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Mindray Announces First Quarter 2011 Financial Results
Date:5/9/2011

SHENZHEN, China, May 9, 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 first quarter ended March 31, 2011.

Highlights for First Quarter 2011

  • Net revenues were $180.9 million, an increase of 24.0% over the first quarter of 2010.
  • Robust international sales of $108.5 million, a year-over-year increase of 29.6%. Emerging markets and developed markets both achieved significant growth this quarter.
  • Total China sales achieved 16.6% year-over-year growth, with solid non-tender sales increase of 23.1% year-over-year.
  • GAAP net income was $37.7 million, a 4.2% year-over-year increase. Excluding the tax benefit of $7.6 million and $8.6 million recognized in the first quarter of 2011 and 2010 respectively, non-GAAP net income increased 9.9% over the first quarter of 2010(Note).
  • EBITDA in the first quarter of 2011 was $40.8 million, a year-over-year increase of 5.2%.
  • Net operating cash generated during the quarter was $32.3 million.
  • Mindray introduced three new products during the quarter, including the A5 anesthesia machine, the BeneHeart D3 defibrillator and the DP-50 black and white ultrasound system.

  • "We had a good start to the year and are happy to report a 24.0% year-over-year increase in revenues, driven primarily by this quarter's robust international sales growth of nearly 30%," commented Xu Hang, Mindray's chairman and co-chief executive officer. "We are pleased with the strong sales growth and momentum in both emerging and developed markets. Latin America, Asia Pacific and Western Europe all achieved more than 40% year over year growth, while North America grew over 20% during the period. In China, non-tender sales mainta
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    SOURCE Mindray Medical International Limited
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