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Mindray Announces 2008 Fourth Quarter and Full Year Results
Date:3/4/2009

SHENZHEN, China, March 4 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide announced today its selected unaudited financial results for the fourth quarter and full year ended December 31, 2008. The financial results reported below include the results of operations of the patient monitoring business acquired from Datascope ("DPM") starting from May 1, 2008.

    Highlights for Fourth Quarter and Full Year 2008

    -- Full year 2008 revenue generated in China and international markets
       increased 61.1% and 110.4%, respectively, over 2007 to a total of
       $547.5 million
    -- Full year 2008 non-GAAP net income, as defined below, increased 49.7%
       year-over-year to $132.7 million
    -- Full year 2008 non-GAAP diluted EPS, as defined below, increased 48.8%
       year-over-year to $1.17
    -- Strong fourth quarter operating cash flow of $40.0 million
    -- Company further improved product mix and achieved new product
       development goals for 2008 with ten products brought to market across
       all 3 product segments
    -- Enhanced presence in U.S. market and received FDA 510(k) clearance for
       nine products
    -- Company declares 2008 dividend of $0.20 per share

"Mindray has continued to deliver strong results despite a challenging economic environment in the fourth quarter 2008," commented Mr. Xu Hang, Mindray's chairman and co-chief executive officer. "In 2008, we successfully completed and delivered initial synergy targets from the acquisition of Datascope's patient monitoring business which greatly expanded our geographic footprint in North America and strengthened our presence in Europe. Fully leveraging the strength of our internal R&D and sales and marketing capabilities, we launched ten new products during the year. Our continued focus on operating performance enabled us to create both cost and product development synergies from DPM, while simultaneously improving our operating margins and operating cash flow of the overall business."


    SUMMARY - 4th Quarter 2008

    (US$ millions, except per-share data)    4Q/2008    4Q/2007     % change
    Revenue generated in China                  72.7       44.4        63.6%
    Revenue generated in international
     markets                                    95.2       46.7       103.9%
    Net Revenues                               167.9       91.1        84.2%
    Gross Profit                                91.1       48.3        88.6%
    Operating Income                            31.7       22.3        42.2%
    Non-GAAP Operating Income (1)               36.2       25.3        43.3%
    Diluted EPS                                 0.28       0.19        48.7%
    Non-GAAP Diluted EPS (1)                    0.32       0.22        44.4%

    (1) Mindray provides gross margin, R&D expenses, selling expenses, general
        and administrative expenses, operating margin, net income and earnings
        per share on a non-GAAP basis that excludes non-cash, share-based
        compensation expense, acquired inventory fair value adjustments,
        acquired intangible assets amortization expense, in-progress research
        and development (IPR&D), and restructuring charges to enable investors
        to better assess the company's operating performance. The non-GAAP
        measures are described below and reconciled to the corresponding GAAP
        measure in the section below titled "Use of Non-GAAP Financial
        Measures."

Revenues

Mindray reported net revenues of $167.9 million for the fourth quarter 2008, an 84.2% increase from $91.1 million for the fourth quarter 2007.

Net revenues generated in international markets in the fourth quarter 2008 increased 103.9% to $95.2 million from $46.7 million for the fourth quarter 2007, while net revenues generated in China in the fourth quarter 2008 increased 63.6% to $72.7 million from $44.4 million for the fourth quarter 2007.

Performance by Segment

Patient Monitoring & Life Support Products: Patient monitoring & life support products segment revenues increased 151.1% to $77.9 million from $31.0 million for the fourth quarter 2007. The patient monitoring & life support products segment contributed 46.8% to the total net segment revenues in the fourth quarter 2008.

In-Vitro Diagnostic Products: In-vitro diagnostic products segment revenues increased 34.3% to $36.4 million from $27.1 million in the fourth quarter 2007. The in-vitro diagnostic products segment contributed 21.9% to the total net segment revenues in the fourth quarter 2008.

Medical Imaging Systems: Medical imaging systems segment revenues increased 40.8% to $42.6 million from $30.3 million in the fourth quarter 2007. The medical imaging systems segment contributed 25.6% to the total net segment revenues in the fourth quarter 2008.

