UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Form 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of May 2015
Commission File Number: 001-33036
Mindray
Medical International Limited
Mindray Building, Keji 12th Road South,
Hi-tech Industrial Park, Nanshan,
Shenzhen 518057
Peoples Republic of China
(Address of principal executive office)
Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F þ Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7): ¨
Indicate by check mark whether by furnishing the
information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨
No þ
If Yes is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): N/A
TABLE OF CONTENTS
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
|
|
|
Mindray Medical International Limited |
|
|
By: |
|
/s/ Alex Lung |
|
|
Name: Alex Lung |
|
|
Title: Chief Financial Officer |
Date: May 11, 2015
3
Exhibit 99.1
Mindray Announces First Quarter 2015
Financial Results
SHENZHEN, China, May 11, 2015 -- Mindray
Medical International Limited (“Mindray”, NYSE: MR), a leading developer, manufacturer and marketer of medical devices
worldwide, announced today its selected unaudited financial results for the first quarter ended March 31, 2015.
Highlights for First Quarter 2015
| - | Net revenues increased 2.9% year-over-year to $272.5 million. |
| o | China net revenues grew 5.3% year-over-year
to $122.0 million, representing 44.8% of the company's total net revenues. |
| o | International net revenues were $150.5
million, compared to $148.9 million in the first quarter of 2014. Asia Pacific sales achieved over 25% year-over-year net revenues
growth. |
| - | Reagent net revenues increased more than 30% year-over-year. Reagents led the IVD segment growth
and contributed 48.3% to the IVD segment, up from 38.1% in the same period last year. |
| - | Launched three products during the quarter, including a high-end tablet color ultrasound, and two
low-end hematology analyzers. |
"In the first quarter, the persistently challenging market
conditions, currency headwinds as well as growing competition in our key regions impacted our business. However, we recorded robust
sales growth in the Asia Pacific region, thanks to our continued investments to build stronger local presence," commented
Mr. Li Xiting, Mindray's Executive Chairman, President and Co-Chief Executive Officer. "Our IVD reagent sales also performed
well. As sales continue to ramp up for our key IVD products, we remain upbeat about the potential of this segment. In addition,
we launched three products during the quarter and are well on track to meet our product launch target this year."
SUMMARY – First Quarter 2015
|
|
Three Months Ended |
|
(in millions of US dollars, except per-share data) |
|
March 31 |
|
|
|
2015 |
|
|
2014 |
|
|
|
% chg |
|
Net Revenues |
|
|
272.5 |
|
|
|
264.8 |
|
|
|
2.9 |
% |
Net Revenues Generated in China |
|
|
122.0 |
|
|
|
115.8 |
|
|
|
5.3 |
% |
Net Revenues Generated in International Markets |
|
|
150.5 |
|
|
|
148.9 |
|
|
|
1.1 |
% |
Gross Profit |
|
|
148.8 |
|
|
|
146.0 |
|
|
|
1.9 |
% |
Non-GAAP Gross Profit |
|
|
150.9 |
|
|
|
148.1 |
|
|
|
1.9 |
% |
Operating Income |
|
|
30.9 |
|
|
|
31.3 |
|
|
|
-1.1 |
% |
Non-GAAP Operating Income |
|
|
39.0 |
|
|
|
42.3 |
|
|
|
-7.8 |
% |
EBITDA |
|
|
45.5 |
|
|
|
46.0 |
|
|
|
-1.0 |
% |
Net Income1 |
|
|
32.2 |
|
|
|
35.6 |
|
|
|
-9.7 |
% |
Non-GAAP Net Income1 |
|
|
39.5 |
|
|
|
46.1 |
|
|
|
-14.3 |
% |
Non-GAAP Net Income (ex tax benefit)2 |
|
|
39.5 |
|
|
|
44.7 |
|
|
|
-11.7 |
% |
Diluted EPS |
|
|
0.27 |
|
|
|
0.30 |
|
|
|
-10.0 |
% |
Non-GAAP Diluted EPS |
|
|
0.33 |
|
|
|
0.39 |
|
|
|
-14.6 |
% |
1 For this
press release, net income and non-GAAP net income refer to GAAP net income attributable to the company and Non-GAAP net income
attributable to the company as stated in exhibit below, respectively.
