SHENZHEN, China, Nov. 9 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited , a leading developer, manufacturer and marketer of medical devices worldwide, announced today its selected unaudited financial results for the third quarter and nine months ended September 30, 2009.
Highlights for Operations as of September 30, 2009 -- Third quarter 2009 net revenues were $151.1 million, an increase of 3.1% over the third quarter of 2008. First nine months net revenues were $445.3 million, an increase of 17.3% year-over-year. -- International markets continued to recover in the third quarter of 2009 with only 1.3% year-over-year decline, backed by stronger growth in emerging markets and narrower decline in developed markets. -- Fully diluted EPS in the third quarter of 2009 was $0.38, a 56.9% increase from the third quarter of 2008 and a 30.6% increase from the second quarter of 2009. First nine months fully diluted EPS was $0.90, an increase of 33.7% year-over-year. -- Fully diluted non-GAAP EPS in the third quarter of 2009 was $0.33, a 12.2% increase from the third quarter of 2008. First nine months fully diluted non-GAAP EPS was $0.94, an increase of 10.7% year-over-year. -- EBITDA in the third quarter of 2009 was $60.1 million, a 51.6% increase from the third quarter of 2008 and a 28.7% increase from the second quarter of 2009. -- Gross margin in the third quarter of 2009 was 56.6%, compared to 54.2% in the third quarter of 2008 and 57.2% in the second quarter of 2009. -- Net operating cash generated during the third quarter of 2009 was $20.9 million. -- Mindray recorded special one-time income of $14.0 million resulting from a mutually agreed upon termination of a joint development and OEM chemical analyzer project between Beckman Coulter, Inc. and Mindray. The agreement resulted from changes in business strategy by Beckman Coulter, Inc. after it acquired the Olympus Diagnostic division. -- Mindray met product launch goals for the year with four more product launches in the third quarter, including the DC-7 color ultrasound system, BC-5800 hematology analyzer and WATO EX 20/30 anesthesia machine, as well as the Passport V, the second jointly developed patient monitor from the Shenzhen and Mahwah engineering teams. Mindray has launched 9 new products year to date.
"Mindray delivered solid results this quarter and we are encouraged by the continuous sales uptake we are seeing in the international markets," commented Xu Hang, Mindray's chairman and co-chief executive officer. "In the domestic Chinese market, normal distributor sales remained strong while tender sales were much lower than expected due to a slow-down in the government budget deployment process; this is a result of normal quarterly fluctuation in tenders and hence we maintain our growth expectation for China for the year. Mindray continues to focus on innovation and we are pleased to deliver on our annual new product development goals ahead of schedule as we successfully introduced four additional new products to the market during the quarter."
SUMMARY -- Third Quarter and Nine Months Ended September 30, 2009 (in $ millions, except Three Months Ended Nine Months Ended per-share data) September 30 September 30 2009 2008 % chg 2009 2008 % chg Net Revenues 151.1 146.5 3.1% 445.3 379.6 17.3% Revenues generated in China 66.8 61.1 9.3% 205.1 161.7 26.8% Revenues generated outside China 84.3 85.4 -1.3% 240.2 217.9 10.3% Gross Profit 85.5 79.4 7.7% 251.8 205.8 22.4% Non-GAAP Gross Profit 87.2 83.6 4.3% 256.8 213.7 20.2% Operating Income 34.2 30.2 13.5% 102.6 85.9 19.5% Non-GAAP Operating Income 40.0 37.5 6.7% 118.6 108.3 9.5% EBITDA 60.1 39.6 51.6% 142.3 104.6 36.0% Net Income 43.4 28.0 55.2% 101.8 77.1 32.0% Non-GAAP Net Income 37.4 33.7 11.0% 105.7 96.7 9.3% Diluted EPS 0.38 0.24 56.9% 0.90 0.68 33.7% Non-GAAP Diluted EPS 0.33 0.29 12.2% 0.94 0.85 10.7% Revenues
Mindray reported net revenues of $151.1 million for the third quarter of 2009, a 3.1% increase from $146.5 million in the third quarter of 2008. Net revenues generated in China in the third quarter of 2009 increased 9.3% to $66.8 million from $61.1 million in the third quarter of 2008, while net revenues generated in international markets in the third quarter of 2009 decreased 1.3% to $84.3 million from $85.4 million in the third quarter of 2008.
