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PR Newswire
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Mindray Announces First Quarter 2010 Financial Results

SHENZHEN, China, May 10 /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 first quarter ended March 31, 2010.

Highlights for First Quarter 2010 -- Net revenues were $145.8 million, an increase of 8.7% over the first quarter of 2009 -- International revenues were $83.7 million, a year-over-year increase of 16.6%. Emerging markets continued to lead revenue growth among all international regions -- China revenues were flat year-over-year, reflecting unfavorable comparison due to a $6.5 million retroactive VAT refund recorded in the first quarter of 2009 and drop in government tender sales in the first quarter of this year. Without taking into account this retroactive VAT refund, non-tender sales increased by 46.5% year-over-year -- Non-GAAP operating income was $35.9 million. First quarter 2010 operating income was $31.9 million, representing an operating margin of 21.9%, compared to 21.9% in the first quarter of 2009 and 20.1% in the fourth quarter of 2009 -- EBITDA increased 9.0% to $38.8 million as compared to $35.6 million in the first quarter of 2009 -- Non-GAAP net income was $40.1 million. First quarter 2010 net income was $36.2 million, representing a net margin of 24.8%, compared to 18.9% in the first quarter of 2009 and 19.8% in the fourth quarter of 2009. Both Non-GAAP net income and net income for the first quarter of 2010 includes the $8.6 million corporate income tax reduction received from the nationwide key software enterprise status award for calendar year 2009 -- Raised approximately $149.7 million, net of related costs, through a public offering of four million American Depository shares ("ADSs") -- Implemented SAP system in the US, completing installation in all operating regions -- Released M-7 portable color ultrasound system in the first quarter

"We are pleased with our performance for the quarter, driven by solid international growth and strong non-tender sales in the domestic market," commented Xu Hang, Mindray's chairman and co-chief executive officer. "Excluding the $6.5 million retroactive software VAT refund that positively impacted the first quarter 2009 sales performance, our overall sales growth would have been 14.2%. This is healthy growth in spite of the lingering effect of the Chinese New Year in February and lower tender sales in China relative to the year ago period. We are confident that the advantages of our brand and expanding sales channels will continue to fuel strong non-tender sales in the domestic China market, particularly among our higher-end products like color ultrasound. Additionally, we are encouraged by the robust performance we continue to see in emerging markets, as well as the return to growth in more geographies, including Eastern Europe and the Commonwealth of Independent States ("CIS") region. Our financial results indicate the progress we continue to make in penetrating into higher-end markets while continuing to build a global brand that represents high-quality, cost-effective products and services."

SUMMARY - First Quarter 2010 (US$ millions, except per-share data) 1Q/2010 1Q/2009 % change Net revenues 145.8 134.2 8.7% Revenues generated in China 62.2 62.4 -0.3% Revenues generated outside China 83.7 71.8 16.6% Gross profit 82.3 74.7 10.0% Non-GAAP gross profit 83.9 76.3 9.9% Operating income 31.9 29.4 8.5% Non-GAAP operating income 35.9 34.7 3.6% EBITDA 38.8 35.6 9.0% Net income 36.2 25.3 42.8% Non-GAAP net income 40.1 30.5 31.6% Diluted EPS 0.31 0.23 38.4% Non-GAAP diluted EPS 0.35 0.27 27.5% Revenues

Mindray reported net revenues of $145.8 million for the first quarter of 2010, an 8.7% increase from $134.2 million for the first quarter of 2009.

Net revenues generated in China in the first quarter of 2010 remained flat at $62.2 million from $62.4 million in the first quarter of 2009, while net revenues generated in international markets in the first quarter of 2010 increased 16.6% to $83.7 million from $71.8 million in the first quarter of 2009.

Performance by Segment

Patient Monitoring & Life Support Products: Patient monitoring & life support products segment revenues increased 5.3% to $61.7 million from $58.6 million in the first quarter 2009. The patient monitoring & life support products segment contributed 42.3% to total net revenues in the first quarter of 2010.

