Full Year Revenue Up 47.3% and Net Income Up 63.5% Compared to 2006
Company Declares Cash Dividend of US$0.18 Per Share SHENZHEN,
China, March 5 /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 fourth quarter and full year ended
December 31, 2007. Highlights for the Full Year 2007 -- Full year
2007 net revenues were RMB2,230.9 million (US$305.8 million), an
increase of 47.3% over the full year 2006. -- Net revenues
generated in international markets in the full year 2007 increased
53.3% to RMB1,128.0 million (US$154.6 million) from RMB735.6
million in the full year 2006. -- Net revenues generated in China
in the full year of 2007 increased 41.5% to RMB1,102.9 million
(US$151.2 million) from RMB779.4 million in the full year 2006. --
Full year 2007 non-GAAP net income, as defined below, was RMB672.0
million (US$92.1 million), an increase of 61.2% from RMB416.8
million in the full year 2006. Full year GAAP net income was
RMB591.6 million (US$81.1 million), an increase of 63.5% from
RMB361.8 million in the full year 2006. -- Full year 2007 non-GAAP
diluted earnings per share, as defined below, was RMB5.95
(US$0.82). Full year 2007 GAAP diluted earnings per share was
RMB5.23 (US$0.72). Highlights for Fourth Quarter 2007 -- Fourth
quarter 2007 net revenues were RMB673.8 million (US$92.4 million),
an increase of 41.2% over the fourth quarter 2006. -- Net revenues
generated in international markets in the fourth quarter 2007 were
RMB345.5 million (US$47.4 million), an increase of 37.3% from
RMB251.6 million in the fourth quarter 2006. -- Net revenues
generated in China in the fourth quarter 2007 were RMB328.3 million
(US$45.0 million), an increase of 45.4% from RMB225.8 million in
the fourth quarter 2006. -- Fourth quarter 2007 non-GAAP net income
was RMB185.4 million (US$25.4 million), an increase of 31.0% from
RMB141.5 million in the fourth quarter 2006. Fourth quarter 2007
GAAP net income was RMB157.9 million (US$21.7 million), an increase
of 49.1% from RMB106.0 million in the fourth quarter 2006. --
Fourth quarter 2007 non-GAAP diluted earnings per share was RMB1.63
(US$0.22). Fourth quarter 2007 GAAP diluted earnings per share was
RMB1.39 (US$0.19). "We are proud of our performance in our first
full year as a public company," said Mr. Xu Hang, Mindray's
chairman and co-chief executive officer. "In 2007, we delivered 47
percent revenue growth over last year and net income growth was
even higher at 63 percent." Financial Results for Full Year and
Fourth Quarter 2007 Mindray reported net revenues of RMB2,230.9
million (US$305.8 million) for the full year 2007, a 47.3% increase
from RMB1,515.0 million 2006. Mindray reported net revenues of
RMB673.8 million (US$92.4 million) for the fourth quarter 2007, a
41.2% increase from RMB477.4 million in the fourth quarter 2006.
Net revenues generated in international markets in the full year
2007 increased 53.3% to RMB1,128.0 million (US$154.6 million) from
RMB735.6 million in 2006. Net revenues generated in international
markets in the fourth quarter 2007 increased 37.3% to RMB345.5
million (US$47.4 million) from RMB251.6 million in the fourth
quarter 2006. Net revenues generated in China in the full year 2007
increased 41.5% to RMB1,102.9 million (US$151.2 million) from
RMB779.4 million in 2006. Net revenues generated in China in the
fourth quarter 2007 increased 45.4% to RMB328.3 million (US$45.0
million) from RMB225.8 million in the fourth quarter 2006. Fourth
Quarter Performance by Segment Patient Monitoring & Life
Support Products: Patient monitoring & life support products
segment revenues increased 21.0% to RMB228.9 million (US$31.4
million) from RMB189.2 million in the fourth quarter 2006. The
patient monitoring & life support products segment contributed
34.5% to total net segment revenues in the fourth quarter 2007. The
patient monitoring & life support products segment contributed
36.2% to full year 2007 total net segment revenues, compared to
40.1% in 2006. In-Vitro Diagnostic Products: In-vitro diagnostic
products segment revenues increased 49.1% to RMB200.2 million
(US$27.4 million) from RMB134.3 million in the fourth quarter 2006.