Performance by Segment
Patient Monitoring & Life Support Products: Patient monitoring & life support products segment revenues declined 0.6% to $67.7 million from $68.1 million in the third quarter of 2008. The patient monitoring & life support products segment contributed 44.8% to total net revenues in the third quarter of 2009.
In-Vitro Diagnostic Products: In-vitro diagnostic products segment revenues increased 5.8% to $37.3 million from $35.3 million in the third quarter of 2008. The in-vitro diagnostic products segment contributed 24.7% to total net revenues in the third quarter of 2009.
Medical Imaging Systems: Medical imaging systems segment revenues increased 10.2% to $36.4 million from $33.0 million in the third quarter of 2008. The medical imaging systems segment contributed 24.1% to total net revenues in the third quarter of 2009.
Others: Other revenues, which are primarily comprised of service fees charged for post warranty period repair services, declined 4.2% to $9.7 million from $10.1 million in the third quarter of 2008. Other revenues contributed 6.4% to total net revenues in the third quarter of 2009.
The segment revenue amounts discussed above include shipping and handling fees charged to customers.
Gross Margins
Third quarter 2009 gross profit was $85.5 million, a 7.7% increase from $79.4 million in the third quarter of 2008. Third quarter 2009 non-GAAP gross profit was $87.2 million, a 4.3% increase from $83.6 million in the third quarter of 2008. Third quarter 2009 gross margin was 56.6% compared to 54.2% in the third quarter of 2008 and 57.2% in the second quarter of 2009. Non-GAAP gross margin was 57.7% in the third quarter of 2009 compared to 57.0% in the third quarter of 2008 and 58.3% in the second quarter of 2009.
Operating Expenses
Selling expenses for the third quarter of 2009 were $24.8 million, or 16.4% of total net revenues, compared to 15.0% in the third quarter of 2008 and 16.5% in the second quarter of 2009. Non-GAAP selling expenses for the third quarter of 2009 were $23.3 million, or 15.4% of total net revenues, compared to 14.4% in the third quarter of 2008 and 15.5% in the second quarter of 2009.
General and administrative expenses for the third quarter of 2009 were $11.3 million, or 7.5% of total net revenues, compared to 8.6% in the third quarter of 2008 and 7.1% in the second quarter of 2009. Non-GAAP general and administrative expenses for the third quarter of 2009 were $10.5 million, or 6.9% of the total net revenues, compared to 8.1% in the third quarter of 2008 and 6.7% in the second quarter of 2009.
Research and development expenses for the third quarter of 2009 were $14.2 million, or 9.4% of total net revenues, compared to 10.0% in the third quarter of 2008 and 9.2% in the second quarter of 2009. Non-GAAP research and development expenses for the third quarter of 2009 were $13.4 million, or 8.8% of total net revenues, compared to 9.4% in the third quarter of 2008 and 8.7% in the second quarter of 2009.
Total share-based compensation expenses, which were allocated to cost of revenues and related operating expenses, were $2.6 million in the third quarter of 2009 compared to $2.6 million in the second quarter of 2009 and $2.6 million in the third quarter of 2008.
Operating income was $34.2 million in the third quarter of 2009, a 13.5% increase from $30.2 million in the third quarter of 2008. Non-GAAP operating income in the third quarter of 2009 was $40.0 million, a 6.7% increase from $37.5 million in the third quarter of 2008. Operating margin was 22.6% in the third quarter of 2009 compared to 20.6% in the third quarter of 2008 and 24.4% in the second quarter of 2009. Non-GAAP operating margin was 26.5% in the third quarter of 2009 compared to 25.6% in the third quarter of 2008 and 27.4% in the second quarter of 2009.
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")
Third quarter 2009 EBITDA increased 51.6% year-over-year to $60.1 million from $39.6 million in the third quarter of 2008 and increased 28.7% from $46.7 million in the second quarter of 2009.
Net Income
Net income increased 55.2% year-over-year to $43.4 million from $28.0 million in the third quarter of 2008. Non-GAAP net income increased 11.0% year-over-year to $37.4 million from $33.7 million in the third quarter of 2008. Net margin was 28.7% in the third quarter of 2009 compared to 19.1% in the third quarter of 2008 and 20.6% in the second quarter of 2009. Non-GAAP net margin was 24.7% in the third quarter of 2009 compared to 23.0% in the third quarter of 2008 and 23.6% in the second quarter of 2009. Third quarter 2009 income tax expense was $10.2 million representing an effective tax rate of 19.0%
Third quarter 2009 basic and diluted earnings per share were $0.40 and $0.38, respectively, compared to $0.26 and $0.24 in the third quarter of 2008. Basic and diluted non-GAAP earnings per share were $0.34 and $0.33, respectively, compared to $0.31 and $0.29 in the third quarter of 2008. Shares used in the computation of diluted earnings per share for the third quarter 2009 were 113.4 million.
