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Mindray Announces Third Quarter 2009 Financial Results
Date:11/9/2009

SHENZHEN, China, Nov. 9 /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 third quarter and nine months ended September 30, 2009.

    Highlights for Operations as of September 30, 2009
    -- Third quarter 2009 net revenues were $151.1 million, an increase of
       3.1% over the third quarter of 2008. First nine months net revenues
       were $445.3 million, an increase of 17.3% year-over-year.
    -- International markets continued to recover in the third quarter of 2009
       with only 1.3% year-over-year decline, backed by stronger growth in
       emerging markets and narrower decline in developed markets.
    -- Fully diluted EPS in the third quarter of 2009 was $0.38, a 56.9%
       increase from the third quarter of 2008 and a 30.6% increase from the
       second quarter of 2009. First nine months fully diluted EPS was $0.90,
       an increase of 33.7% year-over-year.
    -- Fully diluted non-GAAP EPS in the third quarter of 2009 was $0.33, a
       12.2% increase from the third quarter of 2008. First nine months fully
       diluted non-GAAP EPS was $0.94, an increase of 10.7% year-over-year.
    -- EBITDA in the third quarter of 2009 was $60.1 million, a 51.6% increase
       from the third quarter of 2008 and a 28.7% increase from the second
       quarter of 2009.
    -- Gross margin in the third quarter of 2009 was 56.6%, compared to 54.2%
       in the third quarter of 2008 and 57.2% in the second quarter of 2009.
    -- Net operating cash generated during the third quarter of 2009 was $20.9
       million.
    -- Mindray recorded special one-time income of $14.0 million resulting
       from a mutually agreed upon termination of a joint development and OEM
       chemical analyzer project between Beckman Coulter, Inc. and Mindray.
       The agreement resulted from changes in business strategy by Beckman
       Coulter, Inc. after it acquired the Olympus Diagnostic division.
    -- Mindray met product launch goals for the year with four more product
       launches in the third quarter, including the DC-7 color ultrasound
       system, BC-5800 hematology analyzer and WATO EX 20/30 anesthesia
       machine, as well as the Passport V, the second jointly developed
       patient monitor from the Shenzhen and Mahwah engineering teams. Mindray
       has launched 9 new products year to date.

"Mindray delivered solid results this quarter and we are encouraged by the continuous sales uptake we are seeing in the international markets," commented Xu Hang, Mindray's chairman and co-chief executive officer. "In the domestic Chinese market, normal distributor sales remained strong while tender sales were much lower than expected due to a slow-down in the government budget deployment process; this is a result of normal quarterly fluctuation in tenders and hence we maintain our growth expectation for China for the year. Mindray continues to focus on innovation and we are pleased to deliver on our annual new product development goals ahead of schedule as we successfully introduced four additional new products to the market during the quarter."



    SUMMARY -- Third Quarter and Nine Months Ended September 30, 2009

    (in $ millions, except            Three Months Ended   Nine Months Ended
     per-share data)                     September 30        September 30
                                      2009   2008   % chg  2009   2008   % chg

    Net Revenues                     151.1  146.5   3.1%  445.3  379.6  17.3%
    Revenues generated in China       66.8   61.1   9.3%  205.1  161.7  26.8%
    Revenues generated outside China  84.3   85.4  -1.3%  240.2  217.9  10.3%
    Gross Profit                      85.5   79.4   7.7%  251.8  205.8  22.4%
    Non-GAAP Gross Profit             87.2   83.6   4.3%  256.8  213.7  20.2%
    Operating Income                  34.2   30.2  13.5%  102.6   85.9  19.5%
    Non-GAAP Operating Income         40.0   37.5   6.7%  118.6  108.3   9.5%
    EBITDA                            60.1   39.6  51.6%  142.3  104.6  36.0%
    Net Income                        43.4   28.0  55.2%  101.8   77.1  32.0%
    Non-GAAP Net Income               37.4   33.7  11.0%  105.7   96.7   9.3%
    Diluted EPS                       0.38   0.24  56.9%   0.90   0.68  33.7%
    Non-GAAP Diluted EPS              0.33   0.29  12.2%   0.94   0.85  10.7%

Revenues

Mindray reported net revenues of $151.1 million for the third quarter of 2009, a 3.1% increase from $146.5 million in the third quarter of 2008. Net revenues generated in China in the third quarter of 2009 increased 9.3% to $66.8 million from $61.1 million in the third quarter of 2008, while net revenues generated in international markets in the third quarter of 2009 decreased 1.3% to $84.3 million from $85.4 million in the third quarter of 2008.

