Company Achieves Record Revenue Growth of 58.9% Year-over-Year
SHENZHEN, China, Nov. 1 /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 third quarter ended
September 30, 2007. Highlights for Third Quarter 2007 -- Third
quarter 2007 net revenues were RMB573.2 million (US$76.5 million),
a 58.9% increase over the third quarter 2006. -- Net revenues
generated in international markets in the third quarter 2007
increased by 52.0% to RMB286.1 million (US$38.2 million) from
RMB188.2 million in the third quarter 2006. -- Net revenues
generated in China in the third quarter of 2007 increased by 66.3%
to RMB287.1 million (US$38.3 million) from RMB172.7 million in the
third quarter 2006. -- Third quarter 2007 non-GAAP net income, as
defined below, increased 71.5% year-over-year to RMB172.1 million
(US$23.0 million) from RMB100.4 million in the third quarter 2006.
Third quarter 2007 GAAP net income was RMB154.8 million (US$20.7
million) compared to RMB91.0 million in the third quarter 2006,
representing an increase of 70.0% year-over-year. -- Third quarter
2007 non-GAAP diluted earnings per share, as defined below, was
RMB1.52 (US$0.20). Third quarter 2007 GAAP diluted earnings per
share was RMB1.37 (US$0.18). "We are pleased to report another
quarter of record growth and solid execution," said Mr. Xu Hang,
Mindray's chairman and co-chief executive officer. "We continue to
see solid sales growth across all three of our product segments.
With increasing worldwide recognition of the exceptional price to
performance ratio of Mindray products and our long-term commitment
to R&D and new product development, we continue to set the
foundation for growth across our sales geographies." "In our
domestic market, we continue to benefit from rising private
healthcare spending, as well as a steady increase in government
tenders. These trends reflect the strong growth of China's economy
and the government's commitment to investing in rural healthcare
infrastructure," added Mr. Li Xiting, Mindray's president and
co-chief executive officer. "Internationally, product sales saw
healthy growth across all of our geographies, most notably in our
European and South American markets. During the quarter we remained
focused on building out an extensive international distribution
network and further expanded our presence abroad, opening offices
in Canada, Brazil, Mexico and the Netherlands." The company now has
29 sales and service offices in China and 10 internationally.
Financial Results for Third Quarter 2007 Mindray reported net
revenues of RMB573.2 million (US$76.5 million) for the third
quarter 2007, representing a 58.9% increase from RMB360.9 million
in the third quarter 2006. Net revenues generated in international
markets in the third quarter 2007 increased by 52.0% to RMB286.1
million (US$38.2 million) from RMB188.2 million in the third
quarter 2006. Net revenues generated in China in the third quarter
2007 increased by 66.3% to RMB287.1 million (US$38.3 million) from
RMB172.7 million in the third quarter 2006. Performance by Segment
Patient Monitoring Devices: Patient monitoring device segment
revenues increased 48.5% to RMB207.1 million (US$27.6 million) from
RMB139.5 million in the third quarter 2006. The patient monitoring
device segment contributed 36.6% of total net segment revenues in
the third quarter 2007. Growth in the patient monitoring segment
was led by increased brand recognition in international markets as
well as a healthier domestic environment compared to the third
quarter 2006. The company's high-end BeneView series also
experienced strong performance both domestically and
internationally. Diagnostic Laboratory Instruments: Diagnostic
laboratory instrument segment revenues increased 64.5% to RMB186.3
million (US$24.9 million) from RMB113.3 million in the third
quarter 2006. The diagnostic laboratory instrument segment
contributed 33.0% of total net segment revenues in the third
quarter 2007. The diagnostic laboratory instrument segment enjoyed
exceptional growth during the third quarter. Domestically, revenues
were boosted by increased government spending on rural healthcare
development. Expanding international market penetration and demand
for new products such as the BS-400 and BC-5500 increased segment
growth during the third quarter 2007. Ultrasound Imaging Systems:
Ultrasound imaging system segment revenues increased 66.2% to
RMB162.2 million (US$21.7 million) from RMB97.6 million in the
third quarter 2006. The ultrasound imaging system segment
contributed 28.7% as a percentage of total net segment revenues in
the third quarter 2007. Government tender activity made a
significant contribution to ultrasound growth during the third
quarter 2007 compared to the same period a year ago. Demand for
color ultrasound machines remained strong both domestically and
internationally. The company also plans to launch several products
in the fourth quarter of 2007, including the M5, a portable color
ultrasound machine, the BS-100, a biochemistry analyzer targeted
for rural healthcare clinics in China, the DC-3, a color ultrasound
machine, an EX55 and EX65, which are both compact anesthesia
machines available domestically upon release and internationally in
March 2008 and the BC-5300, a five-part differential hematology
analyzer. All of these products will contribute to 2008 sales.
