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Mindray Announces Second Quarter 2009 Financial Results
Date:8/10/2009

SHENZHEN, China, Aug. 10 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide announced today its selected unaudited financial results for the second quarter and first half ended June 30, 2009.

    Highlights for Second Quarter and First Half 2009
    -- Second quarter 2009 net revenues were $160.1 million, an increase of
       9.9% over the second quarter of 2008 and 19.3% over the first quarter
       of 2009.
    -- Fully diluted EPS in the second quarter of 2009 was $0.29, a 38.8%
       increase from the second quarter of 2008 and a 29.8% increase from the
       first quarter of 2009.
    -- EBITDA in the second quarter of 2009 was $46.7 million, a 38.8%
       increase from the second quarter of 2008.
    -- Gross margin in the second quarter of 2009 was 57.2%, up from 52.8% in
       the second quarter of 2008 and 55.7% in the first quarter of 2009.
    -- Net operating cash generated during the second quarter of 2009 was
       $34.5 million.
    -- Working capital days were 77 in the second quarter of 2009.
    -- A total of five products were launched in the first half of 2009.
    -- Mindray USA expanded its Group Purchase Organization ("GPO") contract
       base; the DPM product line has now been added to contracts in five of
       the largest GPOs, providing access to this product line to over 85% of
       the U.S. hospitals and surgery centers.

"Mindray continued to generate solid operational performance and earnings growth in the face of a global marketplace that remains very challenging," commented Xu Hang, Mindray's chairman and co-chief executive officer. "The ongoing realignment of core competencies within each region and continued integration of our Mahwah operations have and will continue to enable us to improve our cost structure and operational efficiency, while bringing new products to market and maintaining our competitive position in the marketplace."

    SUMMARY - Second Quarter and First Half 2009

    (in $ millions, except            Three Months Ended     Six Months Ended
    per-share data)                        June 30              June 30
                                      2009   2008  % chg   2009   2008  % chg
    Net Revenues                     160.1  145.7   9.9%  294.2  233.1  26.2%
    Revenues generated in China       76.0   57.9  31.3%  138.3  100.6  37.4%
    Revenues generated outside China  84.1   87.8  -4.2%  155.9  132.5  17.7%
    Gross Profit                      91.6   77.0  18.9%  166.3  126.4  31.6%
    Non-GAAP Gross Profit             93.4   79.9  16.9%  169.7  130.1  30.4%
    Operating Income                  39.0   27.8  40.2%   68.4   55.7  22.8%
    Non-GAAP Operating Income         43.9   40.0   9.8%   78.6   70.8  11.0%
    EBITDA                            46.7   33.6  38.8%   82.3   64.9  26.7%
    Net Income                        33.0   24.1  37.2%   58.4   49.1  18.8%
    Non-GAAP Net Income               37.8   35.2   7.5%   68.4   63.0   8.4%
    Diluted EPS                       0.29   0.21  38.8%   0.52   0.43  19.9%
    Non-GAAP Diluted EPS              0.34   0.31   8.7%   0.61   0.56   9.4%

Revenues

Mindray reported net revenues of $160.1 million for the second quarter of 2009, a 9.9% increase from $145.7 million in the second quarter of 2008. Net revenues generated in China in the second quarter of 2009 increased 31.3% to $76.0 million from $57.9 million in the second quarter of 2008, while net revenues generated in international markets in the second quarter of 2009 decreased 4.2% to $84.1 million from $87.8 million in the second quarter of 2008.

Performance by Segment

Patient Monitoring & Life Support Products: Patient monitoring & life support products segment revenues increased 2.1% to $69.1 million from $67.6 million in the second quarter of 2008. The patient monitoring & life support products segment contributed 43.2% to the total net revenues in the second quarter of 2009.

In-Vitro Diagnostic Products: In-vitro diagnostic products segment revenues increased 12.8% to $40.0 million from $35.5 million in the second quarter of 2008. The in-vitro diagnostic products segment contributed 25.0% to the total net revenues in the second quarter of 2009.

Medical Imaging Systems: Medical imaging systems segment revenues increased 16.5% to $41.9 million from $36.0 million in the second quarter of 2008. The medical imaging systems segment contributed 26.1% to the total net revenues in the second quarter of 2009.