Others: The other revenues which are primarily comprised of extended warranty services revenues and revenues derived from the third party R&D projects increased 564.9% to $9.4 million from $1.4 million in the fourth quarter 2007. The other revenues contributed 5.7% to the total net segment revenues in the fourth quarter 2008.

The segment revenue amounts discussed above exclude the shipping and handling fees charged to customers.

Gross Margins

Fourth quarter 2008 gross profit was $91.1 million, an 88.6% increase from $48.3 million in the fourth quarter 2007. The consolidated gross margin for the fourth quarter 2008 was 54.3% compared to 53.0% in the fourth quarter 2007 and 54.2% in the third quarter 2008. Non-GAAP gross margin was 55.3% in the fourth quarter 2008 compared to 53.9% in the fourth quarter 2007 and 57.0% in the third quarter 2008.

Operating Expenses

Non-GAAP selling expenses for the fourth quarter 2008 were $26.0 million, or 15.5% of the total net revenues, compared to 13.8% in the fourth quarter 2007 and 14.4% in the third quarter 2008. GAAP selling expenses for the fourth quarter 2008 were $27.0 million.

Non-GAAP general and administrative expenses for the fourth quarter 2008 were $14.3 million, or 8.5% of the total net revenues, compared to 3.2% in the fourth quarter 2007 and 8.1% in the third quarter 2008. GAAP general and administrative expenses for the fourth quarter 2008 were $15.9 million.

Non-GAAP research and development expenses for the fourth quarter 2008 were $16.2 million, or 9.6% of the total net revenues compared to 9.1% in the fourth quarter 2007 and 9.4% in the third quarter 2008. GAAP research and development expenses for the fourth quarter 2008 were $16.6 million.

Total share-based compensation expenses, which were allocated to cost of goods sold and related operating expenses, were $1.6 million in the fourth quarter 2008 compared to $2.4 million in the fourth quarter 2007 and $2.6 million in the third quarter 2008.

Non-GAAP operating income, as defined below, in the fourth quarter 2008 was $36.2 million, a 43.3% increase from $25.3 million in the fourth quarter 2007. GAAP operating income in the fourth quarter 2008 was $31.7 million, a 42.2% increase from $22.3 million in the fourth quarter 2007. Non-GAAP operating margin was 21.6% in the fourth quarter 2008 compared to 27.7% in the fourth quarter 2007 and 25.6% in the third quarter 2008. GAAP operating margin was 18.9% in the fourth quarter 2008 compared to 24.4% in the fourth quarter 2007 and 20.6% in the third quarter 2008.

Net Income

Fourth quarter 2008 non-GAAP net income increased 43.0% year-over-year to $36.0 million from $25.2 million in the fourth quarter 2007. Fourth quarter 2008 GAAP net income was $31.6 million compared to $21.5 million in the fourth quarter 2007. Non-GAAP net margin was 21.4% in the fourth quarter 2008 compared to 27.6% in the fourth quarter 2007 and 23.0% in the third quarter 2008. GAAP net margin was 18.8% in the fourth quarter 2008 compared to 23.6% in the fourth quarter 2007 and 19.1% in the third quarter 2008. Fourth quarter 2008 income tax expense was $0.3 million representing an effective tax rate of 1.0% compared to a 16.9% effective tax rate in the fourth quarter 2007.

Fourth quarter 2008 basic and diluted non-GAAP earnings per share were $0.33 and $0.32, respectively. Fourth quarter 2008 GAAP basic and diluted earnings per share for the quarter were $0.29 and $0.28, respectively. Shares used in the computation of diluted earnings per share decreased from 113.5 million in the fourth quarter 2007 to 112.3 million in the fourth quarter 2008.

In the fourth quarter 2008, the Shenzhen subsidiary received approval of its application for hi-tech enterprise qualification from the relevant government authorities. Prior to the approval, the company accrued income tax for its Shenzhen subsidiary where the income tax rate is 18% in 2008. Following the approval, the total income tax reversed for the full year 2008 was $4.1 million in the fourth quarter 2008, which resulted in the lower tax rate for the fourth quarter and full year 2008 for the company.


