BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Mindray Medical Announces Second Quarter 2012 Financial Results


8/7/2012 11:56:53 AM

SHENZHEN, China, Aug. 6, 2012 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today its selected unaudited financial results for the second quarter ended June 30, 2012.

Highlights for Second Quarter 2012

  • Net revenues were $267.8 million, an increase of 23.3% over the second quarter of 2011.
  • Robust China sales growth of 27.1% to $115.3 million year-over-year, primarily driven by regular sales.
  • Strong international sales of $152.5 million, representing an increase of 20.5% from the same period last year. Emerging markets[1] and developed markets[2] achieved good sales growth of 21.1% and 19.7% year-over-year, respectively.
  • Non-GAAP gross margin was 57.8%, an improvement of 2.3% sequentially.
  • Non-GAAP net income was $59.5 million, a 19.4% increase over the second quarter of 2011.
  • Net operating cash generated during the quarter was $61.4 million, up a significant 81.6% compared to the same period last year.
  • Reagent revenues growth accelerated, contributing 34.4% to the in-vitro diagnostic business this quarter, compared to 28.4% in the same period last year and 31.5% in the prior quarter.
  • Mindray introduced five new products in the first half of 2012, including the latest high speed biochemistry analyzer, the BS-2000, a clinical biochemistry analyzer, the BS-480, an updated auto hematology analyzer, the BC-5390, a fully automatic urinary sediment analyzer, the EH-2050B Plus, and a new portable diagnostic color ultrasound system, the Z6.
  • In July, Mindray completed the acquisition of a controlling stake in Wuhan Dragonbio Surgical Implant Co., Ltd., a domestic medical orthopedic products provider.

"Despite the challenging environments in various international regions, we have once again achieved very solid performance in sales, profits and cash generation," commented Xu Hang, Mindray's chairman and co-chief executive officer. "All major geographical areas have delivered strong growth for the quarter. We are particularly encouraged by our good performance in developed markets, considering the volatility of those regions over the past year. We have also improved our gross margin and the healthy cash conversion cycle reflected our efforts in improving operational efficiency. In addition, we have launched new products in our IVD line and closed the orthopedics acquisition recently. Our reagent sales are continuing to accelerate. All of these are in line with the company's strategy to capture opportunities in the fast-growing consumable products markets. Going forward, we intend to prudently deploy our strong cash position and continue to look for attractive investment opportunities worldwide."



Read at BioSpace.com
Read at ChinaBio Today

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES