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Mindray Medical International Announces Second Quarter 2008 Results
Date:9/3/2008

ontributed 24.3% to total net segment revenues in the second quarter 2008.

Medical Imaging Systems: Medical Imaging systems segment revenues increased 51.3% to US$35.4 million from US$23.4 million in the second quarter 2007. The medical imaging systems segment contributed 24.6% to total net segment revenues in the second quarter 2008.

Gross Margins

Second quarter 2008 non-GAAP gross profit, as defined below, was US$79.9 million, a 92.1% increase from US$41.6 million in the second quarter 2007. Non-GAAP gross margin was 54.8% in the second quarter 2008 compared to 57.0% in the second quarter 2007 and 57.4% in the first quarter 2008. Second quarter 2008 GAAP gross profit was US$77.0 million compared to US$40.9 million in the second quarter 2007.

Operating Expenses

Non-GAAP selling expenses for the second quarter 2008 were US$19.4 million, or 13.3% of total net revenues, compared to 13.4% in the second quarter 2007 and 11.1% in the first quarter 2008. GAAP selling expenses for the second quarter 2008 were US$20.6 million.

Non-GAAP general and administrative expenses for the second quarter 2008 were US$8.9 million, or 6.1% of total net revenues, compared to 2.9% in the second quarter 2007 and 2.3% in the first quarter 2008. GAAP general and administrative expenses for the second quarter 2008 were US$9.6 million.

Non-GAAP research and development expenses for the second quarter 2008 were US$11.6 million, or 7.9% of total net revenues, compared to 8.1% of total net revenues in the second quarter 2007 and 8.8% in the first quarter 2008. GAAP research and development expenses for the second quarter 2008 were US$12.3 million.

Total share-based compensation expenses, which were allocated to cost of goods sold and related operating expenses, were US$2.4 million in the second quarter 2008, compared to US$1.9 million in the second quarter 2007 and US$2.2 million in the first quarter 2008.

Non-GAAP operating profit, a
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SOURCE Mindray Medical International Limited
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