SHENZHEN, China, Nov. 13, 2015 /PRNewswire/ -- 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 third quarter ended September 30, 2015.
Highlights for Third Quarter 2015
- Net revenues reached $327.6 million, up 0.9% from $324.6 million a year ago.
- China net revenues were $152.6 million, representing 46.6% of the company's total net revenues.
- International net revenues totaled $175.0 million, up 3.6% from the same period a year ago.
- Reagent net revenues grew more than 18% year-over-year. Reagents contributed 51.0% to the IVD segment, up from 44.2% in the same period last year.
- In this quarter, the company generated around $16.0 million foreign exchange gain from RMB's depreciation against US dollars.
SUMMARY -- Third quarter 2015
(in $ millions, except per-share data) | Three Months Ended | ||
September 30 | |||
2015 | 2014 | % chg | |
Net Revenues | 327.6 | 324.6 | 0.9% |
Net Revenues Generated in China | 152.6 | 155.7 | -2.0% |
Net Revenues Generated in International Markets | 175.0 | 168.9 | 3.6% |
Gross Profit | 178.8 | 182.8 | -2.2% |
Non-GAAP Gross Profit | 180.7 | 185.1 | -2.4% |
Operating Income | 58.7 | 43.4 | 35.3% |
Non-GAAP Operating Income | 69.3 | 54.4 | 27.3% |
EBITDA | 74.1 | 57.5 | 28.9% |
Net Income1 | 50.9 | 46.0 | 10.5% |
Non-GAAP Net Income1 | 60.4 | 56.2 | 7.5% |
Non-GAAP Net Income2 (ex FX gain from RMB's | 46.1 | 56.2 | -17.9% |
Non-GAAP Net Income (ex tax benefit)3 | 60.4 | 54.7 | 10.4% |
Diluted EPS | 0.43 | 0.39 | 10.1% |
Non-GAAP Diluted EPS | 0.51 | 0.47 | 7.1% |
Non-GAAP Diluted EPS (ex FX gain from RMB's | 0.39 | 0.47 | -18.2% |
Non-GAAP Diluted EPS (ex tax benefit) | 0.51 | 0.46 | 10.0% |
1 For this press release, net income and non-GAAP net income refers to GAAP net income attributable to Mindray shareholders and non-GAAP net income attributable to Mindray shareholders as stated in exhibit below, respectively. | |||
2 The non-GAAP net income (ex FX gain from RMB's depreciation against US dollars)excludes foreign exchange gain, net of related tax impact, of $14.3 million recognized in the third quarter of 2015 in relation to RMB's depreciation against US dollars. | |||
3 The non-GAAP net income (ex tax benefit)excludes the tax benefits of $1.3 million recognized in the third quarter of 2014 in relation to the nationwide key software enterprise status and the non-GAAP tax benefits of $0.1 million recognized in the third quarter of 2014 in relation to dispute related legal fees.
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