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 Tracking 1247 U.S. listed China Stocks and Counting...
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 Mindray Medical (NYSE:MR)

Tuesday, August 12, 2014
Comments & Business Outlook

Second Quarter 2014 Financial Results

  • Net revenues increased 8.9% year-over-year to $334.5 million. International sales were $182.0 million, representing 54.4% of the company's total net revenues. China sales totaled $152.5 million.
  • Basic and diluted non-GAAP earnings per share were $0.57 and $0.56 respectively, compared to $0.58 and $0.56 in the second quarter of 2013

"In the second quarter, the Chinese healthcare market remained sluggish for our business while unfavorable foreign exchange and political issues affected our sales in some key emerging markets," commented Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "However, we are encouraged by our reagent sales performance and the growth momentum achieved by our high-speed biochemistry analyzers and high-end ultrasound products. This is the result of our focus on innovation, which allows us to consistently introduce new products into different markets."

Business Outlook for Full Year 2014

The company now expects its full year 2014 net revenues to grow at least 10% over its full year 2013 net revenues. The company now also anticipates its full year 2014 non-GAAP net income to decrease by a mid-single-digit percentage over its full year 2013 non-GAAP net income. This guidance excludes the tax benefits related to the nationwide key software enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for full year 2014 to be around $130 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.

"In light of the weakness in China and some key emerging markets in the first half of the year, we are revising our financial guidance for 2014. Nevertheless, we believe the long-term fundamentals of these healthcare markets remain solid," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "To achieve sustainable growth for our company in the long run, we will continue to strengthen our sales, marketing, distribution and product development capabilities as well as evaluate M&A and other collaboration opportunities."


Tuesday, May 6, 2014
Comments & Business Outlook

First Quarter 2014 Financial Results

  • Net revenues of $264.8 million for the first quarter of 2014, a 9.4% increase from the first quarter of 2013.
  • Non-GAAP Diluted EPS was 0.39 vs last years 0.53 down -27.2%

"In the first quarter, the dynamics in various key markets continued to be challenging for our business. Nevertheless, we are pleased with our Western Europe performance, as well as our IVD reagent sales year-over-year increase," commented Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "We are also excited about the launch of our first premium portable color ultrasound system, the M9, as well as the cellular analysis line, the CAL 8000, which demonstrate our capabilities of consistent innovation and our focus on making better healthcare solutions for our customers. Overall, management remains committed to delivering our financial goals for the year."


Tuesday, March 4, 2014
Comments & Business Outlook

Fourth Quarter 2013 Financial Results

  • Mindray reported net revenues of $368.4 million for the fourth quarter of 2013, a 16.5% increase from $316.1 million in the fourth quarter of 2012.
  • Fourth quarter 2013 basic and diluted non-GAAP earnings per share were both $0.62, compared to $0.53 and $0.51 respectively in the fourth quarter of 2012.

"2013 was another fruitful year of great accomplishments. We delivered double-digit sales and non-GAAP net income growth despite the challenging environments in some markets. Our strong growth in Western Europe and some emerging markets reflected the success of our investments in these regions over the last few years," commented Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "In our IVD segment, we were happy with the reagent sales ramp-up. We also created new business opportunities by launching our first immunoassay product and acquiring Zonare to step up our high-end ultrasound capability. The continued dividend payout and the share repurchase program demonstrated our commitment to returning capital to our shareholders."

Business Outlook for Full Year 2014

The company anticipates its full year 2014 net revenues to grow at least 15% over its full year 2013 net revenues. The company also expects its full year 2014 non-GAAP net income to remain at a similar level to its full year 2013 non-GAAP net income. This guidance excludes the tax benefits related to the nationwide key software enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for 2014 to be around $160 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.

"Looking ahead, we forecast our top-line to grow at least 15% year-over-year. We anticipate Western Europe and some emerging countries to be the bright spots, and the market dynamics in China to gradually improve," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "To support our future growth as a more global and diverse company, we plan to accelerate our investments on our sales, marketing and distribution capabilities as well as product innovation this year. We firmly believe that these investments are crucial to our corporate strategy and further strengthening our long-term competitive position. Furthermore, the increasing size of our share buyback program continues to highlight our confidence in Mindray's growth prospects."


Notable Share Transactions

SHENZHEN, China, March 4, 2014 /PRNewswire/ -- Mindray Medical International Limited ("Mindray" or "Company", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced that its Board of Directors has approved to increase the size of its previously authorized share repurchase program from US$200 million to US$300 million. The program is also extended to remain effective till March 31, 2015. Through March 3, 2014, Mindray has repurchased approximately $90 million of its American Depositary Shares ("ADSs").

Under the program, Mindray is authorized to repurchase its issued and outstanding ADSs on the NYSE Euronext at prevailing market prices from time to time in trades pursuant to a Rule 10b5-1 repurchase plan, or otherwise, in accordance with applicable federal securities laws, including the anti-manipulation provisions of Rule 10b-18, promulgated under the U.S. Securities Exchange Act of 1934, as amended ("Rule 10b-18"). The Company expects to use cash, internally generated funds, and/or bank borrowings to finance repurchases.

Repurchases will continue to be made at management's discretion, subject to restrictions on price, volume, and timing. The timing and extent of any purchases will depend upon market conditions and the trading price of its ADSs, as well as other factors. The repurchase program does not obligate Mindray to make additional repurchases at any specific time or situation. Mindray's Board will continue to periodically review the share repurchase program and may authorize additional adjustments to the program's terms and size. The share repurchase program may also be suspended or discontinued at any time.

"This increase in our share buyback program continues to highlight our confidence in Mindray's prospects as well as our commitment to returning capital to our shareholders," said Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "Looking ahead, we will continue to leverage our strong cash position and execute our growth strategies in order to enhance shareholder value."


Monday, January 13, 2014
Comments & Business Outlook

SHENZHEN, China, January 13, 2014 /PRNewswire/ -- Mindray Medical International Limited ("Mindray," NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced selected preliminary, unaudited results for the fiscal year ended December 31, 2013. The company also provided net revenue guidance for 2014.

For the year ended December 31, 2013, Mindray expects net revenue to be approximately US$1,212 million, representing a year-over-year growth of approximately 14.3%.

Based on the estimated full-year revenue, the company anticipates 2013 non-GAAP net income to be approximatelyUS$236 million, growing approximately 11.5% year-over-year. The non-GAAP net income figure excludes the tax benefits related to the key software enterprise status ($19.4 million recognized in the first quarter of 2013) and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

This year, Mindray anticipates its net revenue to grow at least 15% year-over-year. Full-year guidance for 2014 will be provided in the fourth quarter and full-year 2013 earnings announcement.

"In 2013, we exceeded our revised financial guidance with both our sales and non-GAAP net income achieving double-digit growth. Western Europe and certain key emerging markets performed well. Additionally, we launched 11 new products and completed two more acquisitions, including the Zonare transaction, which would facilitate our entry into the high-end ultrasound business. Our employees remain Mindray's greatest assets and we want to thank them for their contributions," commented Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer.

"We forecast our 2014 revenue to increase at least 15% higher than in 2013. We anticipate Western Europe and certain emerging countries to lead our top-line growth and the market sentiment in China to gradually improve," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "This year, we intend to launch another seven to 10 new products to further broaden our product offerings. We will invest in R&D and enhance our sales and service platforms in key markets to strengthen our long-term competitive position. Last but not least, management will continue to pursue growth through M&As and other collaboration opportunities."

Preliminary Results; Use of Non-GAAP Financial Measures

Mindray's preliminary 2013 results are unaudited and remain subject to the finalization of the company's year-end closing, reporting and audit processes.

Mindray has announced its expected net income for full year 2013 on a non-GAAP basis, which represents expected net income in accordance with GAAP, adjusted for the effects of dispute charges, share-based compensation and amortization of acquired intangible assets, all net of related tax impact.

Because the financial performance is subject to finalization of the company's year-end closing, reporting, and audit processes, Mindray does not provide a specific non-GAAP to US GAAP reconciliation. A reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures will be provided in the fourth quarter and full-year 2013 earnings announcement.


Tuesday, January 7, 2014
13D and 13G Activity
Mondrian Investment Partners discloses 11.18% stake

Wednesday, November 13, 2013
Resolution of Legal Issues

SHENZHEN, China, Nov. 12, 2013 /PRNewswire/ -- Mindray Medical International Limited ("Mindray", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced a settlement agreement with Beckman Coulter Inc. OnNovember 11, 2013, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., a subsidiary of Mindray, entered into a settlement agreement related to an ordinary course commercial dispute with an OEM manufacturing customer, Beckman Coulter Inc.  In connection with this settlement, Mindray will take a litigation related charge of approximately $15 million in the fourth quarter of 2013.

