SHENZHEN, China, Nov. 9 /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 third
quarter and nine months ended September 30, 2009. Highlights for
Operations as of September 30, 2009 -- Third quarter 2009 net
revenues were $151.1 million, an increase of 3.1% over the third
quarter of 2008. First nine months net revenues were $445.3
million, an increase of 17.3% year-over-year. -- International
markets continued to recover in the third quarter of 2009 with only
1.3% year-over-year decline, backed by stronger growth in emerging
markets and narrower decline in developed markets. -- Fully diluted
EPS in the third quarter of 2009 was $0.38, a 56.9% increase from
the third quarter of 2008 and a 30.6% increase from the second
quarter of 2009. First nine months fully diluted EPS was $0.90, an
increase of 33.7% year-over-year. -- Fully diluted non-GAAP EPS in
the third quarter of 2009 was $0.33, a 12.2% increase from the
third quarter of 2008. First nine months fully diluted non-GAAP EPS
was $0.94, an increase of 10.7% year-over-year. -- EBITDA in the
third quarter of 2009 was $60.1 million, a 51.6% increase from the
third quarter of 2008 and a 28.7% increase from the second quarter
of 2009. -- Gross margin in the third quarter of 2009 was 56.6%,
compared to 54.2% in the third quarter of 2008 and 57.2% in the
second quarter of 2009. -- Net operating cash generated during the
third quarter of 2009 was $20.9 million. -- Mindray recorded
special one-time income of $14.0 million resulting from a mutually
agreed upon termination of a joint development and OEM chemical
analyzer project between Beckman Coulter, Inc. and Mindray. The
agreement resulted from changes in business strategy by Beckman
Coulter, Inc. after it acquired the Olympus Diagnostic division. --
Mindray met product launch goals for the year with four more
product launches in the third quarter, including the DC-7 color
ultrasound system, BC-5800 hematology analyzer and WATO EX 20/30
anesthesia machine, as well as the Passport V, the second jointly
developed patient monitor from the Shenzhen and Mahwah engineering
teams. Mindray has launched 9 new products year to date. "Mindray
delivered solid results this quarter and we are encouraged by the
continuous sales uptake we are seeing in the international
markets," commented Xu Hang, Mindray's chairman and co-chief
executive officer. "In the domestic Chinese market, normal
distributor sales remained strong while tender sales were much
lower than expected due to a slow-down in the government budget
deployment process; this is a result of normal quarterly
fluctuation in tenders and hence we maintain our growth expectation
for China for the year. Mindray continues to focus on innovation
and we are pleased to deliver on our annual new product development
goals ahead of schedule as we successfully introduced four
additional new products to the market during the quarter." SUMMARY
-- Third Quarter and Nine Months Ended September 30, 2009 (in $
millions, except Three Months Ended Nine Months Ended per-share
data) September 30 September 30 2009 2008 % chg 2009 2008 % chg Net
Revenues 151.1 146.5 3.1% 445.3 379.6 17.3% Revenues generated in
China 66.8 61.1 9.3% 205.1 161.7 26.8% Revenues generated outside
China 84.3 85.4 -1.3% 240.2 217.9 10.3% Gross Profit 85.5 79.4 7.7%
251.8 205.8 22.4% Non-GAAP Gross Profit 87.2 83.6 4.3% 256.8 213.7
20.2% Operating Income 34.2 30.2 13.5% 102.6 85.9 19.5% Non-GAAP
Operating Income 40.0 37.5 6.7% 118.6 108.3 9.5% EBITDA 60.1 39.6
51.6% 142.3 104.6 36.0% Net Income 43.4 28.0 55.2% 101.8 77.1 32.0%
Non-GAAP Net Income 37.4 33.7 11.0% 105.7 96.7 9.3% Diluted EPS
0.38 0.24 56.9% 0.90 0.68 33.7% Non-GAAP Diluted EPS 0.33 0.29
12.2% 0.94 0.85 10.7% Revenues Mindray reported net revenues of
$151.1 million for the third quarter of 2009, a 3.1% increase from
$146.5 million in the third quarter of 2008. Net revenues generated
in China in the third quarter of 2009 increased 9.3% to $66.8
million from $61.1 million in the third quarter of 2008, while net
revenues generated in international markets in the third quarter of
2009 decreased 1.3% to $84.3 million from $85.4 million in the
third quarter of 2008. Performance by Segment Patient Monitoring
& Life Support Products: Patient monitoring & life support
products segment revenues declined 0.6% to $67.7 million from $68.1
million in the third quarter of 2008. The patient monitoring &
life support products segment contributed 44.8% to total net
revenues in the third quarter of 2009. In-Vitro Diagnostic
Products: In-vitro diagnostic products segment revenues increased
5.8% to $37.3 million from $35.3 million in the third quarter of
2008. The in-vitro diagnostic products segment contributed 24.7% to
total net revenues in the third quarter of 2009. Medical Imaging
Systems: Medical imaging systems segment revenues increased 10.2%
to $36.4 million from $33.0 million in the third quarter of 2008.