2
The non-GAAP net income (ex tax benefit) excludes the tax benefits of
$1.4 million and $nil recognized respectively in the first quarter of 2014 and 2015 in relation to our nationwide key software
enterprise status, which is currently granted every two years by the relevant government authority in China and is subject to review.
First Quarter 2015 Results
Net Revenues
Mindray reported net revenues of $272.5
million for the first quarter of 2015, a 2.9% increase from the first quarter of 2014.
| - | Net revenues generated in China increased 5.3% year-over-year to $122.0 million. |
| - | Net revenues generated in the international markets increased 1.1% year-over-year to $150.5 million. |
Performance by Segment
Patient Monitoring and Life Support
Products: Net revenues in this segment increased 4.9% from the first quarter of 2014 to $102.8 million, contributing 37.7%
to total net revenues in this quarter.
In-Vitro Diagnostic Products: Net
revenues in this segment increased 3.0% year-over-year to $75.1 million, contributing 27.6% to total net revenues in this quarter.
Reagents sales represented 48.3% of this segment’s net revenues.
Medical Imaging Systems: Net revenues
in this segment decreased 1.3% year-over-year to $66.7 million, contributing 24.5% to total net revenues in this quarter.
Others: Others net revenues increased
6.0% from the first quarter of 2014 to $27.8 million, contributing 10.2% to total net revenues in this quarter. Others net revenues
mainly include sales from the orthopedics business, service revenues from extended warranties, sales of accessories and repair-service
revenues for the post-warranty period.
Gross Profit
First quarter 2015 gross profit was $148.8
million, a 1.9% increase from the first quarter of 2014. Gross margin was 54.6% in the first quarter of 2015 compared to 55.1%
in the first quarter of 2014 and 55.3% in the fourth quarter of 2014. First quarter 2015 non-GAAP gross profit was $150.9 million,
a 1.9% increase from the first quarter of 2014. Non-GAAP gross margin was 55.4% in the first quarter of 2015 compared to 55.9%
in the first quarter of 2014 and 55.8% in the fourth quarter of 2014.
Operating Expenses
Selling expenses for the first quarter
of 2015 were $56.5 million, or 20.7% of total net revenues, unchanged from the first quarter of 2014 and compared to 19.5% in the
fourth quarter of 2014. Non-GAAP selling expenses for the first quarter of 2015 were $53.6 million, or 19.7% of total net revenues,
unchanged from the first quarter of 2014 and compared to 18.8% in the fourth quarter of 2014.
General and administrative expenses for
the first quarter of 2015 were $27.0 million, or 9.9% of total net revenues, compared to 11.3% in the first quarter of 2014 and
10.1% in the fourth quarter of 2014. Non-GAAP general and administrative expenses for the first quarter of 2015 were $25.1 million,
or 9.2% of total net revenues, compared to 9.3% in the first quarter of 2014 and 9.5% in the fourth quarter of 2014.
Research and development expenses for the
first quarter of 2015 were $34.5 million, or 12.7% of total net revenues, compared to 11.4% in the first quarter of 2014 and 12.2%
in the fourth quarter of 2014. Non-GAAP research and development expenses for the first quarter of 2015 were $33.3 million, or
12.2% of total net revenues, compared to 11.0% in the first quarter of 2014 and 12.0% in the fourth quarter of 2014.
Total share-based compensation expenses
for the first quarter of 2015, which were allocated to cost of revenues and related operating expenses, were $3.6 million, compared
to $7.6 million in the first quarter of 2014 and $3.6 million in the fourth quarter of 2014.
Operating Income
Operating income for the first quarter
of 2015 was $30.9 million, a 1.1% decrease from the first quarter of 2014. Operating margin was 11.4% in the first quarter of 2015
compared to 11.8% in the first quarter of 2014 and 13.4% in the fourth quarter of 2014. Non-GAAP operating income for the first
quarter of 2015 was $39.0 million, a 7.8% decrease from the first quarter of 2014. Non-GAAP operating margin was 14.3% in the first
quarter of 2015 compared to 16.0% in the first quarter of 2014 and 15.5% in the fourth quarter of 2014.