The commercial dispute did not involve intellectual property or product liability matters, and Mindray has determined that the related termination of the OEM arrangement is not material to its business or operations. 


Tuesday, November 5, 2013
Deal Flow

SHENZHEN, China, Nov. 4, 2013 /PRNewswire/ -- Mindray Medical International Limited ("Mindray" or "Company", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced that its Board of Directors has approved a share repurchase program. The program is authorized to be in effect starting from today and will last through the next nine months.

Under the program, Mindray is authorized to repurchase up to US$200 million worth of its issued and outstanding ordinary American Depositary Shares ("ADSs") on the NYSE Euronext at prevailing market prices from time to time over the next nine months in trades pursuant to a Rule 10b5-1 repurchase plan, or otherwise, in accordance with applicable federal securities laws, including the anti-manipulation provisions of Rule 10b-18, promulgated under the U.S. Securities Exchange Act of 1934, as amended ("Rule 10b-18"). The Company expects to use cash, internally generated funds, and/or bank borrowings to finance the repurchase.

Repurchases will be made at management's discretion, subject to restrictions on price, volume, and timing. The timing and extent of any purchases will depend upon market conditions and the trading price of its ADSs, as well as other factors. The repurchase program does not obligate Mindray to make repurchases at any specific time or situation. Mindray's Board will periodically review the share repurchase program and may authorize adjustments to the program's terms and size. The share repurchase program may also be suspended or discontinued at any time.

"Mindray is always committed to bringing values to our stockholders and we view this buyback program as a proper way to deliver value to them," said Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "We are confident in executing our corporate strategy and attaining long-term growth for Mindray."


Comments & Business Outlook

Third Quarter 2013 Financial Results

  • Net revenues increased 15.3% year-over-year to $296.3 million. International sales grew 17.9% and China sales rose 12.1% compared to the same period of last year.
  • Basic and diluted earnings per share were both $0.25, compared to $0.31 and $0.30 respectively in the third quarter of 2012. Third quarter 2013 basic and diluted non-GAAP earnings per share were $0.48 and $0.47 respectively, compared to $0.43 and $0.42 in the third quarter of 2012. Shares used in the computation of diluted earnings per share for the third quarter 2013 were 121.2 million.

"In the third quarter, we reported solid top-line growth. We are particularly happy with our continued strong sales performance inWestern Europe. Certain key emerging markets also continued to do well, although demand in some countries remained soft due to external factors. In China, the recent weak market sentiment in the healthcare sector has caused some delays in purchasing activities in the third quarter. However, the industry fundamentals remain solid," said Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "Reagent sales continued to climb this quarter, highlighting our success in ramping up this recurring IVD revenue. We are also excited to launch our first-generation immunoassay product, which further strengthened our IVD product offerings."

Business Outlook for Full Year 2013

Mindray revises its full year 2013 net revenues guidance and now forecasts at least 13% growth over its full year 2012 net revenues.

The company also updates its full year 2013 non-GAAP net income guidance and projects at least 11% growth over its non-GAAP net income for the full year of 2012. This guidance excludes any tax benefit related to the National Key Software Enterprise status and assumes a corporate income tax rate of 15% for the Shenzhen subsidiary.

The company expects its capital expenditure for full year 2013 to be around $100 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 revising our financial guidance for 2013, primarily due to the enduring hospital purchase slowdown in China. In other geographies, we expect some countries to perform well in the emerging markets, but political and currency issues will affect other areas. For the developed markets, we are confident about our expansion in Western Europe and expect the North American business will stabilize," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "Overall, we remain upbeat about the long-term prospects of Mindray. We will continue to work hard to increase our worldwide market penetration, optimize our global operations and seek promising external growth opportunities."


Tuesday, August 6, 2013
Comments & Business Outlook

Second Quarter 2013 Financial Results

  • Net revenues increased 14.7% year-over-year to $307.2 million. China sales were strong at $147.4 million, representing 27.9% year-over-year growth and 48.0% of the company's total net revenues.
  • Net income increased 19.3% year-over-year to $62.1 million from $52.0 million in the second quarter of 2012.
  • Non-GAAP net income increased 14.7% year-over-year to $68.2 million from $59.5 million in the second quarter of 2012.
  • Net margin was 20.2% in the second quarter of 2013 compared to 19.4% in the second quarter of 2012 and 23.7% in the first quarter of 2013.
  •  Non-GAAP net margin was 22.2% in the second quarter of 2013, same with the second quarter of 2012 and compared to 26.7% in the first quarter of 2013.
  • Second quarter 2013 basic and diluted earnings per share were $0.52 and $0.51 respectively, compared to $0.45 and $0.44 in the second quarter of 2012.
  • Basic and diluted non-GAAP earnings per share were $0.58 and $0.56 respectively, compared to$0.51 and $0.50 in the second quarter of 2012. Shares used in the computation of diluted earnings per share for the second quarter 2013 were 120.8 million.

"In the second quarter, our strong China sales continued to drive our top-line performance and we are pleased that our sales in the emerging markets improved sequentially. Western Europe revenues remained solid despite the region's economic weakness. Sales in North America were weak this quarter, primarily as a result of tough comparison over last year," said Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "We further enhanced our efficiency with better management of our cash conversion cycle. We are also very excited about our recent acquisition of ZONARE, which greatly strengthened our ultrasound R&D capabilities and expanded our high-end product portfolio."

Business Outlook for Full Year 2013

Mindray is raising its full year revenue guidance, expecting at least 18% growth over its full year 2012 net revenues.

The company maintains its full year 2013 non-GAAP net income guidance, expecting at least 15% growth over its non-GAAP net income for the full year of 2012. This guidance excludes any tax benefit related to the National Key Software Enterprise status and assumes a corporate income tax rate of 15% for the Shenzhen subsidiary.

The company expects its capital expenditure for full year 2013 to be around $130 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.

"Looking ahead, we expect China to continue to drive our overall growth and the emerging markets should gradually improve despite continued political and currency challenges in certain countries. As for the developed markets, while we are happy with our performance in Western Europe, we anticipate uncertainty to persist in our North American business," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "Going forward, we will further enhance our efficiency to strengthen the company's competitive position. On the M&A front, we are confident about the integration of ZONARE and will continue to seek other promising targets and partners."


Wednesday, July 17, 2013
Acquisition Activity

SHENZHEN, China, July 17, 2013 /PRNewswire/ -- Mindray Medical International Limited (the "Company" or "Mindray") (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today that it has completed the acquisition of ZONARE Medical Systems, Inc. ("ZONARE"), an ultrasound technology leader in the high-end radiology segment pursuant to the terms of the previously announced definitive agreement entered into on June 12, 2013.

Under the agreement, Mindray has acquired ZONARE for a total purchase price of US$101.7 million in cash, as adjusted for working capital at the closing date. The Company expects that the combined business will benefit from ZONARE's strong innovative R&D capability and direct sales and service network in the high-end ultrasound market together with Mindray's efficient engineering, extensive distribution channels and broad production platforms.

"We are pleased to complete this acquisition, furthering Mindray's goal of becoming a leading provider of high-quality imaging products worldwide," said Mr. Minghe Cheng, Mindray's co-chief executive officer. "This transaction brings us superior technology that will ultimately accelerate the launch of our next-generation high-end ultrasound product. It also gives us immediate access to the high-end ultrasound market in the countries like U.S., Canada, Scandinavia and Germany. We are optimistic about the transaction and believe we will be better positioned to serve the healthcare market on a worldwide basis for the long run."


Thursday, June 13, 2013
Acquisition Activity

SHENZHEN, China, June 13, 2013 /PRNewswire/ -- Mindray Medical International Limited (NYSE: MR), today announced a definitive agreement to acquire ZONARE Medical Systems, Inc. (ZONARE), an ultrasound technology leader in the high-end radiology segment for US$105 million. Mindray's management expects the deal to strengthen its high-end ultrasound R&D and U.S. sales capabilities, furthering the company's goal of becoming a leading provider of high-quality imaging products to markets worldwide.

Total 2012 revenues for ZONARE were approximately US$64 million. Mindray expects the deal to be slightly dilutive to its full-year 2013 and 2014 earnings.

Founded in 1999, ZONARE is based in Mountain View, California, U.S. Over the past decade, ZONARE has become one of the leading ultrasound brands in high-end radiology segment globally. Its world-class R&D team, comprising several leading ultrasound experts, developed the company's revolutionary ZONE-SonographyTMtechnology to deliver superior image quality. Moreover, ZONARE has a direct sales team mainly covering developed markets including the US, Canada, Scandinavia and Germany.

