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

010 non-GAAP net income increased 18.8% year-over-year to $125.6 million from $105.7 million in the first nine months of 2009.

First nine months of 2010 diluted earnings per share increased 7.9% year-over-year to $0.97 from $0.90 in the first nine months of 2009. First nine months of 2010 non-GAAP diluted earnings per share increased 14.0% to $1.07 from $0.94 in the first nine months of 2009.

Business Outlook for Full Year 2010The company maintains its full year guidance and expects its full year 2010 net revenues to be $700 million.

The company continues to expect its full year 2010 non-GAAP net income to grow 10% over its non-GAAP net income for full year 2009, excluding the $8.6 million corporate income tax reduction recognized in the first quarter of 2010. This guidance assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for 2010 to remain in the range of $60 million to $70 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. While we are pleased with our performance in the international markets and expect solid international sales trends to continue, we are also taking aggressive measures in the areas of product development, sales force organization, branding and marketing in order to restore growth in non-tender sales in China," commented Li Xiting, Mindray's President and Co-Chief Executive Officer. "We remain firm in our belief that China's healthcare sector continues to be a major segment that attracts heavy investment from both the Chinese government and private capital, which provides promising long-term development prospects for companies like Mindray. We are confident that the implementation of our strategic initiatives in China, our commitment to invest in
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SOURCE Mindray Medical International Limited
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