Mindray Medical International Announces First Quarter 20...(2.2 million(US$31.4 million) in the firs...)

Date:5/7/2008

2.2 million (US$31.4 million) in the first quarter 2007. Non-GAAP gross margin was 57.4% in the first quarter 2008 compared to 57.3% in the first quarter 2007 and 53.8% in the fourth quarter 2007. First quarter 2008 GAAP gross profit was RMB353.9 million (US$50.5 million) compared to RMB237.1 million (US$30.7 million) in the first quarter 2007.

Operating Expenses

Non-GAAP selling expenses for the first quarter 2008 were RMB69.3 million (US$9.9 million), or 11.1% of total net revenues, compared to 10.2% in the first quarter 2007 and 13.8% in the fourth quarter 2007. GAAP selling expenses for the first quarter 2008 were RMB75.1 million (US$10.7 million).

Non-GAAP general and administrative expenses for the first quarter 2008 were RMB14.6 million (US$2.1 million), or 2.3% of total net revenues, compared to 4.5% in the first quarter 2007 and 3.2% in the fourth quarter 2007. GAAP general and administrative expenses for the first quarter 2008 were RMB18.7 million (US$2.7 million).

Non-GAAP research and development expenses for the first quarter 2008 were RMB54.9 million (US$7.8 million), or 8.8% of total net revenues, compared to 8.8% of total net revenues in the first quarter 2007 and 9.1% in the fourth quarter 2007. GAAP research and development expenses for the first quarter 2008 were RMB60.3 million (US$8.6 million).

Total share-based compensation expenses, which were allocated to cost of goods sold and related operating expenses, were RMB16.0 million (US$2.3 million) in the first quarter 2008, compared to RMB13.3 million (US$1.7 million) in the first quarter 2007 and RMB17.5 million (US$2.4 million) in the fourth quarter 2007.

Non-GAAP operating profit, as defined below, in the first quarter 2008 was RMB220.5 million (US$31.4 million), a 54.6% increase from RMB142.6 million (US$18.5 million) in the first quarter 2007. Non-GAAP operating margins were 35.2% in the first quarter 2008, compared to 33.8% in the first quarter 2007
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SOURCE Mindray Medical International Limited Copyright©2008 PR Newswire. All rights reserved

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