Performance by Segment

Patient Monitoring & Life Support Products: Patient monitoring & life support products segment revenues declined 0.6% to $67.7 million from $68.1 million in the third quarter of 2008. The patient monitoring & life support products segment contributed 44.8% to total net revenues in the third quarter of 2009.

In-Vitro Diagnostic Products: In-vitro diagnostic products segment revenues increased 5.8% to $37.3 million from $35.3 million in the third quarter of 2008. The in-vitro diagnostic products segment contributed 24.7% to total net revenues in the third quarter of 2009.

Medical Imaging Systems: Medical imaging systems segment revenues increased 10.2% to $36.4 million from $33.0 million in the third quarter of 2008. The medical imaging systems segment contributed 24.1% to total net revenues in the third quarter of 2009.

Others: Other revenues, which are primarily comprised of service fees charged for post warranty period repair services, declined 4.2% to $9.7 million from $10.1 million in the third quarter of 2008. Other revenues contributed 6.4% to total net revenues in the third quarter of 2009.

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

Gross Margins

Third quarter 2009 gross profit was $85.5 million, a 7.7% increase from $79.4 million in the third quarter of 2008. Third quarter 2009 non-GAAP gross profit was $87.2 million, a 4.3% increase from $83.6 million in the third quarter of 2008. Third quarter 2009 gross margin was 56.6% compared to 54.2% in the third quarter of 2008 and 57.2% in the second quarter of 2009. Non-GAAP gross margin was 57.7% in the third quarter of 2009 compared to 57.0% in the third quarter of 2008 and 58.3% in the second quarter of 2009.

Operating Expenses

Selling expenses for the third quarter of 2009 were $24.8 million, or 16.4% of total net revenues, compared to 15.0% in the third quarter of 2008 and 16.5% in the second quarter of 2009. Non-GAAP selling expenses for the third quarter of 2009 were $23.3 million, or 15.4% of total net revenues, compared to 14.4% in the third quarter of 2008 and 15.5% in the second quarter of 2009.

General and administrative expenses for the third quarter of 2009 were $11.3 million, or 7.5% of total net revenues, compared to 8.6% in the third quarter of 2008 and 7.1% in the second quarter of 2009. Non-GAAP general and administrative expenses for the third quarter of 2009 were $10.5 million, or 6.9% of the total net revenues, compared to 8.1% in the third quarter of 2008 and 6.7% in the second quarter of 2009.

Research and development expenses for the third quarter of 2009 were $14.2 million, or 9.4% of total net revenues, compared to 10.0% in the third quarter of 2008 and 9.2% in the second quarter of 2009. Non-GAAP research and development expenses for the third quarter of 2009 were $13.4 million, or 8.8% of total net revenues, compared to 9.4% in the third quarter of 2008 and 8.7% in the second 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 third quarter of 2009 compared to $2.6 million in the second quarter of 2009 and $2.6 million in the third quarter of 2008.

Operating income was $34.2 million in the third quarter of 2009, a 13.5% increase from $30.2 million in the third quarter of 2008. Non-GAAP operating income in the third quarter of 2009 was $40.0 million, a 6.7% increase from $37.5 million in the third quarter of 2008. Operating margin was 22.6% in the third quarter of 2009 compared to 20.6% in the third quarter of 2008 and 24.4% in the second quarter of 2009. Non-GAAP operating margin was 26.5% in the third quarter of 2009 compared to 25.6% in the third quarter of 2008 and 27.4% in the second quarter of 2009.

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

Third quarter 2009 EBITDA increased 51.6% year-over-year to $60.1 million from $39.6 million in the third quarter of 2008 and increased 28.7% from $46.7 million in the second quarter of 2009.

