In the news release, "Mindray Medical International Announces First
Quarter 2007 Results", issued yesterday, May 14 by Mindray Medical
International Limited (NYSE:MR) over Xinhua PR Newswire, we are
advised by the Company that under Highlights for First Quarter
2007, in the third sentence of the first bullet point, the figure
for first quarter 2007 net revenue growth should be "40.6%",
instead of "24.7%", as incorrectly transmitted by Xinhua PR
Newswire. The correct sentence should read, "After factoring out
the benefits attributable to the aforementioned government tender,
first quarter 2007 net revenue growth would have been 40.6%
year-over- year." Complete, corrected release follows. Mindray
Medical International Announces First Quarter 2007 Results First
Quarter 2007 Net Income Grows 79% Year-Over-Year SHENZHEN, China,
May 14 /Xinhua-PRNewswire-FirstCall/ -- Mindray Medical
International Limited (NYSE:MR), a leading developer, manufacturer
and marketer of medical devices in China with a rapidly growing
international presence, today announced its selected unaudited
financial results for the first quarter ended March 31, 2007.
Highlights for First Quarter 2007 -- First quarter 2007 net
revenues increased 32.7% over the first quarter 2006 to RMB422.4
million (US$54.7 million). During the first quarter 2006, the
Company recognized RMB17.8 million in sales from a large central
government tender. After factoring out the benefits attributable to
the aforementioned government tender, first quarter 2007 net
revenue growth would have been 40.6% year-over- year. -- Net
revenues generated in international markets in the first quarter
2007 increased by 60.4% to RMB213.9 million (US$27.7 million) from
RMB133.4 million in the first quarter 2006. -- Net revenues
generated in China in the first quarter 2007 increased by 12.7% to
RMB208.5 million (US$27.0 million) from RMB185.0 million in the
first quarter 2006. Adjusted for the aforementioned government
tender, first quarter 2007 domestic net revenue growth would have
been 24.7% year-over-year. -- First quarter 2007 gross profit was
RMB237.1 million (US$30.7 million), representing a 44.7% increase
from RMB163.9 million in the first quarter 2006. The consolidated
gross margin for the first quarter 2007 expanded to 56.1% from
53.8% achieved in the fourth quarter 2006 and from 51.5% achieved
in the first quarter 2006, representing a margin expansion of 460
basis points from the first quarter 2006. -- First quarter 2007
non-GAAP net income, as defined below, increased 95.5%
year-over-year to RMB139.6 million (US$18.1 million) from RMB71.4
million in the first quarter 2006. First quarter 2007 GAAP net
income was RMB122.4 million (US$15.8 million) compared to RMB68.4
million in the first quarter 2006, representing an increase of
78.9% year-over-year. -- First quarter 2007 non-GAAP basic and
diluted earnings per share, as defined below, were RMB1.32
(US$0.17) and RMB1.25 (US$0.16), respectively. First quarter 2007
GAAP basic and diluted earnings per share were RMB1.16 (US$0.15)
and RMB1.09 (US$0.14), respectively. The Company has historically
experienced a seasonal fluctuation in sequential revenue between
the fourth quarter, typically the strongest quarter of the year,
and the first quarter, typically the slowest quarter of the year.
'We are pleased with our revenue results for the quarter as sales
of new products continued to grow and margins expanded, ' said Mr.
Xu Hang, Mindray's Chairman and Co-Chief Executive Officer. "We
believe that our ongoing commitment to investing in R&D will
continue to drive higher margins and successful new product
introductions.' "Domestically, we are well positioned to benefit
from the Chinese government's increasing expenditure on healthcare
development in rural areas. We also believe domestic medical device
spending will resume or even exceed historical spending levels and
previously anticipated growth rates during 2007 amid a healthier
sector environment,' said Mr. Li Xiting, Mindray's President and
Co-Chief Executive Officer. "As we continue to experience high
growth in international markets, we will add local distributors,
sales support staff, and offices to best support our end-users." In
the first quarter 2007, the Company more than doubled its own-brand
sales in North America, while Europe and South America continued to
be key markets for international growth. Financial Results for
First Quarter 2007 Mindray reported net revenues of RMB422.4
million (US$54.7 million) for the first quarter 2007, representing
a 32.7% increase from RMB318.3 million in the first quarter 2006.