The medical imaging systems segment contributed 24.1% to total net
revenues in the third quarter of 2009. Others: Other revenues,
which are primarily comprised of service fees charged for post
warranty period repair services, declined 4.2% to $9.7 million from
$10.1 million in the third quarter of 2008. Other revenues
contributed 6.4% to total net revenues in the third quarter of
2009. The segment revenue amounts discussed above include shipping
and handling fees charged to customers. Gross Margins Third quarter
2009 gross profit was $85.5 million, a 7.7% increase from $79.4
million in the third quarter of 2008. Third quarter 2009 non-GAAP
gross profit was $87.2 million, a 4.3% increase from $83.6 million
in the third quarter of 2008. Third quarter 2009 gross margin was
56.6% compared to 54.2% in the third quarter of 2008 and 57.2% in
the second quarter of 2009. Non-GAAP gross margin was 57.7% in the
third quarter of 2009 compared to 57.0% in the third quarter of
2008 and 58.3% in the second quarter of 2009. Operating Expenses
Selling expenses for the third quarter of 2009 were $24.8 million,
or 16.4% of total net revenues, compared to 15.0% in the third
quarter of 2008 and 16.5% in the second quarter of 2009. Non-GAAP
selling expenses for the third quarter of 2009 were $23.3 million,
or 15.4% of total net revenues, compared to 14.4% in the third
quarter of 2008 and 15.5% in the second quarter of 2009. General
and administrative expenses for the third quarter of 2009 were
$11.3 million, or 7.5% of total net revenues, compared to 8.6% in
the third quarter of 2008 and 7.1% in the second quarter of 2009.
Non-GAAP general and administrative expenses for the third quarter
of 2009 were $10.5 million, or 6.9% of the total net revenues,
compared to 8.1% in the third quarter of 2008 and 6.7% in the
second quarter of 2009. Research and development expenses for the
third quarter of 2009 were $14.2 million, or 9.4% of total net
revenues, compared to 10.0% in the third quarter of 2008 and 9.2%
in the second quarter of 2009. Non-GAAP research and development
expenses for the third quarter of 2009 were $13.4 million, or 8.8%
of total net revenues, compared to 9.4% in the third quarter of
2008 and 8.7% in the second quarter of 2009. Total share-based
compensation expenses, which were allocated to cost of revenues and
related operating expenses, were $2.6 million in the third quarter
of 2009 compared to $2.6 million in the second quarter of 2009 and
$2.6 million in the third quarter of 2008. Operating income was
$34.2 million in the third quarter of 2009, a 13.5% increase from
$30.2 million in the third quarter of 2008. Non-GAAP operating
income in the third quarter of 2009 was $40.0 million, a 6.7%
increase from $37.5 million in the third quarter of 2008. Operating
margin was 22.6% in the third quarter of 2009 compared to 20.6% in
the third quarter of 2008 and 24.4% in the second quarter of 2009.
