SHENZHEN, China, May 7 /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, 2008. Highlights for First Quarter 2008 -- First quarter
2008 net revenues were RMB626.0 million (US$89.3 million), an
increase of 48.2% over from RMB422.4 million (US$54.7 million) in
the first quarter 2007. -- Net revenues generated in international
markets in the first quarter 2008 were RMB319.6 million (US$45.6
million), an increase of 49.4% from RMB213.9 million (US$27.7
million) in the first quarter 2007. -- Net revenues generated in
China in the first quarter 2008 were RMB306.4 million (US$43.7
million), an increase of 46.9% from RMB208.5 million (US$27.0
million) in the first quarter 2007. -- Non-GAAP operating profit,
as defined below, in the first quarter 2008 was RMB220.5 million
(US$31.4 million), a 54.6% increase from RMB142.6 million (US$18.5
million) in the first quarter 2007. First quarter 2008 GAAP
operating profit was RMB199.8 million (US$28.5 million). -- First
quarter 2008 non-GAAP net income, as defined below, was RMB199.2
million (US$28.4 million), an increase of 42.7% from RMB139.6
million (US$18.1 million) in the first quarter 2007. First quarter
2008 GAAP net income was RMB179.4 million (US$25.6 million). --
First quarter 2008 non-GAAP diluted earnings per share, as defined
below, was RMB1.76 (US$0.25) compared to RMB1.25 (US$0.16) in the
first quarter 2007. First quarter 2008 GAAP diluted earnings per
share was RMB1.59 (US$0.23). First quarter 2008 income tax expense
was RMB40.8 million (US$5.8 million), representing an effective tax
rate of 18.5% compared to a 15.7% effective tax rate in the first
quarter 2007, or an increase of 78.6% from RMB22.9 million (US$3.0
million) in the first quarter 2007. -- Mindray provides gross
margin, operating margin, net income and earnings per share on a
non-GAAP basis that exclude non-cash, share- based compensation
expense and acquired intangible assets amortization expense to
enable investors to better assess the Company's operating
performance. The non-GAAP measures are described below and
reconciled to the corresponding GAAP measure in the section below
titled 'Use of Non-GAAP Financial Measures.' 'We delivered another
quarter of strong results both in China and international markets,'
said Mr. Xu Hang, Mindray's chairman and co-chief executive
officer. 'During the quarter, we successfully acquired Datascope
Corporation's patient monitoring business, bringing us one step
closer to our goal of becoming a leading global medical device
provider, which will allow us to make high-quality and affordable
medical devices available to the greatest number of doctors and
hospitals in China and in the world.' The Company develops and
manufactures over 40 products which are available in more than 140
countries. 'Despite a challenging currency environment, we achieved
high growth in international markets that was widespread across
geographies and well balanced between product segments while
maintaining a high gross margin,' added Mr. Li Xiting, Mindray's
president and co-chief executive officer. "In our home market, we
delivered more than 40 percent growth in sales for the fourth
consecutive quarter. With a world-class R&D team and strict
capital discipline, we continued to drive down costs and enhance
overall operating efficiency to achieve higher year-over-year
growth in our operating profit than in revenues during the
quarter.' Financial Results for First Quarter 2008 Mindray reported
net revenues of RMB626.0 million (US$89.3 million) for the first
quarter 2008, a 48.2% increase from RMB422.4 million (US$54.7
million) in the first quarter 2007. Net revenues generated in
international markets in the first quarter 2008 increased 49.4% to
RMB319.6 million (US$45.6 million) from RMB213.9 million (US$27.7
million) in the first quarter 2007. Net revenues generated in China
in the first quarter 2008 increased 46.9% to RMB306.4 million
(US$43.7 million) from RMB208.5 million (US$27.0 million) in the
first quarter 2007. Performance by Segment Patient Monitoring &
Life Support Products: Patient monitoring & life support
products segment revenues increased 30.2% to RMB208.9 million
(US$29.8 million) from RMB160.5 million (US$20.8 million) in the
first quarter 2007. The patient monitoring & life support
products segment contributed 33.9% to total net segment revenues in
the first quarter 2008. In-Vitro Diagnostic Products: In-vitro
diagnostic products segment revenues increased 56.1% to RMB208.7
million (US$29.8 million) from RMB133.7 million (US$17.3 million)
in the first quarter 2007. The in-vitro diagnostic products segment
contributed 33.9% to total net segment revenues in the first
quarter 2008. Medical Imaging Systems: Medical imaging systems
segment revenues increased 61.2% to RMB189.1 million (US$27.0
million) from RMB117.3 million (US$15.2 million) in the first
quarter 2007. The medical imaging systems segment contributed 30.7%
to total net segment revenues in the first quarter 2008. Gross
Margins First quarter 2008 non-GAAP gross profit, as defined below,
was RMB359.4 million (US$51.3 million), a 48.4% increase from
RMB242.2 million (US$31.4 million) in the first quarter 2007.