Gross Margins Third quarter 2007 gross profit was RMB315.9 million
(US$42.2 million), a 57.1% increase from RMB201.1 million in the
third quarter 2006. The consolidated gross margin for the third
quarter 2007 was 55.1% compared to 56.0% in the second quarter
2007. Non-GAAP gross margin, as defined below, was 56.0% in the
third quarter 2007 compared to 57.0% in the second quarter 2007,
and 56.7% in the first nine months of 2007. Operating Expenses
Selling expenses for the third quarter 2007 were RMB83.4 million
(US$11.1 million), representing 14.5% of total net revenues,
compared to 13.7% in the third quarter 2006 and 14.4% in the second
quarter 2007. Selling expenses slightly increased as the company
opened new offices abroad increasing sales, marketing, and
distribution headcount. General and administrative expenses for the
third quarter 2007 were RMB21.2 million (US$2.8 million),
representing 3.7% of total revenues, compared to 5.1% in the third
quarter 2006 and 3.7% in the second quarter 2007. Research and
development expenses for the third quarter 2007 were RMB56.7
million (US$7.6 million), compared to RMB36.5 million in the third
quarter 2006. Research and development expenses were 9.9% of total
net revenues, compared to 10.1% in the third quarter 2006 and 8.8%
in the second quarter 2007. Total share-based compensation
expenses, which were allocated to cost of goods sold and related
operating expenses, were RMB13.3 million (US$1.8 million) in the
third quarter 2007, compared to RMB9.3 million (US$1.2 million) in
the third quarter 2006 and RMB14.3 million (US$1.9 million) in the
second quarter 2007. Non-GAAP operating profit, as defined below,
in the third quarter 2007 was RMB172.6 million (US$23.0 million),
representing a 62.4% increase from RMB106.3 million in the third
quarter 2006. GAAP operating profit in the third quarter 2007 was
RMB154.6 million (US$20.6 million), representing a 59.5% increase
from RMB96.9 million in the third quarter 2006. Non-GAAP operating
margins were 30.1% in the third quarter 2007, compared to 29.4% in
the third quarter 2006 and 32.5% in the second quarter 2007. GAAP
operating margins were 27.0% in the third quarter 2007 compared to
26.9% in the third quarter 2006 and 29.1% in the second quarter
2007. The company noted the increase in non-operating income during
the third quarter 2007 was largely due to unrealized
marked-to-market gains from foreign exchange appreciation. Net
Income Third quarter 2007 non-GAAP net income increased 71.5%
year-over-year to RMB172.1 million (US$23.0 million) from RMB100.4
million in the third quarter 2006. Third quarter 2007 GAAP net
income was RMB154.8 million (US$20.7 million) compared with RMB91.0
million in the third quarter 2006. Non-GAAP net margins were 30.0%
in the third quarter 2007, from 27.8% in the third quarter 2006 and
31.1% in the second quarter 2007. GAAP net margins were 27.0% in
the third quarter 2007 compared to 25.2% in the third quarter 2006
and 27.9% in the second quarter 2007. Third quarter 2007 income tax
expense was RMB25.1 million (US$3.4 million), representing an
effective tax rate of 14.0% compared to 6.6% effective tax rate in
the third quarter 2006, or an increase of 289.2% from the third
quarter 2006. GAAP net income for the first nine months of 2007 was
RMB433.7 million (US$57.9 million) compared to RMB255.8 million in
same period of 2006, a year-over-year increase of 69.5%. Third
quarter 2007 basic and diluted non-GAAP earnings per share were
RMB1.61 (US$0.22) and RMB1.52 (US$0.20), respectively. Third
quarter 2007 GAAP basic and diluted earnings per share for the
quarter were RMB1.45 (US$0.19) and RMB1.37 (US$0.18), respectively.
Shares used in the computation of diluted earnings per share
increased from 96.9 million in the third quarter 2006 to 113.0
million in the third quarter 2007 due to issuances of new shares
and grants of share options 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 results 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 third 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 third quarter 2007 compared to
20 days in the third quarter 2006. Inventory turnover was 64 days
in the third quarter 2007 compared to 70 days in the third quarter
2006. Average account payable days outstanding was 57 days in the
third quarter 2007 compared to 59 days in the third quarter 2006.
