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Mindray Announces First Quarter 2012 Financial Results
Date:5/7/2012

SHENZHEN, China, May 7, 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 first quarter ended March 31, 2012.

Highlights for First Quarter 2012

  • Net revenues were $219.0 million, an increase of 21.1% over the first quarter of 2011.
  • Robust China sales of $91.8 million, up 26.8% year-over-year, primarily due to our strong performance in the mid-end market segment.
  • Strong international sales of $127.2 million, a year-over-year increase of 17.3%. Emerging markets remain the key revenue driver with 23.2% sales growth.
  • Non-GAAP net income increased 16.5% over the first quarter of 2011, excluding tax benefits.
  • EBITDA in the first quarter of 2012 was $46.7 million, a year-over-year increase of 14.3%.
  • Net operating cash generated during the quarter was $60.1 million, up 86.1% from the same period a year before.
  • In May, Mindray announced an agreement to acquire a controlling stake of Hangzhou Optcla Medical Instrument Co. Ltd., which specializes in designing, developing, manufacturing and distributing different types of rigid endoscopes and surgical instruments and consumables in China.

  • "We are off to a good start in the first quarter of 2012 and this will support us to execute our plans for the remainder of the year. Overall, we achieved solid growth in revenue, non-GAAP net income excluding tax benefits, as well as operating cash flow," commented Xu Hang, Mindray's chairman and co-chief executive officer. "The 21.1% year-over-year revenue growth was driven primarily by strong China sales. This is the fourth consecutive quarter in which we recorded more than 25% growth in the domestic market, thanks to our solid execution of the sales reinforcement program, coupled with continued favorable private and government healthcare spending in areas where we have strong presence. We are also happy to see that our investments in our worldwide channels continue to pay off, with sales growth of 23.2% in emerging markets and stable market share gains in developed markets. This year, we will continue to invest in building a stronger global brand of Mindray, as well as establishing a more systematic R&D approach. On the M&A front, we continued our progress and announced an acquisition of a rigid endoscope business in China. We will continue to actively seek opportunities to further increase our market penetration worldwide."

    SUMMARY – First quarter 2012(in $ millions, except per-share data)

    Three Months EndedMarch 312012

    2011

    % chgNet Revenues

    219.0

    180.9

    21.1%Revenues generated in China

    91.8

    72.5

    26.8%Revenues generated outside China

    127.2

    108.5

    17.3%Gross Profit

    120.3

    99.7

    20.7%Non-GAAP Gross Profit

    121.4

    101.0

    20.2%Operating Income

    36.7

    33.0

    11.1%Non-GAAP Operating Income

    40.5

    37.6

    7.9%EBITDA

    46.7

    40.8

    14.3%Net Income

    36.6

    37.7

    -3.0%Non-GAAP Net Income

    40.4

    42.2

    -4.4%Non-GAAP Net Income (excluding tax benefits -Note)

    40.4

    34.6

    16.5%Diluted EPS

    0.31

    0.32

    -3.8%Non-GAAP Diluted EPS

    0.34

    0.36

    -5.2%Note: The 2011 amount excludes the $7.6 million tax benefits recognized in the first quarter of 2011 for the calendar year 2010 in relation to the National Key Software Enterprise status. Shenzhen Mindray has applied for such status for the calendar year 2011, which is being reviewed by the relevant government authorities.

    RevenuesMindray reported net revenues of $219.0 million for the first quarter of 2012, a 21.1% increase from $180.9 million in the first quarter of 2011.

  • Net revenues generated in China increased 26.8% to $91.8 million from $72.5 million in the first quarter of 2011.

  • Net revenues generated in the international markets increased 17.3% to $127.2 million from $108.5 million in the first quarter of 2011.

  • Performance by SegmentPatient Monitoring & Life Support Products: Revenues in this segment increased 22.5% to $95.7 million from $78.1 million in the first quarter of 2011, contributing 43.7% to total net revenues in the first quarter of 2012.

