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

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
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SOURCE Mindray Medical International Limited
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