In-Vitro Diagnostic Products: In-vitro diagnostic products segment revenues increased 17.6% to $37.9 million from $32.2 million in the first quarter of 2009. The in-vitro diagnostic products segment contributed 26.0% to total net revenues in the first quarter of 2010.

Medical Imaging Systems: Medical imaging systems segment revenues increased 4.0% to $37.1 million, from $35.7 million in the first quarter of 2009. The medical imaging systems segment contributed 25.5% to total net revenues in the first quarter of 2010.

Others: Other revenues, which are primarily comprised of service fees income charged for post warranty period repair services increased 19.5% to $9.1 million from $7.6 million in the first quarter of 2009. Other revenues contributed 6.2% to total net revenues in the first quarter of 2010.

Gross Margins

First quarter 2010 gross profit was $82.3 million, a 10.0% increase from $74.7 million in the first quarter of 2009. First quarter 2010 non-GAAP gross profit was $83.9 million, a 9.9% increase from $76.3 million in the first quarter of 2009. The consolidated gross margin for the first quarter of 2010 was 56.4% compared to 55.7% in the first quarter of 2009 and 54.0% in the fourth quarter of 2009. Non-GAAP gross margin was 57.5% in the first quarter of 2010 compared to 56.9% in the first quarter of 2009 and 54.9% in the fourth quarter of 2009.

Operating Expenses

Selling expenses for the first quarter of 2010 were $23.7 million or 16.2% of total net revenues, compared to 16.2% in the first quarter of 2009 and 17.5% in the fourth quarter of 2009. Non-GAAP selling expenses for the first quarter of 2010 were $22.4 million, or 15.3% of total net revenues, compared to 15.0% in the first quarter of 2009 and 16.9% in the fourth quarter of 2009.

General and administrative expenses for the first quarter of 2010 were $12.2 million, or 8.4% of total net revenues, compared to 6.6% in the first quarter of 2009 and 8.5% in the fourth quarter of 2009. Non-GAAP general and administrative expenses for the first quarter of 2010 were $11.8 million, or 8.1% of total net revenues, compared to 5.7% in the first quarter 2009 and 8.1% in the fourth quarter of 2009.

Research and development expenses for the fourth quarter of 2010 were $14.4 million, or 9.9% of total net revenues compared to 11.0% in the first quarter of 2009 and 7.8% in the fourth quarter of 2009. Non-GAAP research and development expenses for the first quarter of 2010 were $13.8 million, or 9.4% of total net revenues, compared to 10.4% in the first quarter of 2009 and 7.5% in the fourth quarter of 2009.

Total share-based compensation expenses, which were allocated to cost of revenues and related operating expenses, were $1.9 million in the first quarter of 2010 compared to $3.0 million in the first quarter of 2009 and $2.0 million in the fourth quarter 2009.

Operating income in the first quarter of 2010 was $31.9 million, an 8.5% increase from $29.4 million in the first quarter of 2009. Non-GAAP operating income in the first quarter 2010 was $35.9 million, a 3.6% increase from $34.7 million in the first quarter of 2009. Operating margin was 21.9% in the first quarter 2010 compared to 21.9% in the first quarter of 2009 and 20.1% in the fourth quarter of 2009. Non-GAAP operating margin was 24.6% in the first quarter of 2010 compared to 25.9% in the first quarter 2009 and 22.4% in the fourth quarter of 2009.

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")

EBITDA in the first quarter of 2010 was $38.8 million compared to $35.6 million in the first quarter of 2009, and $51.7 million in the fourth quarter of 2009.

