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Mindray Medical International Announces Third Quarter 2007 Results
Date:11/1/2007

five-part differential hematology analyzer. All of these products will contribute to 2008 sales.

Gross Margins

Third quarter 2007 gross profit was RMB315.9 million (US$42.2 million), a 57.1% increase from RMB201.1 million in the third quarter 2006. The consolidated gross margin for the third quarter 2007 was 55.1% compared to 56.0% in the second quarter 2007. Non-GAAP gross margin, as defined below, was 56.0% in the third quarter 2007 compared to 57.0% in the second quarter 2007, and 56.7% in the first nine months of 2007.

Operating Expenses

Selling expenses for the third quarter 2007 were RMB83.4 million (US$11.1 million), representing 14.5% of total net revenues, compared to 13.7% in the third quarter 2006 and 14.4% in the second quarter 2007. Selling expenses slightly increased as the company opened new offices abroad increasing sales, marketing, and distribution headcount.

General and administrative expenses for the third quarter 2007 were RMB21.2 million (US$2.8 million), representing 3.7% of total revenues, compared to 5.1% in the third quarter 2006 and 3.7% in the second quarter 2007.

Research and development expenses for the third quarter 2007 were RMB56.7 million (US$7.6 million), compared to RMB36.5 million in the third quarter 2006. Research and development expenses were 9.9% of total net revenues, compared to 10.1% in the third quarter 2006 and 8.8% in the second quarter 2007.

Total share-based compensation expenses, which were allocated to cost of goods sold and related operating expenses, were RMB13.3 million (US$1.8 million) in the third quarter 2007, compared to RMB9.3 million (US$1.2 million) in the third quarter 2006 and RMB14.3 million (US$1.9 million) in the second quarter 2007.

Non-GAAP operating profit, as defined below, in the third quarter 2007 was RMB172.6 million (US$23.0 million), representing a 62.4% increase from RMB106.3 million in the third quarter 2006. GAAP operating profit in the thir
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SOURCE Mindray Medical International Limited
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