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

lion in cash and cash equivalents, and short-term investments as compared to $433.5 million as of December 31, 2010. Net cash generated from operating activities and net cash outflow for capital expenditures during the quarter were $32.3 million and $27.3 million respectively.

As of March 31, 2011, the company had 6,587 employees.

Business Outlook for Full Year 2011The company maintains its full year guidance and expects its full year 2011 net revenues to be more than 16% higher than its full year 2010 net revenues.

The company continues to expect its full year 2011 non-GAAP net income to grow more than 10% over its non-GAAP net income for full year 2010. This guidance excludes the tax benefits related to the key software enterprise status ($8.6 million recognized in the first quarter of 2010 and $7.6 million recorded in the first quarter of 2011) and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for 2011 to remain in the range of $70 million to $80 million.

The company's practice is to provide guidance on a full year basis only. This forecast reflects Mindray's current and preliminary views, which are subject to change.

"We are maintaining our guidance at this time. In the first quarter, we were pleased with our performance in the international markets, as well as the sales improvement resulting from our strategic initiatives in China," commented Li Xiting, Mindray's president and co-chief executive officer. "The overall growth prospects of our key international markets continue to be positive, although we are closely monitoring the political situations in the Middle East and Africa. We also firmly believe that China's healthcare sector investment environment remains favorable, which bodes well for leading companies like Mindray. Based on our commitment to invest in international markets, the implementation of our initiatives
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SOURCE Mindray Medical International Limited
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