Earnings Before Interest, Taxes, Depreciation
and Amortization (“EBITDA”)
First quarter 2015 EBITDA decreased 1.0%
year-over-year to $45.5 million.
Net Income
First quarter 2015 net income decreased
9.7% year-over-year to $32.2 million. Net margin was 11.8% in the first quarter of 2015, compared to 13.5% in the first quarter
of 2014 and 13.0% in the fourth quarter of 2014. First quarter 2015 non-GAAP net income declined 14.3% from the first quarter of
2014 to $39.5 million. Non-GAAP net margin was 14.5% in the first quarter of 2015, compared to 17.4% in the first quarter of 2014
and 15.0% in the fourth quarter of 2014. First quarter 2015 income tax expense was $8.3 million, representing an effective tax
rate of 19.7%.
First quarter 2015 non-GAAP net income
(excluding the tax benefits in relation to our nationwide key software enterprise status) decreased 11.7% year-over-year to $39.5
million. Non-GAAP net margin (excluding the tax benefits in relation to our nationwide key software enterprise status) was 14.5%
in the first quarter of 2015, compared to 16.9% in the first quarter of 2014 and 14.6% in the fourth quarter of 2014.
First quarter 2015 basic and diluted earnings
per share were both $0.27, compared to $0.30 for both in the first quarter of 2014. First quarter 2015 basic and diluted non-GAAP
earnings per share were both $0.33, compared to $0.39 for both in the first quarter of 2014. Shares used in the computation of
basic and diluted earnings per share for the first quarter of 2015 were approximately 117.8 million and 118.7 million, respectively.
Other Selected Data
Accounts receivable turnover days were
68 days in the first quarter of 2015, compared to 69 days in the first quarter of 2014 and 48 days in the fourth quarter of 2014.
Inventory turnover days were 116 days in the first quarter of 2015, compared to 114 days in the first quarter of 2014 and 82 days
in the fourth quarter of 2014. Accounts payable turnover days were 72 days in the first quarter of 2015, compared to 78 days in
the first quarter of 2014 and 54 days in the fourth quarter of 2014. Mindray calculates the above working capital days using the
average of beginning and ending balances of the quarter.
As of March 31, 2015, the company had a
total of $1.1 billion in cash and cash equivalents, as well as short-term and restricted investments as compared to $1.0 billion
as of March 31, 2014 and $1.1 billion as of December 31, 2014. Net cash generated from operating activities and net cash outflow
for capital expenditures for the first quarter of 2015 were $37.0 million and $30.8 million respectively.
As of March 31, 2015, the company had more
than 8,200 employees.
New Employee Incentive and Talent
Retention Program
Separately, the company announced
that its Board of Directors has approved a new employee incentive and talent retention program. Under the program, which is
in the process of being established, up to $50 million a year in total will be awarded to selected key employees for three
years starting 2015. This additional compensation could be in the form of cash, equity based compensation or a combination
of both.
Business Outlook for Full Year 2015
Mindray continues to expect its full year
2015 net revenues to grow by a mid-single digit percentage over its full year 2014 net revenues.
Previous guidance for full year 2015
non-GAAP net income is being revised to reflect the impact of the newly announced employee incentive and talent retention
program, as well as pricing pressure as a result of rising competition. Assuming the related 2015 payments are
distributed half in equity based compensation and half in cash, Mindray forecasts its full year 2015 non-GAAP net income to
decrease by a high-teens percentage over its full year 2014 non-GAAP net income. Please note, however, that this assumption
is subject to change and the exact impact on the guidance will depend on the actual split between equity based compensation
and cash payments. The company will provide more updates as additional details of the program are finalized. The non-GAAP net
income guidance also excludes our tax benefits related to the nationwide key software enterprise status and assumes a
corporate income tax rate of 15% applicable to the Shenzhen subsidiary.