    SUMMARY - 12 Months Ended December 31, 2008

    (US$ millions, except per-share data)    YE/2008     YE/2007     % change
    Revenue generated in China                 234.5       145.5        61.1%
    Revenue generated in international
     markets                                   313.1       148.8       110.4%
    Net Revenues                               547.5       294.3        86.0%
    Gross Profit                               297.0       161.5        83.8%
    Operating Income                           117.5        80.0        46.9%
    Non-GAAP Operating Income (2)              144.5        90.2        60.2%
    Diluted EPS                                 0.96        0.69        38.4%
    Non-GAAP Diluted EPS (2)                    1.17        0.79        48.8%

    (2) Mindray provides gross margin, R&D expenses, selling expenses, general
        and administrative expenses, operating margin, net income and earnings
        per share on a non-GAAP basis that excludes non-cash, share-based
        compensation expense, acquired inventory fair value adjustments,
        acquired intangible assets amortization expense, in-progress research
        and development (IPR&D), and restructuring charges to enable investors
        to better assess the company's operating performance. The non-GAAP
        measures are described below and reconciled to the corresponding GAAP
        measure in the section below titled "Use of Non-GAAP Financial
        Measures."

Revenues

Mindray reported net revenues of $547.5 million for the full year 2008, an 86.0% increase from $294.3 million for full year 2007.

Net revenues generated in international markets in the full year 2008 increased 110.4% to $313.1 million from $148.8 million in 2007, while net revenues generated in China in the full year 2008 increased 61.1% to $234.5 million from $145.5 million in 2007.

Net Income

Full year 2008 non-GAAP net income increased 49.7% year-over-year to $132.7 million from $88.6 million in 2007. Full year 2008 GAAP net income was $108.7 million compared to $78.0 million in 2007. Non-GAAP net margin was 24.2% in the full year 2008 compared to 30.1% in 2007. GAAP net margin was 19.9% in the full year 2008 compared to 26.5% in 2007. Full year 2008 income tax expense was $16.9 million, representing an effective tax rate of 13.5% compared to a 15.3% effective tax rate in the full year 2007.

Full year 2008 basic and diluted non-GAAP earnings per share were $1.24 and $1.17, respectively. Full year 2008 GAAP basic and diluted earnings per share were $1.01 and $0.96, respectively.

Other Select Data

Average accounts receivable days outstanding was 40 days for the full year 2008 compared to 26 days for the full year 2007. Inventory turnover was 60 days for the full year 2008 compared to 55 days for the full year 2007. Average accounts payable days outstanding was 46 days for the full year 2008 compared to 59 days for the full year 2007.

As of December 31, 2008, the company had $252.9 million in cash and cash equivalents, restricted cash, and short-term investments. Net cash generated from operating activities and capital expenditures for the full year 2008 were $93.0 million and $71.1 million, respectively. In the fourth quarter 2008, the company had a strong operating cash flow of $40.0 million.

As of December 31, 2008 the company had approximately 5,580 employees compared to 3,705 employees on December 31, 2007.

Dividend Declaration

Mindray's board of directors has declared a cash dividend on its ordinary shares of $0.20 per share, based on its net income for the full year 2008. The cash dividend will be payable on or around April 24, 2009, to shareholders of record as of March 25, 2009. The company has 107.9 million ordinary shares outstanding as of March 1, 2009.

Business Outlook for Full Year 2009

The company expects its full year 2009 net revenue to be at least 20% higher than its full year 2008 net revenue. This guidance includes a full year of revenues from DPM compared to 8 months of DPM revenues included in 2008. This guidance reflects an assumption that foreign exchange rates remain constant at RMB6.85 to the dollar and $1.28 to the euro.

The company also expects its full year 2009 non-GAAP EPS to grow 20% over its non-GAAP EPS for full year 2008.

The company expects its capital expenditure for 2009 to be in the range of $40 million to $60 million.

The company's practice is to provide guidance on a full year basis only. This forecast reflects Mindray's current and preliminary views, which are subject to change.