Net Income

First quarter 2010 net income was $36.2 million compared to $25.3 million in the first quarter of 2009, an increase of 42.8% year-over-year. First quarter 2010 non-GAAP net income increased 31.6% year-over-year to $40.1 million from $30.5 million in the first quarter of 2009. First quarter 2010 net margin was 24.8% compared to 18.9% in the first quarter of 2009 and 19.8% in the fourth quarter of 2009. Non-GAAP net margin was 27.5% in the first quarter of 2010 compared to 22.7% in the first quarter of 2009 and 22.1% in the fourth quarter of 2009. Income tax benefits in the first quarter of 2010 were $3.4 million, resulting from the recognition of the $8.6 million corporate income tax reduction during the quarter which relates to the nationwide key software enterprise status for the calendar year 2009, awarded to our Shenzhen subsidiary in January 2010.

First quarter 2010 basic and diluted earnings per share were $0.33 and $0.31, respectively, compared to $0.23 and $0.23 in the first quarter of 2009. First quarter 2010 non-GAAP basic and diluted earnings per share were $0.36 and $0.35 respectively, compared to $0.28 and $0.27 in the first quarter of 2009. Shares used in the computation of diluted earnings per share in the first quarter of 2010 were 115.7 million.

Other Select Data

Total receivables were $106.9 million at the end of the first quarter of 2010, which was down from $113.3 million at the end of the fourth quarter of 2009. The inventory level at the end of the first quarter of 2010 was $69.2 million, compared to $64.5 million at the end of the fourth quarter of 2009. Average accounts receivable days outstanding were 69 days in the first quarter of 2010 compared to 53 days in the fourth quarter of 2009. Average inventory days outstanding were 96 days in the first quarter of 2010 compared to 74 days in the fourth quarter 2009. Average accounts payable days outstanding were 60 days in the first quarter of 2010 compared to 43 days in the fourth quarter of 2009. Mindray calculates the above working capital days using the average of beginning and ending balances of the quarter.

As of March 31, 2010, the company had cash and cash equivalents of $255.1 million as compared to $204.2 million as of December 31, 2009. Total cash, cash equivalents, restricted cash, short-term investments and restricted investments were $430.6 million, compared to $372.5 million as of December 31, 2009. Net cash generated from operating activities and capital expenditures for the first quarter 2010 were $32.8 million and $15.4 million, respectively. In the first quarter 2010, the company had paid down a total of $115 million of its short and long term loans from Bank of China (Hong Kong) Limited and HSBC.

Business Outlook for Full Year 2010

The company maintains its full year guidance and expects its full year 2010 net revenues to be 17% higher than its full year 2009 net revenues.

The company also expects its full year 2010 non-GAAP net income to grow 17% over its non-GAAP net income for full year 2009, excluding the $8.6 million corporate income tax reduction recognized in the first quarter of 2010. This guidance assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for 2010 to be in the range of $60 million to $70 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.

"In the first quarter of 2010, Mindray benefited from robust international sales recovery as markets continued to stabilize," said Li Xiting, Mindray's president and co-chief executive officer. "Domestically, Mindray was affected by unfavourable year-over-year comparison resulting from the software VAT rebate effective in the first quarter 2009 as well as a decrease in government tender sales. We remain firm, however, in our belief that China's healthcare sector continues to be a major segment that attracts heavy investments from both the Chinese government and private capital. The cornerstone of our China growth continues to be non-tender sales, which accounted for more than 90% of domestic China sales during the quarter. We are encouraged to see strong performance in non-tender sales during the quarter, which partially offset weakness in tender sales. We believe this part of our business will remain healthy as the company positions itself to compete in higher-end markets and explores introducing some of our future products into private markets."

Conference Call Information

Mindray's management will hold an earnings conference call at 8:00 AM on May 11, 2010 U.S. Eastern Time (8:00 PM on May 11, 2010 Beijing/Hong Kong Time).

Dial-in details for the earnings conference call are as follows: Hong Kong: +852-3002-1672 U.S. Toll Free: +1-866-783-2142 International: +1-857-350-1601 Passcode for all regions: Mindray

A replay of the conference call may be accessed by phone at the following numbers until May 25, 2010.