The company continues to expect its capital
expenditure for full year 2015 to be around $150 million.
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.
"Looking forward, the outlook
of our overall operating environment in major markets remains challenging. We are, however, optimistic about the
long-term potential of our business in these markets and will continue to execute our investment strategy," commented
Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. “Mindray sees our top talents as
our most valuable asset and we are working on a new employee incentive and talent retention program that should help us
effectively retain our key employees. Also, in light of increasing competition, we intend to adopt a more competitive pricing
strategy to strengthen our market position. Although we are lowering our net income guidance as a result of these
initiatives, we firmly believe that they will serve us well in ensuring the future success of our company.”
Conference Call Information
Mindray's management will hold an earnings
conference call at 8:00 AM on May 12, 2015 U.S. Eastern Time (8:00 PM on May 12, 2015 Beijing/Hong Kong Time).
Dial-in details for the earnings conference
call are as follows:
International Toll Free:
United States: 866-519-4004
United Kingdom: 080-8234-6646
Hong Kong: 800-906-601
Mainland China: 800-819-0121
Local dial-in numbers:
United States: +1-845-675-0437
United Kingdom: +44-20-3059-8139
Hong Kong: +852-3018-6771
Mainland China: 400-620-8038
Passcode for all regions: Mindray
A replay of the conference call may be
accessed by phone at the following numbers until May 27, 2015.
U.S. Toll Free: +1-855-452-5696
International: +1-646-254-3697
Passcode: 23059737
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, selling
expenses, general and administrative expenses, research and development expenses, operating income, net income and earnings per
share on a non-GAAP basis that excludes share-based compensation expense, acquired intangible assets amortization expense and dispute
related legal fees, all net of related tax impact, as well as EBITDA to enable investors to better assess the company’s operating
performance for the first quarter of 2015. 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 first
quarter 2015 earnings and its comparative period 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, amortization of acquired intangible assets, and dispute related legal fees. |
| – | Non-GAAP selling expenses represent selling expenses reported in accordance with GAAP, adjusted
for the effects of share-based compensation and amortization of acquired intangible assets. |
| – | Non-GAAP general and administrative expenses represent general and administrative expenses reported
in accordance with GAAP, adjusted for the effects of share-based compensation and dispute related legal fees. |
| – | Non-GAAP research and development expenses represent research and development expenses reported
in accordance with GAAP, adjusted for the effects of share-based compensation. |
| – | 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 and dispute related legal fees, 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 declared dividends for
the basic calculation. |
| – | EBITDA represents net income reported in accordance with GAAP, adjusted for the effect of interest
income and expenses, income tax provision, depreciation and amortization. |
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 ended March 31, 2014 and 2015, respectively,
as stated in exhibit below.
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, non-GAAP net income and capital expenditure for 2015, our assumption of a corporate
income tax rate of 15% applicable to the Shenzhen subsidiary, statements that we remain upbeat about the potential of IVD
