Mindray Announces First Quarter 2009 Financi...(revenues compared to 2.3% in thefirst qu...),Health

Non-GAAP research and development expenses for the first quarter 2009 were $13.9 million, or 10.4% of the total net revenues compared to 8.8% in the first quarter 2008 and 9.6% in the fourth quarter 2008. GAAP research and development expenses for the fourth quarter 2008 were $14.7 million.

Total share-based compensation expenses, which were allocated to cost of goods sold and related operating expenses, were $3.0 million in the first quarter 2009 compared to $2.2 million in the first quarter 2008 and $1.6 million in the fourth quarter 2008.

Non-GAAP operating income, as defined below, in the first quarter 2009 was $34.7 million, a 12.6% increase from $30.8 million in the first quarter 2008. Non-GAAP operating margins were 25.9% in the first quarter 2009 compared to 35.2% in the first quarter 2008 and 21.6% in the fourth quarter 2008. GAAP operating income was $29.4 million in the first quarter 2009. GAAP operating margin was 21.9% in the first quarter 2009.

Net Income

First quarter 2009 non-GAAP net income increased 9.6% year-over-year to $30.5 million from $27.8 million in the first quarter 2008. First quarter 2009 GAAP net income was $25.3 million. Non-GAAP net margin was 22.7% in the first quarter 2009 compared to 31.8% in the first quarter 2008 and 21.4% in the fourth quarter 2008. GAAP net margin was 18.9% in the first quarter 2009. First quarter 2009 income tax expense was $4.2 million representing an effective tax rate of 14.3%.

First quarter 2009 basic and diluted non-GAAP earnings per share were $0.28 and $0.27 respectively, compared to $0.26 and $0.25 in first quarter 2008. First quarter 2009 GAAP basic and diluted earnings per share for the quarter were $0.23 and $0.23, res
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