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

y SegmentPatient Monitoring & Life Support Products: Patient monitoring & life support products segment revenues increased 26.6% to $78.1 million from $61.7 million in the first quarter of 2010. The patient monitoring & life support products segment contributed 43.2% to total net revenues in the first quarter of 2011.

In-Vitro Diagnostic Products: In-vitro diagnostic products segment revenues increased 22.0% to $46.3 million from $37.9 million in the first quarter of 2010. The in-vitro diagnostic products segment contributed 25.6% to total net revenues in the first quarter of 2011.

Medical Imaging Systems: Medical imaging systems segment revenues increased 28.1% to $47.6 million from $37.1 million in the first quarter of 2010. The medical imaging systems segment contributed 26.3% to total net revenues in the first quarter of 2011.

Others: Other revenues, which are primarily comprised of service fees charged for post warranty period repair services, decreased 1.9% to $8.9 million from $9.1 million in the first quarter of 2010. Other revenues contributed 4.9% to total net revenues in the first quarter of 2011.

Gross MarginsFirst quarter 2011 gross profit was $99.7 million, a 21.2% increase from $82.3 million in the first quarter of 2010. First quarter 2011 non-GAAP gross profit was $101.0 million, a 20.5% increase from $83.9 million in the first quarter of 2010. First quarter 2011 gross margin was 55.1% compared to 56.4% in the first quarter of 2010 and 54.7% in the fourth quarter of 2010. Non-GAAP gross margin was 55.9% in the first quarter of 2011 compared to 57.5% in the first quarter of 2010 and 55.2% in the fourth quarter of 2010.

Operating ExpensesSelling expenses for the first quarter of 2011 were $33.7 million, or 18.6% of total net revenues, compared to 16.2% in the first quarter of 2010 and 19.9% in the fourth quarter of 2010. Non-GAAP selling expenses for the first quarter of 2
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SOURCE Mindray Medical International Limited
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