"We are very excited about this transaction. We evaluated many different acquisition targets and determined that ZONARE's proven business model, along with its technology and sales channel assets, fits very well with our selection criteria," said Mr. Minghe Cheng, Mindray's co-Chief Executive Officer. "This transaction will create significant synergies by combining ZONARE's strong innovative R&D capability and direct sales and service network in the high-end ultrasound market with Mindray's efficient engineering and production platforms. We expect customers to benefit from the combined company's expanded portfolio and improved ability to develop more innovative and customized products."

Mindray plans to maintain ZONARE's brand and existing operations under its current management team led by Mr. Timothy A. Marcotte, ZONARE's President and Chief Executive Officer.

"The deal will create a global ultrasound company that is better positioned to serve the healthcare market on a worldwide basis," commented Mr. Marcotte. "We expect our customers to continue to benefit from the high level of innovation, quality and services provided by the ZONARE brand. Moreover, as a member of the growing Mindray organization, we look forward to developing even more exciting products and technologies in the future by leveraging our combined strengths."

The transaction is expected to close in the third quarter of 2013 and is subject to regulatory and other customary closing conditions. The final acquisition price is subject to working capital and other adjustments, and will be funded with Mindray's existing cash and planned borrowings from third parties.


Tuesday, May 7, 2013
Comments & Business Outlook

First Quarter 2013 Financial Results

  • Net revenues totaled $242.1 million. China sales were strong at $111.3 million, representing 21.2% year-over-year growth and 46.0% of the company's total net revenues.
  • Non-GAAP Diluted EPS was $0.53 vs. last years $0.34 a 57.7% increase.

"In the first quarter, our top-line growth was primarily propelled by China sales, resulting from our strong performance in the mid-end market segment. We are pleased to see continued robust demand of our products in the domestic market, particularly in the in-vitro diagnostic segment. Outside of China, our good performance inWestern Europe was especially hard-earned considering the challenging economic conditions in the region. Emerging markets' sales were weaker-than-expected, but we are optimistic about the region's growth potential and will continue to invest this year," said Mr. Li Xiting, Mindray's President and Chief Executive Officer. "Our gross margin and cash conversion cycle improvements further demonstrated our ability to enhance efficiency. We are glad that Mindray successfully obtained the key software enterprise status again. All in all, management remains committed to meeting our goals for the remainder of the year."

Business Outlook for Full Year 2013

The company maintains its full year guidance and expects its full year 2013 net revenues to grow at least 17% over its full year 2012 net revenues.

The company continues to expect its full year 2013 non-GAAP net income to grow at least 15% over its non-GAAP net income for full year 2012. This guidance excludes the tax benefits of $19.4 million related to the National Key Software Enterprise status for the calendar year 2011 and 2012, which was recognized in the first quarter of 2013 and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for full year 2013 to be around $130 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," commented Mr. Li Xiting, Mindray's President and Chief Executive Officer. "For the rest of 2013, we expect China to be our primary growth engine, based on our strong market position and favorable macro healthcare spending trends. We are optimistic that the prospects for emerging markets should improve going forward. However, risk factors such as political and currency issues remain. We will closely monitor these factors and react promptly. In developed markets, as we stated earlier this year, we expect challenging conditions to continue due to economic and hospital spending uncertainties. However, we will maintain our long-term growth strategy in these countries. Going forward, we will continue to build a stronger global brand, improve our operational efficiency and seek attractive M&A and collaboration opportunities."


Tuesday, February 26, 2013
Comments & Business Outlook

Fourth Quarter 

  • Net Revenues of $316.1 million for the fourth quarter of 2012, a 19.7% increase from $264.1 million in the fourth quarter of 2011.
  • Net income Increased 19.3% to $55.8 million from $46.8 million in the fourth quarter of 2011. Non-GAAP net income increased 19.0% to $61.7 million from $51.8 million in the fourth quarter of 2011.
  • Basic and Diluted Earnings Per Share were $0.48 and $0.47, respectively, compared to $0.41 and$0.40 in the fourth quarter of 2011. Fourth quarter 2012 basic and diluted non-GAAP earnings per share were $0.53and $0.51, respectively, compared to $0.45 and $0.44 in the fourth quarter of 2011.

"2012 marks another remarkable year for Mindray, as our revenue surpassed $1 billion for the first time in the company's history. We also achieved strong revenue and net income growth, beating our financial guidance," said Mr. Li Xiting, Mindray's President and Chief Executive Officer. "In addition, our continuous focus on strengthening operating efficiency resulted in significant improvement on our gross margin, working capital and operating cash flow.China and emerging markets were again the main propellers for our company's growth in 2012, reflecting the success of our strategy to strengthen sales, distribution and services in these markets over the last few years. For our in-vitro diagnostic segment, we have successfully ramped up sales in our higher-margin reagents and are optimistic about the future growth prospects of this business."

Business Outlook for Full Year 2013

The company expects its full year 2013 net revenues to grow at least 17% over its full year 2012 net revenues. The company also expects its full year 2013 non-GAAP net income to grow at least 15% over its non-GAAP net income for the full year 2012. This guidance excludes the tax benefits related to the key software enterprise status for the calendar year 2011 and 2012 that we may receive in 2013 and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for 2013 to be around $130 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.

"Looking ahead, China will remain the primary engine for our growth this year, due to our strong competitive position in the domestic market and favourable spending environment on healthcare. As for emerging markets, the prospects, albeit favourable overall, are somewhat overshadowed by potential political instability and currency risks in some regions," said Li Xiting, Mindray's President and Chief Executive Officer. "We anticipate that the developed markets[3] will remain challenging this year because of lingering uncertainties over their economies or hospital spending. But our strategy of offering great products at reasonable prices will continue to serve us well in all markets. We will work on strengthening our research and development and pursuing suitable M&A opportunities in order to drive long-term growth for Mindray."


Monday, January 7, 2013
Comments & Business Outlook

SHENZHEN, China, Jan. 7, 2013 /PRNewswire-FirstCall/ -- Mindray Medical International Limited ("Mindray," NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced selected preliminary, unaudited results for the fiscal year ended December 31, 2012. The company also provided net revenue guidance for 2013.

For the year ended December 31, 2012, Mindray expects net revenue to be approximately US$1,056 million, representing a year-over-year growth of approximately 20%.

Based on the estimated full-year revenue, the company anticipates 2012 non-GAAP net income to be approximately US$207 million, growing approximately 16% year-over-year. The non-GAAP net income figure excludes the tax benefits related to the key software enterprise status ($7.6 million recognized in the first quarter of 2011) and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

This year, Mindray anticipates its net revenue to grow at least 17% year-over-year. Full-year guidance for 2013 will be provided in the fourth quarter and full-year 2012 earnings announcement.

"In 2012, we continued to deliver solid financial results. Strong sales in China and certain key emerging markets drove our top-line performance and we further optimized our operations to improve cash flow generation. We also launched 10 new products and completed four more acquisitions. We want to thank our employees for their hard work that helped us execute our growth strategies successfully this past year," commented Mr. Li Xiting , Mindray's President and Chief Executive Officer.

"This year, we expect our revenue to grow at least 17% year-over-year, with China and other emerging markets as the primary growth contributors. Overall, we plan to increase our market penetration by launching another seven to 10 new products as well as strengthening our sales, marketing and service capabilities in key markets. We aim to continue expanding our product portfolio through internal R&D and external M&A and collaboration opportunities. In addition to executing our growth plans, we will also continue to focus on profitability," he said.


Company Rebuttal

SHENZHEN, China, January 7, 2013 /PRNewswire-FirstCall/ -- Mindray Medical International Limited ("Mindray," NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced a statement on Masimo Corporation's lawsuit against Mindray.

On December 21, 2012, Masimo Corporation ("Masimo") brought an action in the United States District Court for the Central District of California against Mindray DS USA Inc. and Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Masimo alleges that Mindray DS USA, Inc.'s U.S. Beneview pulse oximeters and sensors infringe its nine asserted patents relating to pulse oximeters and sensors, and that Shenzhen Mindray Bio-Medical Electronics Co., Ltd breached its Purchase and License Agreement dated November 13, 2002, as amended, by failing to use best efforts to promote adoption of Masimo's oximeter technology. In addition to monetary damages, Masimo is seeking injunctive relief preventing further sale of Beneview products incorporating Mindray oximetry boards in the United States.