segment as sales continue to ramp up for our key IVD products, that we are well on track to meet our product launch target of
year 2015, the outlook of our overall operating environment in our major markets, statements that we are optimistic about the
long-term potential of our business in our major markets and will continue to execute our investment strategy, that in light
of increasing competition, we intend to adopt a more competitive pricing strategy to strengthen our market position,
statements about continuation of our investment strategy and related benefits, statements about our planned employee
incentive and talent retention program and its anticipated benefits and impacts under “New Employee Incentive and
Talent Retention Program” and “Business Outlook for Full Year 2015”, including without limitation,
statements that we are working on a new employee incentive and talent retention program that should help us effectively
retain our key employees, that under the new employee incentive and talent retention program, which is in the process of
being established, up to $50 million a year in total will be awarded to selected key employees for three years
starting 2015, that the additional compensation under the new employee incentive and talent retention program could be in the
form of cash, equity based compensation or a combination of both, that assuming the related 2015 payments under the new
employee incentive and talent retention program are distributed half in equity based compensation and half in cash, we
forecast our full year 2015 non-GAAP net income to decrease by a high-teens percentage over our full year 2014 non-GAAP net
income, statement about the impact of the newly announced employee incentive and talent retention program, as well as pricing
pressure as a result of rising competition, statements that the assumption of the related 2015 payments under the new
employee incentive and talent retention program being distributed half in equity based compensation and half in cash is
subject to change and the exact impact on the guidance will depend on the actual split between equity based compensation and
cash payments, that we firmly believe that the new employee incentive and talent retention program and the more competitive
pricing strategy will serve us well in ensuring the future success of our company, statements about our investment and
pricing strategies and other statements under “Business Outlook for Full Year 2015” 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, competitive, pricing and other conditions in China
and our international markets and our ability to effectively address or respond those conditions; our ability effectively
attract and retain our key employees; 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; and
general economic and business conditions in the countries in which we operate. 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 6 of our annual report on Form 20-F which was filed on April 16, 2015. Our results of
operations for the first quarter of 2015 are not necessarily indicative of our operating results for any future periods. 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. 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 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 diagnostics, 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
Exhibit 1
MINDRAY MEDICAL INTERNATIONAL LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of US dollars)
|
|
As of December 31, 2014 |
|
|
As of March 31, 2015 |
|
|
|
US$ |
|
|
US$ |
|
|
|
(Note 1) |
|
|
(unaudited) |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash
equivalents (Note 2) |
|
|
276,598 |
|
|
|
221,699 |
|
Restricted cash (Note 3) |
|
|
7,422 |
|
|
|
10,681 |
|
Restricted Investments (Note 4) |
|
|
- |
|
|
