Mindray Announces 2008 Fourth Quarter and Full Year Results
Posted on: Wednesday, 4 March 2009, 16:00 CST
SHENZHEN, China, March 4 /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, 2008.
The financial results reported below include the results of operations of the
patient monitoring business acquired from Datascope ("DPM") starting from May
1, 2008.
Highlights for Fourth Quarter and Full Year 2008
-- Full year 2008 revenue generated in China and international markets
increased 61.1% and 110.4%, respectively, over 2007 to a total of
$547.5 million
-- Full year 2008 non-GAAP net income, as defined below, increased 49.7%
year-over-year to $132.7 million
-- Full year 2008 non-GAAP diluted EPS, as defined below, increased 48.8%
year-over-year to $1.17
-- Strong fourth quarter operating cash flow of $40.0 million
-- Company further improved product mix and achieved new product
development goals for 2008 with ten products brought to market across
all 3 product segments
-- Enhanced presence in U.S. market and received FDA 510(k) clearance for
nine products
-- Company declares 2008 dividend of $0.20 per share
"Mindray has continued to deliver strong results despite a challenging
economic environment in the fourth quarter 2008," commented Mr. Xu Hang,
Mindray's chairman and co-chief executive officer. "In 2008, we successfully
completed and delivered initial synergy targets from the acquisition of
Datascope's patient monitoring business which greatly expanded our geographic
footprint in North America and strengthened our presence in Europe. Fully
leveraging the strength of our internal R&D and sales and marketing
capabilities, we launched ten new products during the year. Our continued
focus on operating performance enabled us to create both cost and product
development synergies from DPM, while simultaneously improving our operating
margins and operating cash flow of the overall business."
SUMMARY - 4th Quarter 2008
(US$ millions, except per-share data) 4Q/2008 4Q/2007 % change
Revenue generated in China 72.7 44.4 63.6%
Revenue generated in international
markets 95.2 46.7 103.9%
Net Revenues 167.9 91.1 84.2%
Gross Profit 91.1 48.3 88.6%
Operating Income 31.7 22.3 42.2%
Non-GAAP Operating Income (1) 36.2 25.3 43.3%
Diluted EPS 0.28 0.19 48.7%
Non-GAAP Diluted EPS (1) 0.32 0.22 44.4%
(1) Mindray provides gross margin, R&D expenses, selling expenses, general
and administrative expenses, operating margin, net income and earnings
per share on a non-GAAP basis that excludes non-cash, share-based
compensation expense, acquired inventory fair value adjustments,
acquired intangible assets amortization expense, in-progress research
and development (IPR&D), and restructuring charges to enable investors
to better assess the company's operating performance. The non-GAAP
measures are described below and reconciled to the corresponding GAAP
measure in the section below titled "Use of Non-GAAP Financial
Measures."
Revenues
Mindray reported net revenues of $167.9 million for the fourth quarter
2008, an 84.2% increase from $91.1 million for the fourth quarter 2007.
Net revenues generated in international markets in the fourth quarter 2008
increased 103.9% to $95.2 million from $46.7 million for the fourth quarter
2007, while net revenues generated in China in the fourth quarter 2008
increased 63.6% to $72.7 million from $44.4 million for the fourth quarter
2007.
Performance by Segment
Patient Monitoring & Life Support Products: Patient monitoring & life
support products segment revenues increased 151.1% to $77.9 million from $31.0
million for the fourth quarter 2007. The patient monitoring & life support
products segment contributed 46.8% to the total net segment revenues in the
fourth quarter 2008.
In-Vitro Diagnostic Products: In-vitro diagnostic products segment
revenues increased 34.3% to $36.4 million from $27.1 million in the fourth
quarter 2007. The in-vitro diagnostic products segment contributed 21.9% to
the total net segment revenues in the fourth quarter 2008.
Medical Imaging Systems: Medical imaging systems segment revenues
increased 40.8% to $42.6 million from $30.3 million in the fourth quarter 2007.
The medical imaging systems segment contributed 25.6% to the total net segment
revenues in the fourth quarter 2008.
Others: The other revenues which are primarily comprised of extended
warranty services revenues and revenues derived from the third party R&D
projects increased 564.9% to $9.4 million from $1.4 million in the fourth
quarter 2007. The other revenues contributed 5.7% to the total net segment
revenues in the fourth quarter 2008.
