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

of 2010 and $2.6 million in the third quarter of 2009.

Operating income was $38.7 million in the third quarter of 2010, a 13.2% increase from $34.2 million in the third quarter of 2009. Non-GAAP operating income in the third quarter of 2010 was $42.4 million, a 5.9% increase from $40.0 million in the third quarter of 2009. Operating margin was 23.0% in the third quarter of 2010 compared to 22.6% in the third quarter of 2009 and 26.5% in the second quarter of 2010. Non-GAAP operating margin was 25.2% in the third quarter of 2010 compared to 26.5% in the third quarter of 2009 and 28.6% in the second quarter of 2010.

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")Third quarter 2010 EBITDA declined 23.8% year-over-year to $45.8 million from $60.1 million in the third quarter of 2009 and decreased 15.5% from $54.2 million in the second quarter of 2010. The year-over-year decline was primarily due to a one-time income in the third quarter of 2009 of $14.0 million from Beckman Coulter, based on the termination of a joint development and OEM project.

Net IncomeNet income decreased 17.2% year-over-year to $35.9 million from $43.4 million in the third quarter of 2009. Non-GAAP net income increased 5.8% year-over-year to $39.5 million from $37.4 million in the third quarter of 2009. Net margin was 21.4% in the third quarter of 2010 compared to 28.7% in the third quarter of 2009 and 23.6% in the second quarter of 2010. Non-GAAP net margin was 23.5% in the third quarter of 2010 compared to 24.7% in the third quarter of 2009 and 25.6% in the second quarter of 2010. Third quarter 2010 income tax expense was $6.4 million representing an effective tax rate of 15.1%.

Third quarter 2010 basic and diluted earnings per share were $0.31 and $0.30, respectively, compared to $0.40 and $0.38 in the third quarter of 2009. Basic and diluted non-GAAP earnings per share were $0.35 and $0.34, respectively, compared to $0.34 and $0.33 in
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SOURCE Mindray Medical International Limited
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