As of September 30, 2007, the company had RMB1,737 million
(US$231.8 million) in cash and cash equivalents and short-term
investments. Net cash generated from operating activities and
capital expenditures in the first nine months of 2007 were RMB417.6
million (US$55.7 million) and RMB165.3 million (US$22.1 million),
respectively. As of September 30, 2007 the company had 3,541
employees compared to 3,260 employees on June 30, 2007. Business
Outlook for Full Year 2007 The company maintains its full-year 2007
net revenue guidance range of RMB2,155 million to RMB2,185 million,
representing annual growth of 42% to 44% over full fiscal year
2006. The company also maintains its full-year 2007 non-GAAP net
income guidance range of RMB600 million to RMB630 million,
representing annual growth of 44% to 51% over full fiscal year
2006. Non-GAAP net income per share is expected to be in the range
of RMB5.31 to RMB5.58 on a fully diluted basis, assuming an
estimated diluted share count of 113 million. The company estimates
its total share-based compensation expenses in 2007 will be
approximately RMB60 million to RMB64 million based on the employee
share options that have been granted as of November 1, 2007. This
estimate is subject to the finalization of the option pricing model
used to estimate the fair value of the options recently granted.
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
updated capital expenditure for 2007 to be in the range of RMB350
million to RMB400 million from the previous range of RMB400 million
to RMB480 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. Other
Developments Mr. Xu Hang, Mindray's chairman and co-chief executive
officer and Mr. Li Xiting, Mindray's president and co-chief
executive officer, have both recently entered into "10b5-1" selling
plans to sell a portion of their shares according to price and
volume conditions. Conference Call Information Mindray's management
will hold its third quarter 2007 earnings conference call on
November 1, 2007 at 8:00 PM U.S. Eastern Time (8:00 AM on November
2, 2007 Beijing/Hong Kong Time). Dial-in details for the earnings
conference call are as follows: Hong Kong: +852-3002-1672 U.S. Toll
Free: +1-800-299-7089 International: +1-617-801-9714 Passcode for
all regions: Mindray A replay of the conference call may be
accessed by phone at the following numbers until November 12, 2007.
U.S. Toll Free: +1-888-286-8010 International: +1-617-801-6888
Passcode: 18596098 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 worldwide. 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
service offices in China, as well as sales and service offices in
Amsterdam, Boston, Istanbul, London, Mexico City, Mumbai, Sao
Paulo, Seattle, Toronto and Vancouver. For more information, please
visit http://www.mindray.com/ . Use of Non-GAAP Financial Measures
The company has reported for the third 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 gross margin, 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 September 30, 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, growth in the company's business segments and
geographies, business execution, growth in medical spending and the
factors driving that growth, 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 public filings with the Securities and Exchange
Commission.. For a discussion of other important factors that could
adversely affect our business, financial condition, results of
operations and prospects, see "Risk Factors" beginning on page 5 of
our annual report on Form 20-F, filed on June 26, 2007. Our results
of operations for the third 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 September 30, 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 September 28, 2007, which was RMB7.4928 to
US$1.00. Mindray makes no representation that the Renminbi or US
dollar amounts referred to in this release could have been or could
be converted into US dollars or Renminbi, as the case maybe, at any
particular rate or at all. All references to "shares" are to our
ordinary shares, which are divided into two classes, Class A and
Class B. Each of our American Depositary Shares, which trade on the
New York Stock Exchange, represents one Class A ordinary share. The
accounting policies underlying the financial information for the
segmental reporting are based primarily on statutory accounting
requirements in the PRC. Exhibit 1 MINDRAY MEDICAL INTERNATIONAL
LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS As at December 31, As
at 2006 September 30, 2007 RMB RMB US$ (derived from audited
financials) (unaudited)(unaudited) ASSETS (In thousands) (In
thousands) Current assets: Cash and cash equivalents 1,709,596
1,318,102 175,916 Restricted cash -- -- -- Short-term investments
13,312 418,498 55,853 Accounts receivable, net 104,679 145,396
19,405 Inventories, net 122,071 199,129 26,576 Value added tax
receivables -- -- -- Other receivables 11,774 28,313 3,779
Prepayments and other 19,263 15,924 2,125 Deferred tax assets -
current portion 2,747 2,410 322 Total current assets 1,983,442
2,127,772 283,976 Loans to employees 4,851 4,895 653 Long-term
investments 105,573 250,000 33,365 Other assets 2,124 36,781 4,909
Property, plant and equipment, net 186,980 315,467 42,103 Land use
right 2,505 2,405 321 Intangible assets 149,479 135,357 18,065
Goodwill 122,169 122,169 16,305 Total assets 2,557,123 2,994,846
399,697 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities:
Notes payable 50,625 58,409 7,795 Accounts payable 79,352 98,578
13,156 Customers' deposits 47,007 37,996 5,071 Salaries payables
55,676 59,323 7,917 Other payables 100,082 105,469 14,076 Income
taxes payable 11,703 44,433 5,930 Other taxes payable 7,937 8,729
1,165 Total current liabilities 352,382 412,937 55,111 Commitment
and contingencies Minority interests 11 10 1 Deferred tax
liabilities, net 21,815 19,583 2,614 21,826 19,593 2,615 Mezzanine
equity: Convertible redeemable preferred shares -- -- Shareholders'
equity: Ordinary shares 110 111 15 Additional paid-in capital
1,934,937 2,037,217 271,890 Retained earnings 266,833 578,718
77,237 Accumulated other comprehensive loss (18,965) (53,730)
(7,171) Total shareholders' equity 2,182,915 2,562,316 341,970
Total liabilities and shareholders' equity 2,557,123 2,994,846
399,697 (1) All translations from Renminbi to US dollars as of and
for the quarter and nine months ended September 30, 2007 were made
at the noon buying rate of the Federal Reserve Bank of New York as
of September 28, 2007, which was RMB 7.4928 to US$1.00 Exhibit 2
MINDRAY MEDICAL INTERNATIONAL LIMITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS Three months ended September 30 2006 2007
2007 RMB RMB US$ (unaudited) (unaudited) (unaudited) Net revenues -
PRC 172,683 287,144 38,323 - International 188,176 286,092 38,182
Net revenues 360,859 573,236 76,505 Cost of revenues (note 2)
(159,758) (257,369) (34,349) Gross profit 201,101 315,867 42,156
Selling expenses (note 2) (49,467) (83,366) (11,126) General and
administrative expenses (note 2) (18,237) (21,195) (2,829) Research
and development expenses (note 2) (36,497) (56,706) (7,568) Other
general expenses 23 (18) (2) Operating income 96,923 154,582 20,631
Other income, net (1,707) 8,604 1,148 Interest income 2,336 16,755
2,236 Interest expense (48) (37) (5) Income before income taxes and
minority interests 97,504 179,904 24,010 Provision for income taxes
(6,458) (25,137) (3,355) Minority interests -- 0 0 Net Income
91,046 154,767 20,655 Basic earnings per share 1.07 1.45 0.19
Diluted earnings per share 0.94 1.37 0.18 Shares used in the
computation of: Basic earnings per share 85,276,860 106,586,981
106,586,981 Diluted earnings per share 96,913,296 113,036,660
113,036,660 (2) Share-based compensation charges incurred during
the period related to: Cost of revenues 190 411 55 Selling expenses
2,218 4,733 632 General and administrative expenses 4,266 4,154 554
Research and development expenses 2,653 4,040 539 Exhibit 2 MINDRAY
MEDICAL INTERNATIONAL LIMITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS Nine months ended September 30 2006 2007 2007 RMB RMB
US$ (unaudited) (unaudited) (unaudited) Net revenues - PRC 553,618
774,621 103,382 - International 484,006 782,511 104,435 Net
revenues 1,037,625 1,557,132 207,817 Cost of revenues (note 2)
(467,088) (689,481) (92,019) Gross profit 570,537 867,651 115,798
Selling expenses (note 2) (149,442) (212,430) (28,351) General and
administrative expenses (note 2) (43,102) (65,191) (8,700) Research
and development expenses (note 2) (103,175) (147,211) (19,647)
Other general expenses 23 (197) (26) Operating income 274,841
442,622 59,073 Other income, net (1,467) 11,680 1,559 Interest
income 8,878 53,711 7,168 Interest expense (327) (63) (8) Income
