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Mindray Announces First Quarter 2013 Financial Results
Date:5/6/2013

SHENZHEN, China, May 6, 2013 /PRNewswire/ -- 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, 2013.

Highlights for First Quarter 2013

  • Net revenues totaled $242.1 million. China sales were strong at $111.3 million, representing 21.2% year-over-year growth and 46.0% of the company's total net revenues.
  • International sales were $130.8 million, with Western Europe recording mid-teens sales growth.
  • In-vitro diagnostic sales grew 20.7% year-over-year. Reagent sales contributed 36.4% to the segment, up from 31.5% in the same period last year.
  • Non-GAAP gross margin was 58.1%, improved significantly from 55.5% a year ago.
  • During the quarter, Mindray recorded tax benefits of $19.4 million related to its National Key Software Enterprise status for calendar year 2011 and 2012.  
  • The cash conversion cycle was 110 days, compared to 117 days in the same period last year, due to better control on receivable collections.
  • "In the first quarter, our top-line growth was primarily propelled by China sales, resulting from our strong performance in the mid-end market segment. We are pleased to see continued robust demand of our products in the domestic market, particularly in the in-vitro diagnostic segment. Outside of China, our good performance in Western Europe was especially hard-earned considering the challenging economic conditions in the region. Emerging markets' sales were weaker-than-expected, but we are optimistic about the region's growth potential and will continue to invest this year," said Mr. Li Xiting, Mindray's President and Chief Executive Officer. "Our gross margin and cash conversion cycle improvements further demonstrated our ability to en
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    SOURCE Mindray Medical International Limited
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