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Mindray Announces Third Quarter 2010 Financial Results
Date:11/8/2010

SHENZHEN, China, Nov. 8, 2010 /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 third quarter and nine months ended September 30, 2010.Highlights for 2010 Third Quarter and Nine Months

  • Third quarter 2010 net revenues were $168.3 million, an increase of 11.3% over the third quarter of 2009. First nine months net revenues were $493.3 million, an increase of 10.8% year-over-year.
  • Strong international sales of $99.2 million as compared to $84.3 million for the third quarter of 2009, a year-over-year increase of 17.7%.
  • Non-GAAP net income increased 5.8% year-over-year to $39.5 million from $37.4 million in the third quarter of 2009. First nine months non-GAAP net income was $125.6 million, an increase of 18.8% year-over-year.
  • Gross margin in the third quarter of 2010 was 58.8%, compared to 56.6% in the third quarter of 2009 and 58.3% in the second quarter of 2010.
  • Net operating cash generated during the third quarter of 2010 was $27.9 million.
  • The company launched nine new products and several new reagents across its three product lines year to date.

    • "Our results this quarter reflected strong international sales growth, which grew 17.7% year-over year," commented Xu Hang, Mindray's Chairman and Co-Chief Executive Officer. "We are encouraged by the continued growth momentum in both emerging and developed markets. Similar to last quarter, Latin America, the CIS region and the Middle East led growth among all regions while the developed markets again recorded double-digit growth. In China, revenues grew 3.3% year-over-year, not as strong as the year prior largely as a result of continued softening in government spending for medical device purchasing, as well
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    SOURCE Mindray Medical International Limited
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