|
242,991 |
|
Short-term investments (Note 2) |
|
|
816,394 |
|
|
|
640,019 |
|
Accounts receivable, net |
|
|
222,522 |
|
|
|
180,571 |
|
Inventories |
|
|
150,642 |
|
|
|
164,382 |
|
Value added tax receivables |
|
|
3,432 |
|
|
|
10,500 |
|
Other receivables and current assets |
|
|
23,316 |
|
|
|
24,216 |
|
Prepayments and deposits |
|
|
16,481 |
|
|
|
16,585 |
|
Deferred tax assets,net |
|
|
14,802 |
|
|
|
16,208 |
|
Total current assets |
|
|
1,531,609 |
|
|
|
1,527,852 |
|
|
|
|
|
|
|
|
|
|
Restricted cash, non-current (Note 3) |
|
|
5,061 |
|
|
|
2,771 |
|
Other assets |
|
|
9,666 |
|
|
|
9,420 |
|
Accounts receivables, net, non-current |
|
|
3,350 |
|
|
|
3,423 |
|
Advances for purchase of property, plant and equipment |
|
|
21,840 |
|
|
|
24,548 |
|
Property, plant and equipment, net |
|
|
412,733 |
|
|
|
416,240 |
|
Land use rights, net |
|
|
59,057 |
|
|
|
58,488 |
|
Intangible assets, net |
|
|
175,451 |
|
|
|
169,994 |
|
Goodwill |
|
|
254,435 |
|
|
|
254,115 |
|
Total assets |
|
|
2,473,202 |
|
|
|
2,466,851 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Short-term bank loans |
|
|
59,625 |
|
|
|
111,638 |
|
Notes payable |
|
|
9,234 |
|
|
|
9,615 |
|
Accounts payable |
|
|
93,523 |
|
|
|
83,006 |
|
Advances from customers |
|
|
31,396 |
|
|
|
56,330 |
|
Salaries payable |
|
|
114,583 |
|
|
|
64,439 |
|
Other payables and current liabilities |
|
|
168,139 |
|
|
|
168,827 |
|
Purchase consideration payable |
|
|
17,173 |
|
|
|
14,647 |
|
Income taxes payable |
|
|
20,415 |
|
|
|
25,762 |
|
Other taxes payable |
|
|
10,342 |
|
|
|
5,746 |
|
Total current liabilities |
|
|
524,430 |
|
|
|
540,010 |
|
|
|
|
|
|
|
|
|
|
Long-term bank loans |
|
|
197,585 |
|
|
|
189,000 |
|
Other long-term liabilities |
|
|
10,670 |
|
|
|
10,856 |
|
Deferred tax liabilities, net |
|
|
69,233 |
|
|
|
71,933 |
|
Total liabilities |
|
|
801,918 |
|
|
|
811,799 |
|
|
|
|
|
|
|
|
|
|
Mindray shareholders' equity: |
|
|
|
|
|
|
|
|
Ordinary shares |
|
|
15 |
|
|
|
15 |
|
Additional paid-in capital |
|
|
453,564 |
|
|
|
458,782 |
|
Retained earnings |
|
|
1,000,257 |
|
|
|
985,334 |
|
Accumulated other comprehensive income |
|
|
144,120 |
|
|
|
135,953 |
|
Total Mindray shareholders' equity |
|
|
1,597,956 |
|
|
|
1,580,084 |
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
73,328 |
|
|
|
74,968 |
|
Total equity |
|
|
1,671,284 |
|
|
|
1,655,052 |
|
Total liabilities and equity |
|
|
2,473,202 |
|
|
|
2,466,851 |
|
|
(1) |
Financial information is extracted from the audited financial statements included in the Company’s 2014 annual report on Form 20-F. |
|
(2) |
In respect of cash and cash equivalents and short-term investments, there is an aggregate compensating balance arrangement of $189,000 and $nil as of December 31, 2014 and March 31, 2015, respectively in relation to the drawings of certain bank loans. |
|
(3) |
Restricted cash are mainly those purchase consideration in connection with our acquisitions being held on escrow accounts. |
|
(4) |
Restricted investments are those investments in Chinese Renminbi denominated financial products placed with bank which are restricted as to withdrawal or usage according to new terms imposed on certain bank loans during the quarter ended March 31, 2015. |
Exhibit 2
MINDRAY MEDICAL INTERNATIONAL LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of US dollars, except share and per share amounts)
| |
Three months ended March 31, | |
| |
2014 | | |
2015 | |
| |
| US$ | | |
| US$ | |
| |
| (unaudited) | | |
| (unaudited) | |
Net revenues | |
| | | |
| | |
- China | |
| 115,828 | | |
| 121,957 | |
- International | |
| 148,943 | | |
| 150,507 | |
Net revenues | |
| 264,771 | | |
| 272,464 | |
Cost of revenues | |
| (118,751 | ) | |
| (123,629 | ) |
Gross profit | |
| 146,020 | | |
| 148,835 | |
| |
| | | |