Revenues generated from the sale of new products introduced in 2006
contributed to more than 60% of the increase in net revenues in the
first quarter 2007. Performance by Segment Patient Monitoring
Devices: Patient monitoring device segment revenues increased 23.9%
to RMB160.5 million (US$20.8 million) from RMB129.6 million in the
first quarter 2006. The patient monitoring device segment
contributed 38.6% of total net segment revenues in the first
quarter 2007. First quarter 2007 patient monitoring device revenues
benefited from sales of the Company's high-end Beneview modular
patient monitors and WATO series anesthesia machines, each of which
were introduced in the second half of 2006. Diagnostic Laboratory
Instruments: Diagnostic laboratory instrument segment revenues
increased 62.8% to RMB133.7 million (US$17.3 million) from RMB82.1
million in the first quarter 2006. The diagnostic laboratory
instrument segment contributed 32.1% of total net segment revenues
in the first quarter 2007. First quarter 2007 diagnostic laboratory
instrument revenues benefited from sales of the Company's five-part
hematology analyzer, introduced in September 2006. Ultrasound
Imaging Systems: Ultrasound imaging system segment revenues
increased 16.9% to RMB117.3 million (US$15.2 million) from RMB100.3
million in the first quarter 2006. The ultrasound imaging system
segment contributed 28.2% as a percentage of total net segment
revenues in the first quarter 2007. First quarter 2007 ultrasound
imaging system revenues benefited from sales of the DC-6, the
Company's first color Doppler ultrasound imaging system, introduced
in September 2006. Performance by Geographic Region Net revenues
generated in international markets in the first quarter 2007
increased by 60.4% to RMB213.9 million (US$27.7 million) from
RMB133.4 million in the first quarter 2006. In the first quarter
2007, the United States surpassed Germany as the single largest
country in revenues among the Company's international markets. The
Company cited its growing portfolio of FDA- and CE-approved
products and increased brand acceptance as key contributing factors
to the rapid international acceptance of its products and increased
international revenues. Net revenues generated in China in the
first quarter 2007 increased by 12.7% to RMB208.5 million (US$27.0
million) from RMB185.0 million in the first quarter 2006. After
adjusting for the benefits of the RMB17.8 million central
government tender in the first quarter 2006, first quarter 2007
domestic net revenue growth would have been 24.7% year-over-year.
Gross Margins First quarter 2007 gross profit was RMB237.1 million
(US$30.7 million), a 44.7% increase from RMB163.9 million in the
first quarter 2006. The consolidated gross margin for the first
quarter 2007 expanded to 56.1% from 53.8% achieved in the fourth
quarter 2006 and from 51.5% achieved in the first quarter 2006.
This increase was primarily due to the continued effort by the
Company to improve product margins as well as an increase in sales
contribution from higher margin products. Non-GAAP gross margin, as
defined below, was 57.3% in the first quarter 2007. Operating
Expenses Selling expenses for the first quarter 2007 were RMB48.1
million (US$6.2 million), an increase of RMB3.9 million from the
first quarter 2006. As a percentage of total net revenues, selling
expenses decreased to 11.4% from 13.1% in the fourth quarter 2006.
