SHENZHEN, China, Jan. 9, 2012 /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, 2011.
The company also provided net revenue guidance for 2012.
For the year ended December 31,
2011, Mindray expects net revenues to be approximately
US$878 million, representing
approximately 24.7% year-over-year growth.
Based on the estimated full-year revenues, the company
anticipates 2011 non-GAAP net income to grow no less than 10%
year-over-year. The non-GAAP net income figure excludes the tax
benefits related to the key software enterprise status
($8.6 million and $7.6 million recognized in the first quarter of
2010 and 2011 respectively) and assumes a corporate income tax rate
of 15% applicable to the Shenzhen
subsidiary.
"In 2011, the global environment remained challenging with the
backdrop of continued economic and political uncertainties.
Nevertheless, we are happy to report that we achieved strong
double-digit revenue growth for the year," commented Mr.
Xu Hang, Mindray's Chairman and
Co-Chief Executive Officer. "Our robust China sales reflect the success of our
strategic initiatives and favorable hospital and government
spending trends. Outside of China,
emerging markets remained a key growth driver, thanks to our
increased investment in our sales and service platforms, as well as
marketing activities. We also continued to capture market share in
developed countries. On the product and business development front,
we maintained our focus on innovation by launching 13 new products
this year – complemented by four new acquisitions – to strengthen
our technology and product offerings. Overall, we are pleased that
we had another year full of accomplishments in 2011 – Mindray's
20th anniversary."
This year, Mindray anticipates its net revenues to grow at least
18% year-over-year. Full-year guidance for 2012 will be provided in
the fourth quarter and full-year 2011 earnings announcement.
"As we closed the fourth quarter of 2011, the outlook in
China and some key ex-China markets remain favorable for our
company. However, we expect potential headwinds in Western European
markets, the Middle East and
Africa as a result of continued
economic and political instability," added Mr. Li Xiting, Mindray's President and Co-Chief
Executive Officer. "Looking ahead, we plan to increase our market
penetration globally by launching new products and strengthening
our sales, marketing and service capabilities. We will focus our
R&D investment on technology and product development, and
improving efficiency. We will also continue to actively explore
M&A opportunities. Last but not least, profitability will
remain a main focus of our company."
Use of Non-GAAP Financial Measures
Mindray provides gross profit, selling expenses, general and
administrative expenses, R&D expenses, operating income, net
income and earnings per share on a non-GAAP basis that excludes
share-based compensation expense and acquired intangible assets
amortization expense, all net of related tax impact, as well as
EBITDA 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 measures.
The company has provided anticipation for the 2011 full-year net
income on a non-GAAP basis. Non-GAAP net income represents net
income reported in accordance with GAAP, adjusted for the effects
of share-based compensation, amortization of acquired intangible
assets, legal fees and deferred tax impact related to acquired
intangible assets.
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 year
ended 2010 and 2011 respectively.
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 without limitation, statements about Mindray's
anticipated net revenues and non-GAAP net income for 2011, the tax
benefits related to the key software enterprise status, our
assumption of a corporate income tax rate of 15% applicable to the
Shenzhen subsidiary, our strong
double-digit revenue growth for 2011, our robust China sales, the success of our strategic
initiatives, favorable hospital and government spending trends,
emerging markets remaining a key growth driver, our increased
investment in our sales and service platforms as well as marketing
activities, our continuing to capture market share in developed
countries, our maintained focus on innovation by launching 13 new
products in 2011 complemented by four new acquisitions to
strengthen our technology and product offerings, 2011 being another
year full of accomplishments, our anticipated growth in net
revenues for 2012, the favorable outlook in China and some key ex-China markets for our company, the anticipated
potential headwinds in Western European markets, the Middle East and Africa as a result of continued economic and
political instability, our plan to increase our market penetration
globally by launching new products and strengthening our sales,
marketing and service capabilities, our plan to focus our R&D
investment on technology and product development, and improving
efficiency, our plan to continue to actively explore M&A
opportunities, and our expectation that profitability will remain a
main focus of our company, 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 2011 remain subject
to the finalization of Mindray's year-end closing, reporting and
audit processes, particularly as related to, among others, accrued
expenses, income taxes, share-based compensation expenses, and
expenses 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 4 of
our annual report on Form 20-F filed on April 8, 2011. Our results of operations for the
fourth quarter of 2011 and for fiscal year 2011 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.
About Mindray
We are a leading developer, manufacturer and marketer of medical
devices worldwide. We maintain our 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, we supply through our worldwide
distribution network a broad range of products across three primary
business segments, namely patient monitoring and life support,
in-vitro diagnostic, and medical imaging systems. For more
information, please visit http://ir.mindray.com.
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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Cathy Gao
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Mindray Medical
International Limited
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Tel:
+86-755-8188-8023
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Email: cathy.gao@mindray.com
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SOURCE Mindray Medical International Limited