Others: Other revenues, which are primarily comprised of service fees charged for post warranty period repair services, increased 37.4% to $9.1 million from $6.6 million in the second quarter of 2008. Other revenues contributed 5.7% to the total net revenues in the second quarter of 2009.

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

Gross Margins

Second quarter 2009 gross profit was $91.6 million, an 18.9% increase from $77.0 million in the second quarter of 2008. Second quarter 2009 non-GAAP gross profit was $93.4 million, a 16.9% increase from $79.9 million in the second quarter of 2008. Second quarter 2009 gross margin was 57.2% compared to 52.8% in the second quarter of 2008 and 55.7% in the first quarter of 2009. Non-GAAP gross margin was 58.3% in the second quarter of 2009 compared to 54.8% in the second quarter of 2008 and 56.9% in the first quarter of 2009.

Operating Expenses

Selling expenses for the second quarter of 2009 were $26.4 million, or 16.5% of the total net revenues, compared to 14.2% in the second quarter of 2008 and 16.2% in the first quarter of 2009. Non-GAAP selling expenses for the second quarter of 2009 were $24.9 million, or 15.5% of the total net revenues, compared to 13.3% in the second quarter of 2008 and 15.0% in the first quarter of 2009.

General and administrative expenses for the second quarter of 2009 were $11.4 million, or 7.1% of the total net revenues, compared to 6.6% in the second quarter of 2008 and 6.6% in the first quarter of 2009. Non-GAAP general and administrative expenses for the second quarter of 2009 were $10.7 million, or 6.7% of the total net revenues, compared to 6.1% in the second quarter of 2008 and 5.7% in the first quarter of 2009.

Research and development expenses for the second quarter of 2009 were $14.7 million, or 9.2% of the total net revenues, compared to 8.5% in the second quarter of 2008 and 11.0% in the first quarter of 2009. Non-GAAP research and development expenses for the second quarter of 2009 were $13.9 million, or 8.7% of the total net revenues, compared to 7.9% in the second quarter of 2008 and 10.4% in the first quarter of 2009.

Total share-based compensation expenses, which were allocated to cost of revenues and related operating expenses, were $2.6 million in the second quarter of 2009 compared to $3.0 million in the first quarter of 2009 and $2.4 million in the second quarter of 2008.

Operating income was $39.0 million in the second quarter of 2009, a 40.2% increase from $27.8 million in the second quarter of 2008. Non-GAAP operating income in the second quarter of 2009 was $43.9 million, a 9.8% increase from $40.0 million in the second quarter of 2008. Operating margin was 24.4% in the second quarter of 2009 compared to 19.1% in the second quarter of 2008 and 21.9% in the first quarter of 2009. Non-GAAP operating margin was 27.4% in the second quarter of 2009 compared to 27.5% in the second quarter of 2008 and 25.9% in the first quarter of 2009.

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")

Second quarter 2009 EBITDA increased 38.8% year-over-year to $46.7 million from $33.6 million in the second quarter of 2008 and increased 31.2% from $35.6 million in the first quarter of 2009.

Net Income

Net income increased 37.2% year-over-year to $33.0 million from $24.1 million in the second quarter of 2008. Non-GAAP net income increased 7.5% year-over-year to $37.8 million from $35.2 million in the second quarter of 2008. Net margin was 20.6% in the second quarter of 2009 compared to 16.5% in the second quarter of 2008 and 18.9% in the first quarter of 2009. Non-GAAP net margin was 23.6% in the second quarter of 2009 compared to 24.2% in the second quarter of 2008 and 22.7% in the first quarter of 2009. Second quarter 2009 income tax expense was $6.3 million representing an effective tax rate of 16.1%.

Second quarter 2009 basic and diluted earnings per share were $0.30 and $0.29, respectively, compared to $0.22 and $0.21 in the second quarter of 2008. Basic and diluted non-GAAP earnings per share were $0.35 and $0.34, respectively, compared to $0.33 and $0.31 in the second quarter of 2008. Shares used in the computation of diluted earnings per share for the second quarter 2009 were 112.6 million.

