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Mindray Announces Second Quarter 2013 Financial Results
Date:8/5/2013

SHENZHEN, China, Aug. 5, 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 second quarter ended June 30, 2013.Highlights for Second Quarter 2013

  • Net revenues increased 14.7% year-over-year to $307.2 million. China sales were strong at $147.4 million, representing 27.9% year-over-year growth and 48.0% of the company's total net revenues.
  • International sales were $159.7 million. Both the emerging markets and Western Europe recorded solid revenue performance with mid-teen year-over-year percentage growth.
  • In-vitro diagnostic sales grew 19.5% year-over-year. Reagent sales contributed 36.6% to the segment, up from 34.4% in the same period last year.
  • Non-GAAP operating income grew 15.2% to $73.1 million and non-GAAP net income increased 14.7% to $68.2 million.
  • Net operating cash flow for the quarter strengthened to $76.2 million, representing an increase of 24.3% from the same period last year, mainly as a result of improved working capital management.
  • The cash conversion cycle was 85 days, compared to 97 days in the same period last year, primarily due to better control on receivable collections.
  • In July, the company completed the acquisition of ZONARE, a U.S. high-end ultrasound technology provider.
  • "In the second quarter, our strong China sales continued to drive our top-line performance and we are pleased that our sales in the emerging markets improved sequentially. Western Europe revenues remained solid despite the region's economic weakness. Sales in North America were weak this quarter, primarily as a result of tough comparison over last year," said Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "We further enhanced our efficien
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    SOURCE Mindray Medical International Limited
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