Net Income

Net income increased 55.2% year-over-year to $43.4 million from $28.0 million in the third quarter of 2008. Non-GAAP net income increased 11.0% year-over-year to $37.4 million from $33.7 million in the third quarter of 2008. Net margin was 28.7% in the third quarter of 2009 compared to 19.1% in the third quarter of 2008 and 20.6% in the second quarter of 2009. Non-GAAP net margin was 24.7% in the third quarter of 2009 compared to 23.0% in the third quarter of 2008 and 23.6% in the second quarter of 2009. Third quarter 2009 income tax expense was $10.2 million representing an effective tax rate of 19.0%

Third quarter 2009 basic and diluted earnings per share were $0.40 and $0.38, respectively, compared to $0.26 and $0.24 in the third quarter of 2008. Basic and diluted non-GAAP earnings per share were $0.34 and $0.33, respectively, compared to $0.31 and $0.29 in the third quarter of 2008. Shares used in the computation of diluted earnings per share for the third quarter 2009 were 113.4 million.

Other Select Data

Average accounts receivable days outstanding were 62 days in the third quarter of 2009 compared to 54 days in the second quarter of 2009. Average inventory days were 98 days in the third quarter of 2009 compared to 82 days in the second quarter of 2009. Average accounts payable days outstanding were 62 days in the third quarter of 2009 compared to 59 days in the second quarter of 2009. Mindray calculates the above working capital days using the average of beginning and ending balances of the quarter.

As of September 30, 2009, the company had $299.3 million in cash, cash equivalents, restricted cash and restricted investments, compared to $286.7 million as of June 30, 2009. Net cash generated from operating activities and net cash outflow for capital expenditures during the quarter were $20.9 million and $13.5 million, respectively.

As of September 30, 2009, the company had 5,760 employees.

Nine Months Ended September 30, 2009 Results

Mindray reported net revenues of $445.3 million for the first nine months of 2009, representing a 17.3% increase from $379.6 million in the same period in 2008.

    -- Net revenues generated in China in the first nine months of 2009
       increased 26.8% to $205.1 million from $161.7 million in the same
       period in 2008.
    -- Net revenues generated in international markets in the first nine
       months of 2009 increased 10.3% to $240.2 million from $217.9 million in
       the first nine months of 2008.

First nine months of 2009 EBITDA increased 36.0% year-over-year to $142.3 million from $104.6 million in the first nine months of 2008.

First nine months of 2009 net income increased 32.0% year-over-year to $101.8 million from $77.1 million in the first nine months of 2008. First nine months of 2009 non-GAAP net income increased 9.3% year-over-year to $105.7 million from $96.7 million in the first nine months of 2008.

First nine months of 2009 diluted earnings per share increased 33.7% year-over-year to $0.90 from $0.68 in the first nine months of 2008. First nine months of 2009 non-GAAP diluted earnings per share increased 10.7% to $0.94 from $0.85 in the first nine months of 2008.

    Business Outlook for Full Year 2009
    Mindray updates its current outlook for the full year 2009, which includes:
    -- 2009 net revenue to grow at a rate of 10% to 13% year-over-year.
    -- Non-GAAP EPS to grow slightly more than 10% over 2008.
    -- Capital expenditure to remain in the range of $50 million to $60
       million.
    -- Share based compensation to be approximately $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.

"The updated guidance conveys our confidence in delivering solid operational and financial results for the year, backed by continuous strong growth in China and increasing stability in international markets," commented Li Xiting, Mindray's president and co-chief executive officer. "To sustain future growth, we will invest in expanding our presence in key emerging markets, maintaining our aggressive pace of new product introductions, and driving cost synergies across all business units."

Conference Call Information

Mindray's management will hold an earnings conference call at 8:00 AM on November 10, 2009 U.S. Eastern Time (9:00 PM on November 10, 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: +1-866-318-8614
    International:  +1-617-399-5133

    Pass code for all regions: Mindray

A replay of the conference call may be accessed by phone at the following numbers until November 21, 2009.