Other Select Data

Average accounts receivable days outstanding were 54 days in the second quarter of 2009 compared to 60 days in the first quarter of 2009. Average inventory days were 82 days in the second quarter of 2009 compared to 88 days in the first quarter of 2009. Average accounts payable days outstanding were 59 days in the second quarter of 2009 compared to 58 days in the first quarter of 2009. Mindray calculates the above working capital days using the average of beginning and ending balances of the quarter. Historically, the company used the average of beginning of the year and ending of the quarter balances. Mindray believes this new method provides more useful information on underlying operations.

As of June 30, 2009, the company had $284.5 million in cash and cash equivalents and restricted cash, compared to $261.2 million as of March 31, 2009. Net cash generated from operating activities and net cash outflow from capital expenditures during the quarter were $34.5 million and $12.6 million, respectively.

As of June 30, 2009, the company had 5,660 employees.

First Half 2009 Results

Mindray reported net revenues of $294.2 million in the first half of 2009, representing a 26.2% increase from $233.1 million in the first half of 2008.

    -- Net revenues generated in China in the first half of 2009 increased
       37.4% to $138.3 million from $100.6 million in the first half of 2008.
    -- Net revenues generated in international markets in the first half of
       2009 increased 17.7% to $155.9 million from $132.5 million in the
       first half of 2008.

First half 2009 EBITDA increased 26.7% year-over-year to $82.3 million from $64.9 million in the first half of 2008 and increased 2.9% from $79.9 million in the second half of 2008.

First half 2009 net income increased 18.8% year-over-year to $58.4 million from $49.1 million in the first half of 2008. First half 2009 non-GAAP net income increased 8.4% year-over-year to $68.4 million from $63.0 million in the first half of 2008.

First half 2009 diluted earnings per share increased 19.9% year-over-year to $0.52 from $0.43 in the first half of 2008. First half 2009 non-GAAP diluted earnings per share increased 9.4% to $0.61 from $0.56 in the first half of 2008.

Business Outlook for Full Year 2009

Mindray maintains its current outlook for the full year 2009, which includes:

    -- 2009 net revenue to grow at a rate of at least 10% year-over-year.
    -- Non-GAAP EPS to grow 10% over 2008.
    -- Capital expenditure in the range of $50 million to $60 million.
    -- Share based compensation to be $12 million, based on issuances to date,
       which does not take into account any additional share grant 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 acquisition of
       Datascope patient monitoring business.

The company's practice is to provide guidance on a full year basis only. This forecast reflects Mindray's current and preliminary views, which are subject to change.

"Based on what we continue to see from a world economy and hospital spending perspective, we are maintaining our guidance for the year," commented Mr. Li Xiting, Mindray's president and co-chief executive officer. "We experienced excellent growth in China through the first half of the year and expect that to continue, as we look forward to the government continuing with its strong spending in the second half of 2009. China still represents our best growth prospect this year. International growth is mixed, with Africa, Asia and the Middle East performing well; distributor funding and hospital spending issues, however, continue to affect our other regions. Not surprisingly, the U.S. hospital market remains difficult to predict, as capital spending remains constrained and healthcare reform has yet to be established. That said, we remain firm in our belief that Mindray's unique vertically integrated business model, excellent financial position and focus on core competencies within each region, provide us with key advantages in these fast-changing markets."

Conference Call Information

Mindray's management will hold an earnings conference call at 8:00 AM on August 11, 2009 U.S. Eastern Time (8:00 PM on August 11, 2009 Beijing/Hong Kong Time)

    Dial-in details for the earnings conference call are as follows:

    Hong Kong:                 +852-3002-1672
    U.S. Toll Free:            +1-866-700-7477
    International:             +1-617-213-8840
    Pass code for all regions: Mindray

A replay of the conference call may be accessed by phone at the following numbers until August 22, 2009.

    U.S. Toll Free: +1-888-286-8010
    International:  +1-617-801-6888
    Pass code:      7624 2299

Additionally, a live and archived webcast of this conference call will be available on the Investor Relations section of Mindray's website at http://ir.mindray.com .

Use of Non-GAAP Financial Measures

Mindray provides gross profit, R&D expenses, selling expenses, general and administrative expenses, operating income, EBITDA, net income and earnings per share on a non-GAAP basis that excludes share-based compensation expense and acquired intangible assets amortization expense, in progress research and development expenses, as well as termination payments, and all net of related tax impact, to enable investors to better assess the company's operating performance. The non-GAAP measures described by the company are reconciled to the corresponding GAAP measure in the exhibit below titled "Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures."