The segment revenue amounts discussed above exclude the shipping and
handling fees charged to customers.
Gross Margins
Fourth quarter 2008 gross profit was $91.1 million, an 88.6% increase from
$48.3 million in the fourth quarter 2007. The consolidated gross margin for
the fourth quarter 2008 was 54.3% compared to 53.0% in the fourth quarter 2007
and 54.2% in the third quarter 2008. Non-GAAP gross margin was 55.3% in the
fourth quarter 2008 compared to 53.9% in the fourth quarter 2007 and 57.0% in
the third quarter 2008.
Operating Expenses
Non-GAAP selling expenses for the fourth quarter 2008 were $26.0 million,
or 15.5% of the total net revenues, compared to 13.8% in the fourth quarter
2007 and 14.4% in the third quarter 2008. GAAP selling expenses for the fourth
quarter 2008 were $27.0 million.
Non-GAAP general and administrative expenses for the fourth quarter 2008
were $14.3 million, or 8.5% of the total net revenues, compared to 3.2% in the
fourth quarter 2007 and 8.1% in the third quarter 2008. GAAP general and
administrative expenses for the fourth quarter 2008 were $15.9 million.
Non-GAAP research and development expenses for the fourth quarter 2008
were $16.2 million, or 9.6% of the total net revenues compared to 9.1% in the
fourth quarter 2007 and 9.4% in the third quarter 2008. GAAP research and
development expenses for the fourth quarter 2008 were $16.6 million.
Total share-based compensation expenses, which were allocated to cost of
goods sold and related operating expenses, were $1.6 million in the fourth
quarter 2008 compared to $2.4 million in the fourth quarter 2007 and $2.6
million in the third quarter 2008.
Non-GAAP operating income, as defined below, in the fourth quarter 2008
was $36.2 million, a 43.3% increase from $25.3 million in the fourth quarter
2007. GAAP operating income in the fourth quarter 2008 was $31.7 million, a
42.2% increase from $22.3 million in the fourth quarter 2007. Non-GAAP
operating margin was 21.6% in the fourth quarter 2008 compared to 27.7% in the
fourth quarter 2007 and 25.6% in the third quarter 2008. GAAP operating margin
was 18.9% in the fourth quarter 2008 compared to 24.4% in the fourth quarter
2007 and 20.6% in the third quarter 2008.
Net Income
Fourth quarter 2008 non-GAAP net income increased 43.0% year-over-year to
$36.0 million from $25.2 million in the fourth quarter 2007. Fourth quarter
2008 GAAP net income was $31.6 million compared to $21.5 million in the fourth
quarter 2007. Non-GAAP net margin was 21.4% in the fourth quarter 2008
compared to 27.6% in the fourth quarter 2007 and 23.0% in the third quarter
2008. GAAP net margin was 18.8% in the fourth quarter 2008 compared to 23.6%
in the fourth quarter 2007 and 19.1% in the third quarter 2008. Fourth quarter
2008 income tax expense was $0.3 million representing an effective tax rate of
1.0% compared to a 16.9% effective tax rate in the fourth quarter 2007.
Fourth quarter 2008 basic and diluted non-GAAP earnings per share were
$0.33 and $0.32, respectively. Fourth quarter 2008 GAAP basic and diluted
earnings per share for the quarter were $0.29 and $0.28, respectively. Shares
used in the computation of diluted earnings per share decreased from 113.5
million in the fourth quarter 2007 to 112.3 million in the fourth quarter 2008.
In the fourth quarter 2008, the Shenzhen subsidiary received approval of
its application for hi-tech enterprise qualification from the relevant
government authorities. Prior to the approval, the company accrued income tax
for its Shenzhen subsidiary where the income tax rate is 18% in 2008.
Following the approval, the total income tax reversed for the full year 2008
was $4.1 million in the fourth quarter 2008, which resulted in the lower tax
rate for the fourth quarter and full year 2008 for the company.