    U.S. Toll Free: +1-888-286-8010
    International:  +1-617-801-6888
    Pass code:      2641 5957

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, realignment costs -- post acquisition, as well as termination payments, 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 third 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, realignment cost - post acquisition, 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, realignment
       cost -- post acquisition, termination payments, amortization of
       acquired intangible assets and IPR&D including, but not limited to,
       other income from onetime early termination of contract, 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 nine months period ended September 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 third 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 investor and media inquiries 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 September
                                                 31, 2008           30, 2009
                                                     US$               US$
                                                 (audited)        (unaudited)
    ASSETS

    Current assets:
    Cash and cash equivalents                       96,370           130,996
    Restricted cash and restricted
     investments (note 1)                          156,491           102,261
    Accounts receivable, net                        89,735           105,935
    Inventories                                     57,466            76,088
    Value added tax receivables                     13,566            12,597
    Other receivables                                7,471            22,140
    Prepayments and deposits                         4,503             8,633
    Deferred tax assets                              1,812             2,016
    Total current assets                           427,414           460,666

    Restricted investments (note 1)                     --            66,000
    Other assets                                     1,724             2,437
    Advances for purchase of plant and
     equipment                                      46,275            21,844
    Property, plant and equipment, net             126,399           149,067
    Land use rights, net                             2,721            25,915
    Deferred tax assets, net                            --             1,242
    Intangible assets, net                          67,004            64,664
    Goodwill                                       114,234           115,054
    Total assets                                   785,771           906,889

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities:
    Short-term bank loans (note 1)                 157,007           103,132
    Notes payable                                    7,449             8,267
    Accounts payable                                29,009            32,930
    Advances from customers                          7,523             5,377
    Salaries payables                               16,797            14,934
    Other payables                                  46,911            48,674
    Income taxes payable                            10,727            15,176
    Other taxes payable                              4,398             4,432
    Total current liabilities                      279,821           232,922

    Bank loans-long term (note 1)                       --            66,000
    Other long-term payables                         7,120             7,580
    Deferred tax liabilities, net                      736             3,033
                                                     7,856            76,613

    Shareholders' equity:
    Ordinary shares                                     14                14
    Additional paid-in capital                     274,993           292,846
    Retained earnings                              183,886           264,065
    Accumulated other comprehensive
     income                                         39,199            40,427
    Total shareholders' equity                     498,092           597,352

    Non-controlling interest                             2                 2
    Total equity                                   498,094           597,354


    Total liabilities and shareholders'
     equity                                        785,771           906,889

  (1) Restricted as the security package required for bank loans as of
      September 30, 2009. Use of such funds is permitted provided that the
      proportionate amount of debt must be retired concurrently. As of
      September 30, 2009, the bank loans can be fully repaid from such
      restricted cash and restricted investments.



    Exhibit 2



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

                               Three months ended         Nine months ended
                                  September 30,             September 30,
                                2008         2009         2008         2009
                                 US$          US$         US$          US$
                            (unaudited)  (unaudited)  (unaudited)  (unaudited)

    Net revenues
    -PRC                       $61,126       66,809      161,763      205,123
    - International             85,403       84,319      217,861      240,230
    Net revenues               146,529      151,128      379,624      445,353
    Cost of revenues
     (note 2)                  (67,122)     (65,607)    (173,819)    (193,536)
    Gross profit                79,407       85,521      205,805      251,817
    Selling expenses
     (note 2)                  (21,989)     (24,805)     (53,112)     (73,004)
    General and
     administrative
     expenses (note 2)         (12,652)     (11,291)     (24,867)     (31,524)
    Research and
     development expenses
     (note 2)                  (14,616)     (14,168)     (35,360)     (43,636)
    Realignment costs -
     post acquisition               --       (1,030)          --       (1,030)
    Expense of in-
     progress research &
     development                    --           --       (6,600)          --
    Operating income            30,150       34,227       85,866      102,623

    Other income, net            1,286       18,719        2,910       19,071
    Interest income              2,957        1,776        7,486        4,717
    Interest expense            (1,577)      (1,091)      (2,537)      (3,881)
    Income before income
     taxes and non-
     controlling interest       32,816       53,631       93,725      122,530

    Provision for income
     taxes                      (4,840)     (10,209)     (16,640)     (20,753)
    Non-controlling
     interest                       --           --           --           --
    Net Income                 $27,976       43,422       77,085      101,777


