SHENZHEN, China, Feb. 27, 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 fourth quarter and full year ended December 31, 2011.
Highlights for Fourth Quarter and Full Year 2011
- Fourth quarter net revenue increased 25.2% year-over-year to $264.1 million and full year 2011 net revenue rose 25.1% to $880.7 million.
- Robust regular sales drove China revenues to grow 30.9% year-over-year in the fourth quarter and 27.6% for full year 2011.
- International sales jumped 20.9% year-over-year in the fourth quarter and 23.3% for full year 2011. Emerging markets were again the key growth drivers.
- Fourth quarter 2011 non-GAAP net income increased 14.2% to $51.8 million. Excluding the tax benefits, full year 2011 non-GAAP net income increased 10.1% to $178.8 million.
- In the fourth quarter of 2011, accounts receivable days and inventory days improved to 66 days and 78 days respectively, compared to 71 days and 100 days in the previous quarter.
- Net operating cash inflow strengthened significantly to $96.4 million in the fourth quarter, mainly as a result of improved working capital management.
- Declared 2011 dividend of $0.40 per share.
- Exceeded 2011 product development goals by launching 13 new products in markets around the world.
- Announced a total of four acquisitions in 2011 to further enhance the company's technology and product offerings.
"2011 marks another year of significant achievements in Mindray's history. We strengthened our sales and distribution in domestic and emerging markets, and increased our direct sales effort in developed markets. We also enhanced our system to gain deeper market insights and accelerated our product upgrades and portfolio expansion," commented Mr.Xu Hang, Mindray's Chairman and Co-Chief Executive Officer. "While China and the emerging markets were the key growth drivers for the company, we also delivered solid results in the developed markets. Our performance in the US, which reached high-teens growth for the year, was particularly strong. This gave us even more confidence in our ability to continue expanding our global presence in the future."
SUMMARY Fourth Quarter and Year Ended December 31, 2011 | |||||||
(in $ millions, except per-share data) | Three Months Ended | Year Ended | |||||
December 31 | December 31 | ||||||
2011 | 2010 | % chg | 2011 | 2010 | % chg | ||
Net Revenues | 264.1 | 211.0 | 25.2% | 880.7 | 704.3 | 25.1% | |
Revenues generated in China | 117.6 | 89.8 | 30.9% | 374.3 | 293.4 | 27.6% | |
Revenues generated outside China | 146.5 | 121.1 | 20.9% | 506.4 | 410.9 | 23.3% | |
Gross Profit | 143.1 | 115.3 | 24.1% | 486.4 | 401.0 | 21.3% | |
Non-GAAP Gross Profit | 144.5 | 116.5 | 24.0% | 491.9 | 406.3 | 21.1% | |
Operating Income | 47.9 | 37.4 | 28.1% | 167.0 | 155.6 | 7.4% | |
Non-GAAP Operating Income | 53.0 | 41.8 | 26.9% | 186.9 | 171.3 | 9.1% | |
EBITDA | 57.6 | 53.3 | 8.1% | 203.7 | 192.1 | 6.1% | |
Net Income | 46.8 | 41.0 | 14.0% | 166.6 | 155.5 | 7.2% | |
Non-GAAP Net Income | 51.8 | 45.4 | 14.2% | 186.3 | 170.9 | 9.0% | |
Non-GAAP Net Income(ex tax benefit -Note) | 51.8 | 45.4 | 14.2% | 178.8 | 162.3 | 10.1% | |
Diluted EPS | 0.40 | 0.35 | 13.6% | 1.41 | 1.32 | 6.4% | |
Non-GAAP Diluted EPS | 0.44 | 0.38 | 13.8% | 1.57 | 1.45 | 8.2% | |
Note: The amount excludes the tax benefits related to the key software enterprise status ($8.6 million and $7.6 million recognized in the first quarter of 2010 and 2011 respectively). | |||||||
Fourth Quarter 2011 Results
Revenues
Mindray reported net revenues of $264.1 million for the fourth quarter of 2011, a 25.2% increase from $211.0 million in the fourth quarter of 2010.
