Mindray Medial Announces Highlights for its 2007 Analyst & Investor Day
06 Novembre 2007 - 2:28PM
PR Newswire (US)
SHENZHEN, China, Nov. 6 /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 key
highlights from its 2007 Analyst & Investor Day on November 6,
2007 in Shenzhen, China. Mr. Li Xiting, Mindray's president and
co-chief executive officer, opened the event with an overview of
2007 and gave remarks on the company's strategy going forward. Mr.
Li emphasized accelerated sales growth in China year-to- date was
largely achieved by winning tenders from increased government
spending in rural areas. Mr. Li noted that the company expects to
release an additional six new products by the end of the year
including the EX-55/65, BC- 5300, BS-120, DC-3 and M-5. He also
added that it is Mindray's goal to achieve a consolidated gross
margin in the range of 55-56% for the full-year 2007. Mr. Xu Hang,
Mindray's chairman and co-chief executive officer, followed with
his vision for 2008 and beyond. Mr. Xu said, "We will continue to
leverage our leading market share position in patient monitoring
devices, 3- part and 5-part hematology analyzers and ultrasound
imaging systems to expand market share both in China and abroad."
Reflecting Mindray's expanding product offerings, Mr Xu noted that
the company has changed the names of its three core product
segments as follows: -- Patient Monitoring Devices to Patient
Monitoring & Life Support Devices This name change reflects the
company's objective to expand into defibrillators, surgical beds
and operating room lighting products in an effort to create
total-solution product offerings combining patient monitoring and
life support devices as well as cross-selling opportunities. --
Diagnostic Laboratory Instruments to In-Vitro Diagnostic Business
This name change reflects Mindray's initiative to expand beyond
hematology and biochemistry analyzers into immunoassay and reagent
products. -- Ultrasound Imaging Systems to Diagnostic Imaging
Systems This name change reflects the company's plan to develop new
product lines such as digital radiography, which it plans to
release in the first quarter 2008, and other future imaging
products. Mr. Xu stated that it is the company's goal to grow
overall revenue by at least 40% in 2008 with domestic sales growing
30% and international sales growing 50%. Mr. Xu added that the
company has established a strategic development department, which
will help evaluate potential M&A opportunities to supplement
its organic growth. During the event, Mindray management also
covered the following areas: Ms. Joyce Hsu, Mindray's chief
financial officer, provided financial highlights and reiterated the
company's commitment to investing approximately 10% of revenues in
R&D. Ms. Hsu noted that Mindray's strong operating cash flow
will fund the company's increased capital expenditure plans for the
remainder of 2007 and 2008. Ms. Hsu also mentioned that a
newly-expanded product portfolio will help the patient monitoring
& life support devices segment to grow at a faster rate in the
future compared to the time period from 2003 to 2006. Ms. Hsu also
highlighted the following future financial trends and objectives:
-- A slight gross margin expansion in 2008 is likely to be a result
of new products and cost reduction initiatives, -- R&D expenses
are expected to return to 10% of revenues in 2008, -- Selling
expenses will increase in 2008 from current levels due to increased
investment in overseas distribution and sales networks, -- G&A
will likely be 4% or lower for 2007 and 2008, -- Accounts
receivable days will most likely increase in 2008, but should
remain less than 30 days due to selective credit terms given to
overseas distributors, -- Inventory days are likely to be
maintained at current levels going forward, -- Overall headcount is
likely to increase from 3,541 to 5,500 in 2008. Mr. Weng Lee,
Mindray's vice president of US-based research and development,
commented on Mindray's 2008 new product pipeline. Mr. Weng noted
that the company plans to launch 10 new products, including an iPM
patient monitoring device, two in-vitro diagnostic laboratory
instruments, two black and white and three color ultrasound imaging
and two digital radiology imaging systems. In addition, 23 reagents
will be introduced to complement the company's to-be-launched
in-vitro diagnostic devices. Mr. Weng also noted that the company
will apply for FDA 510(k) clearance for both its Beneview T5 and
T8, PM-7000, PM-60, BS-200 chemistry analyzer, M5 portable color,
DC-3 and DC-7 color ultrasound imaging systems and DP-6800 portable
black and white ultrasound imaging system. Mr. Weng added that
Mindray will increase headcount in its US-based Seattle, Washington
R&D center in 2008. Mr. Wu Hao, Mindray's vice president of
domestic sales & marketing, noted the company currently has
approximately 845 sales and sales support staff and expects to this
to increase to over 1,000 in 2008. He also commented the company
currently has approximately 879 exclusive distributors. Mr. Wu
mentioned that according to company estimates, Mindray believes it
has a 4.3% and 15% market share in domestic 5-part hematology
analyzers and color ultrasound systems, respectively. Mr. Jie Liu,
Mindray's executive vice president of international sales &
marketing, highlighted Mindray's commitment to international
expansion. The company recently opened offices in Canada, Brazil,
Mexico and the Netherlands and plans to open an office in Russia by
the end of 2007. The company has further plans for offices in
Germany, France, Indonesia, Italy, Japan and South Africa. Liu
noted that the company will gradually move toward a hybrid sales
structure which allocates a greater amount of internal resources
towards after-sales and service networks. Mr. Liu said he expects
internal after- sales and service networks to help the company
further understand end-user requirements and help increase
international brand awareness. Mr. Ying Zeng, Mindray's vice
president of manufacturing, said the company will open a new 75,000
square meter manufacturing site in Bai Wang Xing, Shenzhen, China
which will be operational in 2008. Additionally, Mr. Zeng noted
that the company will open another approximately 200,000 square
meter manufacturing site in 2009 in Long Gang, Shenzhen China.
Mindray Analyst & Investor Day presentation slides are
available on the Investor Relations section of the company's web
site 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/ . Safe Harbor Statement This announcement
contains forward-looking statements. These statements are made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and include the company's outlook
regarding drivers, developments, and trends affecting its worldwide
markets, opening of international offices, new product development
and commercial launch dates, projected revenues, net income
margins, earnings per share, revenue growth targets, net income
growth targets, sales force and distributor targets, projections of
the size of China's healthcare market, estimated government
expenditures, research and development expenditure targets, the
company's manufacturing development plan, and the anticipated
results of its product development activities and similar
statements. Statements that are not historical facts, including
statements about Mindray's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. Information regarding these risks
and uncertainties is included in our public filings with the
Securities and Exchange Commission. All information provided in
this press release is as of November 6, 2007, and Mindray
undertakes no duty to update such information, except as required
under applicable law. 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: In China: Investor Relations of
Mindray Medical International Limited, +86-755-2658-2518, or ;
Justin Knapp of Ogilvy Public Relations Worldwide, Beijing,
+86-10-8520-6556, or ; In the United States: Jeremy Bridgman of
Ogilvy Public Relations Worldwide, New York, +1-212-880-5363 Web
Site: http://www.mindray.com/
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