"Despite the continued economic challenges we are all witnessing, we are confident Mindray can achieve at least 20% revenue growth in 2009, with stronger growth coming in the second half of the year," commented Mr. Li Xiting, Mindray's president and co-chief executive officer. "For 2009, we will continue to work towards a successful integration of DPM to improve our product and geographic mix and offer cross-selling and market share gain opportunities. We hope to gain market share based on the increasing attractiveness of our high performance-price products to an increasingly cost-conscious customer base. In addition, to improve our international distribution platform, we plan to expand and localize our international distribution teams at reasonable costs. Mindray is well positioned to navigate these unprecedented times and to capitalize on any opportunities that may emerge because of the diversity of our product offering across a range of price points, our ability to closely manage costs, and the strength of our balance sheet."

Conference Call Information

Mindray's management will hold an earnings conference call at 8:00 AM on March 5, 2009 U.S. Eastern Time (9:00 PM on March 5, 2009 Beijing/Hong Kong Time).

    Dial-in details for the earnings conference call are as follows:

    Hong Kong:                +852-3002-1672
    U.S. Toll Free:           +1-866-362-4820
    International:            +1-617-597-5345
    Passcode for all regions: Mindray

A replay of the conference call may be accessed by phone at the following numbers until March 16, 2009.

    U.S. Toll Free: +1-888-286-8010
    International:  +1-617-801-6888
    Passcode:       8707 6749

Additionally, a live and archived webcast of this conference call will be available on the Investor Relations section of Mindray's website at http://www.mindray.com .

Use of Non-GAAP Financial Measures

The company has reported for the fourth quarter 2008 and provided estimates for full year 2009 net income, operating income, or earning per share on a non-GAAP basis. Each of the terms as used by the company is defined as follows:

    -- Non-GAAP gross profit represents gross profit reported in accordance
       with GAAP, adjusted for the effects of share-based compensation,
       acquired inventory fair value adjustments and expense and/or
       amortization of acquired intangible assets.
    -- Non-GAAP operating income represents operating income reported in
       accordance with GAAP, adjusted for the effects of share-based
       compensation, acquired inventory fair value adjustments and expense
       and/or amortization of acquired intangible assets including, but not
       limited to, in-progress research and development (IPR&D) and
       restructuring charges.
    -- Non-GAAP net income represents net income reported in accordance with
       GAAP, adjusted for the effects of share-based compensation, acquired
       inventory fair value adjustments and expense and/or amortization of
       acquired intangible assets including, but not limited to, IPR&D, and
       restructuring charges, all net of related tax impact.
    -- Non-GAAP earnings per share represents non-GAAP net income divided by
       the number of shares used in computing basic and diluted earnings per
       share in accordance with GAAP, and excludes the impact of the deemed
       dividends for the basic calculation.

In addition to Mindray's consolidated financial results under GAAP, the Company also provides non-GAAP financial measures, including non-GAAP gross margin, non-GAAP operating profit, non-GAAP selling expenses, non-GAAP general and administrative expenses, non-GAAP R&D expenses, non-GAAP net income and non-GAAP earnings per share on a basic and fully diluted basis. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing Mindray's financial performance and liquidity and when planning and forecasting future periods. These non-GAAP operating measures are useful for understanding and assessing Mindray's underlying business performance and operating trends and the Company expects to report operating profit and net income on a non-GAAP basis using a consistent method on a quarterly basis going forward.

The Company computes its non-GAAP financial measures using the same consistent method from quarter to quarter. The Company notes that these measures may not be calculated on the same basis of similar measures used by other companies. Readers are cautioned not to view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP results with non-GAAP results for the full year periods ended December 31, 2007 and 2008, respectively, in the attached financial information.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements," including those related to the company's anticipated financial condition, operating results, prospects, and business outlook for fiscal year 2009, customer acceptance of company products, continued R&D spending levels, increased headcounts, growth in the company's business segments and geographies, business execution, growth in medical spending and the factors driving that growth, international expansion, integration of a recently acquired business, introduction of new products, expansion into new geographic markets and localizing our distribution teams, our ability to gain market share, our ability to control costs, and our ability to cross sell products. These statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. It is possible that our actual results and financial condition and other circumstances may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including but not limited to: the expected growth of the medical device market in China and internationally; relevant government policies and regulations relating to the medical device industry; market acceptance of our products; our expectations regarding demand for our products; our ability to expand our production, our sales and distribution network and other aspects of our operations; our ability to stay abreast of market trends and technological advances; our ability to effectively protect our intellectual property rights and not infringe on the intellectual property rights of others; competition in the medical device industry in China and internationally; and general economic and business conditions in the countries in which we operate. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in our public filings with the Securities and Exchange Commission. For a discussion of other important factors that could adversely affect our business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 5 of our annual report on Form 20-F, filed on June 30, 2008. Our results of operations for the fourth quarter of 2008 and for fiscal year 2008 are not necessarily indicative of our operating results for any future periods. Any projections in this release are based on limited information currently available to us, which is subject to change. Although such projections and the factors influencing them will likely change, we will not necessarily update the information. Such information speaks only as of the date of this release.