The Company expects selling expenses as a percentage of total net
revenues to rise for the full year 2007 as it continues to both
grow sales headcount in both domestic and international markets and
increase investment in its overseas offices. General and
administrative expenses for the first quarter 2007 were RMB23.2
million (US$3.0 million), an increase of RMB12.8 million from the
first quarter 2006. This increase is primarily due to an increase
in share- based compensation expenses from RMB0.7 million in the
first quarter 2006 to RMB4.0 million in the first quarter 2007 as
well as increases in headcount. General and administrative expenses
decreased to 5.5% of total net revenues from 6.9% in the fourth
quarter 2006. Research and development expenses for the first
quarter 2007 were RMB41.3 million (US$5.3 million), an increase of
RMB9.0 million from the first quarter 2006. This increase reflects
the increase in share-based compensation expenses from RMB0.9
million in the first quarter 2006 to RMB4.0 million in the first
quarter 2007. Research and development expenses increased to 9.8%
of total net revenues from 9.6% in the fourth quarter 2006. Total
share-based compensation expenses, which were allocated to cost of
goods sold and related operating expenses, were RMB13.3 million
(US$1.7 million) in the first quarter 2007 compared to RMB3.0
million in the first quarter 2006. Non-GAAP operating profit, as
defined below, in the first quarter 2007 was RMB142.6 million
(US$18.5 million), representing a 77.8% increase from RMB80.2
million in the first quarter 2006. GAAP operating profit in the
first quarter 2007 was RMB124.6 million (US$16.1 million),
representing a 61.5% increase from RMB77.2 million in the first
quarter 2006. Non-GAAP operating margins were 33.8% in the first
quarter 2007 compared to 26.1% in the fourth quarter 2006 and 25.2%
in the first quarter 2006. GAAP operating margins were 29.5% in the
first quarter 2007 compared to 17.6% in the fourth quarter 2006 and
24.2% in the first quarter 2006. Net Income First quarter 2007
non-GAAP net income increased 95.5% year-over-year to RMB139.6
million (US$18.1 million) from RMB71.4 million in the first quarter
2006. First quarter 2007 GAAP net income was RMB122.4 million
(US$15.8 million) compared with RMB68.4 million in the first
quarter 2006. Non-GAAP net margins were 33.1% in the first quarter
2007 compared to 29.6% in the fourth quarter 2006 and 22.4% in the
first quarter 2006. GAAP net margins were 29.0% in the first
quarter 2007 compared to 22.2% in the fourth quarter 2006 and 21.5%
in the first quarter 2006. First quarter 2007 income tax expense
was RMB22.9 million (US$3.0 million), representing an effective tax
rate of 15.7% compared to 7.1% effective tax rate in the first
quarter 2006, or an increase of RMB17.2 million from the same
period one year ago. First quarter 2007 basic and diluted non-GAAP
earnings per share were RMB1.32 (US$0.17) and RMB1.25 (US$0.16),
respectively. First quarter 2007 GAAP basic and diluted earnings
per share for the quarter were RMB1.16 (US$0.15) and RMB1.09
(US$0.14), respectively. Shares used in the computation of diluted
earnings per share increased from 85.4 million in the first quarter
2006 to 111.9 million in the first quarter 2007 due to issuances of
new shares and grants of share options that occurred in the past
twelve months. On March 16, 2007, the 10th People's Congress of
China passed the China Unified Corporate Income Tax Law (the 'New
Law'), which will become effective on January 1, 2008. The New Law
establishes a single unified 25% income tax rate for most companies
with some preferential income tax rates to be applicable to
qualified hi-tech enterprises. The related detailed implementation
rules and regulations (the 'IRRs') on the definition of various
terms and the interpretation and application of the provisions of
the New Law are expected to be promulgated by the State Council
within 2007. The Company currently believes that the new laws do
not impact its qualification as a hi-tech enterprise, and as such,
believe the current tax rate of 15% will continue to apply. In the
event the promulgation of the new IRRs result in a change such that
the Company will no longer qualify as a hi-tech enterprise, it will
be required to adjust certain long term deferred tax liabilities
which will result in a loss in the period the change takes effect.