Non-GAAP operating margin was 26.5% in the third quarter of 2009
compared to 25.6% in the third quarter of 2008 and 27.4% in the
second quarter of 2009. Earnings Before Interest, Taxes,
Depreciation and Amortization ("EBITDA") Third quarter 2009 EBITDA
increased 51.6% year-over-year to $60.1 million from $39.6 million
in the third quarter of 2008 and increased 28.7% from $46.7 million
in the second quarter of 2009. Net Income Net income increased
55.2% year-over-year to $43.4 million from $28.0 million in the
third quarter of 2008. Non-GAAP net income increased 11.0%
year-over-year to $37.4 million from $33.7 million in the third
quarter of 2008. Net margin was 28.7% in the third quarter of 2009
compared to 19.1% in the third quarter of 2008 and 20.6% in the
second quarter of 2009. Non-GAAP net margin was 24.7% in the third
quarter of 2009 compared to 23.0% in the third quarter of 2008 and
23.6% in the second quarter of 2009. Third quarter 2009 income tax
expense was $10.2 million representing an effective tax rate of
19.0% Third quarter 2009 basic and diluted earnings per share were
$0.40 and $0.38, respectively, compared to $0.26 and $0.24 in the
third quarter of 2008. Basic and diluted non-GAAP earnings per
share were $0.34 and $0.33, respectively, compared to $0.31 and
$0.29 in the third quarter of 2008. Shares used in the computation
of diluted earnings per share for the third quarter 2009 were 113.4
million. Other Select Data Average accounts receivable days
outstanding were 62 days in the third quarter of 2009 compared to
54 days in the second quarter of 2009. Average inventory days were
98 days in the third quarter of 2009 compared to 82 days in the
second quarter of 2009. Average accounts payable days outstanding
were 62 days in the third quarter of 2009 compared to 59 days in
the second quarter of 2009. Mindray calculates the above working
capital days using the average of beginning and ending balances of
the quarter. As of September 30, 2009, the company had $299.3
million in cash, cash equivalents, restricted cash and restricted
investments, compared to $286.7 million as of June 30, 2009. Net
cash generated from operating activities and net cash outflow for
capital expenditures during the quarter were $20.9 million and
$13.5 million, respectively. As of September 30, 2009, the company
had 5,760 employees. Nine Months Ended September 30, 2009 Results
Mindray reported net revenues of $445.3 million for the first nine
months of 2009, representing a 17.3% increase from $379.6 million
in the same period in 2008. -- Net revenues generated in China in
the first nine months of 2009 increased 26.8% to $205.1 million
from $161.7 million in the same period in 2008. -- Net revenues
generated in international markets in the first nine months of 2009
increased 10.3% to $240.2 million from $217.9 million in the first
nine months of 2008. First nine months of 2009 EBITDA increased
36.0% year-over-year to $142.3 million from $104.6 million in the
first nine months of 2008. First nine months of 2009 net income
increased 32.0% year-over-year to $101.8 million from $77.1 million
in the first nine months of 2008. First nine months of 2009
non-GAAP net income increased 9.3% year-over-year to $105.7 million
from $96.7 million in the first nine months of 2008. First nine
months of 2009 diluted earnings per share increased 33.7%
year-over-year to $0.90 from $0.68 in the first nine months of
2008. First nine months of 2009 non-GAAP diluted earnings per share
increased 10.7% to $0.94 from $0.85 in the first nine months of
2008. Business Outlook for Full Year 2009 Mindray updates its
current outlook for the full year 2009, which includes: -- 2009 net
revenue to grow at a rate of 10% to 13% year-over-year. -- Non-GAAP
EPS to grow slightly more than 10% over 2008. -- Capital
expenditure to remain in the range of $50 million to $60 million.
-- Share based compensation to be approximately $12 million, based
on issuances to date, which does not take into account any
additional share grant 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 updated guidance conveys our confidence in delivering
solid operational and financial results for the year, backed by
continuous strong growth in China and increasing stability in
international markets," commented Li Xiting, Mindray's president
and co-chief executive officer. "To sustain future growth, we will
invest in expanding our presence in key emerging markets,
maintaining our aggressive pace of new product introductions, and
driving cost synergies across all business units." Conference Call
Information Mindray's management will hold an earnings conference
call at 8:00 AM on November 10, 2009 U.S. Eastern Time (9:00 PM on
November 10, 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: +1-866-318-8614 International: +1-617-399-5133 Pass
code for all regions: Mindray A replay of the conference call may
be accessed by phone at the following numbers until November 21,
2009. U.S. Toll Free: +1-888-286-8010 International:
+1-617-801-6888 Pass code: 2641 5957 Additionally, a live and
archived webcast of this conference call will be available on the
Investor Relations section of Mindray's website at
http://ir.mindray.com/ . Use of Non-GAAP Financial Measures Mindray
provides gross profit, R&D expenses, selling expenses, general
and administrative expenses, operating income, EBITDA, net income
and earnings per share on a non-GAAP basis that excludes
share-based compensation expense and acquired intangible assets
amortization expense, in progress research and development
expenses, realignment costs -- post acquisition, as well as
termination payments, all net of related tax impact, to enable
investors to better assess the company's operating performance. The
non-GAAP measures described by the company are reconciled to the
corresponding GAAP measure in the exhibit below titled
"Reconciliations of non-GAAP results of operations measures to the
nearest comparable GAAP measures." The company has reported for the
third quarter of 2009 and provided guidance for full year 2009
earnings 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, realignment cost - post
acquisition, termination payments, and 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, realignment cost --
post acquisition, termination payments, amortization of acquired
intangible assets and IPR&D including, but not limited to,
other income from onetime early termination of contract, 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. 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 and nine months period ended September 30, 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, to capture
growth opportunities, to improve cost structures and operational
efficiencies and to benefit from government spending in China.
