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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 enhance efficiency. We are glad that Mindray successfully obtained the key software enterprise status again. All in all, management remains committed to meeting our goals for the remainder of the year." SUMMARY – First quarter 2013(in $ millions, except per-share data)

    Three Months EndedMarch 312013

    2012

    % chgNet Revenues

    242.1

    219.0

    10.5%Net revenues generated in China

    111.3

    91.8

    21.2%Net revenues generated in international markets

    130.8

    127.2

    2.8%Gross Profit

    139.1

    120.3

    15.6%Non-GAAP Gross Profit

    140.7

    121.4

    15.9%Operating Income

    39.0

    36.7

    6.2%Non-GAAP Operating Income

    46.3

    40.5

    14.3%EBITDA

    49.8

    46.7

    6.8%Net Income

    57.4

    36.6

    57.0%Non-GAAP Net Income

    64.6

    40.4

    59.9%Non-GAAP Net Income (excluding tax benefits -Note)

    45.2

    40.4

    11.9%Diluted EPS

    0.48

    0.31

    54.8%Non-GAAP Diluted EPS

    0.53

    0.34

    57.7%Note: The 2013 amount excludes $19.4 million tax benefits related to the key software enterprise status for the calendar year 2011 and 2012, which was recognized in the first quarter of 2013.

    Net RevenuesMindray reported net revenues of $242.1 million for the first quarter of 2013, a 10.5% increase from $219.0 million in the first quarter of 2012.

  • Net revenues generated in China increased 21.2% to $111.3 million from $91.8 million in the first quarter of 2012.
  • Net revenues generated in the international markets increased 2.8% to $130.8 million from $127.2 million in the first quarter of 2012.
  • Performance by SegmentPatient Monitoring & Life Support Products: Net revenues in this segment increased 3.9% to $99.4 million from $95.7 million in the first quarter of 2012, contributing 41.1% to total net revenues in the first quarter of 2013.

    In-Vitro Diagnostic Products: Net revenues in this segment increased 20.7% to $68.3 million from $56.6 million in the first quarter of 2012, contributing 28.2% to total net revenues in the first quarter of 2013. Reagents sales represented 36.4% of this segment's net revenues.

    Medical Imaging Systems: Net revenues in this segment increased 0.7% to $53.2 million from $52.8 million in the first quarter of 2012, contributing 22.0% to total net revenues in the first quarter of 2013.

    Others: Other net revenues increased 52.7% to $21.2 million from $13.9 million in the first quarter of 2012, contributing 8.7% to total net revenues in the first quarter of 2013. Other net revenues mainly include sales from the orthopedics business, service revenues from extended warranties, sales of accessories and repair service revenues for post-warranty period.

    Gross MarginFirst quarter 2013 gross profit was $139.1 million, a 15.6% increase from $120.3 million in the first quarter of 2012. First quarter 2013 non-GAAP gross profit was $140.7 million, a 15.9% increase from $121.4 million in the first quarter of 2012. First quarter 2013 gross margin was 57.4% compared to 54.9% in the first quarter of 2012 and 57.8% in the fourth quarter of 2012. Non-GAAP gross margin was 58.1% in the first quarter of 2013 compared to 55.5% in the first quarter of 2012 and 58.5% in the fourth quarter of 2012.

    Operating ExpensesSelling expenses for the first quarter of 2013 were $47.2 million, or 19.5% of total net revenues, compared to 18.1% in the first quarter of 2012 and 17.0% in the fourth quarter of 2012. Non-GAAP selling expenses for the first quarter of 2013 were $44.9 million, or 18.5% of total net revenues, compared to 17.5% in the first quarter of 2012 and 16.2% in the fourth quarter of 2012.

    General and administrative expenses for the first quarter of 2013 were $26.6 million, or 11.0% of total net revenues, compared to 9.0% in the first quarter of 2012 and 11.5% in the fourth quarter of 2012. Non-GAAP general and administrative expenses for the first quarter of 2013 were $24.2 million, or 10.0% of total net revenues, compared to 8.7% in the first quarter of 2012 and 11.4% in the fourth quarter of 2012.

    Research and development expenses for the first quarter of 2013 were $26.3 million, or 10.9% of total net revenues, compared to 11.1% in the first quarter of 2012 and 10.4% in the fourth quarter of 2012. Non-GAAP research and development expenses for the first quarter of 2013 were $25.3 million, or 10.5% of total net revenues, compared to 10.7% in the first quarter of 2012 and 10.1% in the fourth quarter of 2012.