The in-vitro diagnostic products segment contributed 30.1% to total
net segment revenues in the fourth quarter 2007. The in-vitro
diagnostic products segment contributed 31.2% to full year 2007
total net segment revenues, compared to 29.3% in 2006. Medical
Imaging Systems: Medical imaging systems segment revenues increased
60.0% to RMB224.4 million (US$30.8 million) from RMB140.2 million
in the fourth quarter 2006. The medical imaging systems segment
contributed 33.8% to total net segment revenues in the fourth
quarter 2007. The medical imaging systems segment contributed 31.1%
to full year 2007 total net segment revenues, compared to 29.3% in
2006. Gross Margins Full year 2007 gross profit was RMB1,224.5
million (US$167.9 million), a 48.0% increase from RMB827.5 million
in 2006. The consolidated gross margin for the full year 2007 was
54.9% compared to 54.6% in 2006. Non-GAAP gross margin, as defined
below, was 55.8% in the full year 2007 compared to 54.7% in 2006.
Fourth quarter 2007 gross profit was RMB356.8 million (US$48.9
million), a 38.9% increase from RMB257.0 million in the fourth
quarter 2006. The consolidated gross margin for the fourth quarter
2007 was 53.0% compared to 53.8% in the fourth quarter 2006 and
55.1% in the third quarter 2007. Non-GAAP gross margin was 53.8% in
the fourth quarter 2007 compared to 53.9% in the fourth quarter
2006 and 56.0% in the third quarter 2007. Operating Expenses
Selling expenses for the full year 2007 were RMB311.4 million
(US$42.7 million), or 14.0% of total net revenues, unchanged from
2006. Selling expenses for the fourth quarter 2007 were RMB99.0
million (US$13.6 million), or 14.7% of total net revenues, compared
to 13.1% in the fourth quarter 2006 and 14.5% in the third quarter
2007. General and administrative expenses for the full year 2007
were RMB91.1 million (US$12.5 million), or 4.1% of total net
revenues, compared to 5.0% in 2006. General and administrative
expenses for the fourth quarter 2007 were RMB25.9 million (US$3.6
million), or 3.8% of total net revenues, compared to 6.9% in the
fourth quarter 2006 and 3.7% in the third quarter 2007. Research
and development expenses for the full year 2007 were RMB215.2
million (US$29.5 million), or 9.6% of total net revenues, compared
to 9.8% in 2006. Research and development expenses for the fourth
quarter 2007 were RMB68.0 million (US$9.3 million), or 10.1% of
total net revenues, compared to 9.6% of total net revenues in the
fourth quarter 2006 and 9.9% in the third quarter 2007. Total
share-based compensation expenses, which were allocated to cost of
goods sold and related operating expenses, were RMB17.5 million
(US$2.4 million) in the fourth quarter 2007, compared to RMB6.5
million in the fourth quarter 2006 and RMB13.3 million in the third
quarter 2007. Full year 2007 non-GAAP operating profit was RMB683.8
million (US$93.8 million) compared to RMB419.0 million in 2006.
Full year 2007 GAAP operating profit was RMB606.6 million (US$83.2
million). Non-GAAP operating margins were 30.7% for full year 2007,
compared to 27.7% for the full year 2006. GAAP operating margins
were 27.2% for full year 2007, compared to 23.7% for the full year
2006. Non-GAAP operating profit, as defined below, in the fourth
quarter 2007 was RMB186.1 million (US$25.5 million), a 49.3%
increase from RMB124.7 million in the fourth quarter 2006. GAAP
operating profit in the fourth quarter 2007 was RMB163.9 million
(US$22.5 million), a 95.1% increase from RMB84.0 million in the
fourth quarter 2006. Non-GAAP operating margins were 27.6% in the
fourth quarter 2007, compared to 26.1% in the fourth quarter 2006
and 30.1% in the third quarter 2007. GAAP operating margins were
24.3% in the fourth quarter 2007 compared to 17.6% in the fourth
quarter 2006 and 27.0% in the third quarter 2007. Net Income Full
year 2007 non-GAAP net income increased 61.2% year-over-year to
RMB672.0 million (US$92.1 million) from RMB416.8 million in 2006.