If the Company were to have applied a 25% tax rate in the first
quarter 2007 an additional provision for income taxes of
approximately RMB13.1 million (or RMB0.12 per diluted share) would
have been recorded, based on the balance of the deferred tax
liabilities as of March 31, 2007. Other Select data Average account
receivable days outstanding was 22 days in the first quarter 2007
compared to 23 days in the first quarter 2006. Inventory turnover
was 72 days in the first quarter 2007 compared to 72 days in the
first quarter 2006. As of March 31, 2007, the Company has
RMB1,492.8 million (US$193.3 million) in cash and cash equivalents
and short-term investments. Business Outlook for Full Year 2007 The
Company's updated total net revenue guidance range for the full
year 2007 is between RMB2,120 million and RMB2,170 million, from
the previous range of RMB2,120 million to RMB2,150 million. The
updated full year 2007 non-GAAP net income guidance is between
RMB585 million and RMB600 million, from the previous range of
RMB570 million to RMB585 million. Non-GAAP net income per share is
expected to be between RMB5.08 and RMB5.36 on a fully diluted
basis, assuming an estimated diluted share count of 112 million
shares. The Company estimates total share-based compensation
expenses in 2007 will be approximately RMB55 million based on the
share options that have been granted as of May 14, 2007. Total
expense and/or amortization of intangible assets related to the
April 2006 acquisition of minority interest will be approximately
RMB18.8 million in 2007. The Company expects its capital
expenditure for 2007 to be in the range of RMB400 million to RMB435
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. Conference Call
Information Mindray's management will hold its first quarter 2007
earnings conference call after the U.S. market closes at 8:00 PM on
May 14, 2007 U.S. Eastern Time (8:00 AM on May 15, 2007
Beijing/Hong Kong Time). Dial-in details for the earnings
conference call are as follows: Hong Kong: +852-3002-1672 US Toll
Free: +1-866-271-6130 International: +1-617-213-8894 Passcode for
all regions: Mindray A replay of the conference call may be
accessed by phone at the following numbers until May 25, 2007. US
Toll Free: +1-888-286-8010 International: +1-617-801-6888 Passcode:
88472043 Additionally, a live and archived webcast of this
conference call will be available on the Investor Relations section
of Mindray's website at http://www.mindray.com/ . About Mindray
Mindray Medical International Limited is a leading developer,
manufacturer and marketer of medical devices in China with a
significant and growing presence outside of China. Established in
1991, Mindray offers a broad range of products across three primary
business segments: patient monitoring devices, diagnostic
laboratory instruments, and ultrasound imaging systems. Mindray is
headquartered in Shenzhen, China, and has 29 local sales and
services offices in China, as well as sales and services offices in
Boston, Istanbul, London, Mumbai, Seattle and Vancouver. For more
information, please visit http://www.mindray.com/. Use of Non-GAAP
Financial Measures The Company has reported for the first quarter
2007 and provided estimates for full year 2007 net income,
operating income, or earning per share on a non-GAAP basis. Each of
the terms as used by the Company is defined as follows: -- Non-GAAP
gross profit represents gross profit reported in accordance with
GAAP, adjusted for the effects of share-based compensation, and
expense and/or amortization of acquired intangible assets. --
Non-GAAP operating profit represents operating profit reported in
accordance with GAAP, adjusted for the effects of share-based
compensation, and expense and/or amortization of acquired
intangible assets including, but not limited to, in-progress
research and development (IPR&D). -- Non-GAAP net income
represents net income reported in accordance with GAAP, adjusted
for the effects of share-based compensation, and expense and/or
amortization of acquired intangible assets including, but not
limited to, IPR&D, all net of related tax impact. -- Non-GAAP
earnings per share represents non-GAAP net income divided by the
number of shares used in computing basic and diluted earnings per
share in accordance with GAAP, and excludes the impact of the
deemed dividends for the basic calculation. In addition to
Mindray's consolidated financial results under GAAP, the Company
also provides non-GAAP financial measures, including non-GAAP
operating profit, non-GAAP net income and non-GAAP earnings per
share on a basic and fully diluted basis. The Company believes that
both management and investors benefit from referring to these
non-GAAP financial measures in assessing Mindray's financial
performance and liquidity and when planning and forecasting future
periods. These non-GAAP operating measures are useful for
understanding and assessing Mindray's underlying business
performance and operating trends and the Company expects to report
operating profit and net income on a non-GAAP basis using a
consistent method on a quarterly basis going forward. The Company
computes its non-GAAP financial measures using the same consistent
method from quarter to quarter. The Company notes that these
measures may not be calculated on the same basis of similar
measures used by other companies. Readers are cautioned not to view
non-GAAP results on a stand-alone basis or as a substitute for
results under GAAP, or as being comparable to results reported or
forecasted by other companies, and should refer to the
reconciliation of GAAP results with non-GAAP results for the
three-month periods ended March 31, 2006 and 2007, respectively, in
the attached financial statements. Cautionary Note Regarding
Forward-Looking Statements This press release contains
"forward-looking statements," including those related to the
Company's anticipated operating results for 2007, increased medical
device spending in China, customer acceptance of Company products,
continued benefits of R&D spending levels, increased
headcounts, and international expansion. These statements are not
historical facts but instead represent only our belief regarding
future events, many of which, by their nature, are inherently
uncertain and outside of our control. It is possible that our
actual results and financial condition and other circumstances may
differ, possibly materially, from the anticipated results and
financial condition indicated in these forward-looking statements.