    Total share-based compensation expenses, which were allocated to cost of revenues and related operating expenses, were $4.8 million in the first quarter of 2013 compared to $2.2 million in the first quarter of 2012 and $2.7 million in the fourth quarter of 2012.

    Operating income was $39.0 million in the first quarter of 2013, a 6.2% increase from $36.7 million in the first quarter of 2012. Non-GAAP operating income in the first quarter of 2013 was $46.3 million, a 14.3% increase from $40.5 million in the first quarter of 2012. Operating margin was 16.1% in the first quarter of 2013 compared to 16.8% in the first quarter of 2012 and 18.9% in the fourth quarter of 2012. Non-GAAP operating margin was 19.1 % in the first quarter of 2013 compared to 18.5% in the first quarter of 2012 and 20.8% in the fourth quarter of 2012.

    Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")First quarter 2013 EBITDA increased 6.8% year-over-year to $49.8 million from $46.7 million in the first quarter of 2012.

    Net IncomeNet income increased 57.0% year-over-year to $57.4 million from $36.6 million in the first quarter of 2012. Non-GAAP net income increased 59.9% year-over-year to $64.6 million from $40.4 million in the first quarter of 2012. Excluding the tax benefits of $19.4 million recognized in the first quarter of 2013, non-GAAP net income increased 11.9% over the first quarter of 2012. Net margin was 23.7% in the first quarter of 2013 compared to 16.7% in the first quarter of 2012 and 17.7% in the fourth quarter of 2012. Non-GAAP net margin was 26.7% in the first quarter of 2013 compared to 18.4% in the first quarter of 2012 and 19.5% in the fourth quarter of 2012. Excluding the tax benefits of $19.4 million, non-GAAP net margin was 18.7% in the first quarter of 2013.

    First quarter 2013 basic and diluted earnings per share were $0.49 and $0.48 respectively, compared to $0.32 and $0.31 in the first quarter of 2012. Basic and diluted non-GAAP earnings per share were $0.55 and $0.53 respectively, compared to $0.35 and $0.34 in the first quarter of 2012. Shares used in the computation of diluted earnings per share for the first quarter 2013 were 120.7 million.

    Other Select DataAccounts receivable turnover days were 66 days in the first quarter of 2013, improved from 79 days in the first quarter of 2012 and compared to 53 days in the fourth quarter of 2012. Inventory turnover days were 103 days in the first quarter of 2013, compared to 92 days in the first quarter of 2012 and 83 days in the fourth quarter of 2012. Accounts payable turnover days were 59 days in the first quarter of 2013, compared to 54 days in the first quarter of 2012 and 47 days in the fourth quarter of 2012. Mindray calculates the above working capital turnover days using the average of beginning and ending net balances of the quarter.

    As of March 31, 2013, the company had $891.0 million in cash and cash equivalents, and short-term investments compared to $862.9 million as of December 31, 2012. Net cash provided by operating activities and net cash outflow for capital expenditures during the quarter were $42.4 million and $20.0 million respectively.

    As of March 31, 2013, the company had approximately 7,500 employees.

    Business Outlook for Full Year 2013The company maintains its full year guidance and expects its full year 2013 net revenues to grow at least 17% over its full year 2012 net revenues.

    The company continues to expect its full year 2013 non-GAAP net income to grow at least 15% over its non-GAAP net income for full year 2012. This guidance excludes the tax benefits of $19.4 million related to the National Key Software Enterprise status for the calendar year 2011 and 2012, which was recognized in the first quarter of 2013 and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

    The company expects its capital expenditure for full year 2013 to be around $130 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 Mr. Li Xiting, Mindray's President and Chief Executive Officer. "For the rest of 2013, we expect China to be our primary growth engine, based on our strong market position and favorable macro healthcare spending trends. We are optimistic that the prospects for emerging markets should improve going forward. However, risk factors such as political and currency issues remain. We will closely monitor these factors and react promptly. In developed markets, as we stated earlier this year, we expect challenging conditions to continue due to economic and hospital spending uncertainties. However, we will maintain our long-term growth strategy in these countries. Going forward, we will continue to build a stronger global brand, improve our operational efficiency and seek attractive M&A and collaboration opportunities."

    Conference Call InformationMindray's management will hold an earnings conference call at 8:00 AM on May 7, 2013 U.S. Eastern Time (8:00 PM on May 7, 2013 Beijing/Hong Kong Time).