U.S. Toll Free: +1-888-286-8010 International: +1-617-801-6888 Passcode: 5663 9799

Additionally, a live and archived webcast of this conference call will be available on the Investor Relations section of Mindray's website athttp://www.mindray.com .

Use of Non-GAAP Financial Measures

Mindray provides gross profit, research and development expenses, selling expenses, general and administrative expenses, operating income, net income, EBITDA, and earnings per share on a Non-GAAP basis that excludes share-based compensation expense, acquired intangible assets amortization expense, realignment costs -- post acquisition, 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 first quarter of 2010 and provided guidance for full year 2010 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, and amortization of acquired intangible assets -- Non-GAAP net income represents net income reported in accordance with GAAP, adjusted for the effects of share-based compensation, realignment cost -- post acquisition, amortization of acquired intangible assets, 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 effects of interest income and expenses, provision for income taxes, 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 period ended March 31, 2010 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 selected unaudited 2010 financial results, the company's business outlook for the fiscal year 2010, including with respect to net revenues, non-GAAP net income, capital expenditure, anticipated growth or recovery in particular geographic or product markets, the impact of anticipated healthcare reform or government expenditures, the level of investment in healthcare from government and private sources, the company's ability to benefit from planned company investments or to derive anticipated operation synergies, to improve cost structures and operational efficiencies and to benefit from government tender sales in China, and growth of non-tender sales in China. These other statements are not historical facts but instead represent only our belief regarding future events or circumstances, 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 7 of our annual report on Form 20-F, filed on May 7, 2010. Our results of operations for the first quarter of 2010 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 our global operational headquarters in Shenzhen, China, and multiple sales offices in major domestic and international markets. From our main manufacturing and engineering base in China and through our worldwide distribution network, we 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.: John Capodanno FD Tel: +1-212-850-5705 Email: john.capodanno@fd.com Bryan Armstrong FD Tel: +1-312-553-6707 Email: bryan.armstrong@fd.com In China: May Li Mindray Investor Relations 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 March 31, 2009 31, 2010 US$ US$ (audited) (unaudited) ASSETS Current assets: Cash and cash equivalents 204,228 255,084 Restricted cash (Note 1) 10,657 53,792 Restricted investments 91,600 -- Short-term investments -- 121,751 Accounts receivable, net 113,340 106,910 Inventories 64,518 69,212 Value added tax receivables 8,519 8,954 Other receivables 8,999 8,725 Prepayments and deposits 7,466 5,301 Deferred tax assets 2,338 4,187 Total current assets 511,665 633,916 Restricted investments 66,000 -- Other assets 1,585 1,545 Advances for purchase of plant and equipment 28,395 32,199 Property, plant and equipment, net 153,726 159,581 Land use rights, net 25,776 25,642 Intangible assets, net 64,065 63,017 Goodwill 115,053 115,056 Total assets 966,265 1,030,956 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term bank loans (Note 1) 103,128 54,137 Notes payable 5,647 5,164 Accounts payable 35,752 36,747 Advances from customers 10,081 7,990 Salaries payables 19,877 12,928 Other payables 56,592 75,446 Income taxes payable 16,199 12,558 Deferred tax liabilities 1,499 -- Other taxes payable 5,863 6,517 Total current liabilities 254,638 211,487 Bank loans-long term 66,000 -- Other long-term payables 1,342 1,498 Deferred tax liabilities, net 3,734 5,505 71,076 7,003 Shareholders' equity: Ordinary