Readers are cautioned that these forward- looking statements are
only predictions and may differ materially from actual future
events or results due to a variety of factors, including but not
limited to: the expected growth of the medical device market in
China and internationally; relevant government policies and
regulations relating to the medical device industry; market
acceptance of our products; our expectations regarding demand for
our products; our ability to expand our production, our sales and
distribution network and other aspects of our operations; our
ability to stay abreast of market trends and technological
advances; our ability to effectively protect our intellectual
property rights and not infringe on the intellectual property
rights of others; competition in the medical device industry in
China and internationally; and general economic and business
conditions in the countries in which we operate. The financial
information contained in this release should be read in conjunction
with the consolidated financial statements and notes thereto
included in our prospectus filed with the Securities and Exchange
Commission on February 1, 2007. For a discussion of other important
factors that could adversely affect our business, financial
condition, results of operations and prospects, see "Risk Factors"
beginning on page 10 of our prospectus. Our results of operations
for the first quarter of 2007 and for fiscal year 2007 are not
necessarily indicative of our operating results for any future
periods. Any projections in this release are based on limited
information currently available to us, which is subject to change.
Although such projections and the factors influencing them will
likely change, we will not necessarily update the information. Such
information speaks only as of the date of this release. This
announcement contains translations of certain Renminbi amounts into
US dollars at specified rates solely for the convenience of
readers. Unless otherwise noted, all translations from Renminbi to
US dollars as of and for the quarter ended March 31, 2007 were made
at the noon buying rate in the City of New York for cable transfers
in Renminbi per US dollar as certified for customs purposes by the
Federal Reserve Bank of New York, or the noon buying rate, as of
March 30, 2007, which was RMB 7.7232 to US$1.00. Mindray makes no
representation that the Renminbi or US dollar amounts referred to
in this release could have been or could be converted into US
dollars or Renminbi, as the case maybe, at any particular rate or
at all. All references to "shares" are to our ordinary shares,
which are divided into two classes, Class A and Class B. Each of
our American Depositary Shares, which trade on the New York Stock
Exchange, represents one Class A ordinary share. The accounting
policies underlying the financial information for the segmental
reporting are based primarily on statutory accounting requirements
in the PRC. -- Financial Tables to Follow -- Exhibit 1 MINDRAY
MEDICAL INTERNATIONAL LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS
As at December 31, 2006 As at March 31, 2007 RMB RMB US$ (derived
from audited financials) (unaudited)(unaudited) ASSETS (In
thousands) Current assets: Cash and cash equivalents 1,709,596
1,479,530 191,570 Restricted cash -- -- -- Short-term investments
13,312 13,228 1,713 Accounts receivable, net 104,679 99,166 12,840
Inventories, net 122,071 171,563 22,214 Value added tax receivables
-- -- -- Other receivables 11,774 17,028 2,205 Prepayments and
other 7,560 16,422 2,126 Deferred tax assets - current portion
2,747 1,884 244 Total current assets 1,971,739 1,798,821 232,911
Loans to employees 4,851 4,813 623 Long-term investments 105,573