    Dial-in details for the earnings conference call are as follows:

    International Toll Free:
    United States: +1-866-519-4004
    Hong Kong: 800-930-346
    China Landline:  800-819-0121

    Local dial-in numbers:

    United States: +1-718-354-1231
    Hong Kong: +852-2475-0994
    China Mobile: 400-620-8038
    Passcode for all regions: Mindray

    A replay of the conference call may be accessed by phone at the following numbers until May 22, 2013.

    U.S. Toll Free: +1-855-452-5696
    International: +1-646-254-3697
    Passcode: 36769828

    Additionally, 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 2013 and provided guidance for full year 2013 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, 2012 and 2013, respectively, in the attached financial information.

    Cautionary Note Regarding Forward-Looking StatementsThis 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 2013, our assumption of a corporate income tax rate of 15% applicable to the Shenzhen subsidiary, the continued robust demand of our products in the domestic market, particularly in the in-vitro diagnostic segment, that we are optimistic about the region's growth potential and will continue to invest this year, that management remains committed to meeting our goals for the remainder of the year, that for the rest of 2013, we expect China to be our primary growth engine, based on our strong market position and favorable macro healthcare spending trends, that we are optimistic that the prospects for emerging markets should improve going forward, our belief and anticipation that risk factors such as political and currency issues remain, that we will closely monitor these factors and react promptly, that in developed markets, we expect challenging conditions to continue due to economic and hospital spending uncertainties, that  we will maintain our long-term growth strategy in these countries, and that going forward, we will continue to build a stronger global brand, improve our operational efficiency and seek attractive M&A and collaboration opportunities,  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 growth and 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; our ability to settle disputes with our customers and suppliers; 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 8, 2013. Our results of operations for the first quarter as of March 31, 2013 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 Luk
    Western Bridge, LLC
    Tel: +1-646-808-9150
    Email: hoki.luk@westernbridgegroup.com

    In China:
    Cathy Gao
    Mindray Medical International Limited
    Tel: +86-755-8188-8023
    Email: cathy.gao@mindray.com Exhibit 1MINDRAY MEDICAL INTERNATIONAL LIMITEDCONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in thousands)As of December 31, 2012As of
    Mar 31, 2013 US$  US$  (Note 1)  (unaudited) ASSETSCurrent assets:Cash and cash equivalents

    247,859195,744Restricted cash and restricted investment (Note 2)

    21,52816,129Short-term investments

    615,003695,303Accounts receivable, net

    185,701160,617Inventories

    110,099123,795Value added tax receivables

    7,42713,335Other receivables

    15,70424,425Prepayments and deposits

    11,08112,827Deferred tax assets,net

    6,4437,500Total current assets

    1,220,8451,249,675Other assets

    10,81110,880Accounts receivables, net, non-current

    2,1721,918Advances for purchase of plant and equipment

    3,0093,638Property, plant and equipment, net

    268,010271,436Land use rights, net

    56,92158,477Intangible assets, net

    132,334129,635Goodwill

    163,016168,951Total assets

    1,857,1181,894,610LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Short-term bank loans

    85,100134,989Notes payable

    8,6978,621Accounts payable

    53,24463,171Advances from customers

    17,55020,793Salaries payable

    69,91938,989Other payables

    108,528103,260Purchase consideration payable

    20,35421,574Income taxes payable

    30,30524,556Other taxes payable

    8,8948,181Total current liabilities

    402,591424,134Long-term bank loan

    50,03959,934Other long-term liabilities

    4,0043,958Deferred tax liabilities, net

    23,36923,757Total liabilities

    480,003511,783Shareholders' equity:Ordinary shares

    1515Additional paid-in capital

    514,280525,747Retained earnings

    699,992698,346Accumulated other comprehensive income

    116,556109,918Total shareholders' equity

    1,330,8431,334,026Non-controlling interests

    46,27248,801Total equity

    1,377,1151,382,827Total liabilities and equity

    1,857,1181,894,610(1) Financial information is extracted from the audited financial statements included in the Company's 2012 annual report on Form 20-F. (2) Restricted cash and restricted investment are those purchase consideration in connection with our acquisition being held on escrow accounts. 