shares 14 15 Additional paid-in capital 298,408 456,121 Retained earnings 301,476 314,872 Accumulated other comprehensive income 40,651 41,456 Total shareholders' equity 640,549 812,464 Noncontrolling interest 2 2 Total equity 640,551 812,466 Total liabilities and shareholders' equity 966,265 1,030,956 (1) Restricted as the security package required for the bank loans. Use of such funds are permitted provided that the proportionate amount of debt must be retired concurrently. As of March 31, 2010, the bank loans can be fully repaid from such restricted cash and the related interest income receivable. Exhibit 2 MINDRAY MEDICAL INTERNATIONAL LIMITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except for share and per share data) Three months ended March 31, 2009 2010 US$ US$ (unaudited) (unaudited) Net revenues -PRC 62,370 62,154 - International 71,795 83,691 Net revenues 134,165 145,845 Cost of revenues (Note 2) (59,424) (63,595) Gross profit 74,741 82,250 Selling expenses (Note 2) (21,789) (23,664) General and administrative expenses (Note 2) (8,797) (12,246) Research and development expenses (Note 2) (14,745) (14,435) Operating income 29,410 31,905 Other (expense) income, net (432) 117 Interest income 1,620 2,134 Interest expense (1,025) (1,406) Income before income taxes and noncontrolling interests 29,573 32,750 (Provision)/ benefit for income taxes (4,232) 3,447 Net Income 25,341 36,197 Less: Net income attributable to noncontrolling interests -- -- Net income attributable to the Company 25,341 36,197 Basic earnings per share 0.23 0.33 Diluted earnings per share 0.23 0.31 Shares used in the computation of: Basic earnings per share 107,872,202 111,242,484 Diluted earnings per share 112,118,964 115,743,576 (2) Share-based compensation charges incurred during the period related to: Cost of revenues 131 99 Selling expenses 1,051 665 General and administrative expenses 953 478 Research and development expenses 846 664 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 March 31, 2,009 2010 (unaudited) (unaudited) Net revenues 134,165 145,845 Non-GAAP net income 30,510 40,145 Non-GAAP net margin 22.7% 27.5% Amortization of acquired intangible assets (2,208) (2,132) Deferred tax impact related to acquired intangible assets 104 90 Realignment costs- post acquisition (84) -- Share-based compensation (2,981) (1,906) GAAP net income 25,341 36,197 GAAP net margin 18.9% 24.8% Non-GAAP basic earnings per share 0.28 0.36 Non-GAAP diluted earnings per share 0.27 0.35 GAAP basic earnings per share 0.23 0.33 GAAP diluted earnings per share 0.23 0.31 Shares used in computation of: Basic earnings per share 107,872,202 111,242,484 Diluted earnings per share 112,118,964 115,743,576 Non-GAAP operating income 34,683 35,943 Non-GAAP operating margin 25.9% 24.6% Amortization of acquired intangible assets (2,208) (2,132) Realignment costs- post acquisition (84) -- Share-based compensation (2,981) (1,906) GAAP operating income 29,410 31,905 GAAP operating margin 21.9% 21.9% Non-GAAP gross profit 76,277 83,859 Non-GAAP gross margin 56.9% 57.5% Amortization of acquired intangible assets (1,405) (1,510) Share-based compensation (131) (99) GAAP gross profit 74,741 82,250 GAAP gross margin 55.7% 56.4% Exhibit 4 MINDRAY MEDICAL INTERNATIONAL LIMITED RECONCILIATION OF GAAP NET INCOME TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (Dollars in thousands) Three months ended March 31, 2009 2010 US$ US$ (unaudited) (unaudited) GAAP net income 25,341 36,197 Interest income (1,620) (2,134) Interest expense 1,025 1,406 Provision for income taxes 4,232 (3,447) Earnings before interest and taxes ("EBIT") 28,978 32,022 Depreciation 4,363 4,533 Amortization 2,251 2,250 Earnings before interest, taxes, depreciation, and amortization ("EBITDA") 35,592 38,805

Mindray Medical International Limited

CONTACT: In the U.S., John Capodanno of FD, +1-212-850-5705,
john.capodanno@fd.com, and Bryan Armstrong of FD, +1-312-553-6707, or
bryan.armstrong@fd.com; Or In China, May Li, Mindray Investor Relations,
+86-755-2658-2518, may.li@mindray.com

Web site: http://ir.mindray.com/

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