Non-GAAP gross margin was 57.4% in the first quarter 2008 compared
to 57.3% in the first quarter 2007 and 53.8% in the fourth quarter
2007. First quarter 2008 GAAP gross profit was RMB353.9 million
(US$50.5 million) compared to RMB237.1 million (US$30.7 million) in
the first quarter 2007. Operating Expenses Non-GAAP selling
expenses for the first quarter 2008 were RMB69.3 million (US$9.9
million), or 11.1% of total net revenues, compared to 10.2% in the
first quarter 2007 and 13.8% in the fourth quarter 2007. GAAP
selling expenses for the first quarter 2008 were RMB75.1 million
(US$10.7 million). Non-GAAP general and administrative expenses for
the first quarter 2008 were RMB14.6 million (US$2.1 million), or
2.3% of total net revenues, compared to 4.5% in the first quarter
2007 and 3.2% in the fourth quarter 2007. GAAP general and
administrative expenses for the first quarter 2008 were RMB18.7
million (US$2.7 million). Non-GAAP research and development
expenses for the first quarter 2008 were RMB54.9 million (US$7.8
million), or 8.8% of total net revenues, compared to 8.8% of total
net revenues in the first quarter 2007 and 9.1% in the fourth
quarter 2007. GAAP research and development expenses for the first
quarter 2008 were RMB60.3 million (US$8.6 million). Total
share-based compensation expenses, which were allocated to cost of
goods sold and related operating expenses, were RMB16.0 million
(US$2.3 million) in the first quarter 2008, compared to RMB13.3
million (US$1.7 million) in the first quarter 2007 and RMB17.5
million (US$2.4 million) in the fourth quarter 2007. Non-GAAP
operating profit, as defined below, in the first quarter 2008 was
RMB220.5 million (US$31.4 million), a 54.6% increase from RMB142.6
million (US$18.5 million) in the first quarter 2007. Non-GAAP
operating margins were 35.2% in the first quarter 2008, compared to
33.8% in the first quarter 2007 and 27.6% in the fourth quarter
2007. GAAP operating profit in the first quarter 2008 was RMB199.8
million (US$28.5 million) compared to RMB124.6 million (US$16.1
million) in the first quarter 2007. Net Income First quarter 2008
non-GAAP net income increased 42.7% year-over-year to RMB199.2
million (US$28.4 million) from RMB139.6 million (US$18.1 million)
in the first quarter 2007. Non-GAAP net margins were 31.8% in the
first quarter 2008, compared to 33.1% in the first quarter 2007 and
27.5% in the fourth quarter 2007. First quarter 2008 GAAP net
income was RMB179.4 million (US$25.6 million) compared to RMB122.4
million (US$15.8 million) in the first quarter 2007. First quarter
2008 income tax expense was RMB40.8 million (US$5.8 million),
representing an effective tax rate of 18.5% compared to a 15.7%
effective tax rate in the first quarter 2007, or an increase of
78.6% from RMB22.9 million (US$3.0 million) in the first quarter
2007. First quarter 2008 basic and diluted non-GAAP earnings per
share were RMB1.86 (US$0.27) and RMB1.76 (US$0.25), respectively.
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 2008 GAAP basic and diluted earnings per share were RMB1.68
(US$0.24) and RMB1.59 (US$0.23), respectively. First quarter 2007
GAAP basic and diluted earnings per share 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 111.9 million in the
first quarter 2007 to 113.0 million in the first quarter 2008 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 a 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. While the implementation guide for the 'New and
Hi-Tech Enterprises' was promulgated on April 14, 2008, the New Law
is pending for implementation by the relevant government
authorities. The Company expects that it will apply and shall
qualify for the "New and High-Tech Enterprise" status that will
allow it a 15% income tax rate under China's Unified Enterprise
Income Tax Law. 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 as
well as its income tax, which means a gradual increase in rates
over the five-year transition period. If the Company had received
the approval prior to March 31, 2008, its first quarter 2008 net
income would have increased by RMB5.7 million for deferred tax
balances and by RMB6.9 million for income tax applicable to its
Shenzhen subsidiary using the 15% tax rate. This amount of accrued
income taxes will be reversed as soon as the Company receives
official approval for the 'New and Hi-Tech Enterprise' status.
Other Select Data Average accounts receivable days outstanding was
32 days for the first quarter 2008 compared to 22 days for the
first quarter 2007 and 26 days for the full year 2007. Inventory
turnover was 64 days for the first quarter 2008 compared to 72 days
for the first quarter 2007 and 55 days for the full year 2007.
Average accounts payable days outstanding was 68 days for the first
quarter 2008 compared to 75 days for the first quarter 2007 and 59
days for the full year 2007. As of March 31, 2008, the Company had
RMB2,145.2 million (US$305.9 million) in cash and cash equivalents
and short-term investments. Net cash generated from operating
activities and capital expenditures for the first quarter 2008 were
RMB218.7 million (US$31.2 million) and RMB68.8 million (US$9.8
million), respectively. As of March 31, 2008 the Company had 4,050
employees compared to 3,705 employees on December 31, 2007.
Business Outlook for Full Year 2008 In March 2008, Mindray agreed
to acquire Datascope Corporation's (NASDAQ: DSCP) patient
monitoring business for approximately $202 million in cash (the
'Datascope acquisition' or the 'transaction'). The transaction,
expected to close in mid-May, will create, upon completion, the
third-largest player in the global patient monitoring device
industry and furthers Mindray's goal of becoming a leading provider
of high-quality medical devices to markets worldwide. After closing
of the transaction, the Company expects its full-year 2008 net
revenue guidance to be in the range of US$560 million to US$580
million, assuming the consolidation of Datascope's patient
monitoring business starting from May 1, 2008. The updated
full-year 2008 non-GAAP (excluding share-based compensation
expenses and amortization of intangible assets resulting from
acquisitions) net income guidance will be in the range of US$132
million to US$135 million, taking into consideration a 15%
effective income tax rate after certain government tax incentives
and rebates. Non-GAAP EPS is expected to be in the range of US$1.16
to US$1.18 per fully diluted share based on an estimated average
diluted share count of 114 million for the year. Previously issued
non-GAAP EPS guidance was in the range of US$1.15 to US$1.17 per
fully diluted share (based on Mindray's estimated average forecast
foreign exchange rate of RMB7.15 to US$1.00 at the time of
issuance). The Company expects the Datascope acquisition to yield a
neutral impact to its 2008 non-GAAP EPS. In accordance with SFAS
No. 123R, the Company estimates total share-based compensation
expenses in 2008 will be approximately US$11 million based on
employee share options that have been granted as of May 7, 2008.
The Company expects approximately US$20 million in
acquisition-related intangible amortization expenses in 2008
including the April 2006 acquisition of minority interest and the
Datascope acquisition, subject to the finalization of the purchase
price allocation for the Datascope acquisition. The Company expects
its capital expenditure for 2008 to be in the range of US$90
million to US$110 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. The translation rate of RMB to USD in the business outlook
section is based on Mindray's estimated average forecast foreign
exchange rate, which is RMB6.725 to US$1.00. Change in Reporting
Currency to the U.S. Dollar Effective April 1, 2008, Mindray
changed its reporting currency to the U.S. Dollar (US$). Mindray
will report its consolidated financials in U.S. Dollars (US$)
starting from its second quarter 2008 results. The change in
reporting currency will (1) more accurately reflect Mindray's
increased global operations following the closing of the Datascope
acquisition and (2) improve investors' comprehension of Mindray's
financial results and ability to compare with other companies
internationally. Prior to March 31, 2008, the Company's annual and
quarterly financial statements and notes were prepared and reported
in Renminbi (RMB). The Company will provide financial results for
periods prior to March 31, 2008, restated to reflect the US$ as the
reporting currency for comparison to the financial results for the
quarters ended March 31, 2007, June 30, 2007, March 31, 2008 and
June 30, 2008, and for the year ended December 31, 2007, with the
announcement of its second quarter 2008 financial results.