    In-Vitro Diagnostic Products: Revenues in this segment increased 22.4% to $56.6 million from $46.3 million in the first quarter of 2011, contributing 25.8% to total net revenues in the first quarter of 2012. Reagents sales represented 31.5% of this segment's revenues.

    Medical Imaging Systems: Revenues in this segment increased 11.0% to $52.8 million from $47.6 million in the first quarter of 2011, contributing 24.1% to total net revenues in the first quarter of 2012.

    Others: Other revenues increased 55.6% to $13.9 million from $8.9 million in the first quarter of 2011, contributing 6.4% to total net revenues in the first quarter of 2012. They included service revenues from extended warranty, sales of accessories and service fees charged for post-warranty period repair services.

    Gross MarginsFirst quarter 2012 gross profit was $120.3 million, a 20.7% increase from $99.7 million in the first quarter of 2011. First quarter 2012 non-GAAP gross profit was $121.4 million, a 20.2% increase from $101.0 million in the first quarter of 2011. First quarter 2012 gross margin was 54.9% compared to 55.1% in the first quarter of 2011 and 54.2% in the fourth quarter of 2011. Non-GAAP gross margin was 55.5% in the first quarter of 2012 compared to 55.9% in the first quarter of 2011 and 54.7% in the fourth quarter of 2011.

    Operating Expenses Selling expenses for the first quarter of 2012 were $39.7 million, or 18.1% of total net revenues, compared to 18.6% in the first quarter of 2011 and 19.7% in the fourth quarter of 2011. Non-GAAP selling expenses for the first quarter of 2012 were $38.4 million, or 17.5% of total net revenues, compared to 17.7% in the first quarter of 2011 and 19.0% in the fourth quarter of 2011.

    General and administrative expenses for the first quarter of 2012 were $19.6 million, or 9.0% of total net revenues, compared to 8.0% in the first quarter of 2011 and 6.7% in the fourth quarter of 2011. Non-GAAP general and administrative expenses for the first quarter of 2012 were $19.1 million, or 8.7% of the total net revenues, compared to 7.7% in the first quarter of 2011 and 6.3% in the fourth quarter of 2011.

    Research and development expenses for the first quarter of 2012 were $24.3 million, or 11.1% of total net revenues, compared to 10.3% in the first quarter of 2011 and 9.7% in the fourth quarter of 2011. Non-GAAP research and development expenses for the first quarter of 2012 were $23.4 million, or 10.7% of total net revenues, compared to 9.7% in the first quarter of 2011 and 9.3% in the fourth quarter of 2011.

    Total share-based compensation expenses, which were allocated to cost of revenues and related operating expenses, were $2.2 million in the first quarter of 2012 compared to $3.2 million in the fourth quarter of 2011 and $2.8 million in the first quarter of 2011.

    Operating income was $36.7 million in the first quarter of 2012, an 11.1% increase from $33.0 million in the first quarter of 2011. Non-GAAP operating income in the first quarter of 2012 was $40.5 million, a 7.9% increase from $37.6 million in the first quarter of 2011. Operating margin was 16.8% in the first quarter of 2012 compared to 18.3% in the first quarter of 2011 and 18.1% in the fourth quarter of 2011. Non-GAAP operating margin was 18.5% in the first quarter of 2012 compared to 20.8% in the first quarter of 2011 and 20.1% in the fourth quarter of 2011.

    Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")First quarter 2012 EBITDA increased 14.3% year-over-year to $46.7 million from $40.8 million in the first quarter of 2011.

    Net IncomeNet income decreased 3.0% year-over-year to $36.6 million from $37.7 million in the first quarter of 2011. Non-GAAP net income decreased 4.4% year-over-year to $40.4 million from $42.2 million in the first quarter of 2011. Excluding the tax benefits of $7.6 million recognized in the first quarter of 2011, non-GAAP net income increased 16.5% over the first quarter of 2011. Net margin was 16.7% in the first quarter of 2012 compared to 20.8% in the first quarter of 2011 and 17.7% in the fourth quarter of 2011. Non-GAAP net margin was 18.4% in the first quarter of 2012 compared to 23.3% in the first quarter of 2011 and 19.6% in the fourth quarter of 2011.

