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Mindray Announces 2011 Fourth Quarter and Full Year Results
Date:2/27/2012

SHENZHEN, China, Feb. 27, 2012 /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, 2011.

Highlights for Fourth Quarter and Full Year 2011

  • Fourth quarter net revenue increased 25.2% year-over-year to $264.1 million and full year 2011 net revenue rose 25.1% to $880.7 million.
  • Robust regular sales drove China revenues to grow 30.9% year-over-year in the fourth quarter and 27.6% for full year 2011.
  • International sales jumped 20.9% year-over-year in the fourth quarter and 23.3% for full year 2011.  Emerging markets were again the key growth drivers.
  • Fourth quarter 2011 non-GAAP net income increased 14.2% to $51.8 million. Excluding the tax benefits, full year 2011 non-GAAP net income increased 10.1% to $178.8 million.
  • In the fourth quarter of 2011, accounts receivable days and inventory days improved to 66 days and 78 days respectively, compared to 71 days and 100 days in the previous quarter.
  • Net operating cash inflow strengthened significantly to $96.4 million in the fourth quarter, mainly as a result of improved working capital management.
  • Declared 2011 dividend of $0.40 per share.
  • Exceeded 2011 product development goals by launching 13 new products in markets around the world.
  • Announced a total of four acquisitions in 2011 to further enhance the company's technology and product offerings.

  • "2011 marks another year of significant achievements in Mindray's history. We strengthened our sales and distribution in domestic and emerging markets, and increased our direct sales effort in developed markets. We also enhanced our system to gain deeper market insights and accele
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    SOURCE Mindray Medical International Limited
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