Other Select Data
Average accounts receivable days outstanding were 62 days in the third quarter of 2009 compared to 54 days in the second quarter of 2009. Average inventory days were 98 days in the third quarter of 2009 compared to 82 days in the second quarter of 2009. Average accounts payable days outstanding were 62 days in the third quarter of 2009 compared to 59 days in the second quarter of 2009. Mindray calculates the above working capital days using the average of beginning and ending balances of the quarter.
As of September 30, 2009, the company had $299.3 million in cash, cash equivalents, restricted cash and restricted investments, compared to $286.7 million as of June 30, 2009. Net cash generated from operating activities and net cash outflow for capital expenditures during the quarter were $20.9 million and $13.5 million, respectively.
As of September 30, 2009, the company had 5,760 employees. Nine Months Ended September 30, 2009 Results
Mindray reported net revenues of $445.3 million for the first nine months of 2009, representing a 17.3% increase from $379.6 million in the same period in 2008.
-- Net revenues generated in China in the first nine months of 2009 increased 26.8% to $205.1 million from $161.7 million in the same period in 2008. -- Net revenues generated in international markets in the first nine months of 2009 increased 10.3% to $240.2 million from $217.9 million in the first nine months of 2008.
First nine months of 2009 EBITDA increased 36.0% year-over-year to $142.3 million from $104.6 million in the first nine months of 2008.
First nine months of 2009 net income increased 32.0% year-over-year to $101.8 million from $77.1 million in the first nine months of 2008. First nine months of 2009 non-GAAP net income increased 9.3% year-over-year to $105.7 million from $96.7 million in the first nine months of 2008.
First nine months of 2009 diluted earnings per share increased 33.7% year-over-year to $0.90 from $0.68 in the first nine months of 2008. First nine months of 2009 non-GAAP diluted earnings per share increased 10.7% to $0.94 from $0.85 in the first nine months of 2008.
Business Outlook for Full Year 2009 Mindray updates its current outlook for the full year 2009, which includes: -- 2009 net revenue to grow at a rate of 10% to 13% year-over-year. -- Non-GAAP EPS to grow slightly more than 10% over 2008. -- Capital expenditure to remain in the range of $50 million to $60 million. -- Share based compensation to be approximately $12 million, based on issuances to date, which does not take into account any additional share grant that may come later this year, if any. -- Amortization of intangible assets to be $10 million including April 2006 acquisition of minority interest and May 2008 acquisition of Datascope patient monitoring business.
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.
"The updated guidance conveys our confidence in delivering solid operational and financial results for the year, backed by continuous strong growth in China and increasing stability in international markets," commented Li Xiting, Mindray's president and co-chief executive officer. "To sustain future growth, we will invest in expanding our presence in key emerging markets, maintaining our aggressive pace of new product introductions, and driving cost synergies across all business units."
Conference Call Information
Mindray's management will hold an earnings conference call at 8:00 AM on November 10, 2009 U.S. Eastern Time (9:00 PM on November 10, 2009 Beijing/Hong Kong Time).
Dial-in details for the earnings conference call are as follows: Hong Kong: +852-3002-1672 U.S. Toll Free: +1-866-318-8614 International: +1-617-399-5133 Pass code for all regions: Mindray
A replay of the conference call may be accessed by phone at the following numbers until November 21, 2009.
U.S. Toll Free: +1-888-286-8010 International: +1-617-801-6888 Pass code: 2641 5957
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, R&D expenses, selling expenses, general and administrative expenses, operating income, EBITDA, net income and earnings per share on a non-GAAP basis that excludes share-based compensation expense and acquired intangible assets amortization expense, in progress research and development expenses, realignment costs -- post acquisition, as well as termination payments, all net of related tax impact, 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 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 third quarter of 2009 and provided guidance for full year 2009 earnings per share 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, realignment cost - post acquisition, termination payments, and amortization of acquired intangible assets including, but not limited to, in progress research and development ("IPR&D"). -- Non-GAAP net income represents net income reported in accordance with GAAP, adjusted for the effects of share-based compensation, realignment cost -- post acquisition, termination payments, amortization of acquired intangible assets and IPR&D including, but not limited to, other income from onetime early termination of contract, 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 deemed dividends for the basic calculation.