    First quarter 2012 basic and diluted earnings per share were $0.32 and $0.31 respectively, compared to $0.33 and $0.32 in the first quarter of 2011. Basic and diluted non-GAAP earnings per share were $0.35 and $0.34 respectively, compared to $0.37 and $0.36 in the first quarter of 2011. Shares used in the computation of diluted earnings per share for the first quarter 2012 were 119.0 million.

    Other Select DataAccounts receivable days were 79 days in the first quarter of 2012 compared to 66 days in the fourth quarter of 2011. Inventory days were 92 days in the first quarter of 2012 compared to 78 days in the fourth quarter of 2011. Accounts payable days were 54 days in the first quarter of 2012 compared to 44 days in the fourth quarter of 2011. Mindray calculates the above working capital days using the average of beginning and ending balances of the quarter.

    As of March 31, 2012, the company had $664.2 million in cash and cash equivalents, and short-term investments as compared to $603.5 million as of December 31, 2011. Net cash generated from operating activities and net cash outflow for capital expenditures during the quarter were $60.1 million and $16.1 million respectively.

    As of March 31, 2012, the company had approximately 6,800 employees.

    Business Outlook for Full Year 2012The company maintains its full year guidance and expects its full year 2012 net revenues to grow at least 18% over its full year 2011 net revenues.

    The company continues to expect its full year 2012 non-GAAP net income to grow at least 13% over its non-GAAP net income for full year 2011. This guidance excludes the tax benefits related to the National Key Software Enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary. We recorded tax benefits of $7.6 million in the first quarter of 2011 as a result of receiving the National Key Software Enterprise status for year 2010. We have not received such notice from the PRC tax authority in regards to the approval for year 2011 and thus have not recorded any tax benefits in the first quarter of 2012. Upon notice, the potential benefits will be included in our financial statements but the likelihood and timing of such approval cannot be determined at this time.

    The company expects its capital expenditure for 2012 to be around $90 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," commented Li Xiting, Mindray's president and co-chief executive officer. "The overall growth prospects of our key markets remain positive for the rest of 2012. We expect China and emerging markets to lead growth for the organization, based on our strong competitive position and our ability to grasp opportunities arising from the favorable private and public healthcare spending environment. As we stated earlier this year, we remain cautious on Europe due to its economic uncertainty and on certain regions in the emerging markets as a result of political instability as well as other policy movements. We will continue to invest in R&D and improve our overall operational efficiency to achieve long-term sustainable growth. We remain very confident in Mindray's global position and we will continue to adapt and formulate the best strategies in the markets that we operate in."

    Conference Call Information

    Mindray's management will hold an earnings conference call at 8:00 AM on May 8, 2012 U.S. Eastern Time (8:00 PM on May 8, 2012 Beijing/Hong Kong Time).

    Dial-in details for the earnings conference call are as follows:International Toll Free:United States:

    +1-866-519-4004Hong Kong:

    800-930-346China Domestic Landline:

    800-819-0121China Domestic Mobile:

    400-620-8038Local dial-in numbers:United States:

    +1-718-354-1231Hong Kong:

    +852-2475-0994 Passcode for all regions:

    MindrayA replay of the conference call may be accessed by phone at the following numbers until May 23, 2012. U.S. Toll Free:

    +1-866-214-5335U.S. Toll:

    +1-718-354-1232China Toll:

    400-692-0026Passcode:

    7077-2431Additionally, a live and archived webcast of this conference call will be available on the Investor Relations section of Mindray's website at http://ir.mindray.com.

    Use of Non-GAAP Financial Measures Mindray provides gross profit, selling expenses, general and administrative expenses, R&D expenses, operating income, net income and earnings per share on a non-GAAP basis that excludes share-based compensation expense and acquired intangible assets amortization expense, all net of related tax impact, as well as EBITDA to enable investors to better assess the company's operating performance. The non-GAAP measures described by the company are reconciled to the corresponding GAAP measure in the exhibit below titled "Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures".

    The company has reported for the first quarter of 2012 and provided guidance for full year 2012 earnings on a non-GAAP basis. Each of the terms as used by the company is defined as follows:

  • Non-GAAP gross profit represents gross profit reported in accordance with GAAP, adjusted for the effects of share-based compensation and amortization of acquired intangible assets.

  • Non-GAAP operating income represents operating income reported in accordance with GAAP, adjusted for the effects of share-based compensation, and amortization of acquired intangible assets.

  • Non-GAAP selling expenses represent selling expenses reported in accordance with GAAP, adjusted for the effects of share-based compensation, and amortization of acquired intangible assets.

  • Non-GAAP general and administrative expenses represent general and administrative expenses reported in accordance with GAAP, adjusted for the effects of share-based compensation.

  • Non-GAAP research and development expenses represent research and development expenses reported in accordance with GAAP, adjusted for the effects of share-based compensation.

  • Non-GAAP net income represents net income reported in accordance with GAAP, adjusted for the effects of share-based compensation and amortization of acquired intangible assets, all net of related tax impact.

  • Non-GAAP earnings per share represents non-GAAP net income divided by the number of shares used in computing basic and diluted earnings per share in accordance with GAAP, and excludes the impact of the declared dividends for the basic calculation.

  • EBITDA represents net income reported in accordance with GAAP, adjusted for the effect of interest income and expenses, provision of income taxes, depreciation and amortization.

  • The company computes its non-GAAP financial measures using the same consistent method from quarter to quarter. The company notes that these measures may not be calculated on the same basis of similar measures used by other companies. Readers are cautioned not to view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP results with non-GAAP results for the three months ended March 31, 2011 and 2012, respectively, in the attached financial information.

    Cautionary Note Regarding Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including, without limitation, statements about Mindray's anticipated net revenues, non-GAAP net income and capital expenditure for 2012, the potential tax benefits that we may receive in 2012 for the calendar year 2011, our assumption of a corporate income tax rate of 15% applicable to the Shenzhen subsidiary, our expectation that the results of the first quarter 2012 will support us to execute our plans for the reminder of the year, our expectation to continue to invest in building a stronger global brand of Mindray as well as establishing a more systematic R&D approach and to continue to actively seek opportunities to further increase our market penetration worldwide, our anticipation that the overall growth prospects of our key markets remain positive for the rest of 2012, that we expect China and emerging markets to lead growth for the organization based on our strong competitive position and our ability to grasp opportunities arising from the favorable private and public healthcare spending environment, the economic uncertainty in Europe and the political instability and other policy movements in certain regions in the emerging markets and our remaining cautious on those regions, our expectation to continue to invest in R&D and improve our overall operational efficiency to achieve long-term sustainable growth, our confidence in Mindray's global position, and our expectation to continue to adapt and formulate the best strategies in the markets that we operate in, are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, without limitation, the expected growth of the medical device market in China and internationally; relevant government policies and regulations relating to the medical device industry; market acceptance of our products; our expectations regarding demand for our products; our ability to expand our production, our sales and distribution network and other aspects of our operations; our ability to stay abreast of market trends and technological advances; our ability to effectively protect our intellectual property rights and not infringe on the intellectual property rights of others; competition in the medical device industry in China and internationally; and general economic and business conditions in the countries in which we operate. For a discussion of other important factors that could adversely affect our business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 5 of our annual report on Form 20-F which was filed with the Securities and Exchange Commission on April 30, 2012. Our results of operations for the first quarter as of March 31, 2012 are not necessarily indicative of our operating results for any future periods. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in our public filings with the Securities and Exchange Commission. Any projections in this release are based on limited information currently available to us, which is subject to change. Although such projections and the factors influencing them will likely change, we will not necessarily update the information. Such information speaks only as of the date of this release.

    All references to "shares" are to our ordinary shares, which are divided into two classes, Class A and Class B. Each of our American Depositary Shares, which trade on the New York Stock Exchange, represents one Class A ordinary share.