| | |
Selling expenses | |
| (54,796 | ) | |
| (56,458 | ) |
General and administrative expenses | |
| (29,813 | ) | |
| (26,953 | ) |
Research and development expenses | |
| (30,143 | ) | |
| (34,486 | ) |
Income from operations | |
| 31,268 | | |
| 30,938 | |
| |
| | | |
| | |
Other income, net | |
| 1,809 | | |
| 885 | |
Interest income | |
| 10,779 | | |
| 11,282 | |
Interest expense | |
| (2,395 | ) | |
| (985 | ) |
Income before income taxes and non-controlling interests | |
| 41,461 | | |
| 42,120 | |
Income tax provision | |
| (4,500 | ) | |
| (8,306 | ) |
Net income | |
| 36,961 | | |
| 33,814 | |
Less: Net income attributable to non-controlling interests | |
| (1,323 | ) | |
| (1,640 | ) |
Net income attributable to Mindray shareholders | |
| 35,638 | | |
| 32,174 | |
| |
| | | |
| | |
Basic earnings per share | |
| 0.30 | | |
| 0.27 | |
| |
| | | |
| | |
Diluted earnings per share | |
| 0.30 | | |
| 0.27 | |
| |
| | | |
| | |
Shares used in the computation of: | |
| | | |
| | |
Basic earnings per share | |
| 116,854,637 | | |
| 117,814,582 | |
| |
| | | |
| | |
Diluted earnings per share | |
| 118,270,656 | | |
| 118,701,761 | |
Exhibit 3
MINDRAY MEDICAL INTERNATIONAL LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US dollars)
| |
Three months ended March 31, | |
| |
2014 | | |
2015 | |
| |
US$ | | |
US$ | |
| |
(unaudited) | | |
(unaudited) | |
Cash flow from operating activities: | |
| | | |
| | |
Net income | |
| 36,961 | | |
| 33,814 | |
Adjustments to reconcile net income to net cash provided by operating activities | |
| 27,864 | | |
| 23,858 | |
Changes in assets and liabilities, net of effects of acquisition | |
| (45,159 | ) | |
| (20,680 | ) |
Net cash provided by operating activities | |
| 19,666 | | |
| 36,992 | |
| |
| | | |
| | |
Cash flow from investing activities: | |
| | | |
| | |
Acquisition cost of subsidiaries, net of cash received | |
| (2,206 | ) | |
| (2,507 | ) |
Capital expenditures | |
| (27,875 | ) | |
| (30,780 | ) |
Decrease in restricted cash and restricted investment | |
| (6,455 | ) | |
| (53,114 | ) |
Proceeds from sale of short-term investments | |
| 241,964 | | |
| 9,777 | |
Increase in short-term investments and changes in other investing activities | |
| (12,965 | ) | |
| (16,383 | ) |
Net cash provided by (used in) investing activities | |
| 192,463 | | |
| (93,007 | ) |
| |
| | | |
| | |
Cash flow from financing activities: | |
| | | |
| | |
Repayment of bank loans | |
| (50,000 | ) | |
| - | |
Proceeds from bank loans, net of costs | |
| - | | |
| 47,712 | |
Dividend paid | |
| (58,711 | ) | |
| (47,097 | ) |
Proceeds from exercise of options | |
| 345 | | |
| 1,615 | |
Repurchase of ordinary American depositary shares | |
| (68,029 | ) | |
| - | |
Cash paid to acquire a non-controlling interest | |
| (445 | ) | |
| - | |
Cash contribution from a non-controlling interest | |
| 239 | | |
| - | |
Net cash (used in) provided by financing activities | |
| (176,601 | ) | |
| 2,230 | |
| |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents | |
| 35,528 | | |
| (53,785 | ) |
Cash and cash equivalents, beginning of period | |
| 385,224 | | |
| 276,598 | |
Effect of exchange rate changes on cash and cash equivalents | |
| (932 | ) | |
| (1,114 | ) |
Cash and cash equivalents, end of period | |
| 419,820 | | |
| 221,699 | |
MINDRAY MEDICAL INTERNATIONAL LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(In thousands of US dollars, except share and per share amounts)
| |
Three months ended March 31, | |
| |
2014 | | |
2015 | |
| |
(unaudited) | | |
(unaudited) | |
| |
| US$ | | |
| US$ | |
Non-GAAP net income attributable to the Company | |
| 46,054 | | |
| 39,458 | |
Non-GAAP net margin | |
| 17.4 | % | |
| 14.5 | % |
Amortization of acquired intangible assets | |
| (3,447 | ) | |