Mindray intends to vigorously defend the actions.


Tuesday, November 6, 2012
Comments & Business Outlook

Highlights for Third Quarter 2012

  • Net revenues were $257.1 million, up 17.7% over the third quarter of 2011.
  • Strong China sales growth of 25.9% year-over-year to $117.7 million, primarily driven by regular sales.
  • International sales of $139.4 million, a year-over-year increase of 11.6%, of which emerging markets[1] were the growth driver.
  • Non-GAAP gross margin was 56.5%, up 1.0% compared to the third quarter of 2011.
  • Non-GAAP net income was $50.1 million, representing an 18.1% year-over-year increase.
  • Generated net operating cash of $59.3 million, up a significant 98.4% year-over-year.

"We remain focused on optimizing our operations and are pleased to report good financial results in the third quarter. We achieved solid top line and non-GAAP net income growth, improved our margins and generated strong operating cash," commented Xu Hang, Mindray's chairman and co-chief executive officer. "Geographically, China remained a bright spot. We are confident about our competitive position in the domestic market, and our ability to grasp opportunities presented by favorable healthcare spending trends. Looking at the different business segments, our strong IVD sales, especially the reagents' revenue growth, reflects the success of our strategy to penetrate into the attractive consumable products markets. We will make prudent use of our cash and will continue to explore attractive M&A or collaboration opportunities."

Business Outlook for Full Year 2012

Mindray continues to expect its full-year 2012 net revenues to grow at least 18% over those of the previous year.

Mindray expects its full-year 2012 non-GAAP net income to grow at least 15% over last year's figure. This guidance excludes the tax benefits related to the National Key Software Enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary. Mindray recorded tax benefits of $7.6 million in the first quarter of 2011 as a result of receiving the National Key Software Enterprise status for year 2010. The PRC tax authority has not released the list of companies eligible for renewal of such status and thus Mindray has not recorded any tax benefits in the first nine months of 2012. Due to a change in the tax authority's review time frame from once a year to once every two years, Mindray cannot determine at this time when the list of eligible companies will be released. Upon notice, the potential benefits will be included in its financial statements.

Mindray expects its capital expenditure for 2012 to be less than $70 million, down from its previous guidance of $90 million.


Tuesday, August 7, 2012
Comments & Business Outlook

Highlights for Second Quarter 2012

  • Net revenues were $267.8 million, an increase of 23.3% over the second quarter of 2011.
  • Robust China sales growth of 27.1% to $115.3 million year-over-year, primarily driven by regular sales.
  • Strong international sales of $152.5 million, representing an increase of 20.5% from the same period last year. Emerging markets and developed markets achieved good sales growth of 21.1% and 19.7% year-over-year, respectively.
  • Non-GAAP gross margin was 57.8%, an improvement of 2.3% sequentially.
  • Non-GAAP net income was $59.5 million, a 19.4% increase over the second quarter of 2011.
  • Net operating cash generated during the quarter was $61.4 million, up a significant 81.6% compared to the same period last year.
  • Reagent revenues growth accelerated, contributing 34.4% to the in-vitro diagnostic business this quarter, compared to 28.4% in the same period last year and 31.5% in the prior quarter.
  • Mindray introduced five new products in the first half of 2012, including the latest high speed biochemistry analyzer, the BS-2000, a clinical biochemistry analyzer, the BS-480, an updated auto hematology analyzer, the BC-5390, a fully automatic urinary sediment analyzer, the EH-2050B Plus, and a new portable diagnostic color ultrasound system, the Z6.
  • In July, Mindray completed the acquisition of a controlling stake in Wuhan Dragonbio Surgical Implant Co., Ltd., a domestic medical orthopedic products provider.

"Despite the challenging environments in various international regions, we have once again achieved very solid performance in sales, profits and cash generation," commented Xu Hang, Mindray's chairman and co-chief executive officer. "All major geographical areas have delivered strong growth for the quarter. We are particularly encouraged by our good performance in developed markets, considering the volatility of those regions over the past year. We have also improved our gross margin and the healthy cash conversion cycle reflected our efforts in improving operational efficiency. In addition, we have launched new products in our IVD line and closed the orthopedics acquisition recently. Our reagent sales are continuing to accelerate. All of these are in line with the company's strategy to capture opportunities in the fast-growing consumable products markets. Going forward, we intend to prudently deploy our strong cash position and continue to look for attractive investment opportunities worldwide."

Business Outlook for Full Year 2012

The company continues to expect its full year 2012 net revenues to grow at least 18% over those of the previous year.

The company now expects its full year 2012 non-GAAP net income to grow at least 15% over the full year 2011 figure, up from its previous guidance of 13% year-over-year growth. This guidance excludes the tax benefits related to the National Key Software Enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary. Mindray recorded the tax benefits of $7.6 million in the first quarter of 2011 as a result of receiving the National Key Software Enterprise status for year 2010. The PRC tax authority has not released the list of companies that are eligible for renewal of such status and thus we have not recorded any tax benefits in the first half of 2012. Due to the change in the review timing from once a year to once every two years, Mindray cannot determine at this time when the tax authority will release the list. Upon notice, the potential benefits will be included in the company's financial statements.

The company expects its capital expenditure for 2012 to be around $90 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 confident about delivering our revised financial targets for the year," commented Li Xiting, Mindray's president and co-chief executive officer. "We expect China and other emerging markets to continue to drive our top-line sales. However, we still believe certain regions could present headwinds for us due to political uncertainties, other local policy issues and FX fluctuations. We have done well in the developed markets this quarter. However, in light of the troubling developments in Europe, we are cautious and are working to ensure that we remain nimble in order to find the best opportunities in the region. Looking ahead, we will maintain our operational excellence and explore additional opportunities that will further accelerate Mindray's future growth and expansion."


Wednesday, July 18, 2012
Acquisition Activity
SHENZHEN, China, July 18, 2012 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today the completion of its acquisition of Wuhan Dragonbio Surgical Implant's orthopedics business pursuant to the terms of the definitive agreement entered into on June 6, 2012.

Thursday, June 7, 2012
Acquisition Activity

SHENZHEN, China, June 7, 2012 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE:MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today a definitive agreement to acquire a controlling stake of Wuhan Dragonbio Surgical Implant Co., Ltd. ("Dragonbio"), a domestic medical orthopedic products provider that specializes in trauma, spine, joint and other surgical products. Under the agreement, Mindray will pay a total purchase price of approximately US$35.5 million, which will be funded through Mindray's existing cash reserves. The transaction is expected to be closed in July. Mindray expects the deal to have minimal impact on its 2012 financial results and maintains its annual financial guidance on revenues and non-GAAP net income growth.

Founded in 2005 and based in Wuhan, China, Dragonbio sells medical orthopedic products solely in China and achieved total revenues of approximately US$7.7 million in 2011. Orthopedics is one of the largest medical device market segments worldwide. Based on Mindray's estimates, the global orthopedic market was valued at approximately US$30 billion in 2011, with an annual growth rate of around 8%. According to Frost & Sullivan, a research and consulting firm, the market size in China was approximately US$1.1 billion in 2010 and is rapidly growing with a projected CAGR of over 18% from 2010 to 2015.

Through the combined business benefits from the transaction, Mindray expects to gain access to the fast-growing Chinese orthopedic market and potentially expand into additional international markets in the future.

"We are excited about this transaction and are pleased to offer more products to our customers," said Mr. Minghe Cheng, Mindray's Chief Strategic Officer. "The orthopedic consumable market has high barriers to entry, but this deal will give us instant access to this promising and sizable market. We expect to unlock the value of the acquired business through our strong capital position, large-scale operational experience and worldwide presence."


Wednesday, May 16, 2012
Comments & Business Outlook

MAHWAH, N.J., May 16, 2012 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today that HealthTrust Purchasing Group, L.P., (HealthTrust) is renewing its agreement for its full line of physiological patient monitoring equipment.

With this agreement, Mindray provides monitoring that can meet the patient needs of virtually all hospital departments and outpatient surgery centers for HealthTrust members. The new V-Series modular monitor line with large touch screen interfaces and industry-leading connectivity platforms are included in the agreement.

"We are very pleased to extend our relationship with HealthTrust so that their members can continue to access our expanding product line," said Wayne Quinn, Vice President - Critical Care Monitoring at Mindray North America.


Tuesday, May 8, 2012
Acquisition Activity

SHENZHEN, China, May 8, 2012 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE:MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today an agreement to acquire a controlling stake of Hangzhou Optcla Medical Instrument Co. Ltd. ("Optcla"). The terms of the agreement were not disclosed as the transaction is non-material to Mindray's financial statements.

