SHENZHEN, China, Jan. 10, 2011 /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,
2010.
For the year ended December 31,
2010, Mindray expects net revenues to be approximately
US$703 million, compared to
US$634.2 million in 2009,
representing approximately 10% year-over-year growth.
Based on the estimated full year revenues, the company
anticipates 2010 non-GAAP net income to grow about 10%
year-over-year. Consistent with the company's previous annual
guidance, the non-GAAP net income figure excludes the $8.6 million corporate income tax reduction
recognized in the first quarter of 2010 and assumes a corporate
income tax rate of 15% applicable to the Shenzhen subsidiary.
"In 2010, despite the continued uncertainties in economies
globally and the impact from various proposed healthcare reforms,
we were encouraged to see recovery in some geographic areas,"
commented Mr. Xu Hang, Mindray's
Chairman and Co-Chief Executive Officer. "Mindray's commitment to
invest in key international markets has allowed us to capture
growth opportunities and demonstrate solid performance in these
regions. We have also maintained our focus on innovation and
operational excellence, by launching 10 new products, delivering
strong margins, and achieving double digit revenue and non-GAAP
earnings growth for the year."
"As we closed the fourth quarter of 2010, we continued to see
strong business growth trends in our key international markets.
In China, we are on track with our strategic measures to
restore growth in non-tender sales," added Mr. Li Xiting, Mindray's President and Co-Chief
Executive Officer. "Based on these early indications, we are
setting an initial 2011 revenue growth target for the overall
organization of at least 16%. Over the coming year we will look to
grow profits and market share by driving new market segment
penetration with products launched over the last two years,
increasing efficiency of R&D, focusing on R&D investment to
recruit engineering talent and broaden our product pipeline,
expanding our presence in important emerging markets, further
building up our developed market sales capabilities, leveraging our
domestic leadership and progressing with our initiatives in sales
force re-alignment, product development, branding and marketing in
China. We will also strive
to improve the effectiveness of our working capital utilization and
adjust our overall strategy as necessary to better compete
globally."
Mindray's preliminary 2010 results are unaudited and remain
subject to the finalization of the company's year-end closing,
reporting and audit processes. 2011 full-year guidance will be
provided in the fourth quarter and 2010 year-end earnings
announcement.
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.
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 non-GAAP net income for 2010, the applicable
China corporate income tax rate
for 2011, our ability to restore growth in non-tender sales,
projected growth of our market share in 2011, projected growth of
net revenues in 2011, our ability to grow profits and market share,
new market penetration, expansion of our presence in emerging
markets, improving our developed market sales capabilities and
improving the effectiveness of our working capital utilization 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 2010 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 7 of our annual
report on Form 20-F, filed on May 7,
2010. Our results of operations for the fourth quarter of
2010 and for fiscal year 2010 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 2010 on a non-GAAP basis which is being used in
the consistent method from period to period.
Because the financial performance is subject to finalization of the
company's year-end closing, reporting, and audit processes, the
company does not 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 adjusted for the
effects of share-based compensation, amortization of acquired
intangible assets, realignment cost- post acquisition and
termination payment, as well as any one-time non-operating income/
charge, all of which are net of related tax impact and dividend by
diluted weighted shares outstanding for the year.
For investor
and media inquiries please contact:
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In the
U.S.:
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Hoki
Luk
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Western
Bridge, LLC
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Tel:
+1-646-808-9150
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Email: hoki.luk@westernbridgegroup.com
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In
China:
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May
Li
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Mindray
Medical International Limited
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Tel:
+86-755-2658-2518
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Email: may.li@mindray.com
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SOURCE Mindray Medical International Limited