Conference Call Information Mindray's management will hold an
earnings conference call at 8:00 a.m. on May 8, 2008 U.S. Eastern
Time (8:00 p.m. on May 8, 2008 Beijing/Hong Kong Time). Dial-in
details for the earnings conference call are as follows: Hong Kong:
+852-3002-1672 US Toll Free: +1-800-706-7748 International:
+1-617-614-3473 Passcode for all regions: Mindray A replay of the
conference call may be accessed by phone at the following numbers
until May 19, 2008. US Toll Free: +1-888-286-8010 International:
+1-617-801-6888 Passcode: 61704457 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 (1) for the first quarter 2008 non-GAAP net
income, operating income, and earnings per share on a non-GAAP
basis and (2) for the estimated full year 2008 non-GAAP net income
and earnings per share. 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 March 31, 2007 and 2008, 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, the anticipated
timing for closing the Datascope transaction and the corresponding
impact on the Company's operating results, and the Company's
anticipated effective tax rate. 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. In
addition, the Datascope transaction may not close when anticipated
or at all. 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 first quarter of 2008 and for fiscal year
2008 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 quarters ended March 31, 2008, March
31, 2007, and 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 March 31, 2008,
March 30, 2007, and December 31, 2007 which was RMB7.0120,
RMB7.7232, and RMB7.2946 to US$1.00, respectively, unless noted
otherwise. Mindray makes no representation that the Renminbi or US
dollar amounts referred to in this release could have been or could
be converted into US dollars or Renminbi, as the case may be, at
any particular rate or at all. All references to "shares" are to
our ordinary shares, which are divided into two classes, Class A
and Class B. Each of our American Depositary Shares, which trade on
the New York Stock Exchange, represents one Class A ordinary share.
The accounting policies underlying the financial information for
the segmental reporting are based primarily on statutory accounting
requirements in the PRC. Exhibit 1 MINDRAY MEDICAL INTERNATIONAL
LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS As at December 31,
2007 As at March 31, 2008 RMB RMB US$ (unaudited)
(unaudited)(unaudited) ASSETS (In thousands) (In thousands) Current
assets: Cash and cash equivalents 1,379,009 1,486,983 212,063
Short-term investments 407,744 658,244 93,874 Accounts receivable,
net 210,176 234,473 33,439 Inventories 181,022 202,418 28,867 Value
added tax receivables 238 60 9 Other receivables 39,155 43,131
6,151 Prepayments and other 14,009 19,783 2,821 Deferred tax assets
- current portion 4,400 3,550 506 Total current assets 2,235,753
2,648,642 377,730 Loans to employees 4,366 3,876 553 Long-term
investments 250,000 -- -- Other assets 15,294 15,291 2,181 Advance
for purchase of plant and equipment 132,053 152,332 21,724
Property, plant and equipment, net 350,551 406,407 57,959 Land use
right 17,764 17,731 2,529 Intangible assets, net 130,649 125,942
17,961 Goodwill 122,169 122,169 17,423 Total assets 3,258,599
3,492,390 498,059 LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Notes payable 63,460 62,508 8,914 Accounts payable
132,820 148,757 21,215 Advance from customers 52,696 61,583 8,783
Salaries payables 60,857 33,707 4,807 Other payables 124,661
283,849 40,480 Income taxes payable 56,246 82,190 11,721 Other
taxes payable 14,801 13,547 1,932 Total current liabilities 505,541
686,141 97,852 Advance from customers -- 14,003 1,997 Minority
interests 11 11 2 Deferred tax liabilities, net 24,699 23,751 3,387
24,710 37,765 5,386 Shareholders' equity: Ordinary shares 111 111
16 Additional paid-in capital 2,062,361 2,083,314 297,107 Retained
earnings 737,596 778,932 111,086 Accumulated other comprehensive