The company has reported for the second quarter of 2009 and provided guidance for full year 2009 earnings per share on a non-GAAP basis. Each of the terms as used by the company is defined as follows:

    -- Non-GAAP gross profit represents gross profit reported in accordance
       with GAAP, adjusted for the effects of share-based compensation and
       amortization of acquired intangible assets.
    -- Non-GAAP operating income represents operating income reported in
       accordance with GAAP, adjusted for the effects of share-based
       compensation, termination payments, and amortization of acquired
       intangible assets including, but not limited to, in progress research
       and development ("IPR&D").
    -- Non-GAAP net income represents net income reported in accordance with
       GAAP, adjusted for the effects of share-based compensation, termination
       payments, and amortization of acquired intangible assets including, but
       not limited to, IPR&D, all net of related tax impact.
    -- Non-GAAP earnings per share represents non-GAAP net income divided by
       the number of shares used in computing basic and diluted earnings per
       share in accordance with GAAP, and excludes the impact of the deemed
       dividends for the basic calculation.

The company computes its non-GAAP financial measures using the same consistent method from quarter to quarter. The company notes that these measures may not be calculated on the same basis of similar measures used by other companies. Readers are cautioned not to view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP results with non-GAAP results for the three months and six months period ended June 30, 2008 and 2009, respectively, in the attached financial information.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements," including those related to the company's market performance, the business outlook for the fiscal year 2009 with respect to net revenues, Non-GAAP EPS, capital expenditure, share based compensation and amortization of intangible assets, the company's ability to grow in various geographic markets, to adapt to changing market environments, to take advantage of cost advantages, to capture growth opportunities, to improve cost structures and operational efficiencies and to benefit from government spending in China. These statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. It is possible that our actual results and financial condition and other circumstances may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including but not limited to: the expected growth of the medical device market in China and internationally; relevant government policies and regulations relating to the medical device industry; market acceptance of our products; our expectations regarding demand for our products; our ability to expand our production, our sales and distribution network and other aspects of our operations; our ability to stay abreast of market trends and technological advances; our ability to effectively protect our intellectual property rights and not infringe on the intellectual property rights of others; competition in the medical device industry in China and internationally; and general economic and business conditions in the countries in which we operate. 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 5 of our annual report on Form 20-F, filed on May 8, 2009. Our results of operations for the second quarter of 2009 and for fiscal year 2009 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.

All references to "shares" are to our ordinary shares, which are divided into two classes, Class A and Class B. Each of our American Depositary Shares, which trade on the New York Stock Exchange, represents one Class A ordinary share.

About Mindray

We are a leading developer, manufacturer and marketer of medical devices worldwide. We maintain global headquarters in Shenzhen, China, U.S. headquarters in Mahwah, New Jersey and multiple sales offices in major international markets. From our main manufacturing and engineering base in China and through our worldwide distribution network, we are able to supply internationally a broad range of products across three primary business segments, comprised of patient monitoring and life support products, in-vitro diagnostic products and medical imaging systems. For more information, please visit http://ir.mindray.com .

    For further information, please contact:

    In the U.S:
    FD
     Evan Smith, CFA
     Tel:   +1-212-850-5606
     Email: evan.smith@fd.com

     John Capodanno
     Tel:   +1-212-850-5705
     Email: john.capodanno@fd.com

    In China:
     May Li
     Tel:   +86-755-2658-2518
     Email: may.li@mindray.com



    Exhibit 1
                        MINDRAY MEDICAL INTERNATIONAL LIMITED
                        CONDENSED CONSOLIDATED BALANCE SHEETS
                                (Dollars in thousands)
                                            As of December        As of June
                                                  31, 2008          30, 2009
                                                     US$               US$
                                                  (audited)       (unaudited)
    ASSETS
    Current assets:
    Cash and cash equivalents                       96,370           118,681
    Restricted cash (note 1)                       119,711            99,790
    Short-term investments (note 1)                 36,780             2,251
    Accounts receivable, net                        89,735           101,086
    Inventories                                     57,466            65,683
    Value added tax receivables                     13,566             8,325
    Other receivables                                7,471             6,636
    Prepayments and deposits                         4,503             8,251
    Deferred tax assets                              1,812             2,299
    Total current assets                           427,414           413,002

