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Mindray Announces 2009 Fourth Quarter and Full Year Results
Date:3/1/2010

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%

Revenues

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.

Gross Margins

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.

Operating Expenses

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.

Net Income

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.

Dividend Declaration

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.

About Mindray

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: evan.smith@fd.com

     John Capodanno
     Tel:   +1-212-850-5705
     Email: john.capodanno@fd.com

    In China:

    Mindray Investor Relations
     May Li
     Tel:   +86-755-2658-2518
     Email: may.li@mindray.com



    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

SOURCE Mindray Medical International Limited

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SOURCE Mindray Medical International Limited
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