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 third 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://ir.mindray.com/ . 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: May Li
Tel: +86-755-2658-2518 Email: Exhibit 1 MINDRAY MEDICAL
INTERNATIONAL LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands) As of December As of September 31, 2008 30,
2009 US$ US$ (audited) (unaudited) ASSETS Current assets: Cash and
cash equivalents 96,370 130,996 Restricted cash and restricted
investments (note 1) 156,491 102,261 Accounts receivable, net
89,735 105,935 Inventories 57,466 76,088 Value added tax
receivables 13,566 12,597 Other receivables 7,471 22,140
Prepayments and deposits 4,503 8,633 Deferred tax assets 1,812
2,016 Total current assets 427,414 460,666 Restricted investments
(note 1) -- 66,000 Other assets 1,724 2,437 Advances for purchase
of plant and equipment 46,275 21,844 Property, plant and equipment,
net 126,399 149,067 Land use rights, net 2,721 25,915 Deferred tax
assets, net -- 1,242 Intangible assets, net 67,004 64,664 Goodwill
114,234 115,054 Total assets 785,771 906,889 LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Short-term bank loans
(note 1) 157,007 103,132 Notes payable 7,449 8,267 Accounts payable
29,009 32,930 Advances from customers 7,523 5,377 Salaries payables
16,797 14,934 Other payables 46,911 48,674 Income taxes payable
10,727 15,176 Other taxes payable 4,398 4,432 Total current
liabilities 279,821 232,922 Bank loans-long term (note 1) -- 66,000
Other long-term payables 7,120 7,580 Deferred tax liabilities, net
736 3,033 7,856 76,613 Shareholders' equity: Ordinary shares 14 14
Additional paid-in capital 274,993 292,846 Retained earnings
183,886 264,065 Accumulated other comprehensive income 39,199
40,427 Total shareholders' equity 498,092 597,352 Non-controlling
interest 2 2 Total equity 498,094 597,354 Total liabilities and
shareholders' equity 785,771 906,889 (1) Restricted as the security
package required for bank loans as of September 30, 2009. Use of
such funds is permitted provided that the proportionate amount of
debt must be retired concurrently. As of September 30, 2009, the
bank loans can be fully repaid from such restricted cash and
restricted investments. Exhibit 2 MINDRAY MEDICAL INTERNATIONAL
LIMITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in
thousands, except for share and per share data) Three months ended
Nine months ended September 30, September 30, 2008 2009 2008 2009
US$ US$ US$ US$ (unaudited) (unaudited) (unaudited) (unaudited) Net
revenues -PRC $61,126 66,809 161,763 205,123 - International 85,403
84,319 217,861 240,230 Net revenues 146,529 151,128 379,624 445,353
Cost of revenues (note 2) (67,122) (65,607) (173,819) (193,536)
Gross profit 79,407 85,521 205,805 251,817 Selling expenses (note
2) (21,989) (24,805) (53,112) (73,004) General and administrative
expenses (note 2) (12,652) (11,291) (24,867) (31,524) Research and
development expenses (note 2) (14,616) (14,168) (35,360) (43,636)
Realignment costs - post acquisition -- (1,030) -- (1,030) Expense
of in- progress research & development -- -- (6,600) --
Operating income 30,150 34,227 85,866 102,623 Other income, net
1,286 18,719 2,910 19,071 Interest income 2,957 1,776 7,486 4,717
Interest expense (1,577) (1,091) (2,537) (3,881) Income before
income taxes and non- controlling interest 32,816 53,631 93,725
122,530 Provision for income taxes (4,840) (10,209) (16,640)
(20,753) Non-controlling interest -- -- -- -- Net Income $27,976
43,422 77,085 101,777 Basic earnings per share 0.26 0.40 0.72 0.94
