Navigation Links
Mindray Announces Preliminary 2008 Operating Results

SHENZHEN, China, Jan. 12 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced selected preliminary, unaudited results for the fiscal year ended December 31, 2008. The preliminary results reported below include the results of operations of the patient monitoring business acquired from Datascope ("DPM") starting from May 1, 2008.

Preliminary 2008 Operating Results

For the year ended December 31, 2008, Mindray expects net revenues to be in the range of US$540 million to US$550 million, compared to US$294.3 million in 2007, or 84% to 87% year-over-year growth. Based on the estimated full year revenue range, fourth quarter 2008 revenue grew 76% to 87% year-over-year despite a challenging global operating environment that included volatile foreign exchange fluctuations, a slow down in hospital spending and credit freezes.

Based on the estimated full year revenue, the company anticipates the 2008 non-GAAP diluted EPS to be no less than US$1.16, compared to US$0.79 in 2007, or 47% year-over-year growth. The estimated non-GAAP diluted EPS is based on the assumption that Mindray's Shenzhen subsidiary receives a preferential income tax rate at 15% as a qualified "New and Hi Tech Enterprise." The subsidiary has already received approval of such qualification from the Shenzhen local government, and the Company does not anticipate any delay in closing the process from the central government level in the near future.

"Despite the recent unprecedented and challenging global environment, Mindray maintained its focus on outstanding execution and operational excellence," commented Mr. Xu Hang, Mindray's chairman and co-chief executive officer. "As a result, we achieved excellent growth across all product lines and geographies throughout the fourth quarter. Additionally, we continued to improve operating performance, driving very strong earnings growth in 2008 and our vertically integrated model and sensible expense controls have allowed us to focus on generating cash flow and improving our operating margins."

"We are well positioned as we head into 2009 and look to grow market share in the coming year," added Mr. Li Xiting, Mindray's president and co-chief executive officer. "Despite broader economic uncertainties, we are confident about achieving overall revenue growth of at least 20 percent based on the current foreign exchange rates. We strive to hold steady gross margins with targeted improvements in operating margins. We expect our growth to primarily be driven by the continued expansion and improvement in our product mix and strengthened distribution worldwide. Additionally, we look forward to the release of seven to nine new products this year, including the launch of our first jointly developed products with DPM. Overall, we believe that our ability to be nimble and closely manage costs allows us to pass savings to our customers. We look forward to continuing to provide high-quality and affordable medical devices to doctors and hospitals around the world in 2009."

Mindray's preliminary 2008 results are unaudited and remain subject to the finalization of the company's year-end closing, reporting and audit processes.

The company noted that 2009 full-year guidance will be provided in the fourth quarter and 2008 year-end earnings announcement.

About Mindray

Mindray is a leading developer, manufacturer and marketer of medical devices worldwide. Established in 1991, Mindray offers a broad range of products across three primary business segments: patient monitoring & life support products, in-vitro diagnostic products and medical imaging systems. Mindray is globally headquartered in Shenzhen, China, with U.S. headquarters in Mahwah, New Jersey. Mindray also has another 12 international sales and service offices in Amsterdam, Frankfurt, Istanbul, London, Mexico City, Moscow, Mumbai, Paris, Sao Paolo, Seattle, Toronto and Vancouver. For more information, please visit .

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Mindray's anticipated net revenues and earnings per share for 2008, 15% preferential income tax rate for 2008, growth of market share in 2009, growth of net revenues in 2009, continued expansion and improvement in product mix, strengthened distribution, and the release of new products are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. The anticipated results for 2008 remain subject to the finalization of Mindray's year-end closing, reporting, and audit processes, particularly as related to accrued expenses, income taxes, share- based compensation expenses, and expense and/or amortization of intangible assets. 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 6 of our annual report on Form 20-F, filed on June 30, 2008. Our results of operations for the fourth quarter of 2008 and for fiscal year 2008 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.

Use of Non-GAAP Financial Measures

The company has announced its expected diluted earnings per share for full year 2008 on a non-GAAP basis.

