SHENZHEN, China, March 1 /PRNewswire-Asia/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today its selected unaudited financial results for the fourth quarter and full year ended December 31, 2009.
Highlights for Fourth Quarter and Full Year 2009 -- Fourth quarter and full year 2009 net revenues year-over-year increased 12.5% to $188.8 million and 15.8% to $634.2 million, respectively. Fourth quarter 2009 net revenues generated in China and international markets increased 20.4% and 6.4%, respectively, year-over-year. -- Fourth quarter and full year 2009 fully diluted EPS year-over-year increased 17.0% to $0.33, and 28.4% to $1.23, respectively. -- Fourth quarter and full year 2009 fully diluted non-GAAP EPS year-over-year increased 14.5% to $0.37, and 11.4% to $1.30, respectively. -- Fourth quarter and full year 2009 EBITDA increased 28.4% to $51.7 million, and 34% to $194.0 million, respectively. -- Working capital days in the fourth quarter 2009 improved to 84 days, from 98 days in the previous quarter. -- Strong net operating cash of $86.3 million was generated in the fourth quarter 2009, partially as a result of improved working capital management. -- Declared 2009 dividend of $0.20 per share. -- Exceeded 2009 product development goals by launching 10 new products in markets around the world. -- Mindray's Shenzhen subsidiary was awarded the nationwide key software enterprise status for the 2009 calendar year ("the award" or "the status"). The status grants Mindray a 10% corporate income tax rate for the Shenzhen subsidiary for 2009. However, as we were notified about the award in January of 2010, we have accounted for the related positive adjustments of $8.6 million in the corporate income tax provision in our financial year 2010.
"Despite starting 2009 in a very unstable international operating environment, we maintained our focus and executed on our strategy, and as a result, delivered strong growth for the year. We are very proud to have achieved such strong operational results while enhancing our competitive position," commented Xu Hang, Mindray's chairman and co-chief executive officer. "As we closed the year, we saw strong sales growth in the vast majority of the markets we compete in, pushing full year top-line growth up into the mid-teens. In addition, we also delivered double digit bottom-line growth and generated strong cash flow."
SUMMARY - - Fourth Quarter and Twelve Months Ended December 31, 2009 (Unaudited) (US$ millions, except Three Months Ended Twelve Months Ended per-share data) December 31, December 31, 2009 2008 % chg 2009 2008 % chg Net Revenues 188.8 167.9 12.5% 634.2 547.5 15.8% Revenues generated in China 87.5 72.7 20.4% 292.6 234.5 24.8% Revenues generated outside China 101.3 95.2 6.4% 341.6 313.0 9.1% Gross Profit 102.0 91.1 12.0% 353.9 297.0 19.2% Non-GAAP Gross Profit 103.7 92.8 11.7% 360.5 306.5 17.6% Operating Income 38.0 31.7 20.0% 140.6 117.5 19.7% Non-GAAP Operating Income 42.3 36.2 16.8% 160.9 144.5 11.4% EBITDA 51.7 40.3 28.4% 194.0 144.8 34.0% Net Income 37.4 31.6 18.4% 139.2 108.7 28.1% Non-GAAP Net Income 41.7 36.0 15.8% 147.4 132.7 11.1% Diluted EPS 0.33 0.28 17.0% 1.23 0.96 28.4% Non-GAAP Diluted EPS 0.37 0.32 14.5% 1.30 1.17 11.4%
Mindray reported net revenues of $188.8 million for the fourth quarter 2009, a 12.5% increase from $167.9 million in the fourth quarter 2008.
Net revenues generated in China in the fourth quarter 2009 increased 20.4% to $87.5 million from $72.7 million in the fourth quarter 2008, while net revenues generated in international markets in the fourth quarter 2009 increased 6.4% to $101.3 million from $95.2 million in the fourth quarter 2008.
Performance by Segment
Patient Monitoring & Life Support Products: Patient monitoring & life support products segment revenues increased 5.4% to $82.7 million from $78.4 million in the fourth quarter 2008. The patient monitoring & life support products segment contributed 43.8% to the total net segment revenues in the fourth quarter 2009.
In-Vitro Diagnostic Products: In-vitro diagnostic products segment revenues increased 24.3% to $45.8 million from $36.9 million in the fourth quarter 2008. The in-vitro diagnostic products segment contributed 24.3% to the total net segment revenues in the fourth quarter 2009.
