Mindray Announces Third Quarter 2011 Financi... ( SHENZHEN China Nov. 7 2011 Asia-First...)

Mindray Announces Third Quarter 2011 Financial Results

Date:11/7/2011

SHENZHEN, China, Nov. 7, 2011 /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 ended September 30, 2011.

Highlights for Third Quarter 2011

Net revenues were $218.4 million, up 29.8% over the third quarter of 2010.

Robust China sales, an increase of 35.4% year-over-year, primarily driven by higher regular sales.

Strong international sales of $124.9 million, a year-over-year increase of 25.9%. Emerging markets continued to achieve significant growth this quarter.

Non-GAAP net income was $42.5 million, a 7.4% increase over the third quarter of 2010.

Net operating cash was $29.9 million, up 7.3% year-over-year.

Reagent revenues growth accelerated, contributing 31.3% to the in-vitro diagnostic business in this quarter.

Mindray introduced its latest series of patient monitoring systems including the iMEC series and the new iPM series. Mindray also launched the DP10, DP20 and DP30 black and white ultrasound systems.

On November 4, 2011, the Board of Directors approved a share repurchase program of up to $100 million.

"Despite a volatile and challenging global macro environment during the third quarter, we are happy to report that our total revenues rose nearly 30%, led by robust growth of over 35% in our China sales," commented Xu Hang, Mindray's chairman and co-chief executive officer. "Our sales strength reflects the success of our strategic initiatives and favorable hospital and government spending trends in areas where we have major presence. Emerging markets also continue to contribute significant year-over-year growth of over 30% this quarter. In spite of the political unrests in the Middle East and Africa, sale
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SOURCE Mindray Medical International Limited
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