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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, sales in those markets exceeded our expectations and recorded substantial increases of more than 40% during the period. In developed markets, we did well and delivered double-digit growth in both North America and Western Europe. Overall, our investments in all regions have yielded positive results and we will continue to work hard to aggressively increase our market penetration worldwide."

    SUMMARY --Third Quarter2011(in $ millions, except per-share data)

    Three Months EndedSeptember 302011

    2010

    % chgNet Revenues

    218.4

    168.3

    29.8%Revenues generated in China

    93.5

    69.0

    35.4%Revenues generated outside China

    124.9

    99.2

    25.9%Gross Profit

    119.8

    99.0

    21.1%Non-GAAP Gross Profit

    121.2

    100.2

    21.0%Operating Income

    38.7

    38.7

    -0.2%Non-GAAP Operating Income

    43.9

    42.4

    3.5%EBITDA

    48.4

    45.8

    5.7%Net Income

    37.3

    35.9

    3.8%Non-GAAP Net Income

    42.5

    39.5

    7.4%Diluted EPS

    0.31

    0.30

    2.3%Non-GAAP Diluted EPS

    0.36

    0.34

    5.9%RevenuesMindray reported net revenues of $218.4 million for the third quarter, a 29.8% increase from $168.3 million in the same period last year. Net revenues generated in China jumped 35.4% to $93.5 million, from $69.0 million in the same quarter last year. Net revenues generated in the international markets rose 25.9% to $124.9 million, from $99.2 million in the third quarter last year.

    Performance by SegmentPatient Monitoring and Life Support Products: Revenues for this segment jumped 32.4% to $96.1 million, from $72.6 million in the third quarter of last year, contributing 44.0% to total net revenues.

    In-Vitro Diagnostic Products: Revenues for this segment increased 29.3% to $55.7 million, from $43.1 million in the third quarter of last year, contributing 25.5% to total net revenues.

    Medical Imaging Systems: Revenues for this segment rose 24.5% to $53.2 million, from $42.7 million in the third quarter of last year, contributing 24.4% to total net revenues.

    Others: Other revenues, primarily comprised of service fees charged for post-warranty period repair services, increased 35.9% to $13.4 million, from $9.9 million in the third quarter of last year, contributing 6.1% to total net revenues.

    Gross MarginsThird-quarter gross profit was $119.8 million, a 21.1% increase from $99.0 million in the same period last year. Non-GAAP gross profit was $121.2 million, a 21.0% increase from $100.2 million in the same quarter last year. Gross margin was 54.9%, compared to 58.8% in the third quarter of 2010 and 57.0% in the second quarter of this year. Non-GAAP gross margin was 55.5%, compared to 59.5% in the third quarter of 2010 and 57.6% in the second quarter of this year.

    Operating ExpensesSelling expenses reached $41.0 million, or 18.8% of total net revenues, compared to 18.0% in the third quarter of 2010 and 18.6% in the second quarter of this year. Non-GAAP selling expenses stood at $39.3 million, or 18.0% of total net revenues, up from 17.2% in the third quarter of 2010 and 17.7% in the second quarter of this year.

    General and administrative expenses were $20.8 million, or 9.5% of total net revenues, compared to 9.0% in the third quarter of 2010 and 8.0% in the second quarter of this year. Non-GAAP general and administrative expenses were $19.5 million, or 8.9% of the total net revenues, compared to 8.8% in the same quarter of 2010 and 7.7% in the second quarter of this year.

    Research and development expenses reached $19.3 million, or 8.9% of total net revenues, compared to 8.8% in the third quarter of 2010 and 8.5% in the second quarter of this year. Non-GAAP research and development expenses were $18.4 million, or 8.4% of total net revenues, compared to 8.3% in the third quarter of 2010 and 8.0% in the second quarter of this year.

    Total share-based compensation expenses, which were allocated to cost of revenues and related operating expenses, were $3.1 million, up from $1.9 million in the third quarter of 2010 and $3.3 million in the second quarter of this year.

    Operating income was $38.7 million, flat as compared to the third quarter of last year. Non-GAAP operating income was $43.9 million, up 3.5% from $42.4 million in the same quarter last year. Operating margin was 17.7%, compared to 23.0% in the third quarter of 2010 and 21.8% in the second quarter of this year. Non-GAAP operating margin was 20.1% in the third quarter, compared to 25.2% in the same period of 2010 and 24.2% in the second quarter of this year.

    Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")Third-quarter EBITDA increased 5.7% year-over-year to $48.4 million, from $45.8 million in the same period of 2010.

    Net IncomeNet income increased 3.8% year-over-year to $37.3 million, from $35.9 million in the third quarter of last year. Non-GAAP net income increased 7.4% year-over-year to $42.5 million, from $39.5 million in the third quarter of last year. Net margin was 17.1%, down from 21.4% in the third quarter of 2010 and 20.6% in the second quarter of this year. Non-GAAP net margin was 19.4%, compared to 23.5% in the third quarter of 2010 and 22.9% in the second quarter of this year. Income tax expenses in the third quarter were $7.5 million, representing an effective tax rate of 16.6%.

    Third-quarter 2011 basic and diluted earnings per share were $0.32 and $0.31 respectively, compared to $0.31 and $0.30 in the same period last year. Basic and diluted non-GAAP earnings per share were $0.36 and $0.36 respectively, compared to $0.35 and $0.34 in the third quarter of last year. Shares used in the computation of diluted earnings per share for this quarter were 119.6 million.

    Other Select DataAverage accounts receivable days outstanding were 71 days in the third quarter, compared to 64 days in the second quarter. Average inventory days were 100 days, compared to 94 days in the last quarter. Average accounts payable days outstanding were 58 days, compared to 57 days in the last quarter. Mindray calculated the above working capital days using the average of beginning and ending balances of the quarter.

    As of September 30, 2011, the company had $532.2 million in cash and cash equivalents and short-term investments, up from $467.1 million as of June 30, 2011. Net cash generated from operating activities and net cash outflow for capital expenditures during the quarter were $29.9 million and $19.4 million respectively.

    As of September 30, 2011, the company had approximately 6,700 employees.

    Business Outlook for Full Year 2011The company has raised its full-year guidance and anticipates its full-year 2011 net revenues to increase more than 20% year-over-year, exceeding its previous guidance of net revenue growth of more than 16%.

    The company reaffirms its full-year 2011 non-GAAP net income guidance of more than 10% growth over its non-GAAP net income for last year. This guidance excludes the tax benefits related to the key software enterprise status ($8.6 million and $7.6 million recognized in the first quarter of 2010 and 2011 respectively) and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

    The company expects its full-year capital expenditure to remain in the range of $70 million to $80 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 had significant growth in our key global markets in the third quarter. Based on the positive sales trajectory we have achieved so far, we are pleased to raise our full-year revenue guidance to more than 20% growth from our previous guidance of over 16%. We also reiterate our non-GAAP net income guidance of more than 10% year-over-year growth," commented Li Xiting, Mindray's president and co-chief executive officer. "In addition to our strong fundamental performance, the $100 million share buyback program we announced today also highlights our confidence about Mindray's long-term growth prospects and our commitment to increasing value for our shareholders. On the M&A front, we continue to actively seek opportunities that could bring complementary technologies and/or products to our company. Overall, we remain confident that Mindray is well-positioned for future growth and expansion in the global market."

    Conference Call InformationMindray's management will hold an earnings conference call at 8:00 AM on November 8, 2011 U.S. Eastern Time (9:00 PM on November 8, 2011 Beijing/Hong Kong Time).

    Dial-in details for the earnings conference call are as follows:

    Hong Kong:

    +852-2475-0994International:

    +1-718-354-1231International Toll Free Dial-in Number(s):

    China, Domestic Mobile:

    400-620-8038China, Domestic:

    800-819-0121Hong Kong:

    800-930-346United States:

    1-866-519-4004Passcode for all regions:

    MindrayA replay of the conference call may be accessed by phone at the following numbers until November 22, 2011.

    U.S. Toll Free:

    +1-866-214-5335International:

    +1-718-354-1232Passcode:

    2044-8418Additionally, a live and archived webcast of this conference call will be available on the Investor Relations section of Mindray's website at: http://ir.mindray.com

    Use of Non-GAAP Financial MeasuresMindray provides gross profit, selling expenses, general and administrative expenses, R&D expenses, operating income, net income and earnings per share on a non-GAAP basis that excludes share-based compensation expense and acquired intangible assets amortization expense, all net of related tax impact, as well as EBITDA to enable investors to better assess the company's operating performance. The non-GAAP measures described by the company are reconciled to the corresponding GAAP measure in the exhibit below titled "Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures".