Medical Imaging Systems: Medical imaging systems segment revenues increased 12.4% to $48.5 million from $43.2 million in the fourth quarter 2008. The medical imaging systems segment contributed 25.7% to the total net segment revenues in the fourth quarter 2009.
Others: The other revenues, which are primarily comprised of service fees charged for post warranty period repair services, increased 25.2% to $11.8 million from $9.4 million in the fourth quarter 2008. The other revenues contributed 6.2% to the total net segment revenues in the fourth quarter 2009.
The segment revenue amounts discussed above include shipping and handling fees charged to customers.
Fourth quarter 2009 gross profit was $102.0 million, a 12.0% increase from $91.1 million in the fourth quarter 2008. Non-GAAP gross profit in the fourth quarter was $103.7 million, an 11.7% increase from $92.8 million in the fourth quarter 2008. The consolidated gross margin for the fourth quarter 2009 was 54.0% compared to 54.3% in the fourth quarter 2008 and 56.6% in the third quarter 2009. Non-GAAP gross margin was 54.9% in the fourth quarter 2009 compared to 55.3% in the fourth quarter 2008 and 57.7% in the third quarter 2009.
Selling expenses for the fourth quarter 2009 were $33.1 million, or 17.5% of the total net revenues, compared to 16.1% in the fourth quarter 2008 and 16.4% in the third quarter 2009. Non-GAAP selling expenses for the fourth quarter 2009 were $32.0 million, or 16.9% of the total net revenues, compared to 15.5% in the fourth quarter 2008 and 15.4% in the third quarter 2009.
General and administrative expenses for the fourth quarter 2009 were $16.0 million, or 8.5% of the total net revenues, compared to 8.9% in the fourth quarter 2008 and 7.5% in the third quarter 2009. Non-GAAP general and administrative expenses for the fourth quarter 2009 were $15.2 million, or 8.1% of the total net revenues, compared to 8.5% in the fourth quarter 2008 and 6.9% in the third quarter 2009.
Research and development expenses for the fourth quarter 2009 were $14.7 million, or 7.8% of the total net revenues compared to 9.9% in the fourth quarter 2008 and 9.4% in the third quarter 2009. Non-GAAP research and development expenses for the fourth quarter 2009 were $14.1 million, or 7.5% of the total net revenues compared to 9.6% in the fourth quarter 2008 and 8.8% in the third quarter 2009.
Total share-based compensation expenses, which were allocated to cost of goods sold and related operating expenses, were $2.0 million in the fourth quarter 2009 compared to $1.6 million in the fourth quarter 2008 and $2.6 million in the third quarter 2009.
Operating income in the fourth quarter 2009 was $38.0 million, a 20.0% increase from $31.7 million in the fourth quarter 2008. Non-GAAP operating income in the fourth quarter 2009 was $42.3 million, a 16.8% increase from $36.2 million in the fourth quarter 2008. Operating margin was 20.1% in the fourth quarter 2009 compared to 18.9% in the fourth quarter 2008 and 22.6% in the third quarter 2009. Non-GAAP operating margin was 22.4% in the fourth quarter 2009 compared to 21.6% in the fourth quarter 2008 and 26.5% in the third quarter 2009.
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")
Fourth quarter 2009 EBITDA increased 28.4% year-over-year to $51.7 million from $40.3 million in the fourth quarter 2008.
Fourth quarter 2009 net income was $37.4 million compared to $31.6 million in the fourth quarter 2008. Fourth quarter 2009 non-GAAP net income increased 15.8% year-over-year to $41.7 million from $36.0 million in the fourth quarter 2008. Net margin in the fourth quarter was 19.8% compared to 18.8% in the fourth quarter 2008 and 28.7% in the third quarter 2009. Non-GAAP net margin was 22.1% in the fourth quarter 2009 compared to 21.4% in the fourth quarter 2008 and 24.7% in the third quarter 2009. Fourth quarter 2009 income tax expense was $8.0 million, representing an effective tax rate of 17.6% compared to a 1.0% effective tax rate in the fourth quarter 2008.
Fourth quarter 2009 basic and diluted earnings per share were $0.34 and $0.33, respectively, compared to $0.29 and $0.28 in the fourth quarter 2008. Fourth quarter 2009 basic and fully diluted non-GAAP earnings per share were $0.38 and $0.37, respectively, compared to $0.33 and $0.32 in the fourth quarter 2008. Shares used in the computation of diluted earnings per share for the fourth quarter 2009 were 113.7 million.