SUMMARY - 12 Months Ended December 31, 2008
(US$ millions, except per-share data) YE/2008 YE/2007 % change
Revenue generated in China 234.5 145.5 61.1%
Revenue generated in international
markets 313.1 148.8 110.4%
Net Revenues 547.5 294.3 86.0%
Gross Profit 297.0 161.5 83.8%
Operating Income 117.5 80.0 46.9%
Non-GAAP Operating Income (2) 144.5 90.2 60.2%
Diluted EPS 0.96 0.69 38.4%
Non-GAAP Diluted EPS (2) 1.17 0.79 48.8%
(2) Mindray provides gross margin, R&D expenses, selling expenses, general
and administrative expenses, operating margin, net income and earnings
per share on a non-GAAP basis that excludes non-cash, share-based
compensation expense, acquired inventory fair value adjustments,
acquired intangible assets amortization expense, in-progress research
and development (IPR&D), and restructuring charges to enable investors
to better assess the company's operating performance. The non-GAAP
measures are described below and reconciled to the corresponding GAAP
measure in the section below titled "Use of Non-GAAP Financial
Measures."
Revenues
Mindray reported net revenues of $547.5 million for the full year 2008, an
86.0% increase from $294.3 million for full year 2007.
Net revenues generated in international markets in the full year 2008
increased 110.4% to $313.1 million from $148.8 million in 2007, while net
revenues generated in China in the full year 2008 increased 61.1% to $234.5
million from $145.5 million in 2007.
Net Income
Full year 2008 non-GAAP net income increased 49.7% year-over-year to
$132.7 million from $88.6 million in 2007. Full year 2008 GAAP net income was
$108.7 million compared to $78.0 million in 2007. Non-GAAP net margin was
24.2% in the full year 2008 compared to 30.1% in 2007. GAAP net margin was
19.9% in the full year 2008 compared to 26.5% in 2007. Full year 2008 income
tax expense was $16.9 million, representing an effective tax rate of 13.5%
compared to a 15.3% effective tax rate in the full year 2007.
Full year 2008 basic and diluted non-GAAP earnings per share were $1.24
and $1.17, respectively. Full year 2008 GAAP basic and diluted earnings per
share were $1.01 and $0.96, respectively.
Other Select Data
Average accounts receivable days outstanding was 40 days for the full year
2008 compared to 26 days for the full year 2007. Inventory turnover was 60
days for the full year 2008 compared to 55 days for the full year 2007.
Average accounts payable days outstanding was 46 days for the full year 2008
compared to 59 days for the full year 2007.
As of December 31, 2008, the company had $252.9 million in cash and cash
equivalents, restricted cash, and short-term investments. Net cash generated
from operating activities and capital expenditures for the full year 2008 were
$93.0 million and $71.1 million, respectively. In the fourth quarter 2008, the
company had a strong operating cash flow of $40.0 million.
As of December 31, 2008 the company had approximately 5,580 employees
compared to 3,705 employees on December 31, 2007.
Dividend Declaration
Mindray's board of directors has declared a cash dividend on its ordinary
shares of $0.20 per share, based on its net income for the full year 2008. The
cash dividend will be payable on or around April 24, 2009, to shareholders of
record as of March 25, 2009. The company has 107.9 million ordinary shares
outstanding as of March 1, 2009.
Business Outlook for Full Year 2009
The company expects its full year 2009 net revenue to be at least 20%
higher than its full year 2008 net revenue. This guidance includes a full year
of revenues from DPM compared to 8 months of DPM revenues included in 2008.
This guidance reflects an assumption that foreign exchange rates remain
constant at RMB6.85 to the dollar and $1.28 to the euro.
The company also expects its full year 2009 non-GAAP EPS to grow 20% over
its non-GAAP EPS for full year 2008.
The company expects its capital expenditure for 2009 to be in the range of
$40 million to $60 million.
The company's practice is to provide guidance on a full year basis only.
This forecast reflects Mindray's current and preliminary views, which are
subject to change.
"Despite the continued economic challenges we are all witnessing, we are
confident Mindray can achieve at least 20% revenue growth in 2009, with
stronger growth coming in the second half of the year," commented Mr. Li
Xiting, Mindray's president and co-chief executive officer. "For 2009, we will
continue to work towards a successful integration of DPM to improve our
product and geographic mix and offer cross-selling and market share gain
opportunities. We hope to gain market share based on the increasing
attractiveness of our high performance-price products to an increasingly
cost-conscious customer base. In addition, to improve our international
distribution platform, we plan to expand and localize our international
distribution teams at reasonable costs. Mindray is well positioned to navigate
these unprecedented times and to capitalize on any opportunities that may
emerge because of the diversity of our product offering across a range of
price points, our ability to closely manage costs, and the strength of our
balance sheet."