Founded in 2000 and based in Hangzhou, China, Optcla is a domestic medical endoscope provider that specializes in rigid endoscopes and related surgical instruments and consumables. An endoscope is an instrument used to examine the interior of a hollow organ or cavity of the body. Compared to traditional open surgery, minimally invasive surgery using rigid endoscope is safer and quicker, resulting in less pain and shorter rehabilitation time for patients. In 2010, the market for endoscopes was estimated at approximately $240 million in China with a CAGR close to 15%. Internationally, the market was estimated at $2.6 billion in 2011 and is expected to grow at a CAGR of 5%.

"We are excited about this transaction and believe that our collaboration will benefit both Mindray and Optcla," said Mr. Minghe Cheng, Mindray's Chief Strategic Officer. "Under the agreement, Mindray will gain access to minimally invasive surgery devices and the related surgery consumable market. This acquisition will further supplement and extend Mindray's existing total operation room solutions to cater for the increasing demand for minimally invasive and digitized operations. We believe this transaction will bring new growth opportunities for our company."


Monday, May 7, 2012
Comments & Business Outlook

Highlights for First Quarter 2012

  • Net revenues were $219.0 million, an increase of 21.1% over the first quarter of 2011.
  • Robust China sales of $91.8 million, up 26.8% year-over-year, primarily due to our strong performance in the mid-end market segment.
  • Strong international sales of $127.2 million, a year-over-year increase of 17.3%. Emerging markets remain the key revenue driver with 23.2% sales growth.
  • Non-GAAP net income increased 16.5% over the first quarter of 2011, excluding tax benefits.
  • EBITDA in the first quarter of 2012 was $46.7 million, a year-over-year increase of 14.3%.
  • Net operating cash generated during the quarter was $60.1 million, up 86.1% from the same period a year before.
  • In May, Mindray announced an agreement to acquire a controlling stake of Hangzhou Optcla Medical Instrument Co. Ltd., which specializes in designing, developing, manufacturing and distributing different types of rigid endoscopes and surgical instruments and consumables in China.
  • Non-Gaap diluted EPS of $0.34 vs $0.36 in prior year quarter

"We are off to a good start in the first quarter of 2012 and this will support us to execute our plans for the remainder of the year. Overall, we achieved solid growth in revenue, non-GAAP net income excluding tax benefits, as well as operating cash flow," commented Xu Hang, Mindray's chairman and co-chief executive officer. "The 21.1% year-over-year revenue growth was driven primarily by strong China sales. This is the fourth consecutive quarter in which we recorded more than 25% growth in the domestic market, thanks to our solid execution of the sales reinforcement program, coupled with continued favorable private and government healthcare spending in areas where we have strong presence. We are also happy to see that our investments in our worldwide channels continue to pay off, with sales growth of 23.2% in emerging markets and stable market share gains in developed markets. This year, we will continue to invest in building a stronger global brand of Mindray, as well as establishing a more systematic R&D approach. On the M&A front, we continued our progress and announced an acquisition of a rigid endoscope business in China. We will continue to actively seek opportunities to further increase our market penetration worldwide."

Business Outlook for Full Year 2012

The company maintains its full year guidance and expects its full year 2012 net revenues to grow at least 18% over its full year 2011 net revenues.

The company continues to expect its full year 2012 non-GAAP net income to grow at least 13% over its non-GAAP net income for full year 2011. This guidance excludes the tax benefits related to the National Key Software Enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary. We recorded tax benefits of $7.6 million in the first quarter of 2011 as a result of receiving the National Key Software Enterprise status for year 2010. We have not received such notice from the PRC tax authority in regards to the approval for year 2011 and thus have not recorded any tax benefits in the first quarter of 2012. Upon notice, the potential benefits will be included in our financial statements but the likelihood and timing of such approval cannot be determined at this time.

The company expects its capital expenditure for 2012 to be around $90 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," commented Li Xiting, Mindray's president and co-chief executive officer. "The overall growth prospects of our key markets remain positive for the rest of 2012. We expect China and emerging markets to lead growth for the organization, based on our strong competitive position and our ability to grasp opportunities arising from the favorable private and public healthcare spending environment. As we stated earlier this year, we remain cautious on Europe due to its economic uncertainty and on certain regions in the emerging markets as a result of political instability as well as other policy movements. We will continue to invest in R&D and improve our overall operational efficiency to achieve long-term sustainable growth. We remain very confident in Mindray's global position and we will continue to adapt and formulate the best strategies in the markets that we operate in."


Tuesday, April 3, 2012
Comments & Business Outlook

MAHWAH, N.J., April 3, 2012 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today that it has been selected by HealthTrust Purchasing Group, L.P., (HealthTrust) as a provider of anesthesia equipment and supplies for members in 1,400 not-for-profit and for-profit acute care facilities, as well as 10,600 ambulatory surgery centers, physician practices and alternate care sites.

With this agreement, Mindray can offer its A Series Anesthesia System Solutions to HealthTrust members. Both the A3 and the A5 in the series are easy to use but offer superior performance, thus enabling anesthesiologists to meet the rising challenges in today's complex clinical environment. The products' 15-inch touch screen allows clinicians to select ventilation settings more easily so that they can spend more time on patient care. Mindray is committed to improving interoperability by using open architecture and profiles such as Health Level Seven (HL7). To further simplify interface communication, the A Series has been verified to comply with Integrating the Healthcare Enterprise - Patient Care Domain (IHE - PCD) profiles, which are based on the HL7 and other applicable standards.

"We are very excited about this collaboration. This is a huge win for Mindray and a significant benefit for HealthTrust members who can now have access to our A Series anesthesia systems," said Thomas Barford, Vice President - Perioperative Systems at Mindray North America. "A partnership with HealthTrust is respected and coveted by the industry because of their reputation for compliance as well as their large base of member hospitals and surgery centers."


Monday, February 27, 2012
Comments & Business Outlook

Highlights for Fourth Quarter and Full Year 2011

  • Fourth quarter net revenue increased 25.2% year-over-year to $264.1 million and full year 2011 net revenue rose 25.1% to $880.7 million.
  • Robust regular sales drove China revenues to grow 30.9% year-over-year in the fourth quarter and 27.6% for full year 2011.
  • International sales jumped 20.9% year-over-year in the fourth quarter and 23.3% for full year 2011. Emerging markets were again the key growth drivers.
  • Fourth quarter 2011 non-GAAP net income increased 14.2% to $51.8 million. Excluding the tax benefits, full year 2011 non-GAAP net income increased 10.1% to $178.8 million.
  • In the fourth quarter of 2011, accounts receivable days and inventory days improved to 66 days and 78 days respectively, compared to 71 days and 100 days in the previous quarter.
  • Net operating cash inflow strengthened significantly to $96.4 million in the fourth quarter, mainly as a result of improved working capital management.
  • Declared 2011 dividend of $0.40 per share.
  • Exceeded 2011 product development goals by launching 13 new products in markets around the world.
  • Announced a total of four acquisitions in 2011 to further enhance the company's technology and product offerings.

"2011 marks another year of significant achievements in Mindray's history. We strengthened our sales and distribution in domestic and emerging markets, and increased our direct sales effort in developed markets. We also enhanced our system to gain deeper market insights and accelerated our product upgrades and portfolio expansion," commented Mr.Xu Hang, Mindray's Chairman and Co-Chief Executive Officer. "While China and the emerging markets were the key growth drivers for the company, we also delivered solid results in the developed markets. Our performance in the US, which reached high-teens growth for the year, was particularly strong. This gave us even more confidence in our ability to continue expanding our global presence in the future."

Business Outlook for Full Year 2012

The company expects its full year 2012 net revenues to grow at least 18% over its full year 2011 net revenues. The company also expects its full year 2012 non-GAAP net income to grow at least 13% over its non-GAAP net income for full year 2011. This guidance excludes the tax benefits related to the key software enterprise status ($7.6 million recognized in the first quarter of 2011 for the calendar year 2010 and the potential tax benefit that we may receive in 2012 for the calendar year 2011) and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for 2012 to be around $90 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.

"Looking ahead, we are optimistic about the overall market environment in our key markets," commented Li Xiting, Mindray's President and Co-Chief Executive Officer. "We believe China will continue to be the bright spot due to our strong competitive position and favorable private and government spending trends in the healthcare industry. In emerging markets, we will continue to grasp private and public opportunities, although we foresee headwinds in regions that are politically unstable. For developed markets, we are happy with our steady market share gain in the US, while we expect some pressure on our sales in Western Europe as a result of economic uncertainty. We will, however, strive to achieve yet another year of operational excellence and remain confident about our company's long-term position in the global market."


