SHENZHEN, China, Aug. 8, 2011 /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, 2011.
Highlights for Second Quarter 2011
- Net revenues were $217.3 million, an increase of 21.2% over the second quarter of 2010.
- Robust China sales growth of 25.3% year-over-year, driven by regular sales, that is, non-tender sales.
- Strong international sales of $126.6 million, a year-over-year increase of 18.5%. Emerging markets were again a key growth driver.
- Non-GAAP net income was $49.8 million, an 8.6% increase over the second quarter of 2010. GAAP net income was $44.8 million, a 6.0% year-over-year increase.
- Net operating cash generated during the quarter was $33.8 million, growing 70.4% year-over-year.
- Reagent revenues growth accelerated, contributing 28.4% to the in-vitro diagnostic business this quarter.
- Mindray introduced its latest high level auto hematology analyzer, BC-6800, along with several reagents.
- Paid dividend of $34.5 million in May and June 2011.
- In July, Mindray announced an agreement to acquire a controlling stake of Suzhou Hyssen Electronics Co. Ltd, an automated urine sediment analyzer manufacturer in China.
"Our sales momentum continued this quarter and we are pleased to report a 21.2% year-over-year increase in revenues, highlighted by our significant growth in China regular sales," commented Xu Hang, Mindray's chairman and co-chief executive officer. "Our continued strong performance in China further demonstrated the successful implementation of Mindray's strategic initiatives over the last few quarters. Emerging markets also had solid performance during the quarter, contributing 34% to total sales. Specifically, Eastern Europe and the CIS region delivered more than 40% year-over-year growth, while Asia Pacific grew over 30% during the period. In developed markets, we again delivered double digit growth. On the M&A front, we are celebrating the third year of successful integration of our Mahwah operations in the U.S., while rolling out the integration of our two newly acquired businesses in China. We continue to actively seek opportunities that could bring complementary technologies and/or products to our company and help us further increase our market penetration worldwide."
