Mindray Medical Announces Preliminary 2009 Operating Results
11 Gennaio 2010 - 2:00PM
PR Newswire (US)
SHENZHEN, China, Jan. 11 /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, 2009. For the year ended December 31, 2009,
Mindray expects net revenues to be approximately in the range of
US$624 million to US$633 million, compared to US$547.5 million in
2008, representing 14% to 16% year-over-year growth. Based on the
estimated full year revenue, the company anticipates the 2009
non-GAAP diluted EPS to be no less than US$1.29. The estimated
non-GAAP diluted EPS is based on the assumption that the applicable
income tax rate for Mindray's Shenzhen subsidiary will continue to
be 15%. "2009 was a year in which many companies experienced
economic crisis and broad uncertainties," commented Mr. Xu Hang,
Mindray's chairman and co-chief executive officer. "Mindray was no
exception, but despite questions that remained about global
economies and the impact from various proposed healthcare reforms
and stimulus packages, Mindray maintained its focus on innovation
and operational excellence. As a result of the hard work and
dedication of our employees, we are pleased to have launched 10 new
products, delivered strong margins, and achieved double digit
revenue and non-GAAP earnings growth for the year." "As we closed
the fourth quarter of 2009, we saw strong business growth in China
and increasing stability and some signs of recovery in
international markets," added Mr. Li Xiting, Mindray's president
and co-chief executive officer. "Based on these early indications,
we are cautiously optimistic as we head into 2010 and are setting
an initial revenue growth target for the overall organization of
approximately 17%. Over the coming year we will look to grow market
share by driving new market segment penetration with products
launched over the last two years, expanding our presence in key
emerging markets, leveraging our domestic leadership and further
building up developed market sales capabilities. 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 2009 results are unaudited
and remain subject to the finalization of the company's year-end
closing, reporting and audit processes. 2010 full-year guidance
will be provided in the fourth quarter and 2009 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 earnings per share for 2009, growth of market
share in 2010, growth of net revenues in 2010, growth of market
share and 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,
and the release of new products 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 2009 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 5 of
our annual report on Form 20-F, filed on May 8, 2009. Our results
of operations for the fourth quarter of 2009 and for fiscal year
2009 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 2009 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: In the U.S.: Evan Smith, CFA FD
Tel: +1-212-850-5606 Email: John Capodanno FD Tel: +1-212-850-5705
Email: In China: May Li Mindray Investor Relations Tel:
+86-755-2658-2518 Email: DATASOURCE: Mindray Medical International
Limited CONTACT: In the U.S., Evan Smith, CFA of FD,
+1-212-850-5606, ; or John Capodanno of FD, +1-212-850-5705, ; Or
In China, May Li, Mindray Investor Relations, +86-755-2658-2518,
Web site: http://ir.mindray.com/
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