loss (71,720) (93,873) (13,387) Total shareholders' equity
2,728,348 2,768,484 394,821 Total liabilities and shareholders'
equity 3,258,599 3,492,390 498,059 (1) All translations from
Renminbi to US dollars as of and for the quarter ended March 31,
2008 were made at the noon buying rate of the Federal Reserve Bank
of New York as of March 31, 2008, which was RMB7.012 to US$1.00
Exhibit 2 MINDRAY MEDICAL INTERNATIONAL LIMITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS Three months ended March 31,
2007 2008 2008 RMB RMB US$ (unaudited) (unaudited) (unaudited) (In
thousands, except share and per share data) Net revenues - PRC
208,543 306,388 43,695 - International 213,866 319,605 45,580 Net
revenues 422,409 625,993 89,275 Cost of revenues (note 2) (185,282)
(272,101) (38,805) Gross profit 237,127 353,892 50,469 Selling
expenses (note 2) (48,050) (75,065) (10,705) General and
administrative expenses (note 2) (23,168) (18,720) (2,670) Research
and development expenses (note 2) (41,265) (60,304) (8,600) Other
general expenses (37) (44) (6) Operating income 124,607 199,759
28,488 Other income, net 3,164 3,596 513 Interest income 17,560
16,884 2,408 Interest expense (96) (35) (5) Income before income
taxes and minority interests 145,235 220,204 31,404 Provision for
income taxes (22,866) (40,837) (5,824) Minority interests -- -- --
Net Income 122,369 179,367 25,580 Basic earnings per share 1.16
1.68 0.24 Diluted earnings per share 1.09 1.59 0.23 Shares used in
the computation of: Basic earnings per share 105,743,984
106,962,659 106,962,659 Diluted earnings per share 111,869,215
112,998,260 112,998,260 (2) Share-based compensation charges
incurred during the period related to: Cost of revenues 349 789 113
Selling expenses 4,892 5,767 822 General and administrative
expenses 4,022 4,091 583 Research and development expenses 4,000
5,357 764 Exhibit 3 MINDRAY MEDICAL INTERNATIONAL LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE
NEAREST COMPARABLE GAAP MEASURES Three months ended March 31, 2007
2008 2008 RMB RMB US$ (unaudited) (unaudited) (unaudited) (In
thousands, except share and per share data) Non-GAAP net income
(note 3) 139,633 199,231 28,413 Non-GAAP net margin 33.1% 31.8%
31.8% Expense/Amortization of acquired intangible assets (4,707)
(4,707) (671) Deferred tax impact related to acquired intangible
assets 706 847 121 Effect of change in tax rate on deferred tax --
-- -- Share-based compensation (13,263) (16,004) (2,282) GAAP net
income 122,369 179,367 25,580 GAAP net margin 29.0% 28.7% 28.7%
Non-GAAP income per share - basic 1.32 1.86 0.27 Non-GAAP income
per share - diluted 1.25 1.76 0.25 GAAP income per share - basic
1.16 1.68 0.24 GAAP income per share - diluted 1.09 1.59 0.23
Shares used in computation of: Basic earnings per share 105,743,984
106,962,659 106,962,659 Diluted earnings per share 111,869,215
112,998,260 112,998,260 Non-GAAP operating income 142,577 220,470
31,442 Non-GAAP operating margin 33.8% 35.2% 35.2%
Expense/Amortization of acquired intangible assets (4,707) (4,707)
(671) Share-based compensation (13,263) (16,004) (2,282) GAAP
operating income 124,607 199,759 28,488 GAAP operating margin 29.5%
31.9% 31.9% Non-GAAP gross profit 242,183 359,388 51,253 Non-GAAP
gross margin 57.3% 57.4% 57.4% Expense/Amortization of acquired
intangible assets (4,707) (4,707) (671) Share-based compensation
(349) (789) (113) GAAP gross profit 237,127 353,892 50,469 GAAP
gross margin 56.1% 56.5% 56.5% 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: For investor and
media inquiries in China, May Li of Investor Relations, Mindray
Medical International Limited at +86-755-2658-2518 or ; or Justin
Knapp of Ogilvy Public Relations Worldwide, Beijing at
+86-10-8520-6556 or ; or in the United States, Jeremy Bridgman of
Ogilvy Public Relations Worldwide, New York at +1-212-880- 5363 Web
site: http://www.mindray.com/
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