Montage Resources Corporation (NYSE:MR)

Montage Resources Corporation (NYSE:MR) (the "Company" or "Montage Resources") today has provided updated operational and financial guidance in response to current market conditions.

Updated 2020 Plan Highlights:

Revised full year capital spend of between $145 - $165 million, an approximate 23% reduction at the midpoint versus the previously spend of between $190 - $210 million
Reaffirms full year production of between 570 – 590 MMcfe per day, primarily driven by expected outperformance in first quarter 2020 production, further improved cycle times for remaining 2020 turn-to-sales, and gassier 2020 well mix
Strategic shift in activity levels which reduces the Ohio Marcellus weighted activity and increases the Utica Dry Gas weighted activity versus the previously announced capital spending plan

John Reinhart, President and CEO, commented on the Company’s updated capital plan and guidance, "With a solid balance sheet, peer-leading cash operating margins and minimal long-term commitments, Montage will remain flexible and nimble as we continue to optimize development and monitor market conditions. The Company has a proven track record of adjusting activity and delivering cost savings to maximize cash flow. By strategically shifting operational activity and the production mix, we expect to continue to achieve an extremely high level of capital efficiency with the approximate 23% capital savings while maintaining our overall production, based on the respective guidance midpoints, and subsequently allowing the Company to capture any potential benefits of the more constructive natural gas macro environment in the second half of 2020 and 2021. In addition, we are continuing to act opportunistically in the current commodity price environment and tactically add additional downside protection to our cash flows by actively managing our hedge book. Finally, incremental cost savings initiatives are being implemented across our operations as part of the commitment to focus on targeting free cash flow generation, which includes further drilling and completion unit cost reductions as well as operating and corporate overhead expense reductions."

2020 Capital Expenditure Budget

The updated capital expenditure budget for 2020 of approximately $145 - $165 million is based upon a front-loaded one rig drilling program. This capital budget is allocated approximately 90% for drilling and completions activities and approximately 10% for land and other expenditures. Development activity is concentrated in the Company’s stacked pay area within the Ohio Marcellus and Utica Dry gas areas located in Monroe County, Ohio. The updated capital budget assumes the drilling of between 12 to 16 gross horizontal shale wells, the completion of 13 to 17 gross horizontal shale wells and between 12 to 16 gross horizontal shale wells turned to sales, with approximately 65% of the capital spend weighted toward the first half of 2020. The Company anticipates approximately 75% of the wells drilled to be in the Company’s Ohio Utica acreage and approximately 25% in the Ohio Marcellus acreage area, which is a meaningful shift from the 35% Utica Dry/65% Marcellus split in the previous capital spending plan.

Net production volumes for 2020 are expected to be between 570 to 590 MMcfe per day with approximately 82% of 2020 production from natural gas and approximately 18% from oil and natural gas liquids. The projected production profile for 2020 remains significantly above the Company’s firm transportation commitments and provides multiple options regarding development activity, while also allowing the Company to continue to maximize its realized natural gas price from a balanced portfolio of sales points both in-basin and out-of-basin.

IRVING, Texas--(BUSINESS WIRE)--Montage Resources Corporation (NYSE:MR) (the “Company” or “Montage Resources”) today announced its fourth quarter and full year 2019 operational and financial results. In addition, the Company will be posting an updated investor presentation to its corporate website.

Fourth Quarter 2019 Highlights:

Average net daily production was 623.4 MMcfe per day
Average natural gas equivalent realized price was $3.01 per Mcfe, including cash settled derivatives and excluding firm transportation expenses
Per unit cash production costs (including lease operating, transportation, gathering and compression, production and ad valorem taxes) were $1.33 per Mcfe
Net income was $14.1 million; Income from continuing operations before income taxes was $14.0 million; Adjusted net income1 was $31.8 million; and Adjusted EBITDAX1 was $87.6 million, above of analyst consensus expectations

Full Year 2019 Highlights:

Average net daily production was 547.8 MMcfe per day
Average natural gas equivalent realized price was $3.06 per Mcfe, including cash settled derivatives and excluding firm transportation expense
Per unit cash production costs (including lease operating, transportation, gathering and compression, production and ad valorem taxes) were $1.32 per Mcfe
Net income was $31.8 million; Income from continuing operations before income taxes was $30.4 million; Adjusted net income1 was $84.9 million; and Adjusted EBITDAX1 was $311.1 million, above analyst consensus expectations.

John Reinhart, President and CEO, commented on the Company’s operational and financial results, “In 2019 the Company delivered higher production, lower operating costs, lower overhead costs, increased net income, improved adjusted EBITDAX1, and lower capital spending than initially guided, all while adding over $275 million in borrowing base capacity and keeping financial leverage2 below 2 times. I am extremely proud of the team and the numerous successes realized, all while managing through the integration since the transformational Blue Ridge merger one year ago, as well as a challenging commodity price environment. The current operating environment reinforces the importance of being a low-cost producer with high quality assets, maintaining a top performing execution team and having limited commitments.

In 2020, Montage Resources will continue its focus on the execution of a business plan that positions the company favorably with moderate scale, a low-cost structure and solid balance sheet. We remain advantaged from an operational flexibility standpoint and maintain the optionality to adjust capital expenditures during 2020 as commodity prices dictate in order to target a cash flow positive position. The Company has established a track record of realizing fundamental corporate value enhancements and will continue to evaluate a full range of strategic, tactical and operational opportunities aimed at maximizing long-term shareholder value.”

