In the news release, "Mindray Announces First Quarter 2009
Financial Results," issued May 11 by Mindray Medical International
Limited (NYSE:MR) over PR Newswire Asia, we are advised by the
company that, in the third paragraph of the "Operating Expenses"
section, the second sentence should read "GAAP research and
development expenses for the fourth quarter 2009 were $14.7
million," instead of "fourth quarter 2008" as was originally issued
inadvertently. Full corrected release follows: Mindray Announces
First Quarter 2009 Financial Results SHENZHEN, China, May 11
/PRNewswire-Asia-FirstCall/ -- Mindray Medical International
Limited (NYSE:MR), a leading developer, manufacturer and marketer
of medical devices worldwide announced today its selected unaudited
financial results for the first quarter ended March 31, 2009.
Highlights for First Quarter 2009 -- First quarter 2009 net
revenues were $134.2 million, an increase of 53.5% over the first
quarter of 2008 -- Non-GAAP operating income in the first quarter
2009 was $34.7 million, a 12.6% increase from the first quarter of
2008. First quarter 2009 GAAP operating income was $29.4 million --
Accutorr V -- first jointly developed product by Mahwah and
Shenzhen teams was successfully released to the market. "Despite
weaker-than-expected market trends in US and Europe, we are pleased
to report a relatively strong quarter," commented Mr. Xu Hang,
Mindray's chairman and co-chief executive officer. "During the
quarter, Mindray responded quickly to the challenging market
dynamics and initiated measures to effectively control product
costs and reduce operating expenses to sustain operating profit
growth. We are confident that Mindray will continue to outperform
the market in the remainder of 2009 and beyond, as a result of the
strength of our highly competitive operating structure which
enables us to deliver products that meet the quality, performance
and price requirements of our growing global customer base."
SUMMARY - 1st Quarter 2009 (in $ millions, except per-share 1Q/2009
1Q/2008 % change data) Net Revenues 134.2 87.4 53.5% Revenues
generated in China 62.4 42.8 45.8% Revenues generated outside China
71.8 44.6 60.8% Non-GAAP Gross Profit (1) 76.3 50.2 52.0% GAAP
Gross Profit 74.7 49.4 51.2% Non-GAAP Operating Income (1) 34.7
30.8 12.6% GAAP Operating Income 29.4 27.9 5.4% Non-GAAP Net Income
(1) 30.5 27.8 9.6% GAAP Net Income 25.3 25.1 1.2% Non-GAAP Diluted
EPS (1) 0.27 0.25 10.5% GAAP Diluted EPS 0.23 0.22 1.9% (1) Mindray
provides gross margin, R&D expenses, selling expenses, general
and administrative expenses, operating margin, net income and
earnings per share on a non-GAAP basis that excludes non-cash,
share-based compensation expense, acquired intangible assets
amortization expense and termination payments 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." Revenues Mindray reported net revenues of $134.2 million
for the first quarter 2009, a 53.5% increase from $87.4 million for
the first quarter 2008. Net revenues generated in China in the
first quarter 2009 increased 45.8% to $62.4 million from $42.8
million for the first quarter 2008, while net revenues generated in
international markets in the first quarter 2009 increased 60.8% to
$71.8 million from $44.6 million for the first quarter 2008.
Performance by Segment Patient Monitoring & Life Support
Products: Patient monitoring & life support products segment
revenues increased 97.4% to $58.6 million from $29.7 million for
the first quarter 2008. The patient monitoring & life support
products segment contributed 43.7% to the total net revenues in the
first quarter 2009. In-Vitro Diagnostic Products: In-vitro
diagnostic products segment revenues increased 8.7% to $32.2
million from $29.7 million in the first quarter 2008. The in-vitro
diagnostic products segment contributed 24.0% to the total net
revenues in the first quarter 2009. Medical Imaging Systems:
Medical imaging systems segment revenues increased 32.9% to $35.7
million from $26.9 million in the first quarter 2008. The medical
imaging systems segment contributed 26.6% to the total net revenues
in the first quarter 2009. Others: Other revenues, which are
primarily comprised of extended warranty services revenues,
increased 525.1% to $7.6 million from $1.2 million in the first
quarter 2008. Other revenues contributed 5.7% to the total net
revenues in the first quarter 2009. The segment revenue amounts
discussed above include shipping and handling fees charged to
customers. Gross Margins First quarter 2009 non-GAAP gross profit
was $76.3 million, a 52.0% increase from $50.2 million in the first
quarter 2008. First quarter 2009 GAAP gross profit was $74.7
million. Non-GAAP gross margin was 56.9% in the first quarter 2009
compared to 57.4% in the first quarter 2008 and 55.3% in the fourth
quarter 2008. First quarter 2009 GAAP gross margin was 55.7%.