Conference Call Information
Mindray's management will hold an earnings conference call at 8:00 AM on
March 5, 2009 U.S. Eastern Time (9:00 PM on March 5, 2009 Beijing/Hong Kong
Time).
Dial-in details for the earnings conference call are as follows:
Hong Kong: +852-3002-1672
U.S. Toll Free: +1-866-362-4820
International: +1-617-597-5345
Passcode for all regions: Mindray
A replay of the conference call may be accessed by phone at the following
numbers until March 16, 2009.
U.S. Toll Free: +1-888-286-8010
International: +1-617-801-6888
Passcode: 8707 6749
Additionally, a live and archived webcast of this conference call will be
available on the Investor Relations section of Mindray's website at
http://www.mindray.com .
Use of Non-GAAP Financial Measures
The company has reported for the fourth quarter 2008 and provided
estimates for full year 2009 net income, operating income, or earning per
share on a non-GAAP basis. Each of the terms as used by the company is defined
as follows:
-- Non-GAAP gross profit represents gross profit reported in accordance
with GAAP, adjusted for the effects of share-based compensation,
acquired inventory fair value adjustments and expense and/or
amortization of acquired intangible assets.
-- Non-GAAP operating income represents operating income reported in
accordance with GAAP, adjusted for the effects of share-based
compensation, acquired inventory fair value adjustments and expense
and/or amortization of acquired intangible assets including, but not
limited to, in-progress research and development (IPR&D) and
restructuring charges.
-- Non-GAAP net income represents net income reported in accordance with
GAAP, adjusted for the effects of share-based compensation, acquired
inventory fair value adjustments and expense and/or amortization of
acquired intangible assets including, but not limited to, IPR&D, and
restructuring charges, all net of related tax impact.
-- Non-GAAP earnings per share represents non-GAAP net income divided by
the number of shares used in computing basic and diluted earnings per
share in accordance with GAAP, and excludes the impact of the deemed
dividends for the basic calculation.
In addition to Mindray's consolidated financial results under GAAP, the
Company also provides non-GAAP financial measures, including non-GAAP gross
margin, non-GAAP operating profit, non-GAAP selling expenses, non-GAAP general
and administrative expenses, non-GAAP R&D expenses, non-GAAP net income and
non-GAAP earnings per share on a basic and fully diluted basis. The Company
believes that both management and investors benefit from referring to these
non-GAAP financial measures in assessing Mindray's financial performance and
liquidity and when planning and forecasting future periods. These non-GAAP
operating measures are useful for understanding and assessing Mindray's
underlying business performance and operating trends and the Company expects
to report operating profit and net income on a non-GAAP basis using a
consistent method on a quarterly basis going forward.
The Company computes its non-GAAP financial measures using the same
consistent method from quarter to quarter. The Company notes that these
measures may not be calculated on the same basis of similar measures used by
other companies. Readers are cautioned not to view non-GAAP results on a
stand-alone basis or as a substitute for results under GAAP, or as being
comparable to results reported or forecasted by other companies, and should
refer to the reconciliation of GAAP results with non-GAAP results for the full
year periods ended December 31, 2007 and 2008, respectively, in the attached
financial information.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements," including those
related to the company's anticipated financial condition, operating results,
prospects, and business outlook for fiscal year 2009, customer acceptance of
company products, continued R&D spending levels, increased headcounts, growth
in the company's business segments and geographies, business execution, growth
in medical spending and the factors driving that growth, international
expansion, integration of a recently acquired business, introduction of new
products, expansion into new geographic markets and localizing our
distribution teams, our ability to gain market share, our ability to control
costs, and our ability to cross sell products. These statements are not
historical facts but instead represent only our belief regarding future events,
many of which, by their nature, are inherently uncertain and outside of our
control. It is possible that our actual results and financial condition and
other circumstances may differ, possibly materially, from the anticipated
results and financial condition indicated in these forward-looking statements.
