Mindray Announces Preliminary 2008 Operating Results
12 Gennaio 2009 - 2:17PM
PR Newswire (US)
SHENZHEN, China, Jan. 12 /PRNewswire-Asia-FirstCall/ -- Mindray
Medical International Limited (NYSE:MR), a leading developer,
manufacturer and marketer of medical devices worldwide, today
announced selected preliminary, unaudited results for the fiscal
year ended December 31, 2008. The preliminary results reported
below include the results of operations of the patient monitoring
business acquired from Datascope ("DPM") starting from May 1, 2008.
Preliminary 2008 Operating Results For the year ended December 31,
2008, Mindray expects net revenues to be in the range of US$540
million to US$550 million, compared to US$294.3 million in 2007, or
84% to 87% year-over-year growth. Based on the estimated full year
revenue range, fourth quarter 2008 revenue grew 76% to 87%
year-over-year despite a challenging global operating environment
that included volatile foreign exchange fluctuations, a slow down
in hospital spending and credit freezes. Based on the estimated
full year revenue, the company anticipates the 2008 non-GAAP
diluted EPS to be no less than US$1.16, compared to US$0.79 in
2007, or 47% year-over-year growth. The estimated non-GAAP diluted
EPS is based on the assumption that Mindray's Shenzhen subsidiary
receives a preferential income tax rate at 15% as a qualified "New
and Hi Tech Enterprise." The subsidiary has already received
approval of such qualification from the Shenzhen local government,
and the Company does not anticipate any delay in closing the
process from the central government level in the near future.
"Despite the recent unprecedented and challenging global
environment, Mindray maintained its focus on outstanding execution
and operational excellence," commented Mr. Xu Hang, Mindray's
chairman and co-chief executive officer. "As a result, we achieved
excellent growth across all product lines and geographies
throughout the fourth quarter. Additionally, we continued to
improve operating performance, driving very strong earnings growth
in 2008 and our vertically integrated model and sensible expense
controls have allowed us to focus on generating cash flow and
improving our operating margins." "We are well positioned as we
head into 2009 and look to grow market share in the coming year,"
added Mr. Li Xiting, Mindray's president and co-chief executive
officer. "Despite broader economic uncertainties, we are confident
about achieving overall revenue growth of at least 20 percent based
on the current foreign exchange rates. We strive to hold steady
gross margins with targeted improvements in operating margins. We
expect our growth to primarily be driven by the continued expansion
and improvement in our product mix and strengthened distribution
worldwide. Additionally, we look forward to the release of seven to
nine new products this year, including the launch of our first
jointly developed products with DPM. Overall, we believe that our
ability to be nimble and closely manage costs allows us to pass
savings to our customers. We look forward to continuing to provide
high-quality and affordable medical devices to doctors and
hospitals around the world in 2009." Mindray's preliminary 2008
results are unaudited and remain subject to the finalization of the
company's year-end closing, reporting and audit processes. The
company noted that 2009 full-year guidance will be provided in the
fourth quarter and 2008 year-end earnings announcement. About
Mindray Mindray is a leading developer, manufacturer and marketer
of medical devices 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 globally
headquartered in Shenzhen, China, with U.S. headquarters in Mahwah,
New Jersey. Mindray also has another 12 international sales and
service offices in Amsterdam, Frankfurt, Istanbul, London, Mexico
City, Moscow, Mumbai, Paris, Sao Paolo, Seattle, Toronto and
Vancouver. For more information, please visit
http://www.mindray.com/ . Cautionary Note Regarding Forward-Looking
Statements This press release contains "forward-looking statements"
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Statements that are not
historical facts, including statements about Mindray's anticipated
net revenues and earnings per share for 2008, 15% preferential
income tax rate for 2008, growth of market share in 2009, growth of
net revenues in 2009, continued expansion and improvement in
product mix, strengthened distribution, and the release of new
products are forward-looking statements. Readers are cautioned that
these forward-looking statements are only predictions and may
differ materially from actual results due to a variety of factors.
The anticipated results for 2008 remain subject to the finalization
of Mindray's year-end closing, reporting, and audit processes,
particularly as related to accrued expenses, income taxes, share-
based compensation expenses, and expense and/or amortization of
intangible assets. 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 6 of our annual
report on Form 20-F, filed on June 30, 2008. Our results of
operations for the fourth 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. Use of
Non-GAAP Financial Measures The company has announced its expected
diluted earnings per share for full year 2008 on a non-GAAP basis.
Because the estimated earnings per share is subject to the
finalization of the company's year-end closing, reporting, and
audit processes, the company has not yet finalized with any
certainty the numbers required to provide a specific non-GAAP to US
GAAP reconciliation. A reconciliation of non-GAAP results of
operations measures to the nearest comparable GAAP measures will be
provided with the company's audited financial results and will be
adjusted for the effects of share-based compensation, inventory
fair value adjustments, restructuring or any one-time charge,
amortization of acquired assets and in related tax impact. For more
information, please visit http://www.mindray.com/ . For investor
and media inquiries, please contact: In the U.S: Evan Smith, CFA FD
Tel: +1-212-850-5606 Email: John Capodanno FD Tel: +1-212-850-5705
Email: In China: Susan Du Mindray Medical International Limited
Tel: +86-755-2658-2518 Email: DATASOURCE: Mindray Medical
International Limited CONTACT: In the U.S: Evan Smith, CFA of FD,
+1-212-850-5606, or ; Or John Capodanno of FD, +1-212-850-5705, or
; Or In China: Susan Du of Mindray Medical International Limited,
+86-755-2658-2518, or Web site: http://www.mindray.com/
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