SHENZHEN, China, Jan. 12, 2015 /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, 2014.
The company also provided net revenues guidance for 2015.
For the year ended December 31,
2014, Mindray expects net revenues to be approximately
US$1,318 million, representing a
year-over-year growth of approximately 8.6%. Based on the estimated
full-year revenues, the company anticipates 2014 non-GAAP net
income to be approximately US$220
million, compared to US$237
million a year ago. The non-GAAP net income figure excludes
the tax benefits related to the key software enterprise status and
assumes a corporate income tax rate of 15% applicable to the
Shenzhen subsidiary.
This year, Mindray anticipates its net revenues to grow by a
mid-single digit percentage year-over-year. Full-year guidance for
2015 will be provided in the fourth quarter and full-year 2014
earnings announcement.
In addition, the board of directors recently appointed Mr. Kern
Lim as chairman of the audit committee and Mr. Ronald Ede as an audit committee member. Both
Mr. Lim and Mr. Ede are current board members of the company.
"The overall operating environment in 2014 was challenging for
our business, particularly the widespread weakness in the domestic
Chinese market and significant headwinds as a result of unfavorable
economic, currency and political developments in several key
emerging markets," commented Mr. Li
Xiting, Mindray's President and Co-Chief Executive Officer.
"Nevertheless, we are delighted that Western Europe performed well. We are also
happy that our IVD segment recorded good growth with reagent sales
continuing its upward trend. Over the past year, we launched nine
new products and continued to strengthen our core capabilities in
major markets."
"Looking ahead, the overall market conditions in key regions
remain volatile," commented Mr. Cheng Minghe, Mindray's Co-Chief
Executive Officer and Chief Strategic Officer. "Having said that,
we will continue to pursue long-term growth by strengthening our
R&D, sales, marketing and distribution capabilities. This year,
we look forward to introducing another seven to 10 new products. We
will also actively explore M&As and other collaboration
opportunities to drive the success of the company."
Preliminary Results; Use of Non-GAAP Financial
Measures
Mindray's preliminary 2014 results are unaudited and subject to
finalization of the company's year-end closing, reporting and
auditing processes.
Mindray has announced its expected net income for full-year 2014
on a non-GAAP basis, which represents expected net income in
accordance with GAAP, adjusted for the effects of dispute charges,
dispute related legal fees, 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 auditing 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 2014 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 revenues for the year ended
December 31, 2014 to be approximately
US$1,318 million, representing a
year-over-year growth of approximately 8.6%, Mindray's anticipation
of its 2014 non-GAAP net income to be approximately US$220 million, compared to US$237 million a year ago, Mindray's assumption
of a corporate income tax rate of 15% applicable to the
Shenzhen subsidiary, Mindray's
forecast of its 2015 revenues to grow by a mid-single digit
percentage year-over-year, statements that reagent sales of our IVD
segment continue its upward trend, that looking ahead, the overall
market conditions in key regions remain volatile, that we will
continue to pursue long-term growth by strengthening our R&D,
sales, marketing and distribution capabilities, that we look
forwards to introducing another seven to 10 new products in 2015
and that we will also actively explore M&As and other
collaboration opportunities to drive the success of the 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,
including, without limitation, the growth and expected growth of
the medical device market in China
and internationally; applicable government policies and
regulations; our ability to satisfy the requirements imposed by
relevant regulatory bodies; 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
2014 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 28,
2014. Our results of operations for the fourth quarter of
2014 and for fiscal year 2014 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
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SOURCE Mindray Medical International Limited