Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced selected preliminary, unaudited results for the fiscal year ended December 31, 2010.
For the year ended December 31, 2010, Mindray expects net revenues to be approximately US$703 million, compared to US$634.2 million in 2009, representing approximately 10% year-over-year growth.
Based on the estimated full year revenues, the company anticipates 2010 non-GAAP net income to grow about 10% year-over-year. Consistent with the company's previous annual guidance, the non-GAAP net income figure excludes the $8.6 million corporate income tax reduction recognized in the first quarter of 2010 and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.
"In 2010, despite the continued uncertainties in economies globally and the impact from various proposed healthcare reforms, we were encouraged to see recovery in some geographic areas," commented Mr. Xu Hang, Mindray's Chairman and Co-Chief Executive Officer. "Mindray's commitment to invest in key international markets has allowed us to capture growth opportunities and demonstrate solid performance in these regions. We have also maintained our focus on innovation and operational excellence, by launching 10 new products, delivering strong margins, and achieving double digit revenue and non-GAAP earnings growth for the year."
"As we closed the fourth quarter of 2010, we continued to see strong business growth trends in our key international markets. In China, we are on track with our strategic measures to restore growth in non-tender sales," added Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "Based on these early indications, we are setting an initial 2011 revenue growth target for the overall organization of at least 16%. Over the coming year we will look to grow profits and market share by driving new market segment penetration with products launched over the last two years, increasing efficiency of R&D, focusing on R&D investment to recruit engineering talent and broaden our product pipeline, expanding our presence in important emerging markets, further building up our developed market sales capabilities, leveraging our domestic leadership and progressing with our initiatives in sales force re-alignment, product development, branding and marketing in China. We will also strive to improve the effectiveness of our working capital utilization and adjust our overall strategy as necessary to better compete globally."
Mindray's preliminary 2010 results are unaudited and remain subject to the finalization of the company's year-end closing, reporting and audit processes. 2011 full-year guidance will be provided in the fourth quarter and 2010 year-end earnings announcement.
SOURCE Mindray Medical International Limited