Other Select Data
Average accounts receivable days outstanding were 53 days in the fourth quarter 2009 compared to 62 days in the third quarter 2009. Average inventory days outstanding were 74 days in the fourth quarter 2009 compared to 98 days in the third quarter 2009. Average accounts payable days outstanding were 43 days in the fourth quarter 2009 compared to 62 days in the third quarter 2009. Mindray calculates the above working capital days using the average of beginning and ending balances of the quarter.
As of December 31, 2009, the company had cash and cash equivalents of $204.2 million as compared to $131.0 million as of September 30, 2009. Total cash, cash equivalents, restricted cash and restricted investments were $372.5 million, compared to $299.3 million as of September 30, 2009. Net cash generated from operating activities and capital expenditures for the full year 2009 were $172.2 million and $56.4 million, respectively. In the fourth quarter 2009, the company had a strong operating cash flow of $86.3 million.
As of December 31, 2009 the company had approximately 5,784 employees compared to 5,580 employees as of December 31, 2008.
Full Year 2009 Results
Mindray reported net revenues of $634.2 million for the full year 2009, a 15.8% increase from $547.5 million for the full year 2008.
-- Net revenues generated in China for the full year 2009 increased 24.8% to $292.6 million from $234.5 million in 2008. -- Net revenues generated in international markets for the full year 2009 increased 9.1% to $341.6 million from $313.0 million in 2008.
Full year 2009 EBITDA increased 34.0% year-over-year to $194.0 million from $144.8 million in the full year 2008.
Full year 2009 net income was $139.2 million compared to $108.7 million in 2008. Full year 2009 non-GAAP net income increased 11.1% year-over-year to $147.4 million from $132.7 million in 2008. Net margin was 21.9% in the full year 2009 compared to 19.9% in 2008. Non-GAAP net margin was 23.2% in the full year 2009 compared to 24.2% in 2008. Full year 2009 income tax expense was $28.8 million, representing an effective tax rate of 17.1% compared to 13.5% in the full year 2008.
Full year 2009 diluted earnings per share increased 28.4% year-over-year to $1.23 from $0.96 in the full year 2008. Full year 2009 non-GAAP diluted earnings per share increased 11.4% to $1.30 from $1.17 in the full year 2008.
As recently announced, we obtained a nationwide key software enterprise status, which allows us to enjoy 10% corporate income tax rate for our Shenzhen subsidiary for calendar year 2009. The related tax saving as a result of this change in corporate income tax rate for the Shenzhen subsidiary was estimated to be $8.6 million. U.S. GAAP requires the company to recognize the related financial impact as a result of the change in enacted tax rate when substantive approval is received. As we were notified about the award in January 2010, the related adjustment to our corporate income tax provision will be recorded in Q1 of 2010. As a result, the applicable corporate income tax rate for our Shenzhen subsidiary as reported in the 2009 financial statements remains at 15%. The granting of the nationwide key software enterprise status is subject to approval each year. There is no reliable indication that Mindray will be granted this status in 2010 or in any future year.
Mindray's board of directors has declared a cash dividend on its ordinary shares of $0.20 per share, based on the company's net income for the full year 2009. The cash dividend will be payable on or around April 11, 2010, to shareholders of record as of March 11, 2010. The company has 110.1 million ordinary shares outstanding as of March 1, 2010.
Business Outlook for Full Year 2010
The company expects its full year 2010 net revenues to be 17% higher than its full year 2009 net revenues.
The company also expects its full year 2010 non-GAAP EPS to grow 17% over its non-GAAP EPS for full year 2009, excluding the adjustments in corporate income tax provision in financial year 2010 related to the nationwide key software enterprise status for calendar year 2009. This guidance assumes the Shenzhen subsidiary continues to receive a 15% corporate income tax rate and total fully-diluted shares outstanding to remain at 113.7 million.
The company expects its capital expenditure for 2010 to be in the range of $60 million to $70 million.
The company's practice is to provide guidance on a full year basis only. This forecast reflects Mindray's current and preliminary views, which are subject to change.