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 and nine months period ended September 30, 2008 and 2009, respectively, in the attached financial information.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements," including those related to the company's market performance, the business outlook for the fiscal year 2009 with respect to net revenues, Non-GAAP EPS, capital expenditure, share based compensation, and amortization of intangible assets, the company's ability to grow in various geographic markets, to adapt to changing market environments, to take advantage of cost advantages, to capture growth opportunities, to improve cost structures and operational efficiencies and to benefit from government spending in China. These statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. It is possible that our actual results and financial condition and other circumstances may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including but not limited to: the 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; competition in the medical device industry in China and internationally; and general economic and business conditions in the countries in which we operate. 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 third 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.
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 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/ .
For investor and media inquiries please contact: In the U.S: FD Evan Smith, CFA Tel: +1-212-850-5606 Email: evan.smith@fd.com John Capodanno Tel: +1-212-850-5705 Email: john.capodanno@fd.com In China: May Li Tel: +86-755-2658-2518 Email: may.li@mindray.com Exhibit 1 MINDRAY MEDICAL INTERNATIONAL LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) As of December As of September 31, 2008 30, 2009 US$ US$ (audited) (unaudited) ASSETS Current assets: Cash and cash equivalents 96,370 130,996 Restricted cash and restricted investments (note 1) 156,491 102,261 Accounts receivable, net 89,735 105,935 Inventories 57,466 76,088 Value added tax receivables 13,566 12,597 Other receivables 7,471 22,140 Prepayments and deposits 4,503 8,633 Deferred tax assets 1,812 2,016 Total current assets 427,414 460,666 Restricted investments (note 1) -- 66,000 Other assets 1,724 2,437 Advances for purchase of plant and equipment 46,275 21,844 Property, plant and equipment, net 126,399 149,067 Land use rights, net 2,721 25,915 Deferred tax assets, net -- 1,242 Intangible assets, net 67,004 64,664 Goodwill 114,234 115,054 Total assets 785,771 906,889 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term bank loans (note 1) 157,007 103,132 Notes payable 7,449 8,267 Accounts payable 29,009 32,930 Advances from customers 7,523 5,377 Salaries payables 16,797 14,934 Other payables 46,911 48,674 Income taxes payable 10,727 15,176 Other taxes payable 4,398 4,432 Total current liabilities 279,821 232,922 Bank loans-long term (note 1) -- 66,000 Other long-term payables 7,120 7,580 Deferred tax liabilities, net 736 3,033 7,856 76,613 Shareholders' equity: Ordinary shares 14 14 Additional paid-in capital 274,993 292,846 Retained earnings 183,886 264,065 Accumulated other comprehensive income 39,199 40,427 Total shareholders' equity 498,092 597,352 Non-controlling interest 2 2 Total equity 498,094 597,354 Total liabilities and shareholders' equity 785,771 906,889 (1) Restricted as the security package required for bank loans as of September 30, 2009. Use of such funds is permitted provided that the proportionate amount of debt must be retired concurrently. As of September 30, 2009, the bank loans can be fully repaid from such restricted cash and restricted investments. Exhibit 2 MINDRAY MEDICAL INTERNATIONAL LIMITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except for share and per share data) Three months ended Nine months ended September 30, September 30, 2008 2009 2008 2009 US$ US$ US$ US$ (unaudited) (unaudited) (unaudited) (unaudited) Net revenues -PRC $61,126 66,809 161,763 205,123 - International 85,403 84,319 217,861 240,230 Net revenues 146,529 151,128 379,624 445,353 Cost of revenues (note 2) (67,122) (65,607) (173,819) (193,536) Gross profit 79,407 85,521 205,805 251,817 Selling expenses (note 