| (3,378 | ) |
Deferred tax impact related to acquired intangible assets | |
| 615 | | |
| 618 | |
Dispute related legal fees, net of related tax impact | |
| - | | |
| (920 | ) |
Share-based compensation | |
| (7,584 | ) | |
| (3,604 | ) |
GAAP net income attributable to the Company | |
| 35,638 | | |
| 32,174 | |
GAAP net margin | |
| 13.5 | % | |
| 11.8 | % |
| |
| | | |
| | |
Non-GAAP basic earnings per share | |
| 0.39 | | |
| 0.33 | |
Non-GAAP diluted earnings per share | |
| 0.39 | | |
| 0.33 | |
| |
| | | |
| | |
GAAP basic earnings per share | |
| 0.30 | | |
| 0.27 | |
GAAP diluted earnings per share | |
| 0.30 | | |
| 0.27 | |
| |
| | | |
| | |
Shares used in computation of: | |
| | | |
| | |
Basic earnings per share | |
| 116,854,637 | | |
| 117,814,582 | |
Diluted earnings per share | |
| 118,270,656 | | |
| 118,701,761 | |
| |
| | | |
| | |
Non-GAAP operating income | |
| 42,299 | | |
| 39,002 | |
Non-GAAP operating margin | |
| 16.0 | % | |
| 14.3 | % |
Amortization of acquired intangible assets | |
| (3,447 | ) | |
| (3,378 | ) |
Dispute related legal fees | |
| - | | |
| (1,082 | ) |
Share-based compensation | |
| (7,584 | ) | |
| (3,604 | ) |
GAAP operating income | |
| 31,268 | | |
| 30,938 | |
GAAP operating margin | |
| 11.8 | % | |
| 11.4 | % |
| |
| | | |
| | |
Non-GAAP gross profit | |
| 148,124 | | |
| 150,919 | |
Non-GAAP gross margin | |
| 55.9 | % | |
| 55.4 | % |
Amortization of acquired intangible assets | |
| (1,931 | ) | |
| (1,790 | ) |
Share-based compensation | |
| (173 | ) | |
| (294 | ) |
GAAP gross profit | |
| 146,020 | | |
| 148,835 | |
GAAP gross margin | |
| 55.1 | % | |
| 54.6 | % |
| |
| | | |
| | |
Non-GAAP selling expenses | |
| (52,174 | ) | |
| (53,559 | ) |
Non-GAAP as % of total net revenues | |
| 19.7 | % | |
| 19.7 | % |
Amortization of acquired intangible assets | |
| (1,516 | ) | |
| (1,588 | ) |
Share-based compensation | |
| (1,106 | ) | |
| (1,311 | ) |
GAAP selling expenses | |
| (54,796 | ) | |
| (56,458 | ) |
GAAP as % of total net revenues | |
| 20.7 | % | |
| 20.7 | % |
| |
| | | |
| | |
Non-GAAP general and administrative expenses | |
| (24,562 | ) | |
| (25,097 | ) |
Non-GAAP as % of total net revenues | |
| 9.3 | % | |
| 9.2 | % |
Dispute related legal fees | |
| - | | |
| (1,082 | ) |
Share-based compensation | |
| (5,251 | ) | |
| (774 | ) |
GAAP general and administrative expenses | |
| (29,813 | ) | |
| (26,953 | ) |
GAAP as % of total net revenues | |
| 11.3 | % | |
| 9.9 | % |
| |
| | | |
| | |
Non-GAAP research and development expenses | |
| (29,089 | ) | |
| (33,261 | ) |
Non-GAAP as % of total net revenues | |
| 11.0 | % | |
| 12.2 | % |
Share-based compensation | |
| (1,054 | ) | |
| (1,225 | ) |
GAAP research and development expenses | |
| (30,143 | ) | |
| (34,486 | ) |
GAAP as % of total net revenues | |
| 11.4 | % | |
| 12.7 | % |
MINDRAY MEDICAL INTERNATIONAL LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(In thousands of US dollars, except
share and per share amounts)
|
|
Three months ended March 31, |
|
|
2014 |
|
|
2015 |
|
|
|
|
US$ |
|
|
|
US$ |
|
|
|
|
(unaudited) |
|
|
|
(unaudited) |
|
GAAP net income attributable to the Company |
|
|
35,638 |
|
|
|
32,174 |
|
Interest income |
|
|
(10,779 |
) |
|
|
(11,282 |
) |
Interest expense |
|
|
2,395 |
|
|
|
985 |
|
Income tax provision |
|
|
4,500 |
|
|
|
8,306 |
|
|
|
|
|
|
|
|
|
|
Earnings before interest and taxes ("EBIT") |
|
|
31,754 |
|
|
|
30,183 |
|
Depreciation |
|
|
8,628 |
|
|
|
9,822 |
|
Amortization |
|
|
5,579 |
|
|
|
5,518 |
|
|
|
|
|
|
|
|
|
|
Earnings before interest, taxes, depreciation, and amortization ("EBITDA") |
|
|
45,961 |
|
|
|
45,523 |
|
Grafico Azioni Montage Resources (NYSE:MR)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Montage Resources (NYSE:MR)
Storico
Da Ott 2023 a Ott 2024