     Exhibit 2MINDRAY MEDICAL INTERNATIONAL LIMITEDCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Dollars in thousands, except for share and per share data)Three months ended Mar 31,20122013US$ US$ (unaudited) (unaudited) Net revenues-PRC91,840111,332- International 127,177130,771Net revenues219,017242,103Cost of revenues (98,692)(103,038)Gross profit120,325139,065Selling expenses (39,729)(47,157)General and administrative expenses (19,614)(26,584)Research and development expenses (24,277)(26,328)Income from operations36,70538,996Other income, net58578Interest income8,4387,687Interest expense(691)(972)Income before income taxes and non-controlling interests45,03745,789Provision for income taxes(8,343)12,934Net income 36,69458,723Less: Net income attributable to non-controlling interests(107)(1,299)Net income attributable to the Company36,58757,424Basic earnings per share0.320.49Diluted earnings per share0.310.48Shares used in the computation of:Basic earnings per share116,016,063118,181,156Diluted earnings per share119,045,742120,724,275 

     Exhibit 3MINDRAY MEDICAL INTERNATIONAL LIMITEDCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Dollars in thousands)Three months ended Mar 31,20122013 US$  US$  (unaudited)  (unaudited) Cash flow from operating activities:  Net income

    36,69458,723  Adjustments to reconcile net income to net cash provided by operating activities

    14,40815,310  Changes in current assets and liabilities,net of effects of acquisitions

    9,020(31,643)Net cash provided by operating activities 60,12242,390Cash flow from investing activities:Acquisition cost of subsidiaries, net of cash received

    (2,739)(3,839)Capital expenditure

    (16,090)(20,042)Decrease in restricted cash and restricted investment

    -5,399Proceeds from sale of short-term investments

    144,395109,261Increase in short-term investments and changes in other investing activities

    (92,852)(191,805)Net cash provided by (used in) investing activities32,714(101,026)Cash flow from financing activities:Proceeds from bank loans

    50,00060,000Dividend paid

    (46,401)(59,070)Proceeds from exercise of options

    9,4476,754Cash contribution from non-controlling interest

    506-Net cash provided by financing activities13,5527,684Net increase (decrease) in cash and cash equivalents106,388(50,952)Cash and cash equivalents, beginning of period

    124,311247,859Effect of exchange rate changes on cash

    311(1,163)Cash and cash equivalents, end of period231,010195,744 

     Exhibit 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 Mar 31,20122013(unaudited)(unaudited) US$  US$ Non-GAAP net income40,38464,570Non-GAAP net margin18.4%26.7%Amortization of acquired intangible assets(1,635)(2,602)Deferred tax impact related to acquired intangible assets35206Share-based compensation(2,197)(4,750)GAAP net income 36,58757,424GAAP net margin16.7%23.7%Non-GAAP basic earnings per share0.350.55Non-GAAP diluted earnings per share0.340.53GAAP basic earnings per share0.320.49GAAP diluted earnings per share0.310.48 Shares used in computation of:  Basic earnings per share 116,016,063118,181,156 Diluted earnings per share 119,045,742120,724,275Non-GAAP operating income40,53746,348Non-GAAP operating margin18.5%19.1%Amortization of acquired intangible assets(1,635)(2,602)Share-based compensation(2,197)(4,750)GAAP operating income36,70538,996GAAP operating margin16.8%16.1%Non-GAAP gross profit121,449140,714Non-GAAP gross margin55.5%58.1%Amortization of acquired intangible assets (966)(1,467)Share-based compensation(158)(182)GAAP gross profit120,325139,065GAAP gross margin54.9%57.4%Non-GAAP selling expenses(38,366)(44,906)Non-GAAP as % of total net revenues17.5%18.5%Amortization of acquired intangible assets (669)(1,135)Share-based compensation(694)(1,116)GAAP selling expenses(39,729)(47,157)GAAP as % of total net revenues18.1%19.5%Non-GAAP general and administrative expenses(19,101)(24,158)Non-GAAP as % of total net revenues8.7%10.0%Share-based compensation(513)(2,426)GAAP general and administrative expenses(19,614)(26,584)GAAP as % of total net revenues9.0%11.0%Non-GAAP research and development expenses(23,445)(25,302)Non-GAAP as % of total net revenues10.7%10.5%Share-based compensation(832)(1,026)GAAP research and development expenses(24,277)(26,328)GAAP as % of total net revenues11.1%10.9% 

     

     Exhibit 5MINDRAY MEDICAL INTERNATIONAL LIMITEDRECONCILIATION OF GAAP NET INCOME TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION(Dollars in thousands)Three months ended Mar 31,20122013US$US$(unaudited)(unaudited)GAAP net income

    $

    36,58757,424Interest income(8,438)(7,687)Interest expense691972Provision for income taxes8,343(12,934)Earnings before interest and taxes ("EBIT")37,18337,775Depreciation6,5907,776Amortization2,8894,277Earnings before interest, taxes, depreciation, and amortization ("EBITDA")46,66249,828 

     


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