    The company has reported for the third quarter of 2011 and provided guidance for full year 2011 earnings on a non-GAAP basis. Each of the terms as used by the company is defined as follows:

  • Non-GAAP gross profit represents gross profit reported in accordance with GAAP, adjusted for the effects of share-based compensation and amortization of acquired intangible assets.
  • Non-GAAP operating income represents operating income reported in accordance with GAAP, adjusted for the effects of share-based compensation, amortization of acquired intangible assets and legal fees.
  • Non-GAAP selling expenses represent selling expenses reported in accordance with GAAP, adjusted for the effects of share-based compensation and amortization of acquired intangible assets.
  • Non-GAAP general and administrative expenses represent general and administrative expenses reported in accordance with GAAP, adjusted for the effects of share-based compensation and legal fees.
  • Non-GAAP research and development expenses represent research and development expenses reported in accordance with GAAP, adjusted for the effects of share-based compensation.
  • Non-GAAP net income represents net income reported in accordance with GAAP, adjusted for the effects of share-based compensation, amortization of acquired intangible assets, legal fees and deferred tax impact related to acquired intangible assets.
  • Non-GAAP earnings per share represents non-GAAP net income divided by the number of shares used in computing basic and diluted earnings per share in accordance with GAAP, and excludes the impact of the declared dividends for the basic calculation.
  • EBITDA represents net income reported in accordance with GAAP, adjusted for the effect of interest income, interest expense, provision of income taxes, depreciation and amortization.

  • The company computes its non-GAAP financial measures using the same consistent method from quarter to quarter. The company notes that these measures may not be calculated on the same basis of similar measures used by other companies. Readers are cautioned not to view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP results with non-GAAP results for the three months ended September 30, 2010 and 2011, respectively, in the attached financial information.

    Cautionary Note Regarding Forward-Looking StatementsThis press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including without limitation, statements about Mindray's anticipated net revenues, non-GAAP net income and capital expenditure for 2011, our assumption of a corporate income tax rate of 15% applicable to the Shenzhen subsidiary, our favorable hospital and government spending trends in areas where we have major presence, that we will continue to work hard to aggressively increase our market penetration worldwide, Mindray's long-term growth prospects, our commitment to increasing value for our shareholders, that we continue to actively seek opportunities that could bring complementary technologies and/or products to our company, and our confidence that Mindray is well-positioned for future growth and expansion in the global market, are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in our public filings with the Securities and Exchange Commission. For a discussion of other important factors that could adversely affect our business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 4 of our annual report on Form 20-F. Our results of operations for the third quarter of 2011 are not necessarily indicative of our operating results for any future periods. Any projections in this release are based on limited information currently available to us, which is subject to change. Although such projections and the factors influencing them will likely change, we will not necessarily update the information. Such information speaks only as of the date of this release.

    About MindrayWe are a leading developer, manufacturer and marketer of medical devices worldwide. We maintain our global headquarters in Shenzhen, China, U.S. headquarters in Mahwah, New Jersey and multiple sales offices in major international markets. From our main manufacturing and engineering base in China, we supply, through our worldwide distribution network, internationally a broad range of products across three primary business segments, namely patient monitoring and life support products, in-vitro diagnostic products and medical imaging systems. For more information, please visit: http://ir.mindray.com

    For investor and media inquiries please contact:In the U.S:

    Hoki Luk
    Western Bridge, LLC
    Tel:  +1-646-808-9150
    Email: hoki.luk@westernbridgegroup.com

    In China:

    Cathy Gao
    Mindray Medical International Limited
    Tel: +86-755-8188-8023
    Email: cathy.gao@mindray.com

    Exhibit 1MINDRAY MEDICAL INTERNATIONAL LIMITEDCONDENSED CONSOLIDATED BALANCE SHEETS(Dollars in thousands)As of December 31, 2010As of September 30, 2011US$ US$ (Note 1) (unaudited) ASSETSCurrent assets:Cash and cash equivalents