Because the estimated earnings per share is subject to the finalization of the company's year-end closing, reporting, and audit processes, the company has not yet finalized with any certainty the numbers required to provide a specific non-GAAP to US GAAP reconciliation. A reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures will be provided with the company's audited financial results and will be adjusted for the effects of share-based compensation, inventory fair value adjustments, restructuring or any one-time charge, amortization of acquired assets and in related tax impact.

    For more information, please visit .

    For investor and media inquiries, please contact:

    In the U.S:
     Evan Smith, CFA
     Tel:   +1-212-850-5606

     John Capodanno
     Tel:   +1-212-850-5705

    In China:
     Susan Du
     Mindray Medical International Limited
     Tel:   +86-755-2658-2518

SOURCE Mindray Medical International Limited
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Mindray Selects Actel Low-Power Flash FPGAs for Demanding Medical Equipment Applications
2. Mindray to Report Third Quarter 2007 Financial Results on November 1, 2007
3. Mindray to Attend 2007 RSNA Conference in Chicago
4. Mindray to Attend 2008 CLSA Asia Investors Forum
5. Mindray to Exhibit at 2008 European Congress of Radiology Annual Meeting
6. Mindray to Report Fourth Quarter and Fiscal Year 2007 Financial Results on March 5, 2008
7. Mindray Medical International Announces Full Year and Fourth Quarter 2007 Results
8. Mindray to Attend the 11th Credit Suisse Asian Investment Conference
9. Mindrays Laptop-size M5 and BS-200 Receive FDA Clearance
10. Mindray to Attend the JPMorgan 4th Annual China Conference
11. Mindray to Exhibit at 2008 China International Medical Equipment Fair
Post Your Comments:
(Date:11/24/2015)... ... November 24, 2015 , ... Dehydration, defined as a loss ... to perspiration in the hot sun, and heat stroke and death will quickly follow. ... radio host Sharon Kleyne. Every cell, system and structure requires water to function properly. ...
(Date:11/24/2015)... ... 2015 , ... “I am so thrilled, as a newbie here, to leave a mark for ... $7,500 School Lounge Makeover® from California Casualty . Stephanie is in her fifth year ... much longer tenure. , “This is such an amazing school and we deserve a space ...
(Date:11/24/2015)... ... November 24, 2015 , ... ... and safety labels , has been featured in the American Feed ... exclusively to representing the business, legislative and regulatory interests of the U.S. animal ...
(Date:11/24/2015)... ... ... Add a fresh touch to this year’s holiday festivities with indoor plants ... style and cheer to any space. , Holiday plants are more than just festive ... all year long. , “Holiday plants make a room come alive,” says Justin Hancock, ...
(Date:11/24/2015)... ... , ... On the pleasant autumn morning of November 15, 2015, nearly 130 ... for Autism held at Steep Rock Preserve in Washington, Connecticut. The run, which offers ... triumph. , Created and hosted by The Glenholme School, a special needs boarding and ...
Breaking Medicine News(10 mins):
(Date:11/24/2015)... 24, 2015 Teledyne DALSA , a Teledyne ... technology, will introduce its CMOS X-Ray detector for mammography ... 29 to December 3, at McCormick Place in ... diagnostic and interventional imaging will be on display in the ... of advanced CMOS X-Ray detectors is the industry benchmark for ...
(Date:11/24/2015)... , Nov. 24, 2015  Enova Illumination is ... of Helsinki, Finland to combine ... are at the cutting edge of medical visualization: Enova ... the United States and Novocam ... Together, they provide the world,s most powerful battery-operated LED ...
(Date:11/24/2015)... Nov. 24, 2015  Freudenberg Medical has developed specialty tubing ... outside of medical facilities. Africa ... care is sparse. Nevertheless, prompt diagnosis is important to treat ... the virus. With the help of a portable mini-lab or ... to village in affected areas and perform rapid testing for ...
Breaking Medicine Technology: