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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 r
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    SOURCE Mindray Medical International Limited
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