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

d Hi- Tech Enterprises.'' The related detailed implementation rules and regulations on the definition of various terms and the interpretation and application of the provisions of the New Law were promulgated by the State Council in December 2007. While the implementation guide for the ''New and Hi-Tech Enterprises'' was promulgated on April 14, 2008, the New Law is pending for implementation by the relevant government authorities. The Company expects that it will apply and shall qualify for the "New and High-Tech Enterprise" status that will allow it a 15% income tax rate under China's Unified Enterprise Income Tax Law. Under applicable accounting rules, until the Company receives official approval for this status, it must use the transition rule in its calculation of its deferred tax balances as well as its income tax, which means a gradual increase in rates over the five-year transition period. If the Company had received the approval prior to March 31, 2008, its first quarter 2008 net income would have increased by RMB5.7 million for deferred tax balances and by RMB6.9 million for income tax applicable to its Shenzhen subsidiary using the 15% tax rate. This amount of accrued income taxes will be reversed as soon as the Company receives official approval for the ''New and Hi-Tech Enterprise'' status.

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Average accounts receivable days outstanding was 32 days for the first quarter 2008 compared to 22 days for the first quarter 2007 and 26 days for the full year 2007. Inventory turnover was 64 days for the first quarter 2008 compared to 72 days for the first quarter 2007 and 55 days for the full year 2007. Average accounts payable days outstanding was 68 days for the first quarter 2008 compared to 75 days for the first quarter 2007 and 59 days for the full year 2007.

As of March 31, 2008, the Company had RMB2,145.2 million (US$305.9 million) in cash and cash equivalents and short-term investments. Net cash generated from operatin
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SOURCE Mindray Medical International Limited
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