Operating Expenses Non-GAAP selling expenses for the first quarter
2009 were $20.1 million, or 15.0% of the total net revenues,
compared to 11.1% in the first quarter 2008 and 15.5% in the fourth
quarter 2008. GAAP selling expenses for the first quarter 2009 were
$21.8 million. Non-GAAP general and administrative expenses for the
first quarter 2009 were $7.7 million, or 5.7% of the total net
revenues, compared to 2.3% in the first quarter 2008 and 8.5% in
the fourth quarter 2008. GAAP general and administrative expenses
for the first quarter 2009 were $8.8 million. Non-GAAP research and
development expenses for the first quarter 2009 were $13.9 million,
or 10.4% of the total net revenues compared to 8.8% in the first
quarter 2008 and 9.6% in the fourth quarter 2008. GAAP research and
development expenses for the fourth quarter 2009 were $14.7
million. Total share-based compensation expenses, which were
allocated to cost of goods sold and related operating expenses,
were $3.0 million in the first quarter 2009 compared to $2.2
million in the first quarter 2008 and $1.6 million in the fourth
quarter 2008. Non-GAAP operating income, as defined below, in the
first quarter 2009 was $34.7 million, a 12.6% increase from $30.8
million in the first quarter 2008. Non-GAAP operating margins were
25.9% in the first quarter 2009 compared to 35.2% in the first
quarter 2008 and 21.6% in the fourth quarter 2008. GAAP operating
income was $29.4 million in the first quarter 2009. GAAP operating
margin was 21.9% in the first quarter 2009. Net Income First
quarter 2009 non-GAAP net income increased 9.6% year-over-year to
$30.5 million from $27.8 million in the first quarter 2008. First
quarter 2009 GAAP net income was $25.3 million. Non-GAAP net margin
was 22.7% in the first quarter 2009 compared to 31.8% in the first
quarter 2008 and 21.4% in the fourth quarter 2008. GAAP net margin
was 18.9% in the first quarter 2009. First quarter 2009 income tax
expense was $4.2 million representing an effective tax rate of
14.3%. First quarter 2009 basic and diluted non-GAAP earnings per
share were $0.28 and $0.27 respectively, compared to $0.26 and
$0.25 in first quarter 2008. First quarter 2009 GAAP basic and
diluted earnings per share for the quarter were $0.23 and $0.23,
respectively, compared to $0.23 and $0.22 in first quarter 2008.
Shares used in the computation of diluted earnings per share in the
first quarter 2009 were 112.1 million. Other Select Data Average
accounts receivable days outstanding were 60 days, or $87.7
million, for the first quarter 2009 compared to 40 days, or $89.7
million, for the full year 2008. Inventory turnover was 89 days, or
$57.9 million, for the first quarter 2009 compared to 60 days, or
$57.5 million, for the full year 2008. Average accounts payable
days outstanding was 58 days, or $39.7 million, for the first
quarter 2009 compared to 46 days or $36.5 million, for the full
year 2008. As of March 31, 2009, the company had $261.2 million in
cash and cash equivalents and restricted cash. Net cash generated
from operating activities and capital expenditures for the first
quarter 2009 were $30.7 million and $13.6 million, respectively. As
of March 31, 2009 the company had approximately 5,620 employees
compared to 4,050 employees on March 31, 2008 and 5,580 employees
on December 31, 2008. Business Outlook for Full Year 2009 With the
continuing uncertainties in many parts of the market Mindray
competes in, the company now expects: -- 2009 net revenue to grow
at a rate of at least 10% year-over-year, provided that foreign
exchange rates remain constant at RMB6.85 to the dollar and $1.33
to the euro. -- Non-GAAP EPS to grow 10% over 2008. -- Capital
expenditure in the range of $40 million to $60 million. -- Share
based compensation to be $12 million, based on issuances to date,
which does not take into account of any additional share based
compensation costs that may come later this year, if any. --
Amortization of intangible assets to be $10 million including April
2006 acquisition of minority interest and May 2008 acquisition of
Datascope patient monitoring business. 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 revised guidance reflects more cautious assumptions of
