
million, representing an 8.3% increase from $9.47 million for the first six months ended
March 31, 2022.
- Revenues from wheelchair products were $8.38 million, an increase of 5.4% from
$7.95 million for the six months
ended March 31, 2022.
- Revenues from wheelchair components and other products
were $1.87 million, an increase of
23.3% from $1.52 million for the six
months ended March 31, 2022.
- Net Income was $1.77
million, an increase of 44.1% from $1.23 million for the six months ended
March 31, 2022.
- Gross profit was $3.53
million, an increase of 12.7% during the period.
Benefiting from the relaxation of the Zero-COVID policy in the
end of 2022 in China, the
Company's business operations have gradually recovered and returned
to its pre-pandemic level. Additionally, due to the rapid
development of China's sharing
economy in recent years, shared wheelchairs and other healthcare
products have been widely promoted and utilized in Chinese
hospitals. To meet the diversified needs of customers, the Company
developed and generated revenues from the sales of shared
wheelchair-related infrastructure and other shared medical
products, which contributed to the growth of the Company's revenue
in the six months ended March 31,
2023.
Mr. Erqi Wang, Chairman and Chief Executive Officer of the
Company, commented: "We will consistently adhere to the principles
of "care in every product" and the integration of "comfort and
design, backed by medical research". We expect that technological
innovation will remain the driving force behind the Company's
growth and plan to continually cooperate with our R&D partners
in the field of rehabilitation, to expand our market share through
product development and achieve stable revenue growth."
About Jin Medical International Ltd.
The Company, through its Chinese operating entities founded in
2006 and headquartered at Changzhou City, Jiangsu Province of China, designs and manufactures wheelchairs
and living aids products for people with disabilities, the elderly,
and people recovering from injuries. The Company's Chinese
operating entities operate 2 manufacturing plants with
approximately 228,257 square feet in the aggregate in Changzhou City and Taizhou City, Jiangsu Province, China. The Company's Chinese operating
entities have established relationships with over 40 distributors
in China, and over 20 in the other
regions of the world where it currently sells the products. The
majority of the Company's wheelchair products, with more than 30
models, are sold to dealers in Japan and China, including Nissin Medical Industries
Co., Ltd, one of the largest medical device distributors in
Japan. The Company's Chinese
operating entities own a number of patents with the Patent
Administration Department of the People's
Republic of China and aims to deliver innovative wheelchair
designs that are both lightweight and ergonomic.
For more information, please visit:
http://www.zhjmedical.com.
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SOURCE Jin Medical International Ltd