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

ined its recovery trend from last quarter, growing 23.1% year-over-year. We expect international sales to remain our key driver this year. We are also optimistic about our initiatives in the China market and expect continued, gradual improvement in our China business."

SUMMARY –First quarter2011(in $ millions, except per-share data)

Three Months EndedMarch 312011

2010

% chgNet Revenues

180.9

145.8

24.0%Revenues generated outside China

108.5

83.7

29.6%Revenues generated in China

72.5

62.2

16.6%Gross Profit

99.7

82.3

21.2%Non-GAAP Gross Profit

101.0

83.9

20.5%Operating Income

33.0

31.9

3.5%Non-GAAP Operating Income

37.6

35.9

4.5%EBITDA

40.8

38.8

5.2%Net Income

37.7

36.2

4.2%Non-GAAP Net Income

42.2

40.1

5.2%Non-GAAP Net Income (ex tax benefit -Note)

34.6

31.5

9.9%Diluted EPS

0.32

0.31

2.2%Non-GAAP Diluted EPS

0.36

0.35

3.1%Note: The amount excludes the tax benefits of $7.6 million and $8.6 million for the three months ended March 31, 2011 and 2010 respectively. The tax benefits are related to the nationwide key software enterprise status for the calendar year 2010 and 2009, awarded to our Shenzhen subsidiary in February 2011 and January 2010 respectively.

RevenuesMindray reported net revenues of $180.9 million for the first quarter of 2011, a 24.0% increase from $145.8 million in the first quarter of 2010. Net revenues generated in international markets in the first quarter of 2011 increased 29.6% to $108.5 million from $83.7 million in the first quarter of 2010, while net revenues generated in China in the first quarter of 2011 increased 16.6% to $72.5 million from $62.2 million in the first quarter of 2010.

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SOURCE Mindray Medical International Limited
Copyright©2010 PR Newswire.
All rights reserved

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