Full year 2007 GAAP net income was RMB591.6 million (US$81.1
million) compared with RMB361.8 million in 2006. Non-GAAP net
margins were 30.1% in the full year 2007, compared to 27.5% in
2006. GAAP net margins were 26.5% in the full year 2007 compared to
23.9% in 2006. Full year 2007 income tax expense was RMB106.5
million (US$14.6 million), representing an effective tax rate of
15.3% compared to a 6.1% effective tax rate in the full year 2006.
Fourth quarter 2007 non-GAAP net income increased 31.0%
year-over-year to RMB185.4 million (US$25.4 million) from RMB141.5
million in the fourth quarter 2006. Fourth quarter 2007 GAAP net
income was RMB157.9 million (US$21.7 million) compared with
RMB106.0 million in the fourth quarter 2006. Non-GAAP net margins
were 27.5% in the fourth quarter 2007, compared to 29.6% in the
fourth quarter 2006 and 30.0% in the third quarter 2007. GAAP net
margins were 23.4% in the fourth quarter 2007 compared to 22.2% in
the fourth quarter 2006 and 27.0% in the third quarter 2007. Fourth
quarter 2007 income tax expense was RMB32.2 million (US$4.4
million), representing an effective tax rate of 16.9% compared to a
4.0% effective tax rate in the fourth quarter 2006. Full year 2007
basic and diluted non-GAAP earnings per share were RMB6.32
(US$0.87) and RMB5.95 (US$0.82), respectively. Full year 2007 GAAP
basic and diluted earnings per share were RMB5.56 (US$0.76) and
RMB5.23 (US$0.72), respectively. Fourth quarter 2007 basic and
diluted non-GAAP earnings per share were RMB1.74 (US$0.24) and
RMB1.63 (US$0.22), respectively. Fourth quarter 2007 GAAP basic and
diluted earnings per share for the quarter were RMB1.48 (US$0.20)
and RMB1.39 (US$0.19), respectively. Shares used in the computation
of diluted earnings per share increased from 111.6 million in the
fourth quarter 2006 to 113.5 million in the fourth quarter 2007 due
to issuances of new shares and grants of share options in the past
twelve months. The China Unified Corporate Income Tax Law (the "New
Law") became effective on January 1, 2008. The New Law established
a single unified 25% income tax rate for most companies with some
preferential income tax rates including 15% income tax rate to be
applicable to qualified "New and Hi-Tech Enterprises". The related
detailed implementation rules and regulations on the definition of
various terms and the interpretation and application of the
provisions of the New Law were promulgated by the State Council in
December 2007. However, the application for "New and Hi-Tech
Enterprise" under the New Law is pending for the implementation by
the relevant government authorities. Under applicable accounting
rules, until the company receives official approval for this
status, it must use the transition rule in its calculation of its
deferred tax balances, which means a gradual increase in rates over
the five-year transition period, that is 18% at 2008, 20% at 2009,
22% at 2010, 24% at 2011 and 25% at 2012. If the company had
received the approval prior to December 31, 2007, its full year
2007 net income would have increased by RMB5.9 million using the
15% tax rate for 2008 and onward. The company expects that it will
apply for the "New and High-Tech Enterprise" status that will allow
it a 15% tax rate for 2008 and onward under China's Unified
Enterprise Income Tax Law. Other Select Data Average accounts
receivable days outstanding was 26 days for full year 2007 compared
to 21 days for full year 2006. Inventory turnover was 55 days for
full year 2007 compared to 60 days for full year 2006. Average
accounts payable days outstanding was 59 days for full year 2007
compared to 56 days for full year 2006. As of December 31, 2007,
the company had RMB1,786.8 million (US$244.9 million) in cash and
cash equivalents and short-term investments. Net cash generated
from operating activities and capital expenditures for the full
year 2007 were RMB708.0 million (US$97.1 million) and RMB350.1
million (US$48.0 million), respectively. As of December 31, 2007
the company had 3,705 employees compared to 3,541 employees on
September 30, 2007. Dividend Declaration Mindray's board of
directors has declared a cash dividend on its ordinary shares of
US$0.18 per share, based on its net income for the full year 2007.
The cash dividend will be payable on or around April 24, 2008, to
shareholders of record as of March 25, 2008. The company has 106.9
million ordinary shares outstanding as of January 31, 2008.
