SHENZHEN, China, Jan. 13, 2014 /PRNewswire/ -- Mindray Medical
International Limited ("Mindray," 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, 2013. The
company also provided net revenue guidance for 2014.
For the year ended December 31,
2013, Mindray expects net revenue to be approximately
US$1,212 million, representing a
year-over-year growth of approximately 14.3%.
Based on the estimated full-year revenue, the company
anticipates 2013 non-GAAP net income to be approximately
US$236 million, growing approximately
11.5% year-over-year. The non-GAAP net income figure excludes the
tax benefits related to the key software enterprise status
($19.4 million recognized in the
first quarter of 2013) and assumes a corporate income tax rate of
15% applicable to the Shenzhen
subsidiary.
This year, Mindray anticipates its net revenue to grow at least
15% year-over-year. Full-year guidance for 2014 will be provided in
the fourth quarter and full-year 2013 earnings announcement.
"In 2013, we exceeded our revised financial guidance with both
our sales and non-GAAP net income achieving double-digit growth.
Western Europe and certain key
emerging markets performed well. Additionally, we launched 11 new
products and completed two more acquisitions, including the Zonare
transaction, which would facilitate our entry into the high-end
ultrasound business. Our employees remain Mindray's greatest assets
and we want to thank them for their contributions," commented
Mr. Li Xiting, Mindray's President and Co-Chief Executive
Officer.
"We forecast our 2014 revenue to increase at least 15% higher
than in 2013. We anticipate Western
Europe and certain emerging countries to lead our top-line
growth and the market sentiment in China to gradually improve," commented Mr.
Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief
Strategic Officer. "This year, we intend to launch another
seven to 10 new products to further broaden our product offerings.
We will invest in R&D and enhance our sales and service
platforms in key markets to strengthen our long-term competitive
position. Last but not least, management will continue to pursue
growth through M&As and other collaboration opportunities."
Preliminary Results; Use of Non-GAAP Financial
Measures
Mindray's preliminary 2013 results are unaudited and remain
subject to the finalization of the company's year-end closing,
reporting and audit processes.
Mindray has announced its expected net income for full year 2013
on a non-GAAP basis, which represents expected net income in
accordance with GAAP, adjusted for the effects of dispute charges,
share-based compensation and amortization of acquired intangible
assets, all net of related tax impact.
Because the financial performance is subject to finalization of
the company's year-end closing, reporting, and audit processes,
Mindray 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
in the fourth quarter and full-year 2013 earnings announcement.
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, the following statements about
Mindray's expectation of its net revenue for the year ended
December 31, 2013 to be approximately
US$1,212 million, representing a
year-over-year growth of approximately 14.3%, Mindray's
anticipation of its 2013 non-GAAP net income to be approximately
US$236 million, growing approximately
11.5% year-over-year based on the estimated full year revenue,
Mindray's assumption of a corporate income tax rate of 15%
applicable to the Shenzhen
subsidiary, Mindray's expectation that Zonare transaction would
facilitate its entry into the high-end ultrasound business,
Mindray's forecast of its 2014 revenue to increase at least 15 %
higher than in 2013, Mindray's anticipation that Western Europe and certain emerging countries
will lead its top-line growth and the market sentiment in
China will gradually improve,
Mindray's intension to launch another seven to 10 new products to
further broaden its product offerings, Mindray's plan to invest in
R&D and enhance its sales and service platforms in key markets
to strengthen its long-term competitive position as well as
statement that Mindray's management will continue to pursue growth
through M&As and other collaboration opportunities 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,
including, without limitation, the growth and 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; our ability
to settle disputes with our customers and suppliers; competition in
the medical device industry in China and internationally; and general
economic and business conditions in the countries in which we
operate. The anticipated results for 2013 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 5 of
our annual report on Form 20-F filed on April 8, 2013. Our results of operations for the
fourth quarter of 2013 and for fiscal year 2013 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:
In China:
Cathy Gao
Mindray Medical International Limited
Tel: +86-755-8188-8023
Email: cathy.gao@mindray.com
In the U.S.:
Hoki Luk
Western Bridge, LLC
Tel: +1-646-808-9150
Email: hoki.luk@westernbridgegroup.com
SOURCE Mindray Medical International Limited