Monday, January 9, 2012
Comments & Business Outlook
SHENZHEN, China, January 9, 2012 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced selected preliminary, unaudited results for the fiscal year ended December 31, 2011. The company also provided net revenue guidance for 2012.

For the year ended December 31, 2011, Mindray expects net revenues to be approximately US$878 million, representing approximately 24.7% year-over-year growth.

Based on the estimated full-year revenues, the company anticipates 2011 non-GAAP net income to grow no less than 10% year-over-year. The non-GAAP net income figure 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.

"In 2011, the global environment remained challenging with the backdrop of continued economic and political uncertainties. Nevertheless, we are happy to report that we achieved strong double-digit revenue growth for the year," commented Mr. Xu Hang, Mindray's Chairman and Co-Chief Executive Officer. "Our robust China sales reflect the success of our strategic initiatives and favorable hospital and government spending trends. Outside of China, emerging markets remained a key growth driver, thanks to our increased investment in our sales and service platforms, as well as marketing activities. We also continued to capture market share in developed countries. On the product and business development front, we maintained our focus on innovation by launching 13 new products this year - complemented by four new acquisitions - to strengthen our technology and product offerings. Overall, we are pleased that we had another year full of accomplishments in 2011 - Mindray's 20th anniversary."

This year, Mindray anticipates its net revenues to grow at least 18% year-over-year. Full-year guidance for 2012 will be provided in the fourth quarter and full-year 2011 earnings announcement.

"As we closed the fourth quarter of 2011, the outlook in China and some key ex-China markets remain favorable for our company. However, we expect potential headwinds in Western European markets, the Middle East and Africa as a result of continued economic and political instability," added Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "Looking ahead, we plan to increase our market penetration globally by launching new products and strengthening our sales, marketing and service capabilities. We will focus our R&D investment on technology and product development, and improving efficiency. We will also continue to actively explore M&A opportunities. Last but not least, profitability will remain a main focus of our company."

SHENZHEN, China, January 9, 2012 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced updates on new product launches for 2011 and its product pipeline for domestic and international markets in 2012.


Wednesday, December 21, 2011
Joint Venture

MAHWAH, NJ, December 21, 2011 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced that it has entered into an agreement with Novation allowing its more than 65,000 members and affiliates to purchase Mindray's M7 and M5 ultrasound systems.

"We are pleased to enter into this agreement with Novation and look forward to partnering with the members it serves in supplying state-of-the-art ultrasound technology," said Michael Thompson, Vice President of Ultrasound Sales, Mindray North America. "Now these members can take advantage of Mindray's upgradeable architecture, which provides a significant price-to-value ratio.

"Mindray has been widely noted for its high-quality imaging and innovation over the years. Both the M7 and M5 systems can be used in a wide array of clinical applications. In addition, each system comes with numerous choices of transducers and options. We look forward to helping Novation's members find the right solutions for every facility's specific imaging needs," Thompson added.

Novation is the health care industry's leading supply contracting company, delivering substantial savings to more than 65,000 members and affiliates of VHA Inc., UHC, and Provista, LLC. In 2010, VHA, UHC and Provista members used Novation contracts to purchase approximately $40 billion in products and services.

"This agreement reinforces Novation's commitment to securing the best market value for the members we serve," said Mike Clemens, Vice President of Capital Equipment and Diagnostic Imaging at Novation.


Friday, December 9, 2011
Acquisition Activity

SHENZHEN, China, December 9, 2011 /PRNewswire-Asia/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today an agreement to acquire a controlling stake of Zhejiang Greenlander Information Technology Co., Ltd. ("Greenlander"). The terms of the agreement were not disclosed as the transaction is non-material to Mindray's financial statements.

Founded in 2003 and based in Hangzhou, China, Greenlander is a healthcare IT solutions provider that specializes in PACS (Picture Archiving and Communication System) and RIS (Radiology Information System). PACS is a medical imaging technology that provides economical storage of and convenient access to images from multiple modalities. RIS is a computerized database used by radiology departments to store, manipulate and distribute patient radiological data and imagery. The RIS system generally consists of patient tracking and scheduling, result reporting and image tracking capabilities, and is critical to the efficient workflow of radiology practices. The PACS and RIS systems are widely used in the radiology, ultrasound, endoscopy and pathology departments of hospitals as effective digital picture archiving and communication management solutions. Last year, the PACS and RIS market was estimated at approximately $142 million in China and was expected to grow at over 20% annually for the next three to five years. Internationally, the market was estimated at $3.46 billion in 2009 and was expected to grow 10% annually.


Tuesday, November 8, 2011
Comments & Business Outlook

Third Quarter 2011 Results

Mindray 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.

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.

"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."

Business Outlook for Full Year 2011

The 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."


Notable Share Transactions

SHENZHEN, China, November 8, 2011 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited ("Mindray" or "Company", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced that its Board of Directors has approved a share repurchase program. The share repurchase program is authorized to be in effect through December 2012.

Under the program, Mindray is authorized to repurchase up to US$100 million worth of its issued and outstanding ordinary shares, from time to time, in open-market purchases on the NYSE Euronext of its American Depositary Shares ("ADSs") at prevailing market prices, in trades pursuant to a Rule 10b5-1 repurchase plan, or otherwise, in accordance with applicable federal securities laws, including the anti-manipulation provisions of Rule 10b-18, promulgated under the U.S. Securities Exchange Act of 1934, as amended ("Rule 10b-18"). The Company expects to use cash, internally generated funds, and/or bank borrowings to finance the repurchase.

Repurchases will be made at management's discretion, subject to restrictions on price, volume, and timing. The timing and extent of any purchases will depend upon market conditions and the trading price of its ADSs, as well as other factors. The repurchase program does not obligate Mindray to make repurchases at any specific time or situation. Mindray's Board will periodically review the share repurchase program and may authorize adjustments to the program's terms and size. The share repurchase program may also be suspended or discontinued at any time.

Mr. Xu Hang, Chairman and co-Chief Executive Officer of Mindray, commented, "This share buyback program reflects our confidence in the long-term growth prospects of Mindray, as well as our commitment to increasing shareholder value. In addition, we believe we have a strong balance sheet and expect to continue to actively pursue other growth opportunities."


Tuesday, August 9, 2011
Comments & Business Outlook

Highlights for Second Quarter 2011

  • Net revenues were $217.3 million, an increase of 21.2% over the second quarter of 2010.
  • Robust China sales growth of 25.3% year-over-year, driven by regular sales, that is, non-tender sales.
  • Strong international sales of $126.6 million, a year-over-year increase of 18.5%. Emerging markets were again a key growth driver.
  • Non-GAAP net income was $49.8 million, an 8.6% increase over the second quarter of 2010. GAAP net income was $44.8 million, a 6.0% year-over-year increase.
  • Net operating cash generated during the quarter was $33.8 million, growing 70.4% year-over-year.
  • Reagent revenues growth accelerated, contributing 28.4% to the in-vitro diagnostic business this quarter.
  • Mindray introduced its latest high level auto hematology analyzer, BC-6800, along with several reagents.
  • Paid dividend of $34.5 million in May and June 2011.
  • In July, Mindray announced an agreement to acquire a controlling stake of Suzhou Hyssen Electronics Co. Ltd, an automated urine sediment analyzer manufacturer in China.

"Our sales momentum continued this quarter and we are pleased to report a 21.2% year-over-year increase in revenues, highlighted by our significant growth in China regular sales," commented Xu Hang, Mindray's chairman and co-chief executive officer. "Our continued strong performance in China further demonstrated the successful implementation of Mindray's strategic initiatives over the last few quarters. Emerging markets also had solid performance during the quarter, contributing 34% to total sales. Specifically, Eastern Europe and the CIS region delivered more than 40% year-over-year growth, while Asia Pacific grew over 30% during the period. In developed markets, we again delivered double digit growth. On the M&A front, we are celebrating the third year of successful integration of our Mahwah operations in the U.S., while rolling out the integration of our two newly acquired businesses in China. We continue to actively seek opportunities that could bring complementary technologies and/or products to our company and help us further increase our market penetration worldwide."

Appointment of Chief Financial Officer

Mindray has appointed Mr. Alex Lung as Chief Financial Officer ("CFO") of the company effective as of August 10, 2011, succeeding Mr. Jie Liu. Mr. Liu will step down from the role of CFO and will remain with Mindray as Chief Operating Officer. He will act in an advisory capacity to Mr. Lung to ensure an orderly transition. Ms. May Li will continue to support the new CFO in her capacity as Deputy CFO.