357,059 46,232 Other assets 13,827 11,417 1,478 Property, plant and
equipment, net 186,980 267,864 34,683 Land use right 2,505 2,472
320 Deferred tax assets - non- current portion -- 597 77 Intangible
assets 149,479 144,772 18,745 Goodwill 122,169 122,169 15,818 Total
assets 2,557,123 2,709,984 350,889 LIABILITIES AND SHAREHOLDERS'
EQUITY Current liabilities: Notes payable 50,625 52,586 6,809
Accounts payable 79,352 121,882 15,781 Customers' deposits 47,007
53,572 6,937 Salaries payables 55,676 29,465 3,815 Other taxes
payable 7,937 6,015 779 Other payables 13,965 22,290 2,886
Dividends payables -- 125,110 16,199 Proceeds payables 34,854 -- --
Accrued professional expenses -- -- -- Accrued other expenses
33,363 32,396 4,195 Advance subsidies 17,900 17,900 2,318 Income
taxes payable 11,703 28,106 3,639 Total current liabilities 352,382
489,321 63,357 Commitment and contingencies Minority interests 10
10 1 Deferred tax liabilities, net 21,815 21,726 2,813 21,825
21,736 2,814 Mezzanine equity: Convertible redeemable preferred
shares -- -- -- Shareholders' equity: Ordinary shares 110 110 14
Additional paid-in capital 1,934,937 1,948,200 252,253 Retained
earnings 266,834 263,820 34,159 Accumulated other comprehensive
loss (18,965) (13,203) (1,710) Total shareholders' equity 2,182,916
2,198,927 284,717 Total liabilities and shareholders' equity
2,557,123 2,709,984 350,889 (1) all translations from Renminbi to
US dollars as of and for the quarter and full year ended March 31,
2007 were made at the noon buying rate as of March 30, 2007, which
was RMB7.7232 to US$1.00 Exhibit 2 MINDRAY MEDICAL INTERNATIONAL
LIMITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three
months ended March 31, 2006 2007 2007 RMB RMB US$ (unaudited)
(unaudited) (unaudited) (In thousands, except share and per share
data) Net revenues - PRC 184,983 208,543 27,002 - International
133,362 213,866 27,691 Net revenues 318,345 422,409 54,694 Cost of
revenues (note 2) (154,459) (185,282) (23,990) Gross profit 163,886
237,127 30,703 Selling expenses (note 2) (44,110) (48,050) (6,221)
General and administrative expenses (note 2) (10,353) (23,168)
(3,000) Research and development expenses (note 2) (32,250)
(41,265) (5,343) Other general expenses -- (37) (5) Operating
income 77,173 124,607 16,134 Other income, net 241 3,164 410
Interest income 3,269 17,560 2,274 Interest expense (123) (96) (12)
Income before income taxes and minority interests 80,560 145,235
18,805 Provision for income taxes (5,701) (22,866) (2,961) Minority
interests (6,456) (0) (0) Income attributable to ordinary
shareholders 68,403 122,369 15,844 Basic earnings per share 0.91
1.16 0.15 Diluted earnings per share 0.80 1.09 0.14 Shares used in
the computation of: Basic earnings per share 75,350,054 105,743,984
105,743,984 Diluted earnings per share 85,425,031 111,869,215
111,869,215 (2) Share-based compensation charges incurred during
the period related to: Cost of revenues 95 349 45 Selling expenses
1,369 4,892 633 General and administrative expenses 690 4,022 521
Research and development expenses 860 4,000 518 Exhibit 3 MINDRAY
MEDICAL INTERNATIONAL LIMITED RECONCILIATIONS OF NON-GAAP RESULTS
OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES For
the three months ended, 09/30/2005 12/31/2005 03/31/2006 06/30/2006
RMB RMB RMB RMB (unaudited) (unaudited) (unaudited) (unaudited) (In
thousands, except share and per share data) Net revenue 296,864
344,933 318,345 358,420 Non-GAAP net income (note 3) 84,001 85,453
71,417 103,541 Non-GAAP net margin 28.3% 24.8% 22.4% 28.9%
Expense/Amortization of acquired intangible assets -- -- -- --
Deferred tax impact related to acquired intangible assets -- -- --
-- Share-based compensation (44,594) -- (3,014) (7,172) GAAP net
