Jin Medical International Limited (NASDAQ: ZJYL) Announces Financial Results for Six Months Ended March 31, 2023

Rhea-AI Summary

Jin Medical International Limited announces financial results for the six months ended March 31, 2023.

Positive

• Revenues increased by 8.3% to $10.25 million.
• Net income increased by 44.1% to $1.77 million.
• Gross profit increased by 12.7% during the period.
• Business operations have recovered to pre-pandemic level.
• Revenues from shared wheelchair-related infrastructure contributed to revenue growth.

Negative

• None.

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