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Mindray Announces Second Quarter 2012 Financial Results
Date:8/6/2012

SHENZHEN, China, Aug. 6, 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 second quarter ended June 30, 2012. 

Highlights for Second Quarter 2012

  • Net revenues were $267.8 million, an increase of 23.3% over the second quarter of 2011.
  • Robust China sales growth of 27.1% to $115.3 million year-over-year, primarily driven by regular sales.
  • Strong international sales of $152.5 million, representing an increase of 20.5% from the same period last year. Emerging markets[1] and developed markets[2] achieved good sales growth of 21.1% and 19.7% year-over-year, respectively.
  • Non-GAAP gross margin was 57.8%, an improvement of 2.3% sequentially.
  • Non-GAAP net income was $59.5 million, a 19.4% increase over the second quarter of 2011.
  • Net operating cash generated during the quarter was $61.4 million, up a significant 81.6% compared to the same period last year.
  • Reagent revenues growth accelerated, contributing 34.4% to the in-vitro diagnostic business this quarter, compared to 28.4% in the same period last year and 31.5% in the prior quarter.
  • Mindray introduced five new products in the first half of 2012, including the latest high speed biochemistry analyzer, the BS-2000, a clinical biochemistry analyzer, the BS-480, an updated auto hematology analyzer, the BC-5390, a fully automatic urinary sediment analyzer, the EH-2050B Plus, and a new portable diagnostic color ultrasound system, the Z6.
  • In July, Mindray completed the acquisition of a controlling stake in Wuhan Dragonbio Surgical Implant Co., Ltd., a domestic medical orthopedic products provider.
  • "Despite the challenging environments in various international
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    SOURCE Mindray Medical International Limited
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