    137,502124,785Short-term investments

    296,003407,381Accounts receivable, net

    143,318181,939Inventories

    79,185113,531Value added tax receivables

    18,56225,345Other receivables

    9,95313,571Prepayments and deposits

    7,59610,139Deferred tax assets

    2,4813,215Total current assets

    694,600879,906Other assets

    4,5526,740Advances for purchase of plant and equipment

    15,7759,050Property, plant and equipment, net

    207,636225,288Land use rights, net

    46,07954,689Intangible assets, net

    66,24778,960Goodwill

    115,672125,494Total assets

    1,150,5611,380,127LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Short-term bank loans

    -50,469Notes payable

    5,7737,834Accounts payable

    44,32253,815Advances from customers

    13,20915,099Salaries payable

    26,77024,234Other payables

    66,61569,088Income taxes payable

    13,58213,352Other taxes payable

    4,2864,361Total current liabilities

    174,557238,252Long-term bank loan

    -34,945Other long-term payables

    1,1332,366Deferred tax liabilities, net

    8,26811,5669,40148,877Shareholders' equity:Ordinary shares

    1515Additional paid-in capital

    466,613481,372Retained earnings

    434,143519,387Accumulated other comprehensive income

    65,83089,724Total shareholders' equity

    966,6011,090,498Non-controlling interest

    22,500Total equity

    966,6031,092,998Total liabilities and shareholders' equity

    1,150,5611,380,127(1) Financial information is extracted from the audited financial statements included in the Company fiscal 2010 20F.Exhibit 2MINDRAY MEDICAL INTERNATIONAL LIMITEDCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Dollars in thousands, except for share and per share data)Three months ended September 30,Nine months ended September 30,2010201120102011US$US$US$US$(unaudited)(unaudited)(unaudited)(unaudited)Net revenues- PRC69,03793,500203,606256,682- International 99,237124,927289,728359,931Net revenues168,274218,427493,334616,613Cost of revenues (69,287)(98,596)(207,660)(273,267)Gross profit98,987119,831285,674343,346Selling expenses (30,215)(41,044)(81,066)(115,132)General and administrative expenses (15,221)(20,777)(42,864)(52,641)Research and development expenses (14,802)(19,343)(43,553)(56,435)Operating income38,74938,667118,191119,138Other income, net604141372,592Interest income4,1576,0728,67013,558Interest expense(620)(319)(2,463)(920)Income before income taxes and non-controlling interests

    42,34644,834124,535134,368Provision for income taxes(6,408)(7,459)(10,118)(14,427)Net income 35,93837,375114,417119,941Less: Net income attributable to non-controlling interests-(60)-(107)Net income attributable to the Company35,93837,315114,417119,834Basic earnings per share0.310.321.011.04Diluted earnings per share0.300.310.971.01Shares used in the computation of:Basic earnings per share114,489,052116,770,784113,351,832115,181,776Diluted earnings per share117,884,600119,602,158117,396,900118,397,031Exhibit 3MINDRAY MEDICAL INTERNATIONAL LIMITEDCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Dollars in thousands)Three months ended September 30,Nine months ended September 30,2010201120102011US$US$US$US$(unaudited)(unaudited)(unaudited)(unaudited)Cash flow from operating activities:  Net income

    35,93837,315114,417119,834  Adjustments to reconcile net income to net cash from operating activities

    10,50614,53729,14336,472  Changes in current assets and liabilities

    (18,587)(21,964)(63,081)(60,337)Net cash generated from operating activities27,85729,88880,47995,969Cash flow from investing activities:   Acquisition cost, net of cash acquired

    -(2,884)-(6,530)   Capital expenditure

    (17,041)(19,376)(43,743)(63,731)   Decrease in restricted cash

    204-76,553-   Proceeds from sale of restricted/short term investments

    -2,99191,91693,124   Increase in short term investments and changes in others investing activities

    (57,074)(38,881)(215,105)(191,145)Net cash used in investing activities(73,911)(58,150)(90,379)(168,282)Cash flow from financing activities:   Repayment of bank loans

    (145)-(169,211)-   Proceeds from bank loans

    -50,469-85,399   Dividend paid

    --(22,800)(34,522)   Proceeds from exercise of options

    1,4791,04410,1565,391   Net proceeds from secondary public offering

    --149,661-   Cash contribution from non-controlling interest

    -797-797Net cash generated from/(used in) financing activities1,33452,310(32,194)57,065Net (decrease)/increase in cash and cash equivalents(44,720)24,048(42,094)(15,248)Cash and cash equivalents at beginning of period