income 39,407 85,453 68,403 96,369 Non-GAAP income per share -
basic 1.00 1.13 0.95 1.27 Non-GAAP income per share - diluted 1.00
1.13 0.84 1.13 GAAP income per share - basic 0.47 1.13 0.91 1.18
GAAP income per share - diluted 0.47 1.13 0.80 1.05 Shares used in
computation of: Basic earnings per share 83,916,315 75,350,054
75,350,054 81,595,905 Diluted earnings per share 83,916,315
75,350,054 85,425,031 91,477,498 Non-GAAP operating income 89,637
88,915 80,187 107,915 Non-GAAP operating margin 30.2% 25.8% 25.2%
30.1% Expense/Amortization of acquired intangible assets -- -- --
-- Share-based compensation (44,594) -- (3,014) (7,172) GAAP
operating income 45,043 88,915 77,173 100,743 Non-GAAP gross profit
160,124 183,239 163,981 205,689 Non-GAAP gross margin 53.9% 53.1%
51.5% 57.4% Expense/Amortization of acquired intangible assets --
-- -- -- Share-based compensation -- -- (95) (141) GAAP gross
profit 160,124 183,239 163,886 205,548 (3) the figures do not
include minority interests of RMB8.4 million and RMB6.5 million
reported in fourth quarter 2005 and first quarter 2006 Exhibit 3
MINDRAY MEDICAL INTERNATIONAL LIMITED RECONCILIATIONS OF NON-GAAP
RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP
MEASURES For the three months ended, 09/30/2006 12/31/2006
03/31/2007 03/31/2007 RMB RMB RMB US$ (unaudited) (unaudited)
(unaudited) (unaudited) Net revenue 360,859 477,357 422,409 54,694
Non-GAAP net income (note 3) 100,372 141,512 139,633 18,080
Non-GAAP net margin 27.8% 29.6% 33.1% 33.1% Expense/Amortization of
acquired intangible assets -- (34,121) (4,707) (610) Deferred tax
impact related to acquired intangible assets -- 5,118 706 91
Share-based compensation (9,327) (6,541) (13,263) (1,717) GAAP net
income 91,045 105,968 122,369 15,844 Non-GAAP income per share -
basic 1.18 1.34 1.32 0.17 Non-GAAP income per share - diluted 1.04
1.27 1.25 0.16 GAAP income per share - basic 1.07 1.00 1.16 0.15
GAAP income per share - diluted 0.94 0.95 1.09 0.14 Shares used in
computation of: Basic earnings per share 85,276,860 105,727,677
105,743,984 105,743,984 Diluted earnings per share 96,913,296
111,445,681 111,869,215 111,869,215 Non-GAAP operating income
106,250 124,677 142,578 18,461 Non-GAAP operating margin 29.4%
26.1% 33.8% 33.8% Expense/Amortization of acquired intangible
assets -- (34,121) (4,707) (610) Share-based compensation (9,327)
(6,541) (13,263) (1,717) GAAP operating income 96,923 84,015
124,607 16,134 Non-GAAP gross profit 201,291 257,149 242,184 31,358
Non-GAAP gross margin 55.8% 53.9% 57.3% 57.3% Expense/Amortization
of acquired intangible assets -- -- (4,707) (610) Share-based
compensation (190) (188) (349) (45) GAAP gross profit 201,101
256,961 237,127 30,703 (3) the figures do not include minority
interests of RMB8.4 million and RMB6.5 million reported in fourth
quarter 2005 and first quarter 2006 For further information,
contact: In China: Investor Relations Mindray Medical International
Limited Tel: +86-755-2658-2518 Email: Justin Knapp Ogilvy Public
Relations Worldwide, Beijing Tel: +86-10-8520-6556 Email: In U.S.:
Jeremy Bridgman Ogilvy Public Relations Worldwide, New York Tel:
+1-212-880-5269 DATASOURCE: Mindray Medical International Limited
CONTACT: In China, Investor Relations of Mindray Medical
International Limited, +86-755-2658-2518, or ; Justin Knapp of
Ogilvy Public Relations Worldwide, Beijing for Mindray,
+86-10-8520-6556, or , or In U.S., Jeremy Bridgman of Ogilvy Public
Relations Worldwide, New York for Mindray, +1-212-880-5269 Web
site: http://www.mindray.com/
Copyright
Grafico Azioni Montage Resources (NYSE:MR)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Montage Resources (NYSE:MR)
Storico
Da Ott 2023 a Ott 2024