    About Mindray We are a leading developer, manufacturer and marketer of medical devices worldwide. We maintain our global headquarters in Shenzhen, China, U.S. headquarters in Mahwah, New Jersey and multiple sales offices in major international markets. From our main manufacturing and engineering base in China, we supply through our worldwide distribution network a broad range of products across three primary business segments, namely patient monitoring and life support, in-vitro diagnostic, and medical imaging systems. For more information, please visit http://ir.mindray.com.For investor and media inquiries please contact:In the U.S.:Hoki LukWestern Bridge, LLCTel:  +1-646-808-9150Email: hoki.luk@westernbridgegroup.comIn China: Cathy GaoMindray Medical International LimitedTel: +86-755-8188-8023Email: cathy.gao@mindray.comExhibit 1MINDRAY MEDICAL INTERNATIONAL LIMITEDCONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in thousands)As of December 31, 2011

    As of March 31, 2012US$ US$ (Note 1) (unaudited) ASSETSCurrent assets:Cash and cash equivalents

    124,311231,010Short-term investments

    479,173433,237Accounts receivable, net

    200,437181,073Inventories

    94,690105,447Value added tax receivables

    10,83312,776Other receivables

    16,59014,106Prepayments and deposits

    9,79211,156Deferred tax assets, net

    3,4833,613Total current assets

    939,309992,418Other assets

    7,3308,462Advances for purchase of plant and equipment

    6,2393,778Property, plant and equipment, net

    237,952245,052Land use rights, net

    55,27255,154Intangible assets, net

    84,02983,788Goodwill

    128,840133,392Total assets

    1,458,9711,522,044LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Short-term bank loans

    50,47550,476Notes payable

    7,0133,793Accounts payable

    48,50157,305Advances from customers

    20,70018,847Salaries payable

    38,78424,764Other payables

    67,49974,332Income taxes payable

    16,84724,375Other taxes payable

    7,4127,817Total current liabilities

    257,231261,709Long-term bank loans

    35,02584,967Other long-term payables

    2,3552,824Deferred tax liabilities, net

    12,92513,56850,305101,359Shareholders' equity:Ordinary shares

    1515Additional paid-in capital

    486,314497,997Retained earnings

    566,184556,370Accumulated other comprehensive income

    100,139103,826Treasury stock

    (10,160)(10,160)Total shareholders' equity

    1,142,4921,148,048Non-controlling interests

    8,94310,928Total equity

    1,151,4351,158,976Total liabilities and shareholders' equity

    1,458,9711,522,044(1) Financial information is extracted from the audited financial statements included in the Company's fiscal year 2011 20F.Exhibit 2MINDRAY MEDICAL INTERNATIONAL LIMITEDCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Dollars in thousands, except for share and per share data)Three months ended March 31,20112012US$ US$ (unaudited) (unaudited) Net revenues-PRC

    72,45391,840- International

    108,451127,177Net revenues

    180,904219,017Cost of revenues

    (81,185)(98,692)Gross profit

    99,719120,325Selling expenses

    (33,672)(39,729)General and administrative expenses

    (14,427)(19,614)Research and development expenses

    (18,588)(24,277)Operating income

    33,03236,705Other income, net

    426585Interest income

    3,5098,438Interest expense

    (220)(691)Income before income taxes and non-controlling interests

    36,74745,037Income tax benefits/(provision for income taxes)

    963(8,343)Net income

    37,71036,694Less: Net income attributable to non-controlling interests

    -(107)Net income attributable to the Company

    37,71036,587Basic earnings per share

    0.330.32Diluted earnings per share

    0.320.31Shares used in the computation of:Basic earnings per share

    114,847,103116,016,063Diluted earnings per share

    118,015,520119,045,742Exhibit 3MINDRAY MEDICAL INTERNATIONAL LIMITEDCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Dollars in thousands)Three months ended March 31,20112012 US$ US$ (unaudited) (unaudited) Cash flow from operating activities:  Net income