    Basic earnings per
     share                        0.26         0.40         0.72         0.94

    Diluted earnings per
     share                        0.24         0.38         0.68         0.90

    Shares used in the
     computation of:
    Basic earnings per
     share                $107,538,933  108,845,481  107,256,059  108,337,457

    Diluted earnings per
     share                $114,573,283  113,374,202  114,130,393  112,671,743


    (2) Share-based
     compensation charges
     incurred during the
     period related to:

    Cost of revenues               113          124          334          373
    Selling expenses               898          878        2,514        2,858
    General and
     administrative
     expenses                      767          832        1,997        2,574
    Research and
     development expenses          799          802        2,317        2,444




    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        Nine months ended
                                  September 30,             September 30,
                                2008         2009         2008         2009
                                 US$          US$          US$          US$
                            (unaudited)  (unaudited)  (unaudited)  (unaudited)

    Non-GAAP net income         33,671       37,376       96,702      105,726
    Non-GAAP net margin          23.0%        24.7%        25.5%        23.7%
    Amortization of
     acquired intangible
     assets                     (4,789)      (2,135)     (15,279)      (6,484)
    Deferred tax impact
     related to acquired
     intangible assets           1,671           90        2,824          288
    Realignment costs -
     post acquisition and
     termination payments           --       (1,030)          --       (1,261)
    Income from early
     termination of
     contract                       --       11,757           --       11,757
    Share-based
     compensation               (2,577)      (2,636)      (7,162)      (8,249)
    GAAP net income             27,976       43,422       77,085      101,777
    GAAP net margin              19.1%        28.7%        20.3%        22.9%

    Non-GAAP income per
     share - basic                0.31         0.34         0.90         0.98
    Non-GAAP income per
     share - diluted              0.29         0.33         0.85         0.94

    GAAP income per share
     - basic                      0.26         0.40         0.72         0.94
    GAAP income per share
     - diluted                    0.24         0.38         0.68         0.90

     Shares used in
      computation of:
     Basic earnings per
      share                107,538,933  108,845,481  107,256,059  108,337,457
     Diluted earnings per
      share                114,573,283  113,374,202  114,130,393  112,671,743

    Non-GAAP operating
     income                     37,516       40,028      108,307      118,617
    Non-GAAP operating
     margin                      25.6%        26.5%        28.5%        26.6%
    Amortization of
     acquired intangible
     assets                     (4,789)      (2,135)     (15,279)      (6,484)
    Realignment costs -
     post acquisition and
     termination payments           --       (1,030)          --       (1,261)
    Share-based
     compensation               (2,577)      (2,636)      (7,162)      (8,249)
    GAAP operating income       30,150       34,227       85,866      102,623
    GAAP operating margin        20.6%        22.6%        22.6%        23.0%

    Non-GAAP gross profit       83,586       87,153      213,675      256,806
    Non-GAAP gross margin        57.0%        57.7%        56.3%        57.7%
    Amortization of
     acquired intangible
     assets                     (4,066)      (1,508)      (7,536)      (4,616)
    Share-based
     compensation                 (113)        (124)        (334)        (373)
    GAAP gross profit           79,407       85,521      205,805      251,817
    GAAP gross margin            54.2%        56.6%        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)


                                         Three months ended  Nine months ended
                                             September 30, September 30,
                                             2008     2009    2008     2009
                                              US$     US$      US$      US$
                                            (unaud- (unaud-  (unaud-  (unaud-
                                               ited)   ited)    ited)    ited)
    GAAP net income                         $27,976  43,422   77,085  101,777
    Interest income                          (2,957) (1,776)  (7,486)  (4,717)
    Interest expense                          1,577   1,091    2,537    3,881
    Provision for income taxes                4,840  10,209   16,640   20,753

    Earnings before interest and tax (EBIT)  31,436  52,946   88,776  121,694
    Depreciation                              4,407   4,720    9,807   13,770
    Amortization                              3,772   2,392    6,027    6,844

    Earnings before interest, tax,
     depreciation and amortization (EBITDA)  39,615  60,058  104,610  142,308

SOURCE Mindray Medical International Limited


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SOURCE Mindray Medical International Limited
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