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Mindray Medical International Announces Full Year and Fourth Quarter 2007 Results
Date:3/5/2008

that is 18% at 2008, 20% at 2009, 22% at 2010, 24% at 2011 and 25% at 2012. If the company had received the approval prior to December 31, 2007, its full year 2007 net income would have increased by RMB5.9 million using the 15% tax rate for 2008 and onward. The company expects that it will apply for the "New and High-Tech Enterprise" status that will allow it a 15% tax rate for 2008 and onward under China's Unified Enterprise Income Tax Law.

Other Select Data

Average accounts receivable days outstanding was 26 days for full year 2007 compared to 21 days for full year 2006. Inventory turnover was 55 days for full year 2007 compared to 60 days for full year 2006. Average accounts payable days outstanding was 59 days for full year 2007 compared to 56 days for full year 2006.

As of December 31, 2007, the company had RMB1,786.8 million (US$244.9 million) in cash and cash equivalents and short-term investments. Net cash generated from operating activities and capital expenditures for the full year 2007 were RMB708.0 million (US$97.1 million) and RMB350.1 million (US$48.0 million), respectively.

As of December 31, 2007 the company had 3,705 employees compared to 3,541 employees on September 30, 2007.

Dividend Declaration

Mindray's board of directors has declared a cash dividend on its ordinary shares of US$0.18 per share, based on its net income for the full year 2007. The cash dividend will be payable on or around April 24, 2008, to shareholders of record as of March 25, 2008. The company has 106.9 million ordinary shares outstanding as of January 31, 2008.

Business Outlook for Full Year 2008

The company expects its full-year 2008 net revenue guidance to be in the range of RMB3,120 million to RMB3,170 million, representing annual growth of 40% to 42% over full fiscal year 2007.

The company also maintains its full-year 2008 non-GAAP net income guidance range of RMB940 million to RMB954 million, representing ann
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SOURCE Mindray Medical International Limited
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