All references to "shares" are to our ordinary shares, which are divided into two classes, Class A and Class B. Each of our American Depositary Shares, which trade on the New York Stock Exchange, represents one Class A ordinary share.

About Mindray

Mindray is a leading developer, manufacturer and marketer of medical devices worldwide. Established in 1991, Mindray offers a broad range of products across three primary business segments: patient monitoring & life support products, in-vitro diagnostic products and medical imaging systems. Mindray is globally headquartered in Shenzhen, China, with U.S. headquarters in Mahwah, New Jersey. Mindray also has another 12 international sales and service offices in Amsterdam, Frankfurt, Istanbul, London, Mexico City, Moscow, Mumbai, Paris, Sao Paolo, Seattle, Toronto and Vancouver. For more information, please visit http://www.mindray.com .



                    MINDRAY MEDICAL INTERNATIONAL LIMITED
                    CONDENSED CONSOLIDATED BALANCE SHEETS

                                         As at December 31,  As at December 31,
                                                   2007              2008
                                                    US$               US$
                                                (unaudited)       (unaudited)
    ASSETS                                    (In thousands)   (In thousands)

    Current assets:
                    Cash and cash
                     equivalents                   189,045            96,370
                    Restricted cash -
                     short-term (note 3)                --           119,711
                    Short-term
                     investments (note 3)           55,897            36,780
                    Accounts receivable,
                     net                            28,813            89,735
                    Inventories                     24,816            57,466
                    Value added tax
                     receivables                        --            13,566
                    Other receivables                5,401             7,471
                    Prepayments and other            1,920             4,503
                    Deferred tax assets -
                     current portion                   603             1,812
                    Total current assets           306,495           427,414

                    Long-term investments           34,272                --
                    Other assets                     2,695             1,724
                    Advance for purchase
                     of plant and
                     equipment                      18,103            46,275
                    Land use right and
                     property, plant and
                     equipment, net                 50,491           129,120
                    Intangible assets,
                     net                            17,910            67,004
                    Goodwill                        16,748           114,234
                    Total assets                   446,714           785,771

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities:
                    Short-term bank loan                --           157,007
                    Notes payable                    8,700             7,449
                    Accounts payable                18,208            29,009
                    Advance from
                     customers                       7,224             7,523
                    Salaries payables                8,343            16,797
                    Other payables                  17,089            46,911
                    Income taxes payable             7,711            10,727
                    Other taxes payable              2,029             4,398
                    Total current
                     liabilities                    69,304           279,821

    Other long-term payables                            --             7,120
    Minority interests                                   2                 2
    Deferred tax liabilities, net                    3,386               736

    Shareholders' equity:
                    Ordinary shares                     13                14
                    Additional paid-in
                     capital                       260,107           274,993
                    Retained earnings               94,466           183,886
                    Accumulated other
                     comprehensive loss             19,436            39,199
                    Total shareholders'
                     equity                        374,022           498,092

    Total liabilities and shareholders'
     equity                                        446,714           785,771


    (3) Restricted as the security package required for the bank loans as of
        December 31, 2008. Use of such funds are permitted provided that the
        proportionate amount of debt must be retired concurrently. As of
        December 31, 2008, the short-term bank loans can be fully repaid from
        such short-term restricted cash and short-term investments.