Readers are cautioned that these forward-looking statements are only
predictions and may differ materially from actual future events or results due
to a variety of factors, including but not limited to: the expected growth of
the medical device market in China and internationally; relevant government
policies and regulations relating to the medical device industry; market
acceptance of our products; our expectations regarding demand for our products;
our ability to expand our production, our sales and distribution network and
other aspects of our operations; our ability to stay abreast of market trends
and technological advances; our ability to effectively protect our
intellectual property rights and not infringe on the intellectual property
rights of others; competition in the medical device industry in China and
internationally; and general economic and business conditions in the countries
in which we operate. The financial information contained in this release
should be read in conjunction with the consolidated financial statements and
notes thereto included in our public filings with the Securities and Exchange
Commission. For a discussion of other important factors that could adversely
affect our business, financial condition, results of operations and prospects,
see "Risk Factors" beginning on page 5 of our annual report on Form 20-F,
filed on June 30, 2008. Our results of operations for the fourth quarter of
2008 and for fiscal year 2008 are not necessarily indicative of our operating
results for any future periods. Any projections in this release are based on
limited information currently available to us, which is subject to change.
Although such projections and the factors influencing them will likely change,
we will not necessarily update the information. Such information speaks only
as of the date of this release.
All references to "shares" are to our ordinary shares, which are divided
into two classes, Class A and Class B. Each of our American Depositary Shares,
which trade on the New York Stock Exchange, represents one Class A ordinary
share.
About Mindray
Mindray is a leading developer, manufacturer and marketer of medical
devices worldwide. Established in 1991, Mindray offers a broad range of
products across three primary business segments: patient monitoring & life
support products, in-vitro diagnostic products and medical imaging systems.
Mindray is globally headquartered in Shenzhen, China, with U.S. headquarters
in Mahwah, New Jersey. Mindray also has another 12 international sales and
service offices in Amsterdam, Frankfurt, Istanbul, London, Mexico City, Moscow,
Mumbai, Paris, Sao Paolo, Seattle, Toronto and Vancouver. For more information,
please visit http://www.mindray.com .
MINDRAY MEDICAL INTERNATIONAL LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
As at December 31, As at December 31,
2007 2008
US$ US$
(unaudited) (unaudited)
ASSETS (In thousands) (In thousands)
Current assets:
Cash and cash
equivalents 189,045 96,370
Restricted cash -
short-term (note 3) -- 119,711
Short-term
investments (note 3) 55,897 36,780
Accounts receivable,
net 28,813 89,735
Inventories 24,816 57,466
Value added tax
receivables -- 13,566
Other receivables 5,401 7,471
Prepayments and other 1,920 4,503
Deferred tax assets -
current portion 603 1,812
Total current assets 306,495 427,414
Long-term investments 34,272 --
Other assets 2,695 1,724
Advance for purchase
of plant and
equipment 18,103 46,275
Land use right and
property, plant and
equipment, net 50,491 129,120
Intangible assets,
net 17,910 67,004
Goodwill 16,748 114,234
Total assets 446,714 785,771
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank loan -- 157,007
Notes payable 8,700 7,449
Accounts payable 18,208 29,009
Advance from
customers 7,224 7,523
Salaries payables 8,343 16,797
Other payables 17,089 46,911
Income taxes payable 7,711 10,727
Other taxes payable 2,029 4,398
Total current
liabilities 69,304 279,821
Other long-term payables -- 7,120
Minority interests 2 2
Deferred tax liabilities, net 3,386 736
Shareholders' equity:
Ordinary shares 13 14
Additional paid-in
capital 260,107 274,993
Retained earnings 94,466 183,886
Accumulated other
comprehensive loss 19,436 39,199
Total shareholders'
equity 374,022 498,092
Total liabilities and shareholders'
equity 446,714 785,771
(3) Restricted as the security package required for the bank loans as of
December 31, 2008. Use of such funds are permitted provided that the
proportionate amount of debt must be retired concurrently. As of
December 31, 2008, the short-term bank loans can be fully repaid from
such short-term restricted cash and short-term investments.