Business Outlook for Full Year 2008 The company expects its
full-year 2008 net revenue guidance to be in the range of RMB3,120
million to RMB3,170 million, representing annual growth of 40% to
42% over full fiscal year 2007. The company also maintains its
full-year 2008 non-GAAP net income guidance range of RMB940 million
to RMB954 million, representing annual growth of 40% to 42% over
full fiscal year 2007. Non-GAAP net income per share is expected to
be in the range of RMB8.25 to RMB8.37 on a fully diluted basis,
assuming an estimated diluted share count of 114 million. The
company estimates its total share-based compensation expenses in
2008 will be approximately RMB70 million based on the employee
share options that have been granted as of March 4, 2008. Total
expense and/or amortization of intangible assets related to the
April 2006 acquisition of minority interest will be approximately
RMB18.8 million in 2008. The company expects its capital
expenditure for 2008 to be in the range of RMB700 million to RMB800
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 an earnings conference
call at 8:00 PM on March 5, 2008 U.S. Eastern Time (9:00 AM on
March 6, 2008 Beijing/Hong Kong Time). Dial-in details for the
earnings conference call are as follows: Hong Kong: +852-3002-1672
US Toll Free: +1-800-299-9086 International: +1-617-786-2903
Passcode for all regions: Mindray A replay of the conference call
may be accessed by phone at the following numbers until March 16,
2008. US Toll Free: +1-888-286-8010 International: +1-617-801-6888
Passcode: 91210390 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 worldwide. Established in
1991, Mindray offers a broad range of products across three primary
business segments: patient monitoring & life support products,
in-vitro diagnostic products, and medical 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, Moscow, 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 fourth quarter 2007 and provided
estimates for full year 2008 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 including. -- 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 December 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 2008, qualification of
the company as a "New and High-Tech Enterprise" and related
preferential tax rates, customer acceptance of company products,
continued 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 fourth 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 December 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 December 31, 2007, which was RMB7.2946 to
US$1.00. Mindray makes no representation that the Renminbi or US
dollar amounts referred to in this release could have been or could
be converted into US dollars or Renminbi, as the case may be, at
any particular rate or at all. All references to "shares" are to
our ordinary shares, which are divided into two classes, Class A
and Class B. Each of our American Depositary Shares, which trade on
the New York Stock Exchange, represents one Class A ordinary share.
The accounting policies underlying the financial information for
the segmental reporting are based primarily on statutory accounting
requirements in the PRC. Exhibit 1 MINDRAY MEDICAL INTERNATIONAL
LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS As at December 31, As
at December 31, 2006 2007 RMB RMB US$ (derived from audited
financials) (unaudited)(unaudited) ASSETS (In thousands) (In
thousands) Current assets: Cash and cash equivalents 1,709,596
1,379,009 189,045 Short-term investments 13,312 407,744 55,897
Accounts receivable, net 104,679 210,176 28,813 Inventories 122,071
181,022 24,816 Value added tax receivables -- 238 33 Other
receivables 11,774 39,155 5,368 Prepayments and other 19,263 14,009
1,920 Deferred tax assets - current portion 2,747 4,400 603 Total
current assets 1,983,442 2,235,753 306,494 Loans to employees 4,851
4,366 599 Long-term investments 105,573 250,000 34,272 Other assets
2,124 15,294 2,097 Advance for purchase of plant and equipment --
132,053 18,103 Property, plant and equipment, net 186,980 350,551
