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

to qualified "New and 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, April 2008 and July 2008. The Company is waiting for the formal acceptance of application for hi-tech enterprise qualification by the relevant government authorities. Before the approval for the qualification to be a hi-tech enterprise, the Company is required to pay income tax in accordance with the transitional income tax arrangement where the income tax rate is 18% in 2008 and 20% in 2009. The Company believes that it meets the criteria of hi-tech enterprise under the New Law and will be ready to make the application when the government authorities commence the process. If the Company had received the approval prior to June 30, 2008, its first half 2008 net income would have increased by USD0.8 million for deferred tax balances and by US$2.2 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.

Other Select Data

Average accounts receivable days outstanding was 32 days for the second quarter 2008 compared to 21 days for the second quarter 2007 and 32 days for the first quarter 2008. Inventory turnover was 57 days for the second quarter 2008 compared to 59 days for the second quarter 2007 and 64 days for the first quarter 2008. Average accounts payable days outstanding was 50 days for the second quarter 2008 compared to 57 days for the second quarter 2007 and 68 days for the first quarter 2008.

As of June 30, 2008, the Company had US$155.4 million in cash and cash equivalents and short-term investments. Net cash generated from operating activities and capital expenditures for the first half of 2008 were US$
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SOURCE Mindray Medical International Limited
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