Diluted earnings per share 0.24 0.38 0.68 0.90 Shares used in the
computation of: Basic earnings per share $107,538,933 108,845,481
107,256,059 108,337,457 Diluted earnings per share $114,573,283
113,374,202 114,130,393 112,671,743 (2) Share-based compensation
charges incurred during the period related to: Cost of revenues 113
124 334 373 Selling expenses 898 878 2,514 2,858 General and
administrative expenses 767 832 1,997 2,574 Research and
development expenses 799 802 2,317 2,444 Exhibit 3 MINDRAY MEDICAL
INTERNATIONAL LIMITED RECONCILIATIONS OF NON-GAAP RESULTS OF
OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES(Dollars
in thousands, except for share and per share data) Three months
ended Nine months ended September 30, September 30, 2008 2009 2008
2009 US$ US$ US$ US$ (unaudited) (unaudited) (unaudited)
(unaudited) Non-GAAP net income 33,671 37,376 96,702 105,726
Non-GAAP net margin 23.0% 24.7% 25.5% 23.7% Amortization of
acquired intangible assets (4,789) (2,135) (15,279) (6,484)
Deferred tax impact related to acquired intangible assets 1,671 90
2,824 288 Realignment costs - post acquisition and termination
payments -- (1,030) -- (1,261) Income from early termination of
contract -- 11,757 -- 11,757 Share-based compensation (2,577)
(2,636) (7,162) (8,249) GAAP net income 27,976 43,422 77,085
101,777 GAAP net margin 19.1% 28.7% 20.3% 22.9% Non-GAAP income per
share - basic 0.31 0.34 0.90 0.98 Non-GAAP income per share -
diluted 0.29 0.33 0.85 0.94 GAAP income per share - basic 0.26 0.40
0.72 0.94 GAAP income per share - diluted 0.24 0.38 0.68 0.90
Shares used in computation of: Basic earnings per share 107,538,933
108,845,481 107,256,059 108,337,457 Diluted earnings per share
114,573,283 113,374,202 114,130,393 112,671,743 Non-GAAP operating
income 37,516 40,028 108,307 118,617 Non-GAAP operating margin
25.6% 26.5% 28.5% 26.6% Amortization of acquired intangible assets
(4,789) (2,135) (15,279) (6,484) Realignment costs - post
acquisition and termination payments -- (1,030) -- (1,261)
Share-based compensation (2,577) (2,636) (7,162) (8,249) GAAP
operating income 30,150 34,227 85,866 102,623 GAAP operating margin
20.6% 22.6% 22.6% 23.0% Non-GAAP gross profit 83,586 87,153 213,675
256,806 Non-GAAP gross margin 57.0% 57.7% 56.3% 57.7% Amortization
of acquired intangible assets (4,066) (1,508) (7,536) (4,616)
Share-based compensation (113) (124) (334) (373) GAAP gross profit
79,407 85,521 205,805 251,817 GAAP gross margin 54.2% 56.6% 54.2%
56.5% Exhibit 4 MINDRAY MEDICAL INTERNATIONAL LIMITED
RECONCILIATION OF GAAP NET INCOME TO EARNINGS BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTIZATION(Dollars in thousands) Three months
ended Nine months ended September 30, September 30, 2008 2009 2008
2009 US$ US$ US$ US$ (unaud- (unaud- (unaud- (unaud- ited) ited)
ited) ited) GAAP net income $27,976 43,422 77,085 101,777 Interest
income (2,957) (1,776) (7,486) (4,717) Interest expense 1,577 1,091
2,537 3,881 Provision for income taxes 4,840 10,209 16,640 20,753
Earnings before interest and tax (EBIT) 31,436 52,946 88,776
121,694 Depreciation 4,407 4,720 9,807 13,770 Amortization 3,772
2,392 6,027 6,844 Earnings before interest, tax, depreciation and
amortization (EBITDA) 39,615 60,058 104,610 142,308 DATASOURCE:
Mindray Medical International Limited CONTACT: In the U.S., Evan
Smith, CFA, +1-212-850-5606, , or John Capodanno, +1-212-850-5705,
, both of FD; or In China, May Li, +86-755-2658-2518, Web site:
http://www.mindray.com/ http://ir.mindray.com/
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