    Restricted cash - long-term (note 1)                --            66,000
    Other assets                                     1,724             2,425
    Advances for purchase of plant and
     equipment                                      46,275            26,328
    Property, plant and equipment, net             126,399           142,601
    Land use rights, net                             2,721            26,038
    Deferred tax assets, net                            --             1,241
    Intangible assets, net                          67,004            65,585
    Goodwill                                       114,234           115,044
    Total assets                                   785,771           858,264

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities:
    Short-term bank loans (note 1)                 157,007           103,100
    Notes payable                                    7,449             6,213
    Accounts payable                                29,009            42,360
    Advances from customers                          7,523             5,552
    Salaries payables                               16,797            12,078
    Other payables                                  46,911            53,932
    Income taxes payable                            10,727            10,992
    Other taxes payable                              4,398             3,218
    Total current liabilities                      279,821           237,445

    Bank loans - long-term (note 1)                     --            66,000
    Other long-term payables                         7,120             7,441
    Deferred tax liabilities, net                      736             1,701
                                                     7,856            75,142

    Shareholders' equity:
    Ordinary shares                                     14                14
    Additional paid-in capital                     274,993           285,427
    Retained earnings                              183,886           220,645
    Accumulated other comprehensive
     income                                         39,199            39,589
    Total shareholders' equity                     498,092           545,675
    Non-controlling interest                             2                 2
    Total equity                                   498,094           545,677

    Total liabilities and shareholders'
     equity                                        785,771           858,264

    (1) Restricted as the security package required for the bank loans as of
        June 30, 2009. Use of such funds are permitted provided that the
        proportionate amount of debt must be retired concurrently. As of June
        30, 2009, (a) the short-term bank loans can be fully repaid from such
        short-term restricted cash and short-term investments; and (b) the
        long-term bank loans can be fully repaid from such long-term
        restricted cash.



    Exhibit 2
                      MINDRAY MEDICAL INTERNATIONAL LIMITED
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
           (Dollars in thousands, except for share and per share data)

                        Three months ended June 30,  Six months ended June 30,
                                2008         2009         2008         2009
                                 US$          US$          US$          US$
                            (unaudited)   (unaudited)  (unaudited)  (unaudited)
    Net revenues
    - PRC                       57,846       75,944      100,637      138,314
    - International             87,821       84,116      132,458      155,911
    Net revenues               145,667      160,060      233,095      294,225
    Cost of revenues
     (note 2)                  (68,695)     (68,505)    (106,697)    (127,929)
    Gross profit                76,972       91,555      126,398      166,296

    Selling expenses
     (note 2)                  (20,639)     (26,410)     (31,123)     (48,199)
    General and
     administrative
     expenses (note 2)          (9,595)     (11,436)     (12,202)     (20,233)
    Research and
     development expenses
     (note 2)                  (12,322)     (14,723)     (20,757)     (29,468)
    Expense of in-
     progress research &
     development                (6,600)          --       (6,600)          --
    Operating income            27,816       38,986       55,716       68,396

    Other income, net            1,122          784        1,624          352
    Interest income              2,171        1,321        4,529        2,941
    Interest expense              (955)      (1,765)        (960)      (2,790)
    Income before income
     taxes and non-
     controlling
     interests                  30,154       39,326       60,909       68,899

    Provision for income
     taxes                      (6,097)      (6,312)     (11,800)     (10,544)
    Non-controlling
     interests                      --           --           --           --
    Net Income                  24,057       33,014       49,109       58,355

    Basic earnings per
     share                        0.22         0.30         0.46         0.54

    Diluted earnings per
     share                        0.21         0.29         0.43         0.52

    Shares used in the
     computation of:
    Basic earnings per
     share                 107,263,477  108,283,992  107,113,068  108,079,235

    Diluted earnings per
     share                 113,800,224  112,553,875  113,399,242  112,374,573