MINDRAY MEDICAL INTERNATIONAL LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
December 31, Year ended December 31,
2007 2008 2007 2008
US$ US$ US$ US$
(unaudited) (unaudited) (unaudited) (unaudited)
(In thousands, except (In thousands, except
share and per share data) share and per share data)
Net revenues
-PRC 44,427 72,691 145,493 234,454
- International 46,706 95,212 148,802 313,073
Net revenues 91,133 167,903 294,295 547,527
Cost of revenues (note
4) (42,810) (76,754) (132,768) (250,573)
Gross profit 48,323 91,149 161,527 296,954
Selling expenses (note
4) (13,367) (26,976) (41,083) (80,088)
General and
administrative
expenses (note 4)
(note 5) (3,512) (15,921) (12,018) (40,767)
Research and
development expenses
(note 4) (9,182) (16,585) (28,389) (51,945)
Expense of in-progress
research &
development -- -- -- (6,600)
Other general expenses 2 (14) (24) (35)
Operating income 22,264 31,653 80,013 117,519
Other income, net 833 2,008 2,357 4,918
Interest income 2,718 875 9,726 8,361
Interest expense (3) (2,626) (11) (5,163)
Income before income
taxes and minority
interests 25,812 31,910 92,085 125,635
Provision for income
taxes (4,350) (308) (14,043) (16,948)
Minority interests -- -- -- --
Net Income 21,462 31,602 78,042 108,687
Basic earnings per
share 0.20 0.29 0.73 1.01
Diluted earnings per
share 0.19 0.28 0.69 0.96
Shares used in the
computation of:
Basic earnings per
share 106,774,444 107,689,743 106,328,347 107,366,250
Diluted earnings per
share 113,457,341 112,316,513 112,678,984 113,364,756
(4) Share-based
compensation
charges incurred
during the period
related to:
Cost of revenues 112 89 267 423
Selling expenses 817 356 2,781 2,870
General and
administrative
expenses 577 700 2,232 2,697
Research and
development expenses 862 414 2,431 2,731
(5) Amortization of intangible assets increased $1.6 million during the
three-month period ended September 30, 2008 as a result of recognizing
the cumulative effect of an understatement of amortization of
intangible assets during the year ended December 31, 2006. The Company
concluded that the amount of the understatement was not material to
the financial statements in any previous periods, nor to the net
income for the year ended December 31, 2008 or the trend of earnings.
MINDRAY MEDICAL INTERNATIONAL LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES
TO THE NEAREST COMPARABLE GAAP MEASURES
Three months ended
December 31, Year ended December 31,
2007 2008 2007 2008
US$ US$ US$ US$
(unaudited) (unaudited) (unaudited) (unaudited)
(In thousands, except (In thousands, except
share and per share data) share and per share data)
Net revenues 91,133 167,903 294,295 547,527
Non-GAAP net
income 25,155 35,969 88,644 132,671
Non-GAAP net
margin 27.6% 21.4% 30.1% 24.2%
Amortization
of acquired
intangible
assets,
acquired
inventory
fair value
adjustments
and IPR&D (641) (2,094) (2,484) (17,373)
Deferred tax
impact
related to
acquired
intangible
assets 96 (651) 373 2,173
Effect of
change in tax
rate on
deferred tax (780) 836 (780) 836
Restructuring
charges -- (899) -- (899)
Share-based
compensation (2,368) (1,559) (7,711) (8,721)
GAAP net
income 21,462 31,602 78,042 108,687
GAAP net
margin 23.6% 18.8% 26.5% 19.9%
Non-GAAP
income per
share - basic 0.24 0.33 0.83 1.24
Non-GAAP
income per
share -
diluted 0.22 0.32 0.79 1.17
GAAP income
per share -
basic 0.20 0.29 0.73 1.01
GAAP income
per share -
diluted 0.19 0.28 0.69 0.96
Shares used
in
computation
of:
Basic
earnings per
share 106,774,444 107,689,743 106,328,347 107,366,250
Diluted
earnings per
share 113,457,341 112,316,513 112,678,984 113,364,756
Non-GAAP
operating
income 25,273 36,205 90,208 144,512
Non-GAAP
operating
margin 27.7% 21.6% 30.7% 26.4%
Amortization
of acquired
intangible
assets,
acquired
inventory
fair value
adjustments
and IPR&D (641) (2,094) (2,484) (17,373)
Restructuring
charges -- (899) -- (899)
Share-based
compensation (2,368) (1,559) (7,711) (8,721)
GAAP operating
income 22,264 31,653 80,013 117,519
GAAP operating
margin 24.40% 18.90% 27.20% 21.50%
Non-GAAP gross
profit 49,076 92,813 164,278 306,488
Non-GAAP gross
margin 53.9% 55.3% 55.8% 56.0%
Amortization
of acquired
intangible
assets and
acquired
inventory
fair value
adjustments (641) (1,575) (2,484) (9,111)
Share-based
compensation (112) (89) (267) (423)
GAAP gross
profit 48,323 91,149 161,527 296,954
GAAP gross
margin 53.0% 54.3% 54.9% 54.2%
SOURCE Mindray Medical International Limited
Source: PR Newswire
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