the overall market conditions for the remainder of 2009, as the
world industry dynamics continued to worsen since earlier this
year," commented Mr. Li Xiting, Mindray's president and co-chief
executive officer. "For the current year, the China market still
represents the strongest growth outlook. The picture outside China
is mixed though, with healthy growth from Latin America and Africa
coupled with additional growth as a result of our acquisition of
our Mahwah operations, partially offset by declines in other sales
geographies outside of China. We remain firm in our belief that
Mindray's unique vertically integrated business model and strong
financial position will allow us to more effectively adapt to fast
changing market environments such as the one we are in today. We
will continue to build on our cost advantages coupled with
effective R&D and solid sales infrastructure to capture
substantial growth opportunities in the markets we compete in." In
addition, as announced on March 4, 2009, Mr. Ronald Ede began in
his new role of Chief Financial Officer of the company effective on
May 8, 2009, replacing Ms. Joyce Hsu. Mr. Ede and Ms. Hsu both
remain directors serving on Mindray's board. Conference Call
Information Mindray's management will hold an earnings conference
call at 8:00 AM on May 12, 2009 U.S. Eastern Time (8:00 PM on May
12, 2009 Beijing/Hong Kong Time). Dial-in details for the earnings
conference call are as follows: Hong Kong: +852-3002-1672 U.S. Toll
Free: +1-800-798-2864 International: +1-617-614-6206 Pass code for
all regions: Mindray A replay of the conference call may be
accessed by phone at the following numbers until May 23, 2009. U.S.
Toll Free: +1-888-286-8010 International: +1-617-801-6888 Pass
code: 9482 5654 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/ . Use of Non-GAAP
Financial Measures The company has reported for the first quarter
2009 and provided estimates for full year 2009 net income and
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 amortization of
acquired intangible assets. -- Non-GAAP operating income represents
operating income reported in accordance with GAAP, adjusted for the
effects of share-based compensation and amortization of acquired
intangible assets including, but not limited to, termination
payments. -- Non-GAAP net income represents net income reported in
accordance with GAAP, adjusted for the effects of share-based
compensation and amortization of acquired intangible assets
including, but not limited to, termination payments, 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 selling expenses, non-GAAP general and
administrative expenses, non-GAAP R&D expenses, 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 months period ended March 31, 2008 and 2009, respectively, in
the attached financial information. Cautionary Note Regarding
Forward-Looking Statements This press release contains
"forward-looking statements," including those related to the
company's market performance, the business outlook for the fiscal
year 2009 with respect to net revenues, Non-GAAP EPS, capital
expenditure, share based compensation and amortization of
intangible assets, the company's ability to grow in various
geographic markets, to adapt to changing market environments, to
take advantage of cost advantages, and to capture growth
opportunities. 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 May 8, 2009.
Our results of operations for the first quarter of 2009 and for
fiscal year 2009 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. 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. About
Mindray We are a leading developer, manufacturer and marketer of
medical devices worldwide. We maintain global headquarters in
Shenzhen, China, U.S. headquarters in Mahwah, New Jersey and
multiple sales offices in major international markets. From our
main manufacturing and engineering base in China and through our
worldwide distribution network, we are able to supply
internationally a broad range of products across three primary
business segments, comprised of patient monitoring and life support
products, in-vitro diagnostic products and medical imaging systems.
For more information, please visit http://www.mindray.com/ .