2) (21,989) (24,805) (53,112) (73,004) General and administrative expenses (note 2) (12,652) (11,291) (24,867) (31,524) Research and development expenses (note 2) (14,616) (14,168) (35,360) (43,636) Realignment costs - post acquisition -- (1,030) -- (1,030) Expense of in- progress research & development -- -- (6,600) -- Operating income 30,150 34,227 85,866 102,623 Other income, net 1,286 18,719 2,910 19,071 Interest income 2,957 1,776 7,486 4,717 Interest expense (1,577) (1,091) (2,537) (3,881) Income before income taxes and non- controlling interest 32,816 53,631 93,725 122,530 Provision for income taxes (4,840) (10,209) (16,640) (20,753) Non-controlling interest -- -- -- -- Net Income $27,976 43,422 77,085 101,777 Basic earnings per share 0.26 0.40 0.72 0.94 Diluted earnings per share 0.24 0.38 0.68 0.90 Shares used in the computation of: Basic earnings per share $107,538,933 108,845,481 107,256,059 108,337,457 Diluted earnings per share $114,573,283 113,374,202 114,130,393 112,671,743 (2) Share-based compensation charges incurred during the period related to: Cost of revenues 113 124 334 373 Selling expenses 898 878 2,514 2,858 General and administrative expenses 767 832 1,997 2,574 Research and development expenses 799 802 2,317 2,444 Exhibit 3 MINDRAY MEDICAL INTERNATIONAL LIMITED RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES(Dollars in thousands, except for share and per share data) Three months ended Nine months ended September 30, September 30, 2008 2009 2008 2009 US$ US$ US$ US$ (unaudited) (unaudited) (unaudited) (unaudited) Non-GAAP net income 33,671 37,376 96,702 105,726 Non-GAAP net margin 23.0% 24.7% 25.5% 23.7% Amortization of acquired intangible assets (4,789) (2,135) (15,279) (6,484) Deferred tax impact related to acquired intangible assets 1,671 90 2,824 288 Realignment costs - post acquisition and termination payments -- (1,030) -- (1,261) Income from early termination of contract -- 11,757 -- 11,757 Share-based compensation (2,577) (2,636) (7,162) (8,249) GAAP net income 27,976 43,422 77,085 101,777 GAAP net margin 19.1% 28.7% 20.3% 22.9% Non-GAAP income per share - basic 0.31 0.34 0.90 0.98 Non-GAAP income per share - diluted 0.29 0.33 0.85 0.94 GAAP income per share - basic 0.26 0.40 0.72 0.94 GAAP income per share - diluted 0.24 0.38 0.68 0.90 Shares used in computation of: Basic earnings per share 107,538,933 108,845,481 107,256,059 108,337,457 Diluted earnings per share 114,573,283 113,374,202 114,130,393 112,671,743 Non-GAAP operating income 37,516 40,028 108,307 118,617 Non-GAAP operating margin 25.6% 26.5% 28.5% 26.6% Amortization of acquired intangible assets (4,789) (2,135) (15,279) (6,484) Realignment costs - post acquisition and termination payments -- (1,030) -- (1,261) Share-based compensation (2,577) (2,636) (7,162) (8,249) GAAP operating income 30,150 34,227 85,866 102,623 GAAP operating margin 20.6% 22.6% 22.6% 23.0% Non-GAAP gross profit 83,586 87,153 213,675 256,806 Non-GAAP gross margin 57.0% 57.7% 56.3% 57.7% Amortization of acquired intangible assets (4,066) (1,508) (7,536) (4,616) Share-based compensation (113) (124) (334) (373) GAAP gross profit 79,407 85,521 205,805 251,817 GAAP gross margin 54.2% 56.6% 54.2% 56.5% Exhibit 4 MINDRAY MEDICAL INTERNATIONAL LIMITED RECONCILIATION OF GAAP NET INCOME TO EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION(Dollars in thousands) Three months ended Nine months ended September 30, September 30, 2008 2009 2008 2009 US$ US$ US$ US$ (unaud- (unaud- (unaud- (unaud- ited) ited) ited) ited) GAAP net income $27,976 43,422 77,085 101,777 Interest income (2,957) (1,776) (7,486) (4,717) Interest expense 1,577 1,091 2,537 3,881 Provision for income taxes 4,840 10,209 16,640 20,753 Earnings before interest and tax (EBIT) 31,436 52,946 88,776 121,694 Depreciation 4,407 4,720 9,807 13,770 Amortization 3,772 2,392 6,027 6,844 Earnings before interest, tax, depreciation and amortization (EBITDA) 39,615 60,058 104,610 142,308
Mindray Medical International Limited
CONTACT: In the U.S., Evan Smith, CFA, +1-212-850-5606,
evan.smith@fd.com, or John Capodanno, +1-212-850-5705, john.capodanno@fd.com,
both of FD; or In China, May Li, +86-755-2658-2518, may.li@mindray.com
Web site: http://www.mindray.com/
http://ir.mindray.com/