                           MINDRAY MEDICAL INTERNATIONAL LIMITED
                      CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                              Three months ended
                                 December 31,        Year ended December 31,
                               2007         2008         2007         2008
                                US$          US$          US$          US$

                            (unaudited)  (unaudited)  (unaudited)  (unaudited)
                            (In thousands, except     (In thousands, except
                           share and per share data) share and per share data)

    Net revenues
    -PRC                        44,427       72,691      145,493      234,454
    - International             46,706       95,212      148,802      313,073
    Net revenues                91,133      167,903      294,295      547,527
    Cost of revenues (note
     4)                        (42,810)     (76,754)    (132,768)    (250,573)
    Gross profit                48,323       91,149      161,527      296,954

    Selling expenses (note
     4)                        (13,367)     (26,976)     (41,083)     (80,088)
    General and
     administrative
     expenses (note 4)
     (note 5)                   (3,512)     (15,921)     (12,018)     (40,767)
    Research and
     development expenses
     (note 4)                   (9,182)     (16,585)     (28,389)     (51,945)
    Expense of in-progress
     research &
     development                    --           --           --       (6,600)
    Other general expenses           2          (14)         (24)         (35)
    Operating income            22,264       31,653       80,013      117,519

    Other income, net              833        2,008        2,357        4,918
    Interest income              2,718          875        9,726        8,361
    Interest expense                (3)      (2,626)         (11)      (5,163)
    Income before income
     taxes and minority
     interests                  25,812       31,910       92,085      125,635

    Provision for income
     taxes                      (4,350)        (308)     (14,043)     (16,948)
    Minority interests              --           --           --           --
    Net Income                  21,462       31,602       78,042      108,687


    Basic earnings per
     share                        0.20         0.29         0.73         1.01

    Diluted earnings per
     share                        0.19         0.28         0.69         0.96

    Shares used in the
     computation of:
    Basic earnings per
     share                 106,774,444  107,689,743  106,328,347  107,366,250

    Diluted earnings per
     share                 113,457,341  112,316,513  112,678,984  113,364,756

    (4) Share-based
        compensation
        charges incurred
        during the period
        related to:

    Cost of revenues               112           89          267          423
    Selling expenses               817          356        2,781        2,870
    General and
     administrative
     expenses                      577          700        2,232        2,697
    Research and
     development expenses          862          414        2,431        2,731

    (5) Amortization of intangible assets increased $1.6 million during the
        three-month period ended September 30, 2008 as a result of recognizing
        the cumulative effect of an understatement of amortization of
        intangible assets during the year ended December 31, 2006. The Company
        concluded that the amount of the understatement was not material to
        the financial statements in any previous periods, nor to the net
        income for the year ended December 31, 2008 or the trend of earnings.



                         MINDRAY MEDICAL INTERNATIONAL LIMITED
                 RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES
                        TO THE NEAREST COMPARABLE GAAP MEASURES

                             Three months ended
                                 December 31,        Year ended December 31,
                               2007         2008         2007         2008
                                US$          US$          US$          US$
                           (unaudited)  (unaudited)  (unaudited)  (unaudited)
                           (In thousands, except     (In thousands, except
                         share and per share data) share and per share data)

           Net revenues        91,133      167,903      294,295      547,527

           Non-GAAP net
            income             25,155       35,969       88,644      132,671
           Non-GAAP net
            margin              27.6%        21.4%        30.1%        24.2%
           Amortization
            of acquired
            intangible
            assets,
            acquired
            inventory
            fair value
            adjustments
            and IPR&D            (641)      (2,094)      (2,484)     (17,373)
           Deferred tax
            impact
            related to
            acquired
            intangible
            assets                 96         (651)         373        2,173
           Effect of
            change in tax
            rate on
            deferred tax         (780)         836         (780)         836
           Restructuring
            charges                --         (899)          --         (899)
           Share-based
            compensation       (2,368)      (1,559)      (7,711)      (8,721)
           GAAP net
            income             21,462       31,602       78,042      108,687
           GAAP net
            margin              23.6%        18.8%        26.5%        19.9%

           Non-GAAP
            income per
            share - basic        0.24         0.33         0.83         1.24
           Non-GAAP
            income per
            share -
            diluted              0.22         0.32         0.79         1.17

           GAAP income
            per share -
            basic                0.20         0.29         0.73         1.01
           GAAP income
            per share -
            diluted              0.19         0.28         0.69         0.96