"In the quarter just ended, we saw continued sales recovery in most of the markets in which we compete. We are particularly encouraged that growth in emerging markets accelerated and developed markets continued to stabilize," commented Li Xiting, Mindray's president and co-chief executive officer. "Heading into 2010, the overall market environment continues to improve. Although there are still lingering uncertainties in some markets, we are optimistic about the rebound in emerging markets, possible finalization of the U.S. healthcare reform package, and continued robust investment and spending in the Chinese healthcare sector. We will strive to achieve another year of operational excellence through continually investing in our international sales and marketing infrastructure, both in key emerging markets and developed markets. We also look to drive synergies between different operational units and geographies, and invest in R&D to introduce new features and more advanced applications across three product lines."
Conference Call Information
Mindray's management will hold an earnings conference call at 8:00 AM on March 2, 2010 U.S. Eastern Time (9:00 PM on March 2, 2010 Beijing/Hong Kong Time).
Dial-in details for the earnings conference call are as follows: Hong Kong: +852-3002-1672 U.S. Toll Free: +1-866-711-8198 International: +1-617-597-5327 Passcode for all regions: Mindray
A replay of the conference call may be accessed by phone at the following numbers until March 13, 2010.
U.S. Toll Free: +1-888-286-8010 International: +1-617-801-6888 Passcode: 6603 4687
Additionally, a live and archived webcast of this conference call will be available on the Investor Relations section of Mindray's website at http://www.mindray.com .
Use of Non-GAAP Financial Measures
Mindray provides gross profit, R&D expenses, selling expenses, general and administrative expenses, operating income, net income and earnings per share on a non-GAAP basis that excludes share-based compensation expense and acquired intangible assets amortization expense, in-progress research and development expenses, realignment costs -- post acquisition, as well as income from early termination of contract, all net of related tax impact, to enable investors to better assess the company's operating performance. The non-GAAP measures described by the company are reconciled to the corresponding GAAP measure in the exhibit below titled "Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures."
The company has reported for the fourth quarter of 2009 and provided guidance for full year 2010 earnings per share on a non-GAAP basis. Each of the terms as used by the company is defined as follows:
-- Non-GAAP gross profit represents gross profit reported in accordance with GAAP, adjusted for the effects of share-based compensation and amortization of acquired intangible assets. -- Non-GAAP operating income represents operating income reported in accordance with GAAP, adjusted for the effects of share-based compensation, realignment cost - post acquisition, and amortization of acquired intangible assets including, but not limited to, in progress research and development ("IPR&D"). -- Non-GAAP net income represents net income reported in accordance with GAAP, adjusted for the effects of share-based compensation, realignment cost -- post acquisition, amortization of acquired intangible assets and IPR&D including, but not limited to, other income from one-time early termination of contract, all net of related tax impact. -- Non-GAAP earnings per share represents non-GAAP net income divided by the number of shares used in computing basic and diluted earnings per share in accordance with GAAP, and excludes the impact of the declared dividends for the basic calculation. -- EBITDA represents net income reported in accordance with GAAP, adjusted for the effects of interest income and expenses, provision for income taxes, depreciation and amortization.
The company computes its non-GAAP financial measures using the same consistent method from quarter to quarter. The company notes that these measures may not be calculated on the same basis of similar measures used by other companies. Readers are cautioned not to view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP results with non-GAAP results for the three months and twelve months period ended December 31, 2008 and 2009, respectively, in the attached financial information.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements," including those related to the company's selected unaudited 2009 financial results, the company's business outlook for the fiscal year 2010 (including with respect to net revenues, Non-GAAP EPS, capital expenditure, anticipated growth or recovery in particular geographic or product markets, the impact of anticipated healthcare reform or government expenditures, the company's ability to benefit from planned company investments or to derive anticipated operation synergies, to improve cost structures and operational efficiencies and to benefit from government spending in China). The company has not completed its audit of it 2009 operating results and the selected 2009 unaudited results announced today are subject to adjustment. These other statements are not historical facts but instead represent only our belief regarding future events or circumstances, many of which, by their nature, are inherently uncertain and outside of our control. It is possible that our actual results and financial condition and other circumstances may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including but not limited to: the expected growth of the medical device market in China and internationally; relevant government policies and regulations relating to the medical device industry; market acceptance of our products; our expectations regarding demand for our products; our ability to expand our production, our sales and distribution network and other aspects of our operations; our ability to stay abreast of market trends and technological advances; our ability to effectively protect our intellectual property rights and not infringe on the intellectual property rights of others; competition in the medical device industry in China and internationally; and general economic and business conditions in the countries in which we operate. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in our public filings with the Securities and Exchange Commission. For a discussion of other important factors that could adversely affect our business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 5 of our annual report on Form 20-F, filed on May 8, 2009. Our results of operations for the fourth quarter of 2009 and for fiscal year 2009 are not necessarily indicative of our operating results for any future periods. Any projections in this release are based on limited information currently available to us, which is subject to change. Although such projections and the factors influencing them will likely change, we will not necessarily update the information. Such information speaks only as of the date of this release.
