Mindray Announces First Quarter 2009 Financi...(pectively compared to $0.23 and $0.22 in...),Health

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Average accounts receivable days outstanding were 60 days, or $87.7 million, for the first quarter 2009 compared to 40 days, or $89.7 million, for the full year 2008. Inventory turnover was 89 days, or $57.9 million, for the first quarter 2009 compared to 60 days, or $57.5 million, for the full year 2008.

Average accounts payable days outstanding was 58 days, or $39.7 million, for the first quarter 2009 compared to 46 days or $36.5 million, for the full year 2008.

As of March 31, 2009, the company had $261.2 million in cash and cash equivalents and restricted cash. Net cash generated from operating activities and capital expenditures for the first quarter 2009 were $30.7 million and $13.6 million, respectively.

As of March 31, 2009 the company had approximately 5,620 employees compared to 4,050 employees on March 31, 2008 and 5,580 employees on December 31, 2008.

Business Outlook for Full Year 2009

With the continuing uncertainties in many parts of the market Mindray competes in, the company now expects:

    -- 2009 net revenue to grow at a rate of at least 10% year-over-year,
       provided that foreign exchange rates remain constant at RMB6.85 to the
       dollar and $1.33 to the euro.
    -- Non-GAAP EPS to grow 10% over 2008.
    -- Capital expenditure in the range of $40 million to $60 million.
    -- Share based compensation to be $12 million, based on issuances to date,
       which does not take into account of any additional share based
       compensation costs that may come later this year, if any.
    -- Amortization of intangible assets to be $10 million including April
       2006 acquisition of minority interest and May 2008 acquis
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SOURCE  Mindray Medical International Limited
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