            Shares used
             in
             computation
             of:
            Basic
             earnings per
             share        106,774,444  107,689,743  106,328,347  107,366,250
            Diluted
             earnings per
             share        113,457,341  112,316,513  112,678,984  113,364,756

           Non-GAAP
            operating
            income             25,273       36,205       90,208      144,512
           Non-GAAP
            operating
            margin              27.7%        21.6%        30.7%        26.4%
           Amortization
            of acquired
            intangible
            assets,
            acquired
            inventory
            fair value
            adjustments
            and IPR&D            (641)      (2,094)      (2,484)     (17,373)
           Restructuring
            charges                --         (899)          --         (899)
           Share-based
            compensation       (2,368)      (1,559)      (7,711)      (8,721)
           GAAP operating
            income             22,264       31,653       80,013      117,519
           GAAP operating
            margin             24.40%       18.90%       27.20%       21.50%

           Non-GAAP gross
            profit             49,076       92,813      164,278      306,488
           Non-GAAP gross
            margin              53.9%        55.3%        55.8%        56.0%
           Amortization
            of acquired
            intangible
            assets and
            acquired
            inventory
            fair value
            adjustments          (641)      (1,575)      (2,484)      (9,111)
           Share-based
            compensation         (112)         (89)        (267)        (423)
           GAAP gross
            profit             48,323       91,149      161,527      296,954
           GAAP gross
            margin              53.0%        54.3%        54.9%        54.2%


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SOURCE Mindray Medical International Limited
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1. Mindray Medical International Announces Second Quarter 2008 Results
2. Mindray Medical to Attend Morgan Stanley Global Healthcare Unplugged Conference
3. Mindray Medical International Announces First Quarter 2008 Results
4. Mindray to Acquire Datascopes Patient Monitoring Business for US$202 million
5. Mindray Medical International Announces Third Quarter 2007 Results
6. Mindray Announces Appointment of Dr. Jixun Lin as Independent Director
7. Mindray to Present at Merrill Lynch Global Pharmaceutical, Biotech & Medtech Conference
8. Martek Announces First Quarter 2009 Financial Results
9. Quest PharmaTech Announces Results Showing its Photosensitizer, SL052, is an Effective Immuno-Stimulant when combined with Immunotherapy for the Removal of Solid Tumors
10. STAAR Surgical Announces Fourth Quarter and Full Year 2008 Earnings Release Date and Conference Call
11. Oncothyreon announces webcast of fourth quarter and year end 2008 financial results conference call
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(Date:2/11/2016)...  Vermillion, Inc. (NASDAQ: VRML ), a bio-analytical ... formation of the Steering Committee for its Pelvic Mass ... Pelvic masses can present physicians and healthcare professionals ... is ruled out, pelvic masses may include cancers of ... ovarian tumors and gastrointestinal and urinary tract masses. ...
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(Date:2/11/2016)... SANTA CRUZ, Calif. , Feb. 11, 2016 /PRNewswire/ ... accepting applications to its beta program for a planned ... co-founder, will present the company,s metagenomic genome assembly method ... 2016 Advances in Genome Biology & Technology conference in ... novo  assembly of these highly complex datasets is difficult. ...
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(Date:2/9/2016)... Calif. , Feb. 9, 2016 Vigilant Solutions ... license plate reader (LPR) to develop a lead in a ... commercially available LPR data to locate the suspect vehicle. Due ... of the case have been omitted at the agency,s request. ... for the agency explains, "Our victim was found deceased at ...
(Date:2/5/2016)... DUBLIN , Feb. 5, 2016 /PRNewswire/ ... the addition of the "Global Facial ... offering. --> http://www.researchandmarkets.com/research/5kvw8m/global_facial ) has ... Facial Recognition Market 2016-2020" report to ... Markets ( http://www.researchandmarkets.com/research/5kvw8m/global_facial ) has announced the ...
(Date:2/3/2016)... --> --> Fourth quarter ... up 1,187% compared with fourth quarter of 2014. Gross margin ... (loss: 30.0). Earnings per share increased to SEK 6.39 (loss: ... (neg: 74.7). , --> --> ... 2,900.5 M (233.6), up 1,142% compared with 2014. Gross margin ...
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