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Mindray Announces Preliminary 2012 Operating Results And 2013 Net Revenue Guidance

Stock quotes in this article: MR

SHENZHEN, China, Jan. 7, 2013 /PRNewswire-FirstCall/ -- Mindray Medical International Limited ("Mindray," 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, 2012. The company also provided net revenue guidance for 2013.

For the year ended December 31, 2012, Mindray expects net revenue to be approximately US$1,056 million, representing a year-over-year growth of approximately 20%.

Based on the estimated full-year revenue, the company anticipates 2012 non-GAAP net income to be approximately US$207 million, growing approximately 16% year-over-year. The non-GAAP net income figure excludes the tax benefits related to the key software enterprise status ( $7.6 million recognized in the first quarter of 2011) and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

This year, Mindray anticipates its net revenue to grow at least 17% year-over-year. Full-year guidance for 2013 will be provided in the fourth quarter and full-year 2012 earnings announcement.

"In 2012, we continued to deliver solid financial results. Strong sales in China and certain key emerging markets drove our top-line performance and we further optimized our operations to improve cash flow generation. We also launched 10 new products and completed four more acquisitions. We want to thank our employees for their hard work that helped us execute our growth strategies successfully this past year," commented Mr. Li Xiting, Mindray's President and Chief Executive Officer.

"This year, we expect our revenue to grow at least 17% year-over-year, with China and other emerging markets as the primary growth contributors. Overall, we plan to increase our market penetration by launching another seven to 10 new products as well as strengthening our sales, marketing and service capabilities in key markets. We aim to continue expanding our product portfolio through internal R&D and external M&A and collaboration opportunities. In addition to executing our growth plans, we will also continue to focus on profitability," he said.

Use of Non-GAAP Financial Measures

Mindray provides gross profit, selling expenses, general and administrative expenses, R&D expenses, operating income, net income and earnings per share on a non-GAAP basis that excludes dispute related legal fees, dispute charges, share-based compensation and amortization of acquired intangible assets, all net of related tax impact, as well as EBITDA 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 measures.

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