All references to "shares" are to our ordinary shares, which are divided into two classes, Class A and Class B. Each of our American Depositary Shares, which trade on the New York Stock Exchange, represents one Class A ordinary share.
We are a leading developer, manufacturer and marketer of medical devices worldwide. We maintain global headquarters in Shenzhen, China, U.S. headquarters in Mahwah, New Jersey and multiple sales offices in major international markets. From our main manufacturing and engineering base in China and through our worldwide distribution network, we are able to supply internationally a broad range of products across three primary business segments, comprised of patient monitoring and life support products, in-vitro diagnostic products and medical imaging systems. For more information, please visit http://ir.mindray.com .
For further information, please contact: In the U.S.: FD Evan Smith, CFA Tel: +1-212-850-5606 Email: firstname.lastname@example.org John Capodanno Tel: +1-212-850-5705 Email: email@example.com In China: Mindray Investor Relations May Li Tel: +86-755-2658-2518 Email: firstname.lastname@example.org Exhibit 1 MINDRAY MEDICAL INTERNATIONAL LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) As of December As of December 31, 2008 31, 2009 US$ US$ (audited) (unaudited) ASSETS Current assets: Cash and cash equivalents 96,370 204,228 Restricted cash and restricted investments (Note 1) 156,491 102,257 Accounts receivable, net 89,735 113,340 Inventories 57,466 64,518 Value added tax receivables 13,566 8,519 Other receivables 7,471 8,999 Prepayments and deposits 4,503 7,466 Deferred tax assets 1,812 2,338 Total current assets 427,414 511,665 Restricted investments (Note 1) -- 66,000 Other assets 1,724 1,585 Advances for purchase of plant and equipment 46,275 28,395 Property, plant and equipment, net 126,399 153,726 Land use rights, net 2,721 25,776 Intangible assets, net 67,004 64,065 Goodwill 114,234 115,053 Total assets 785,771 966,265 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term bank loans (Note 1) 157,007 103,128 Notes payable 7,449 5,647 Accounts payable 29,009 35,752 Advances from customers 7,523 10,081 Salaries payables 16,797 19,877 Other payables 46,911 56,592 Income taxes payable 10,727 16,199 Deferred tax liabilities -- 1,499 Other taxes payable 4,398 5,863 Total current liabilities 279,821 254,638 Bank loans- long term (Note 1) -- 66,000 Other long-term payables 7,120 1,342 Deferred tax liabilities, net 736 3,734 7,856 71,076 Shareholders' equity: Ordinary shares 14 14 Additional paid-in capital 274,993 298,408 Retained earnings 183,886 301,476 Accumulated other comprehensive income 39,199 40,651 Total shareholders' equity 498,092 640,549 Non-controlling interest 2 2 Total equity 498,094 640,551 Total liabilities and shareholders' equity 785,771 966,265 (1) Restricted as the security package required for the bank loans as of December 31, 2009. Use of such funds are permitted provided that the proportionate amount of debt must be retired concurrently. As of December 31, 2009, the bank loans can be fully repaid from such restricted cash and restricted investments. Exhibit 2 MINDRAY MEDICAL INTERNATIONAL LIMITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except for share and per share data) Three months ended Year ended December 31, December 31, 2008 2009 2008 2009 US$ US$ US$ US$ (unaudited) (unaudited) (audited) (unaudited) Net revenues - PRC 72,691 87,484 234,454 292,607 - International 95,212 101,346 313,073 341,576 Net revenues 167,903 188,830 547,527 634,183 Cost of revenues (Note 2) (76,754) (86,783) (250,573) (280,319) Gross profit 91,149 102,047 296,954 353,864 Selling expenses (Note 2) (26,976) (33,138) (80,088) (106,142) General and administrative expenses (Note 2) (15,022) (15,988) (39,868) (47,512) Research and development expenses (Note 2) (16,585) (14,747) (51,945) (58,383) Realignment costs -- - - post