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Mindray Medical International Announces First Quarter 2008 Results
Date:5/7/2008

and 27.6% in the fourth quarter 2007. GAAP operating profit in the first quarter 2008 was RMB199.8 million (US$28.5 million) compared to RMB124.6 million (US$16.1 million) in the first quarter 2007.

Net Income

First quarter 2008 non-GAAP net income increased 42.7% year-over-year to RMB199.2 million (US$28.4 million) from RMB139.6 million (US$18.1 million) in the first quarter 2007. Non-GAAP net margins were 31.8% in the first quarter 2008, compared to 33.1% in the first quarter 2007 and 27.5% in the fourth quarter 2007. First quarter 2008 GAAP net income was RMB179.4 million (US$25.6 million) compared to RMB122.4 million (US$15.8 million) in the first quarter 2007. First quarter 2008 income tax expense was RMB40.8 million (US$5.8 million), representing an effective tax rate of 18.5% compared to a 15.7% effective tax rate in the first quarter 2007, or an increase of 78.6% from RMB22.9 million (US$3.0 million) in the first quarter 2007.

First quarter 2008 basic and diluted non-GAAP earnings per share were RMB1.86 (US$0.27) and RMB1.76 (US$0.25), respectively. First quarter 2007 basic and diluted non-GAAP earnings per share were RMB1.32 (US$0.17) and RMB1.25 (US$0.16), respectively. First quarter 2008 GAAP basic and diluted earnings per share were RMB1.68 (US$0.24) and RMB1.59 (US$0.23), respectively. First quarter 2007 GAAP basic and diluted earnings per share were RMB1.16 (US$0.15) and RMB1.09 (US$0.14), respectively. Shares used in the computation of diluted earnings per share increased from 111.9 million in the first quarter 2007 to 113.0 million in the first quarter 2008 due to issuances of new shares and grants of share options in the past twelve months.

The China Unified Corporate Income Tax Law (the "New Law") became effective on January 1, 2008. The New Law established a single unified 25% income tax rate for most companies with some preferential income tax rates including a 15% income tax rate to be applicable to qualified ''New an
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SOURCE Mindray Medical International Limited
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