Exhibit 1 MINDRAY MEDICAL INTERNATIONAL LIMITED CONDENSED
CONSOLIDATED BALANCE SHEETS (Dollars in thousands) As of As of
December 31, March 31, 2008 2009 US$ US$ (audited) (unaudited)
ASSETS Current assets: Cash and cash equivalents 96,370 103,107
Restricted cash (note 1) 119,711 158,059 Short-term investments
36,780 -- Accounts receivable, net 89,735 87,729 Inventories 57,466
57,879 Value added tax receivables 13,566 10,178 Other receivables
7,471 10,017 Prepayments and deposits 4,503 5,765 Deferred tax
assets 1,812 1,749 Total current assets 427,414 434,483 Other
assets 1,724 1,669 Advances for purchase of plant and equipment
46,275 35,878 Property, plant and equipment, net 126,399 131,850
Land use rights, net 2,721 15,108 Deferred tax assets, net -- 1,243
Intangible assets, net 67,004 66,200 Goodwill 114,234 114,206 Total
assets 785,771 800,637 LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Short-term bank loans 157,007 146,400 Notes payable
7,449 4,606 Accounts payable 29,009 35,098 Advances from customers
7,523 8,097 Salaries payables 16,797 10,076 Other payables 46,911
64,822 Income taxes payable 10,727 12,116 Other taxes payable 4,398
3,902 Total current liabilities 279,821 285,117 Other long-term
payables 7,120 7,302 Minority interests 2 2 Deferred tax
liabilities, net 736 1,782 Shareholders' equity: Ordinary shares 14
14 Additional paid-in capital 274,993 279,453 Retained earnings
183,886 187,626 Accumulated other comprehensive loss 39,199 39,341
Total shareholders' equity 498,092 506,434 Total liabilities and
shareholders' equity 785,771 800,637 (1) Restricted as the security
package required for the bank loans as of March 31, 2009. Use of
such funds are permitted provided that the proportionate amount of
debt must be retired concurrently. As of March 31, 2009, the
short-term bank loans can be fully repaid from such short-term
restricted cash. Exhibit 2 MINDRAY MEDICAL INTERNATIONAL LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in
thousands, except for share and per share data) Three months ended
March 31, 2008 2009 US$ US$ (unaudited) (unaudited) Net revenues
-PRC 42,791 62,370 - International 44,637 71,795 Net revenues
87,428 134,165 Cost of revenues (note 2) (38,002) (59,424) Gross
profit 49,426 74,741 Selling expenses (note 2) (10,484) (21,789)
General and administrative expenses (note 2) (2,620) (8,797)
Research and development expenses (note 2) (8,422) (14,745)
Operating income 27,900 29,410 Other income (loss), net 502 (432)
Interest income 2,358 1,620 Interest expense (5) (1,025) Income
before income taxes and minority interests 30,755 29,573 Provision
for income taxes (5,703) (4,232) Minority interests -- -- Net
Income 25,052 25,341 Basic earnings per share 0.23 0.23 Diluted
earnings per share 0.22 0.23 Shares used in the computation of:
Basic earnings per share 106,962,659 107,872,202 Diluted earnings
per share 112,998,260 112,118,964 (2) Share-based compensation
charges incurred during the period related to: Cost of revenues 110
131 Selling expenses 805 1,051 General and administrative expenses
571 953 Research and development expenses 748 846 Exhibit 3 MINDRAY
MEDICAL INTERNATIONAL LIMITED RECONCILIATIONS OF NON-GAAP RESULTS
OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(Dollars in thousands, except for share and per share data) Three
months ended March 31, 2008 2009 (unaudited) (unaudited) Net
revenues 87,428 134,165 Non-GAAP net income 27,825 30,510 Non-GAAP
net margin 31.8% 22.7% Amortization of acquired intangible assets
(657) (2,208) Deferred tax impact related to acquired intangible
assets 118 104 Termination payments -- (84) Share-based
compensation (2,234) (2,981) GAAP net income 25,052 25,341 GAAP net
margin 28.7% 18.9% Non-GAAP income per share - basic 0.26 0.28
Non-GAAP income per share - diluted 0.25 0.27 GAAP income per share
- basic 0.23 0.23 GAAP income per share - diluted 0.22 0.23 Shares
used in computation of: Basic earnings per share 106,962,659
107,872,202 Diluted earnings per share 112,998,260 112,118,964
Non-GAAP operating income 30,791 34,683 Non-GAAP operating margin
35.2% 25.9% Amortization of acquired intangible assets (657)
(2,208) Termination payments -- (84) Share-based compensation
(2,234) (2,981) GAAP operating income 27,900 29,410 GAAP operating
margin 31.9% 21.9% Non-GAAP gross profit 50,193 76,277 Non-GAAP
gross margin 57.4% 56.9% Amortization of acquired intangible assets
(657) (1,405) Share-based compensation (110) (131) GAAP gross
profit 49,426 74,741 GAAP gross margin 56.5% 55.7% For investor and
media inquiries please contact: In the U.S: FD Evan Smith, CFA Tel:
+1-212-850-5606 Email: John Capodanno Tel: +1-212-850-5705 Email:
In China: Mindray May Li Head Investor Relations Tel:
+86-755-2658-2518 Email: DATASOURCE: Mindray Medical International
Limited CONTACT: Mindray Medical International Limited, May Li,
Head Investor Relations, +86-755-2658-2518, or FD, Evan Smith, CFA,
+1-212-850-5606, and John Capodanno, +1-212-850-5705, , both for
Mindray Medical International Limited Web site:
http://www.mindray.com/
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