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

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."


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