    211,27599,614204,228137,502Effect of exchange rate changes on cash

    (1,840)1,1232,5812,531Cash and cash equivalents at end of period164,715124,785164,715124,785Exhibit 4MINDRAY MEDICAL INTERNATIONAL LIMITEDRECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES(Dollars in thousands, except for share and per share data)Three months ended September 30,Nine months ended September 30,2010201120102011(unaudited)(unaudited)(unaudited)(unaudited)US$US$US$US$Non-GAAP net income39,53842,466125,570134,528Non-GAAP net margin23.5%19.4%25.5%21.8%Amortization of acquired intangible assets(1,745)(1,774)(5,745)(5,324)Deferred tax impact related to acquired intangible assets3334174102Legal fees-(262)-(262)Share-based compensation(1,888)(3,149)(5,582)(9,210)GAAP net income 35,93837,315114,417119,834GAAP net margin21.4%17.1%23.2%19.4%Non-GAAP basic earnings per share0.350.361.111.17Non-GAAP diluted earnings per share0.340.361.071.14GAAP basic earnings per share0.310.321.011.04GAAP diluted earnings per share0.300.310.971.01 Shares used in computation of: Basic earnings per share 114,489,052116,770,784113,351,832115,181,776 Diluted earnings per share 117,884,600119,602,158117,396,900118,397,031Non-GAAP operating income42,38243,852129,518133,934Non-GAAP operating margin25.2%20.1%26.3%21.7%Amortization of acquired intangible assets(1,745)(1,774)(5,745)(5,324)Legal fees-(262)-(262)Share-based compensation(1,888)(3,149)(5,582)(9,210)GAAP operating income38,74938,667118,191119,138GAAP operating margin23.0%17.7%24.0%19.3%Non-GAAP gross profit100,174121,174289,805347,367Non-GAAP gross margin59.5%55.5%58.7%56.3%Amortization of acquired intangible assets (1,126)(1,151)(3,885)(3,448)Share-based compensation(61)(192)(246)(573)GAAP gross profit98,987119,831285,674343,346GAAP gross margin58.8%54.9%57.9%55.7%Non-GAAP selling expenses(29,026)(39,334)(77,346)(109,783)Non-GAAP as % of total revenues17.2%18.0%15.7%17.8%Amortization of acquired intangible assets (619)(623)(1,860)(1,876)Share-based compensation(570)(1,087)(1,860)(3,473)GAAP selling expenses(30,215)(41,044)(81,066)(115,132)GAAP as % of total revenues18.0%18.8%16.4%18.7%Non-GAAP general and administrative expenses(14,735)(19,546)(41,608)(50,216)Non-GAAP as % of total revenues8.8%8.9%8.4%8.1%Legal fees-(262)-(262)Share-based compensation(486)(969)(1,256)(2,163)GAAP general and administrative expenses(15,221)(20,777)(42,864)(52,641)GAAP as % of total revenues9.0%9.5%8.7%8.5%Non-GAAP research and development expenses(14,031)(18,442)(41,333)(53,434)Non-GAAP as % of total revenues8.3%8.4%8.4%8.7%Share-based compensation(771)(901)(2,220)(3,001)GAAP research and development expenses(14,802)(19,343)(43,553)(56,435)GAAP as % of total revenues8.8%8.9%8.8%9.2%Exhibit 5MINDRAY MEDICAL INTERNATIONAL LIMITEDRECONCILIATION OF GAAP NET INCOME TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION(Dollars in thousands)Three months ended September 30,Nine months ended September 30,2010201120102011US$US$US$US$(unaudited)(unaudited)(unaudited)(unaudited)GAAP net income35,93837,315114,417119,834Interest income(4,157)(6,072)(8,670)(13,558)Interest expense6203192,463920Provision for income taxes6,4087,45910,11814,427Earnings before interest and taxes ("EBIT")38,80939,021118,328121,623Depreciation4,9236,58814,13916,849Amortization2,0412,7736,3027,642Earnings before interest, taxes, depreciation, and amortization ("EBITDA")45,77348,382138,769146,114
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