Mr. Lung has served as Deputy CFO of Mindray since March 2011. He served as Group Finance Director of Mindray from June 2009 to March 2011. Prior to joining Mindray, he held a position as Corporate Controller of ASAT Holdings Limited, and as Finance Manager of Clipsal Asia Holdings Limited, a subsidiary of Schneider Electric. Mr. Lung has 10 years of professional experience at KPMG engaged in auditing, corporate finance and management consulting. Mr. Lung graduated from Imperial College, London, UK with a bachelor's degree in Mechanical Engineering. He is also an associate member of City & Guilds and a fellow member of the UK Association of Chartered Certified Accountant.

Business Outlook for Full Year 2011

The company maintains its full year guidance and anticipates its full year 2011 net revenues to be more than 16% higher than its full year 2010 net revenues.

The company continues to project its full year 2011 non-GAAP net income to grow more than 10% over its non-GAAP net income for full year 2010. 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 capital expenditure for 2011 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 are maintaining our guidance at this time," commented Li Xiting, Mindray's president and co-chief executive officer. "Most of our key global markets continue to have favorable growth prospects. In China, we are excited to see increased patient traffic and spending on county level hospitals. Together with our strategic efforts in China, we are optimistic that our China business is back on track. Emerging markets continue to exhibit strong growth momentum, although we are closely monitoring the political situation in the Middle East and Africa. Developed markets as a whole also keep growing steadily. In the second quarter, we once again demonstrated our focus on profitability and cash generation. In the coming quarters, our commitment to technology and product innovation, coupled with potential additional acquisitions, will fuel our future growth and expansion."


CFO Trail
Mindray has appointed Mr. Alex Lung as Chief Financial Officer ("CFO") of the company effective as of August 10, 2011, succeeding Mr. Jie Liu. Mr. Liu will step down from the role of CFO and will remain with Mindray as Chief Operating Officer

Tuesday, July 5, 2011
Acquisition Activity

SHENZHEN, China, July 5, 2011 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited(NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today an agreement to acquire a controlling stake of Suzhou Hyssen Electronics Co. Ltd ("Hyssen"). The terms of the agreement were not disclosed as the transaction is non-material to Mindray's financial statements.

Founded in 2003 and based in Suzhou, China, Hyssen is one of the market leaders in automated urine sediment analyzers in China. Urine sediment analysis can detect kidney and urinary tract diseases by analyzing blood cells, bacteria, urinary casts, etc., in urine samples. Urine sediment and dry chemistry analysis form urinalysis. Urinalysis, together with hematology and biochemistry analysis, are the three most common methods used in in-vitro diagnostic market. In 2010, the diagnostic urinalysis market in China was approximately $155 million, of which urine sediment analysis accounted for about 45% of the total, growing at an annual rate of over 30%.

Mindray expects to achieve synergies in the transaction by combining its strong engineering, manufacturing, sales and management platforms with Hyssen's technology and expertise in urine sediment analysis. "We are excited about this transaction and believe that our collaboration will benefit both Mindray and Hyssen," said Mr.Minghe Cheng, Mindray's Chief Strategic Officer. "Hyssen's products complement our current in-vitro diagnostic product offerings in urine dry chemistry, hematology and biochemistry. With the new additions, we believe that our in-vitro diagnostic segment can now provide our customers with better and more complete solutions."


Sunday, June 26, 2011
Liquidity Requirements

We anticipate that we will continue to generate operating cash flow sufficient to meet our cash needs and operations and make payments on existing liabilities for at least the next 12 months. We believe we have adequate liquidity reasonably available to meet the requirements of our currently anticipated operational circumstances, and do not have the need to utilize non-operational cash sources to meet our current operational cash needs.

We believe that our current level of cash and cash equivalents and cash flows from operations will be sufficient to meet our anticipated cash needs. We may require additional cash resources if we wish to pursue opportunities for investment, acquisition, strategic cooperation, cross boarder funding or other similar opportunities.

GeoTeam Note: MR has offered stock in the past after making strong comments in previous filings inferring that it would not need to tap equity markets.


Tuesday, May 10, 2011
Comments & Business Outlook

First Quarter Results:

  • Net revenues were $180.9 million, an increase of 24.0% over the first quarter of 2010.
  • Robust international sales of $108.5 million, a year-over-year increase of 29.6%. Emerging markets and developed markets both achieved significant growth this quarter.
  • Total China sales achieved 16.6% year-over-year growth, with solid non-tender sales increase of 23.1% year-over-year.
  • GAAP net income was $37.7 million, a 4.2% year-over-year increase. Excluding the tax benefit of $7.6 million and $8.6 million recognized in the first quarter of 2011 and 2010 respectively, non-GAAP net income increased 9.9% over the first quarter of 2010
  • EPS $0.36 v.035

"We had a good start to the year and are happy to report a 24.0% year-over-year increase in revenues, driven primarily by this quarter's robust international sales growth of nearly 30%," commented Xu Hang, Mindray's chairman and co-chief executive officer. "We are pleased with the strong sales growth and momentum in both emerging and developed markets. Latin America, Asia Pacific and Western Europe all achieved more than 40% year over year growth, while North America grew over 20% during the period. In China, non-tender sales maintained its recovery trend from last quarter, growing 23.1% year-over-year. We expect international sales to remain our key driver this year. We are also optimistic about our initiatives in the China market and expect continued, gradual improvement in our China business."

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


Monday, March 21, 2011
CFO Trail

SHENZHEN, China, March 19, 2011 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced the appointment of Mr. Jie Liu as Chief Financial Officer (CFO) of the Company effective as of April 30, 2011, succeeding Mr. Ronald Ede. Mr. Ede will step down from the role of CFO to pursue other personal interests. He will remain with Mindray as a director on Mindray's board and will act in an advisory capacity to Mr. Liu to ensure an orderly transition. Mr. Liu will remain as Mindray's Chief Operating Officer (COO) at the same time.


Tuesday, March 1, 2011
Comments & Business Outlook

Fourth Quarter Highlights:

  • Fourth quarter and full year 2010 net revenues increased 11.7% year-over-year to $211.0 million and 11.1% to $704.3 million, respectively.
  • Fourth quarter 2010 non-GAAP net income year-over-year increased 8.9% to $45.4 million. Excluding the tax benefit of $8.6 million recognized in the first quarter of 2010, full year 2010 non-GAAP net income year-over-year increased 10.1% to $162.3 million.
  • Declared 2010 dividend of $0.30 per share.
  • Non-GAAP EPS was $0.38 vs $0.37

In February 2011, Mindray announced an agreement to acquire a controlling stake of Shenzhen Shenke Medical Instrument Technical Development Co. Ltd, an infusion pump manufacturer in China.

"In spite of the continued uncertainties caused by the stagnant global economy and various proposals for healthcare reform in 2010, we maintained our focus and executed our strategy successfully, resulting in solid growth and margins for the year. We are very proud to have achieved such strong operational results while enhancing our competitive position," commented Xu Hang, Mindray's Chairman and Co-Chief Executive Officer. "As we closed the year, we continued to see robust sales growth in our key international markets and gradual improvement in our non-tender business in China, allowing us to deliver full year double digit top-line and earnings growth, as well as strong cash flow."

Mindray expects that the Shenke acquisition agreement will have minimal impact to its financial results in 2011.  The company continues to expect its full year 2011 net revenues to be more than 16% higher than its full year 2010 net revenues.

The company also expects its full year 2011 non-GAAP net income to grow more than 10% over its non-GAAP net income for full year 2010.  This guidance excludes the tax benefits related to the key software enterprise status ($8.6 million recognized in the first quarter of 2010 and approximately $7.8 million to be recorded in the first quarter of 2011) and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.


