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Mindray Issues Statement and to Host a Conference Call to Discuss Recent Stock Volatility
Date:12/13/2013

d there was no write off of  acquired intangible assets in 2009.

The research report erroneously asserts that there was a $208.2 million Datascope related write-off in 2008 and that $656 million disappeared from Mindray's balance sheet in 2008.  The research report seeks to substantiate the Datascope related write-off in 2008 by comparing long-lived asset balances in the U.S. as of December 31, 2008 of $238 million as reflected in the 2008 financial statements to the long-lived asset balance in the U.S. of $29.8 million as reflected in the 2009 financial statements.  What the research report fails to properly consider is that both presentations were correct.   In 2008 long-lived assets included the total amount of the Datascope assets acquired.  In 2009, Mindray changed its basis of presentation with long-lived assets only including the total Datascope long-lived assets actually acquired (derived by deducting from total Datascope assets acquired asset balances the amount of acquired Datascope current assets, other assets, non-current accounts receivable, net, advances for purchase of plant and equipment, intangible assets, net and goodwill).  Those deducted amounts were migrated, as appropriate, to other line items in Mindray's consolidated financials.  Similarly, in asserting that $656 million in long-lived assets "simply vanished" from Mindray's balance sheet, the research report compared the total long-lived balance of $785.8 million as of December 31, 2008 as reflected in the 2008 financial statements to the long-lived asset balance of $129.1 million balance as reflected in the 2009 financial statements--failing to account for similar changes in presentation.
Both the 2008 and 2009 financial statements reflect total assets as of December 31, 2008 of $785.8 million.In struggling to manufacture inconsistencies in Mindray's financials, the research report in many instances (i) wrongly compares stand-alone account balance
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SOURCE Mindray Medical International Limited
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