48,056 Land use right 2,505 17,764 2,435 Intangible assets, net
149,479 130,649 17,910 Goodwill 122,169 122,169 16,748 Total assets
2,557,123 3,258,599 446,714 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities: Notes payable 50,625 63,460 8,700 Accounts
payable 79,352 132,820 18,208 Advance from customers 47,007 52,696
7,224 Salaries payables 55,676 60,857 8,343 Other payables 100,082
124,661 17,089 Income taxes payable 11,703 56,246 7,711 Other taxes
payable 7,937 14,801 2,029 Total current liabilities 352,382
505,541 69,303 Commitment and contingencies: Minority interests 11
11 2 Deferred tax liabilities, net 21,815 24,699 3,386 21,826
24,710 3,387 Shareholders' equity: Ordinary shares 110 111 15
Additional paid-in capital 1,934,937 2,062,361 282,724 Retained
earnings 266,833 737,596 101,115 Accumulated other comprehensive
loss (18,965) (71,720) (9,832) Total shareholders' equity 2,182,915
2,728,348 374,023 Total liabilities and shareholders' equity
2,557,123 3,258,599 446,714 (1) all translations from Renminbi to
US dollars as of and for the quarter and year ended December 31,
2007 were made at the noon buying rate of the Federal Reserve Bank
of New York as of December 31, 2007, which was RMB 7.2946 to
US$1.00 Exhibit 2 MINDRAY MEDICAL INTERNATIONAL LIMITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS Three months ended December
31, 2006 2007 2007 RMB RMB US$ (unaudited) (unaudited) (unaudited)
(In thousands, except share and per share data) Net revenues - PRC
225,760 328,306 45,007 - International 251,597 345,499 47,364 Net
revenues 477,357 673,805 92,370 Cost of revenues (note 2) (220,396)
(316,978) (43,454) Gross profit 256,961 356,827 48,917 Selling
expenses (note 2) (62,416) (99,007) (13,573) General and
administrative expenses (note 2) (32,908) (25,914) (3,552) Research
and development expenses (note 2) (45,966) (67,994) (9,321) Expense
of in-progress research & development (31,835) -- -- Other
general expenses 179 16 2 Operating income 84,015 163,928 22,472
Other income, net 7,483 6,190 849 Interest income 19,012 20,015
2,744 Interest expense (135) (24) (3) Income before income taxes
and minority interests 110,375 190,109 26,062 Provision for income
taxes (4,408) (32,160) (4,409) Minority interests -- -- -- Net
Income 105,967 157,949 21,653 Basic earnings per share 1.00 1.48
0.20 Diluted earnings per share 0.95 1.39 0.19 Shares used in the
computation of: Basic earnings per share 105,727,677 106,774,444
106,774,444 Diluted earnings per share 111,553,018 113,457,341
113,457,341 (2) Share-based compensation charges incurred during
the period related to: Cost of revenues 188 836 115 Selling
expenses 817 6,032 827 General and administrative expenses 3,446
4,234 580 Research and development expenses 2,090 6,403 878 MINDRAY
MEDICAL INTERNATIONAL LIMITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS Year ended December 31, 2006 2007 2007 RMB RMB US$
(derived from audited financials) (unaudited) (unaudited) (In
thousands, except share and per share data) Net revenues - PRC
779,378 1,102,927 151,198 - International 735,603 1,128,010 154,636
Net revenues 1,514,981 2,230,937 305,834 Cost of revenues (note 2)
(687,484) (1,006,459) (137,973) Gross profit 827,497 1,224,478
167,861 Selling expenses (note 2) (211,858) (311,437) (42,694)
General and administrative expenses (note 2) (76,010) (91,105)
(12,489) Research and development expenses (note 2) (149,141)
(215,205) (29,502) Expense of in-progress research &
development (31,835) -- -- Other general expenses 202 (181) (25)
Operating income 358,855 606,550 83,151 Other income, net 6,016
17,870 2,450 Interest income 27,890 73,726 10,107 Interest expense
(462) (87) (12) Income before income taxes and minority interests
392,299 698,059 95,695 Provision for income taxes (24,057)
(106,454) (14,594) Minority interests (6,456) 0 0 Net Income
361,786 591,605 81,102 Basic earnings per share 4.16 5.56 0.76
Diluted earnings per share 3.75 5.23 0.72 Shares used in the
computation of: Basic earnings per share 87,066,163 106,328,347
106,328,347 Diluted earnings per share 96,370,084 113,011,244