acquisition (899) (185) (899) (1,215) Expense of in-progress research & development -- -- (6,600) -- Other general expenses (14) -- (35) -- Operating income 31,653 37,989 117,519 140,612 Other income , net 2,008 6,454 4,918 25,525 Interest income 875 1,857 8,361 6,574 Interest expense (2,626) (878) (5,163) (4,759) Income before income taxes and non- controlling interest 31,910 45,422 125,635 167,952 Provision for income taxes (308) (8,011) (16,948) (28,764) Net Income 31,602 37,411 108,687 139,188 Less: Net income attributable to non- controlling interest -- -- -- -- Net income attributable to the Company 31,602 37,411 108,687 139,188 Basic earnings per share 0.29 0.34 1.01 1.28 Diluted earnings per share 0.28 0.33 0.96 1.23 Shares used in the computation of: Basic earnings per share 107,689,743 109,251,426 107,366,250 108,567,305 Diluted earnings per share 112,316,513 113,673,043 113,364,756 113,025,775 (2) Share-based compensation charges incurred during the period related to: Cost of revenues 89 94 423 467 Selling expenses 356 548 2,870 3,406 General and administrative expenses 700 744 2,697 3,318 Research and development expenses 414 603 2,731 3,047 Exhibit 3 MINDRAY MEDICAL INTERNATIONAL LIMITED RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES (Dollars in thousands, except for share and per share data) Three months ended Year ended December 31, December 31, 2008 2009 2008 2009 US$ US$ US$ US$ (unaudited) (unaudited) (unaudited) (unaudited) Non-GAAP net income 35,969 41,662 132,671 147,388 Non-GAAP net margin 21.4% 22.1% 24.2% 23.2% Amortization of acquired intangible assets (2,094) (2,137) (17,373) (8,621) Deferred tax impact related to acquired intangible assets (651) 60 2,173 348 Effect of change in tax rate on deferred tax 836 -- 836 -- Realignment costs -- - - post acquisition (899) (185) (899) (1,446) Income from early termination of contract -- -- -- 11,757 Share-based compensation (1,559) (1,989) (8,721) (10,238) GAAP net income 31,602 37,411 108,687 139,188 GAAP net margin 18.8% 19.8% 19.9% 21.9% Non-GAAP income per share - basic 0.33 0.38 1.24 1.36 Non-GAAP income per share - diluted 0.32 0.37 1.17 1.30 GAAP income per share - basic 0.29 0.34 1.01 1.28 GAAP income per share - diluted 0.28 0.33 0.96 1.23 Shares used in computation of: Basic earnings per share 107,689,743 109,251,426 107,366,250 108,567,305 Diluted earnings per share 112,316,513 113,673,043 113,364,756 113,025,775 Non-GAAP operating income 36,205 42,300 144,512 160,917 Non-GAAP operating margin 21.6% 22.4% 26.4% 25.4% Amortization of acquired intangible assets (2,094) (2,137) (17,373) (8,621) Realignment costs -- - - post acquisition (899) (185) (899) (1,446) Share-based compensation (1,559) (1,989) (8,721) (10,238) GAAP operating income 31,653 37,989 117,519 140,612 GAAP operating margin 18.9% 20.1% 21.5% 22.2% Non-GAAP gross profit 92,813 103,664 306,488 360,470 Non-GAAP gross margin 55.3% 54.9% 56.0% 56.8% Amortization of acquired intangible assets (1,575) (1,523) (9,111) (6,139) Share-based compensation (89) (94) (423) (467) GAAP gross profit 91,149 102,047 296,954 353,864 GAAP gross margin 54.3% 54.0% 54.2% 55.8% Exhibit 4 MINDRAY MEDICAL INTERNATIONAL LIMITED RECONCILIATION OF GAAP NET INCOME TO EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION (Dollars in thousands) Three months Year ended ended December 31, December 31, 2008 2009 2008 2009 US$ US$ US$ US$ (unaudi (unaudi (unaudi (unaudit -ted) -ted) -ted) -ted) GAAP net income 31,602 37,411 108,687 139,188 Interest income (875) (1,857) (8,361) (6,574) Interest expense 2,626 878 5,163 4,759 Provision for income taxes 308 8,011 16,948 28,764 Earnings before interest and tax (EBIT) 33,661 44,443 122,437 166,137 Depreciation 4,025 4,927 13,831 18,697 Amortization 2,609 2,358 8,568 9,202 Earnings before interest, tax, depreciation and amortization (EBITDA) 40,295 51,728 144,836 194,036
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