    (2) Share-based
     compensation charges
     incurred during the
     period related to:
    Cost of revenues               111          118          221          249
    Selling expenses               811          929        1,616        1,980
    General and
     administrative
     expenses                      658          789        1,230        1,742
    Research and
     development expenses          770          796        1,518        1,642



    Exhibit 3
                      MINDRAY MEDICAL INTERNATIONAL LIMITED
    RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST
                             COMPARABLE GAAP MEASURES

           (Dollars in thousands, except for share and per share data)

                        Three months ended June 30,  Six months ended June 30,
                                 2008         2009         2008         2009
                            (unaudited)  (unaudited)  (unaudited)  (unaudited)

    Non-GAAP net income         35,205       37,840       63,031       68,350
    Non-GAAP net margin          24.2%        23.6%        27.0%        23.2%
    Amortization of
     acquired intangible
     assets                     (9,833)      (2,141)     (10,490)      (4,349)
    Deferred tax impact
     related to acquired
     intangible assets           1,035           94        1,153          198
    Termination payments            --         (147)          --         (231)
    Share-based
     compensation               (2,350)      (2,632)      (4,585)      (5,613)
    GAAP net income             24,057       33,014       49,109       58,355
     GAAP net margin             16.5%        20.6%        21.1%        19.8%

    Non-GAAP income per
     share - basic                0.33         0.35         0.59         0.63
    Non-GAAP income per
     share - diluted              0.31         0.34         0.56         0.61

    GAAP income per share
     - basic                      0.22         0.30         0.46         0.54
    GAAP income per share
     - diluted                    0.21         0.29         0.43         0.52

    Shares used in
     computation of:
     Basic earnings per
      share                107,263,477  108,283,992  107,113,068  108,079,235
     Diluted earnings per
      share                113,800,224  112,553,875  113,399,242  112,374,573

    Non-GAAP operating
     income                     39,999       43,906       70,791       78,589
     Non-GAAP operating
      margin                     27.5%        27.4%        30.4%        26.7%
    Amortization of
     acquired intangible
     assets                     (9,833)      (2,141)     (10,490)      (4,349)
    Termination payments            --         (147)          --         (231)
    Share-based
     compensation               (2,350)      (2,632)      (4,585)      (5,613)
    GAAP operating income       27,816       38,986       55,716       68,396
    GAAP operating margin        19.1%        24.4%        23.9%        23.2%

    Non-GAAP gross profit       79,896       93,376      130,089      169,653
     Non-GAAP gross margin       54.8%        58.3%        55.8%        57.7%
    Amortization of
     acquired intangible
     assets                     (2,813)      (1,703)      (3,470)      (3,108)
    Share-based
     compensation                 (111)        (118)        (221)        (249)
    GAAP gross profit           76,972       91,555      126,398      166,296
     GAAP gross margin           52.8%        57.2%        54.2%        56.5%



    Exhibit 4
                      MINDRAY MEDICAL INTERNATIONAL LIMITED
       RECONCILIATION OF GAAP NET INCOME TO EARNINGS BEFORE INTEREST, TAX,
                          DEPRECIATION AND AMORTIZATION
                              (Dollars in thousands)
                                                                Six
                                                        Six    months   Six
                                                       months  ended   months
                                        Three months   ended  December ended
                                       ended June 30, June 30,   31,  June 30,
                                        2008    2009    2008    2008    2009
                                         US$     US$     US$     US$     US$
                                     (unaudit(unaudit(unaudit(unaudit(unaudit
                                          -ed)    -ed)    -ed)    -ed)    -ed)

    GAAP net income                   $24,057  33,014  49,109  59,578  58,355
    Interest income                    (2,171) (1,321) (4,529) (3,832) (2,941)
    Interest expense                      955   1,765     960   4,203   2,790
    Provision for income taxes          6,097   6,312  11,800   5,148  10,544

    Earnings Before Interest and Tax
     (EBIT)                            28,938  39,770  57,340  65,097  68,748
    Depreciation                        3,150   4,687   5,400   8,432   9,050
    Amortization                        1,525   2,201   2,187   6,381   4,452
    Earnings before Interest, Tax,
     Depreciation and Amortization
     (EBITDA)                          33,613  46,658  64,927  79,910  82,250


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SOURCE Mindray Medical International Limited
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