113,011,244 (2) Share-based compensation charges incurred during
the period related to: Cost of revenues 614 2,023 277 Selling
expenses 6,372 21,081 2,890 General and administrative expenses
12,195 16,919 2,319 Research and development expenses 6,873 18,428
2,526 Exhibit 3 MINDRAY MEDICAL INTERNATIONAL LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE
NEAREST COMPARABLE GAAP MEASURES Three months ended December 31,
2006 2007 2007 RMB RMB US$ (unaudited) (unaudited) (unaudited) (In
thousands, except share and per share data) Net revenues 477,356
673,805 92,370 Non-GAAP net income (note 3) 141,512 185,372 25,412
Non-GAAP net margin 29.6% 27.5% 27.5% Expense/Amortization of
acquired intangible assets (34,121) (4,708) (645) Deferred tax
impact related to acquired intangible assets 5,118 706 97 Effect of
change in tax rate on deferred tax -- (5,916) (811) Share-based
compensation (6,541) (17,505) (2,400) GAAP net income 105,968
157,949 21,653 GAAP net margin 22.2% 23.4% 23.4% Non-GAAP income
per share - basic 1.34 1.74 0.24 Non-GAAP income per share -
diluted 1.27 1.63 0.22 GAAP income per share - basic 1.00 1.48 0.20
GAAP income per share - diluted 0.95 1.39 0.19 Shares used in
computation of: Basic earnings per share 105,727,677 106,774,444
106,774,444 Diluted earnings per share 111,553,018 113,457,341
113,457,341 Non-GAAP operating income 124,677 186,141 25,518
Non-GAAP operating margin 26.1% 27.6% 27.6% Expense/Amortization of
acquired intangible assets (34,121) (4,708) (645) Share-based
compensation (6,541) (17,505) (2,400) GAAP operating income 84,015
163,928 22,472 GAAP operating margin 17.6% 24.3% 24.3% Non-GAAP
gross profit 257,149 362,370 49,677 Non-GAAP gross margin 53.9%
53.8% 53.8% Expense/Amortization of acquired intangible assets --
(4,708) (645) Share-based compensation (188) (836) (115) GAAP gross
profit 256,961 356,827 48,917 GAAP gross margin 53.8% 53.0% 53.0%
MINDRAY MEDICAL INTERNATIONAL LIMITED RECONCILIATIONS OF NON-GAAP
RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP
MEASURES Year ended December 31, 2006 2007 2007 RMB RMB US$
(unaudited) (unaudited) (unaudited) (In thousands, except share and
per share data) Net revenues 1,514,981 2,230,937 305,834 Non-GAAP
net income (note 3) 416,843 671,978 92,120 Non-GAAP net margin
27.5% 30.1% 30.1% Expense/Amortization of acquired intangible
assets (34,121) (18,830) (2,581) Deferred tax impact related to
acquired intangible assets 5,118 2,824 387 Effect of change in tax
rate on deferred tax -- (5,916) (811) Share-based compensation
(26,054) (58,451) (8,013) GAAP net income 361,786 591,605 81,102
GAAP net margin 23.9% 26.5% 26.5% Non-GAAP income per share - basic
4.79 6.32 0.87 Non-GAAP income per share - diluted 4.33 5.95 0.82
GAAP income per share - basic 4.16 5.56 0.76 GAAP income per share
- diluted 3.75 5.23 0.72 Shares used in computation of: Basic
earnings per share 87,066,163 106,328,347 106,328,347 Diluted
earnings per share 96,370,084 113,011,244 113,011,244 Non-GAAP
operating income 419,030 683,831 93,745 Non-GAAP operating margin
27.7% 30.7% 30.7% Expense/Amortization of acquired intangible
assets (34,121) (18,830) (2,581) Share-based compensation (26,054)
(58,451) (8,013) GAAP operating income 358,855 606,550 83,151 GAAP
operating margin 23.7% 27.2% 27.2% Non-GAAP gross profit 828,111
1,245,331 170,720 Non-GAAP gross margin 54.7% 55.8% 55.8%
Expense/Amortization of acquired intangible assets -- (18,830)
(2,581) Share-based compensation (614) (2,023) (277) GAAP gross
profit 827,497 1,224,478 167,861 GAAP gross margin 54.6% 54.9%
54.9% For investor and media inquiries please contact: In China:
Investor Relations May Li 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, May Li of Mindray
Medical International Limited, +86-755-2658-2518, or ; Or Justin
Knapp of Ogilvy Public Relations Worldwide, Beijing, Beijing,
+86-10-8520-6556, or ; Or In the United States: Jeremy Bridgman of
Ogilvy Public Relations Worldwide, New York, or +1-212-880-5363 Web
Site: http://www.mindray.com/
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