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

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 includ
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SOURCE Mindray Medical International Limited
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