before income taxes and minority interests 281,925 507,950 67,792
Provision for income taxes (19,649) (74,294) (9,915) Minority
interests (6,456) 0 0 Net Income 255,820 433,656 57,876 Basic
earnings per share 3.17 4.08 0.55 Diluted earnings per share 2.80
3.85 0.51 Shares used in the computation of: Basic earnings per
share 80,777,302 106,171,253 106,171,253 Diluted earnings per share
91,314,023 112,620,932 112,620,932 (2) Share-based compensation
charges incurred during the period related to: Cost of revenues 426
1,187 158 Selling expenses 5,555 15,049 2,008 General and
administrative expenses 8,749 12,685 1,693 Research and development
expenses 4,783 12,025 1,605 Exhibit 3 MINDRAY MEDICAL INTERNATIONAL
LIMITED RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES
TO THE NEAREST COMPARABLE GAAP MEASURES Three months ended
September 30, 2006 2007 2007 RMB RMB US$ (unaudited) (unaudited)
(unaudited) (In thousands, except share and per share data)
Non-GAAP net income (note 3) 100,373 172,106 22,970 Non-GAAP net
margin 27.8% 30.0% 30.0% Expense/Amortization of acquired
intangible assets -- (4,707) (628) Deferred tax impact related to
acquired intangible assets -- 706 94 Share-based compensation
(9,327) (13,338) (1,780) GAAP net income 91,046 154,767 20,655 GAAP
net margin 25.2% 27.0% 27.0% Non-GAAP income per share - basic 1.18
1.61 0.22 Non-GAAP income per share - diluted 1.04 1.52 0.20 GAAP
income per share - basic 1.07 1.45 0.19 GAAP income per share -
diluted 0.94 1.37 0.18 Shares used in computation of: Basic
earnings per share 85,276,860 106,586,981 106,586,981 Diluted
earnings per share 96,913,296 113,036,660 113,036,660 Non-GAAP
operating income 106,250 172,627 23,039 Non-GAAP operating margin
29.4% 30.1% 30.1% Expense/Amortization of acquired intangible
assets -- (4,707) (628) Share-based compensation (9,327) (13,338)
(1,780) GAAP operating income 96,923 154,582 20,631 GAAP operating
margin 26.9% 27.0% 27.0% Non-GAAP gross profit 201,291 320,985
42,839 Non-GAAP gross margin 55.8% 56.0% 56.0% Expense/Amortization
of acquired intangible assets -- (4,707) (628) Share-based
compensation (190) (411) (55) GAAP gross profit 201,101 315,867
42,156 GAAP gross margin 55.7% 55.1% 55.1% Exhibit 3 MINDRAY
MEDICAL INTERNATIONAL LIMITED RECONCILIATIONS OF NON-GAAP RESULTS
OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES Nine
months ended September 30, 2006 2007 2007 RMB RMB US$ (unaudited)
(unaudited) (unaudited) (In thousands, except share and per share
data) Non-GAAP net income (note 3) 275,332 486,607 64,943 Non-GAAP
net margin 26.5% 31.3% 31.3% Expense/Amortization of acquired
intangible assets -- (14,122) (1,885) Deferred tax impact related
to acquired intangible assets -- 2,118 283 Share-based compensation
(19,513) (40,946) (5,465) GAAP net income 255,819 433,657 57,876
GAAP net margin 24.7% 27.8% 27.8% Non-GAAP income per share - basic
3.41 4.58 0.61 Non-GAAP income per share - diluted 3.02 4.32 0.58
GAAP income per share - basic 3.17 4.08 0.55 GAAP income per share
- diluted 2.80 3.85 0.51 Shares used in computation of: Basic
earnings per share 80,777,302 106,171,253 106,171,253 Diluted
earnings per share 91,314,023 112,620,932 112,620,932 Non-GAAP
operating income 294,353 497,690 66,422 Non-GAAP operating margin
28.4% 32.0% 32.0% Expense/Amortization of acquired intangible
assets -- (14,122) (1,885) Share-based compensation (19,513)
(40,946) (5,465) GAAP operating income 274,840 442,622 59,073 GAAP
operating margin 26.5% 28.4% 28.4% Non-GAAP gross profit 570,962
882,960 117,841 Non-GAAP gross margin 55.0% 56.7% 56.7%
Expense/Amortization of acquired intangible assets -- (14,122)
(1,885) Share-based compensation (426) (1,187) (158) GAAP gross
profit 570,536 867,651 115,798 GAAP gross margin 55.0% 55.7% 55.7%
For investor and media inquiries, please 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 the United
States: Jeremy Bridgman Ogilvy Public Relations Worldwide, New York
Tel: +1-212-880-5363 DATASOURCE: Mindray Medical International
Limited CONTACT: Investor Relations at Mindray Medical
International Limited, +86-755-2658-2518, or ; or Justin Knapp of
Ogilvy Public Relations Worldwide, Beijing, +86-10-8520-6556, or ,
or Jeremy Bridgman of Ogilvy Public Relations Worldwide, New York,
+1-212-880- 5363, both for Mindray Web Site:
http://www.mindray.com/
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