Mindray Announces First Quarter 2009 Financi...(.4% to $58.6 million from $29.7million f...),Health

In-Vitro Diagnostic Products: In-vitro diagnostic products segment revenues increased 8.7% to $32.2 million from $29.7 million in the first quarter 2008. The in-vitro diagnostic products segment contributed 24.0% to the total net revenues in the first quarter 2009.

Medical Imaging Systems: Medical imaging systems segment revenues increased 32.9% to $35.7 million from $26.9 million in the first quarter 2008. The medical imaging systems segment contributed 26.6% to the total net revenues in the first quarter 2009.

Others: Other revenues, which are primarily comprised of extended warranty services revenues, increased 525.1% to $7.6 million from $1.2 million in the first quarter 2008. Other revenues contributed 5.7% to the total net revenues in the first quarter 2009.

The segment revenue amounts discussed above include shipping and handling fees charged to customers.

Gross Margins

First quarter 2009 non-GAAP gross profit was $76.3 million, a 52.0% increase from $50.2 million in the first quarter 2008. First quarter 2009 GAAP gross profit was $74.7 million. Non-GAAP gross margin was 56.9% in the first quarter 2009 compared to 57.4% in the first quarter 2008 and 55.3% in the fourth quarter 2008. First quarter 2009 GAAP gross margin was 55.7%.

Operating Expenses

Non-GAAP selling expenses for the first quarter 2009 were $20.1 million, or 15.0% of the total net revenues, compared to 11.1% in the first quarter 2008 and 15.5% in the fourth quarter 2008. GAAP selling expenses for the first quarter 2009 were $21.8 million.

Non-GAAP general and administrative expenses for the first quarter 2009 were $7.7 million, or 5.7% of the total net
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