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Mindray Announces 2010 Fourth Quarter and Full Year Results
Date:2/28/2011

SHENZHEN, China, Feb. 28, 2011 /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 fourth quarter and full year ended December 31, 2010.

Highlights for Fourth Quarter and Full Year 2010

  • Fourth quarter and full year 2010 net revenues increased 11.7% year-over-year to $211.0 million and 11.1% to $704.3 million, respectively.
  • Robust fourth quarter and full year 2010 year-over-year international sales growth of 19.5% and 20.3%, respectively.
  • Fourth quarter 2010 non-GAAP net income year-over-year increased 8.9% to $45.4 million. Excluding the tax benefit of $8.6 million recognized in the first quarter of 2010, full year 2010 non-GAAP net income year-over-year increased 10.1% to $162.3 million.
  • In the fourth quarter of 2010, average accounts receivable and inventory days improved to 59 days and 82 days, respectively, compared to 68 days and 116 days in the previous quarter.
  • Strong net operating cash inflow of $67.3 million was generated in the fourth quarter 2010, partially as a result of improved working capital management.
  • Declared 2010 dividend of $0.30 per share.
  • Met 2010 product development goals by launching 10 new products in markets around the world.
  • Mindray's Shenzhen subsidiary was awarded the nationwide key software enterprise status for the 2010 calendar year in February 2011. The status grants Mindray a 10% corporate income tax rate for the Shenzhen subsidiary for 2010. The related tax benefit of approximately $7.8 million will be recognized in the first quarter of 2011.
  • In February 2011, Mindray announced an agreement to acquire a controlling stake of Shenzhen Shenke Medical Instrument Technical Development Co. Ltd, an infus
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  • SOURCE Mindray Medical International Limited
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