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Mindray Announces Third Quarter 2013 Financial Results
Date:11/4/2013

ird quarter of 2012, contributing 28.0% to total net revenues in the third quarter of 2013. Reagents sales represented 40.2% of this segment's net revenues.

Medical Imaging Systems: Net revenues in this segment increased 26.7% to $77.1 million from $60.9 million in the third quarter of 2012, contributing 26.0% to total net revenues in the third quarter of 2013.

Others: Net revenues increased 31.2% to $25.9 million from $19.8 million in the third quarter of 2012, contributing 8.8% to total net revenues in the third quarter of 2013. Other net revenues mainly include sales from the orthopedics business, service revenues from extended warranties, sales of accessories and repair service revenues for post-warranty period.

Gross MarginThird quarter 2013 gross profit was $165.1 million, a 14.7% increase from $144.0 million in the third quarter of 2012. Third quarter 2013 non-GAAP gross profit was $167.2 million, a 15.2% increase from $145.2 million in the third quarter of 2012. Third quarter 2013 gross margin was 55.7% compared to 56.0% in the third quarter of 2012 and 57.5% in the second quarter of 2013. Non-GAAP gross margin was 56.4% compared to 56.5% in the third quarter of 2012 and 58.2% in the second quarter of 2013.

Operating ExpensesSelling expenses in the third quarter of 2013 were $57.5 million, or 19.4% of total net revenues, compared to 18.5% in the third quarter of 2012 and 17.8% in the second quarter of 2013. Non-GAAP selling expenses were $54.2 million, or 18.3% of total net revenues, compared to 17.8% in the third quarter of 2012 and 17.0% in the second quarter of 2013.

General and administrative expenses for the third quarter of 2013 were $25.5 million, or 8.6% of total net revenues, lower than 13.2% in the third quarter of 2012 and 8.7% in the second quarter of 2013. Non-GAAP general and administrative expenses for the third quarter of 2013 were $25.0 million, or 8.4% of total net revenues, lower than 9.2%
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SOURCE Mindray Medical International Limited
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