PEKING (dpa-AFX) - Mindray Medical International Ltd. (MR), Monday reported second-quarter net income attributable to the company of $44.8 million or $0.37 per share, compared to $42.3 million or $0.36 per share in the prior-year period.
On an adjusted basis, net income for the quarter was $49.8 million or $0.42 per share, compared to $45.9 million or $0.39 per share in the prior-year period.
On average, ten analysts polled by Thomson Reuters expected earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net revenues for the quarter grew 21.2 percent to $217.3 million from $179.2 million in the second quarter last year. Analysts estimated revenues of $212.19 million for the quarter.
Second quarter gross margin declined to 57.0 percent from 58.3 percent in the second quarter last year.
Moving ahead, the company continues to project its full year 2011 adjusted net income to grow more than 10 percent over last year. Mindray still anticipates its full year 2011 net revenues to be more than 16 percent from last year.
The company also said it has appointed Alex Lung as Chief Financial Officer, effective as of August 10, succeeding Jie Liu. Liu will remain with Mindray as Chief Operating Officer.
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