    37,71036,587  Adjustments to reconcile net income to net cash from operating activities

    12,31414,515  Changes in current assets and liabilities

    (17,726)9,020Net cash generated from operating activities32,29860,122Cash flow from investing activities:   Acquisition cost, net of cash acquired

    -(2,739)   Capital expenditures

    (27,316)(16,090)   Proceeds from sale of short-term investments

    85,692144,395   Increase in short-term investments and changes in others investing activities

    (111,349)(92,852)Net cash (used in)/generated from investing activities(52,973)32,714Cash flow from financing activities:   Proceeds from bank loans

    -50,000   Dividends paid

    -(46,401)   Proceeds from exercise of options

    1,2359,447   Cash contribution from non-controlling interests

    -506Net cash generated from financing activities1,23513,552Net (decrease)/increase in cash and cash equivalents(19,440)106,388Cash and cash equivalents at beginning of period

    137,502124,311Effect of exchange rate changes on cash

    684311Cash and cash equivalents at end of period118,746231,010Exhibit 4MINDRAY MEDICAL INTERNATIONAL LIMITEDRECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST
    COMPARABLE GAAP MEASURES(Dollars in thousands, except for share and per share data)Three months ended March 31,20112012(unaudited)(unaudited) US$ US$ Non-GAAP net income42,22240,384Non-GAAP net margin23.3%18.4%Amortization of acquired intangible assets

    (1,767)(1,635)Deferred tax impact related to acquired intangible assets

    3435Share-based compensation(2,779)(2,197)GAAP net income 37,71036,587GAAP net margin20.8%16.7%Non-GAAP basic earnings per share0.370.35Non-GAAP diluted earnings per share0.360.34GAAP basic earnings per share0.330.32GAAP diluted earnings per share0.320.31 Shares used in computation of: Basic earnings per share 114,847,103116,016,063 Diluted earnings per share 118,015,520119,045,742Non-GAAP operating income37,57840,537Non-GAAP operating margin20.8%18.5%Amortization of acquired intangible assets

    (1,767)(1,635)Share-based compensation(2,779)(2,197)GAAP operating income33,03236,705GAAP operating margin18.3%16.8%Non-GAAP gross profit101,041121,449Non-GAAP gross margin55.9%55.5%Amortization of acquired intangible assets

    (1,144)(966)Share-based compensation(178)(158)GAAP gross profit99,719120,325GAAP gross margin55.1%54.9%Non-GAAP selling expenses(31,966)(38,366)Non-GAAP as % of total revenues17.7%17.5%Amortization of acquired intangible assets

    (623)(669)Share-based compensation(1,083)(694)GAAP selling expenses(33,672)(39,729)GAAP as % of total revenues18.6%18.1%Non-GAAP general and administrative expenses(13,928)(19,101)Non-GAAP as % of total revenues7.7%8.7%Share-based compensation(499)(513)GAAP general and administrative expenses(14,427)(19,614)GAAP as % of total revenues8.0%9.0%Non-GAAP research and development expenses(17,569)(23,445)Non-GAAP as % of total revenues9.7%10.7%Share-based compensation(1,019)(832)GAAP research and development expenses

    (18,588)(24,277)GAAP as % of total revenues10.3%11.1%Exhibit 5MINDRAY MEDICAL INTERNATIONAL LIMITEDRECONCILIATION OF GAAP NET INCOME TO EARNINGS BEFORE INTEREST, TAXES,
    DEPRECIATION AND AMORTIZATION(Dollars in thousands)Three months ended March 31,20112012US$US$(unaudited)(unaudited)GAAP net income

    37,71036,587Interest income

    (3,509)(8,438)Interest expense

    220691(Income tax benefits)/provision for income taxes

    (963)8,343Earnings before interest and taxes ("EBIT")

    33,45837,183Depreciation

    5,0486,590Amortization

    2,3232,889Earnings before interest, taxes, depreciation, and amortization ("EBITDA")

    40,82946,662
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