Tuesday, November 9, 2010
Comments & Business Outlook

SUMMARY Third Quarter and Nine Months Ended September 30, 2010

 

(in $ millions, except per-share data)

Three Months Ended

Nine Months Ended

 

September 30

September 30

 

2010

2009

% chg

2010

2009

% chg

 

Net Revenues

168.3

151.1

11.3%

493.3

445.3

10.8%

 

Revenues generated in China

69.1

66.8

3.3%

203.6

205.1

-0.7%

 

Revenues generated outside China

99.2

84.3

17.7%

289.7

240.2

20.6%

 

Gross Profit

99.0

85.5

15.7%

285.7

251.8

13.4%

 

Non-GAAP Gross Profit

100.2

87.2

14.9%

289.8

256.8

12.8%

 

Operating Income

38.7

34.2

13.2%

118.2

102.6

15.2%

 

Non-GAAP Operating Income

42.4

40.0

5.9%

129.5

118.6

9.2%

 

EBITDA

45.8

60.1

-23.8%

138.8

142.3

-2.5%

 

Net Income

35.9

43.4

-17.2%

114.4

101.8

12.4%

 

Non-GAAP Net Income

39.5

37.4

5.8%

125.6

105.7

18.8%

 

Diluted EPS

0.30

0.38

-20.4%

0.97

0.90

7.9%

 

Non-GAAP Diluted EPS

0.34

0.33

1.7%

1.07

0.94

14.0%

 
 

"Our results this quarter reflected strong international sales growth, which grew 17.7% year-over year," commented Xu Hang, Mindray's Chairman and Co-Chief Executive Officer. "We are encouraged by the continued growth momentum in both emerging and developed markets. Similar to last quarter, Latin America, the CIS region and the Middle East led growth among all regions while the developed markets again recorded double-digit growth. In China, revenues grew 3.3% year-over-year, not as strong as the year prior largely as a result of continued softening in government spending for medical device purchasing, as well as tier two and below hospitals continuing to lag in self-funded purchases. Tender sales were flat from last quarter. While the long-term prospects of the healthcare sector in China driven by reform remain favorable, the timing associated with medical device purchasing under the plan remains unclear. Non-tender sales grew 1% year-over-year. As we have communicated to investors, we are realigning our sales force and undertaking other strategic initiatives in product development and marketing in order to focus on building out presence in both high-end and low-end market segments, as well as to improve operational efficiency. Mindray continues to focus on innovation and we are pleased to announce the planned openings of three new R&D centers by end of this year."

Business Outlook for Full Year 2010

  • The 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 international markets, as well as our R&D effort, will continue to help fuel Mindray's future growth."


Sunday, August 22, 2010
Comments & Business Outlook
  • Mindray reported net revenues of $179.2 millionfor the second quarter of 2010, a 12.0% increase from $160.1 millionin the second quarter of 2009.
  • Net income increased 28.1% year-over-year to $42.3 million from $33.0 million in the second quarter of 2009.
  • Non-GAAP net income increased 21.3% year-over-year to $45.9 million from $37.8 million in the second quarter of 2009. 
  • Non-GAAP net margin was 25.6% in the second quarter of 2010 compared to 23.6% in the second quarter of 2009 and 27.5% in the first quarter of 2010.
  • Second quarter 2010 basic and diluted earnings per share were $0.37 and $0.36, respectively, compared to $0.30 and $0.29 in the second quarter of 2009.
  • Basic and diluted non-GAAP earnings per share were $0.40 and $0.39, respectively, compared to $0.35 and $0.34in the second quarter of 2009.

"While we achieved better than expected international sales, lower-than-expected government spending in our domestic market for the first half of the year has limited our planned growth rate and therefore our planned profit for the year," said Li Xiting, Mindray's president and co-chief executive officer. "We have thus decided to lower our yearly guidance. This adjustment, however, does not impact our confidence in our long-term outlook for China. We remain confident about the growth of the private sector in China and the resultant non-tender sales, as well as the government's commitment to its healthcare reform plan and we are proactively addressing the areas of the business and factors that are within our control. Equally, if not more important, we will implement strategic initiatives more aggressively across product development, sales force organization, branding and marketing in the coming quarters to expand in the fast growing hospital self-funded segment. We expect that these initiatives, together with realignment of our international sales network, will ensure China and international sales remain parallel growth drivers for the company."

Business Outlook for Full Year 2010

  • The company has updated its full year guidance and now expects its full year 2010 net revenues to be $700 million.
  • The company also expects 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.

Non-GAAP EPS Figures exclude certain non-operating gains and losses as well as certain non-cash items. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information . For a more complete explanation of the company's definition of non-GAAP please refer to its financial press releases. The GeoTeam® non-GAAP figures may, from time to time, differ from company supplied figures. The GeoTeam® non-GAAP figures apply a 25% and 36% tax rate for Chinese and United States companies respectively.


Thursday, September 3, 2009
Comments & Business Outlook

'Mindray continued to generate solid operational performance and earnings growth in the face of a global marketplace that remains very challenging,' commented Xu Hang, Mindray's chairman and co-chief executive officer. 'The ongoing realignment of core competencies within each region and continued integration of our Mahwah operations have and will continue to enable us to improve our cost structure and operational efficiency, while bringing new products to market and maintaining our competitive position in the marketplace.'  Mindray Medical has maintained its previously updated 2009 financial guidance.

Source: PR Newswire (August 10, 2009)


Sunday, June 21, 2009
Comments & Business Outlook

Mindray Medical has reduced its previously stated 2009 financial guidance.

''The revised guidance reflects more cautious assumptions of the overall market conditions for the remainder of 2009, as the world industry dynamics continued to worsen since earlier this year,' commented Mr. Li Xiting, Mindray's president and co-chief executive officer. 'For the current year, the China market still represents the strongest growth outlook. The picture outside China is mixed though, with healthy growth from Latin America and Africa coupled with additional growth as a result of our acquisition of our Mahwah operations, partially offset by declines in other sales geographies outside of China. We remain firm in our belief that Mindray's unique vertically integrated business model and strong financial position will allow us to more effectively adapt to fast changing market environments such as the one we are in today. We will continue to build on our cost advantages coupled with effective R&D and solid sales infrastructure to capture substantial growth opportunities in the markets we compete in.''

FULL YEAR 2009 Guidance Ending December

Full Year 2009 Guidance Full Year 2008 Period Change
GAAP Revenue $497.7 million $547.5 million at least 10.0%
Non-GAAP EPS a  $1.06 $1.17 10.0%

Source: See Release 

a Non-GAAP EPS Figures exclude certain non-operating gains and losses as well as certain non-cash items. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information . For a more complete explanation of the company's definition of non-GAAP please refer to its financial press releases. The GeoTeam® non-GAAP figures may, from time to time,  differ from company supplied figures.


Wednesday, March 4, 2009
Comments & Business Outlook

Guidance Report:

'Despite the continued economic challenges we are all witnessing, we are confident Mindray can achieve at least 20% revenue growth in 2009, with stronger growth coming in the second half of the year,' commented Mr. Li Xiting, Mindray's president and co-chief executive officer. 'For 2009, we will continue to work towards a successful integration of DPM to improve our product and geographic mix and offer cross-selling and market share gain opportunities. We hope to gain market share based on the increasing attractiveness of our high performance-price products to an increasingly cost-conscious customer base.

In addition, to improve our international distribution platform, we plan to expand and localize our international distribution teams at reasonable costs. Mindray is well positioned to navigate these unprecedented times and to capitalize on any opportunities that may emerge because of the diversity of our product offering across a range of price points, our ability to closely manage costs, and the strength of our balance sheet.'

Full Year Fiscal 2009 Guidance Ending December

  2009 Guidance 2008 Reported Period Change
GAAP Revenue at least $657 million $547.5 million at least 20%
GAAP EPS NA 0.96 NA
*Non-GAAP EPS $1.41 1.17 20%

*EPS Figures exclude non-operating gains and losses. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information.For a more complete explanation of the company's definition of non-GAAP please refer to their Fourth Quarter financial press release. This forecast reflects Mindray's current and preliminary views, which are subject to change.

Source: PR Newswire (March 4, 2009)


Sunday, February 1, 2009
Comments & Business Outlook

Guidance Report:

'We are well positioned as we head into 2009 and look to grow market share in the coming year,' added Mr. Li Xiting, Mindray's president and co-chief executive officer. 'Despite broader economic uncertainties, we are confident about achieving overall revenue growth of at least 20 percent based on the current foreign exchange rates. We strive to hold steady gross margins with targeted improvements in operating margins. We expect our growth to primarily be driven by the continued expansion and improvement in our product mix and strengthened distribution worldwide. Additionally, we look forward to the release of seven to nine new products this year, including the launch of our first jointly developed products with DPM. Overall, we believe that our ability to be nimble and closely manage costs allows us to pass savings to our customers. We look forward to continuing to provide high-quality and affordable medical devices to doctors and hospitals around the world in 2009.'

Full Year Fiscal 2008 Guidance Ending December

  2008 Guidance 2007 Reported Period Change
GAAP Revenue $540 to $550 million $294.3 million 84% to 87%
*Non-GAAP EPS no less than $1.16 $0.79 no less than 47%

EPS Figures exclude non-operating gains and losses. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information.

Source: PR Newswire (January 12, 2009)