SHENZHEN, China, Feb. 26, 2016 /PRNewswire/ -- Mindray Medical International Limited ("Mindray" or the "Company", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced that at an extraordinary general meeting of shareholders held today, the Company's shareholders voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger (the "Merger Agreement"), dated as of November 4, 2015 and amended on December 20, 2015, among the Company, Solid Union Limited ("Merger Sub") and Excelsior Union Limited ("Parent") and the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands, substantially in the form attached as Annex A to the Merger Agreement (the "Plan of Merger") and the transactions contemplated by the Merger Agreement, including the merger (as defined below). Pursuant to the Merger Agreement, Merger Sub will be merged with and into the Company with the Company surviving as a wholly owned subsidiary of Parent (the "merger").

Approximately 77.3% of the Company's total outstanding ordinary shares voted in person or by proxy at today's extraordinary general meeting. Of these ordinary shares voted in person or by proxy at the extraordinary general meeting, approximately 82.6% were voted in favor of the proposal to authorize and approve the Merger Agreement, the Plan of Merger, and the transactions contemplated thereby, including the merger.

The parties to the Merger Agreement currently expect to complete the merger in March 2016, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. Upon completion of the merger, Mindray will become a privately held company and its American depositary shares, each representing one ordinary share of the Company, will no longer be listed on the New York Stock Exchange.

SHENZHEN, China, November 20, 2015 /PRNewswire/ -- Mindray Medical International Limited (the "Company", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today that the company and various of its subsidiaries (collectively, "Mindray"), have entered into a Settlement and Covenant Not to Sue Agreement with Masimo Corporation and various of its subsidiaries (collectively, "Masimo") whereby Mindray and Masimo have each agreed to settle and dismiss, as applicable, their patent, contract and anti-trust claims and counterclaims in the U.S. and China against each other and entered into a patent-related covenant not to sue.

Pursuant to the settlement, among other things, Mindray has agreed, subject to limited exceptions, that from the settlement date through December 31, 2027 it will purchase all pulse oximetry technology components for Mindray patient monitoring products sold in the U.S. and Canada from Masimo (Masimo is already Mindray's primary supplier of these components for sales in the U.S.). In addition, Mindray has agreed to pay Masimo $25 million (to be paid in full by mid-January 2016) and assigned to Masimo certain patents (covering areas not practiced in Mindray's products).

Mindray expects a related Q4 2015 charge of $15.3 million (with $9.7 million previously accrued in 2012), and it has determined these arrangements are immaterial to its operations as a whole and will not adversely impact its business.

SHENZHEN, China, November 4, 2015 /PRNewswire/ -- Mindray Medical International Limited ("Mindray" or the "Company", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today that it has entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") with Excelsior Union Limited ("Parent") and Solid Union Limited ("Merger Sub"), pursuant to which Parent will acquire the Company for cash consideration equal to US$28.0 per ordinary share of the Company (a "Share") or US$28.0 per American Depositary Share, each representing one Share (an "ADS"), in a transaction valuing the Company at approximately US$3.3 billion, on a fully diluted basis. This price represents a premium of 1.9% over the Company's closing price of US$27.47 per ADS on June 3, 2015, the last trading day prior to June 4, 2015, the date that the Company announced it had received a "going private" proposal.

Immediately after the completion of the transactions contemplated by the Merger Agreement (the "Transactions"), Parent will be beneficially owned by Mr. Li Xiting, the executive chairman of the board of directors of the Company (the "Board"), president and co-chief executive officer of the Company, Mr. Xu Hang, the chairman of the Board, and Mr. Cheng Minghe, the co-chief executive officer and chief strategic officer of the Company (collectively, the "Buyer Group"). The members of the Buyer Group, currently beneficially own, in the aggregate, approximately 27.7% of the outstanding Shares of the Company, representing approximately 63.5% of the total number of votes represented by the Company's outstanding Shares.

Subject to the terms and conditions of the Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Parent (the "Merger"). Pursuant to the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each Share issued and outstanding immediately prior to the Effective Time (including Shares represented by ADSs) will be cancelled and cease to exist in exchange for the right to receive US$28.0 per Share, or US$28.0 per ADS, in each case, in cash without interest, except for (a) Shares, including such Shares represented by the ADSs, beneficially owned by the Buyer Group which will be cancelled and cease to exist without payment of any consideration or distribution therefor, and (b) Shares held by the Company's shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the Merger pursuant to Section 238 of the Companies Law of the Cayman Islands (the "Dissenting Shares"), which will be cancelled and cease to exist in exchange for the right to receive the payment of fair value of the Dissenting Shares in accordance with Section 238 of the Companies Law of the Cayman Islands.

The Board, acting upon the unanimous recommendation of a committee of independent directors established by the Board (the "Special Committee"), approved the Merger Agreement and the Transactions, including the Merger, and resolved to recommend that the Company's shareholders vote to authorize and approve the Merger Agreement and the Transactions, including the Merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its financial and legal advisors.

The Merger, which is currently expected to close during the first quarter of 2016, is subject to various closing conditions, including a condition that the Merger Agreement be authorized and approved by an affirmative vote of the Company's shareholders representing at least two-thirds of the Shares present and voting in person or by proxy as a single class at a meeting of the Company's shareholders convened to consider the authorization and approval of the Merger Agreement and the Transactions, including the Merger. Each member of the Buyer Group has agreed to vote all of the Shares (including Shares represented by the ADSs) beneficially owned by them in favor of the authorization and approval of the Merger Agreement and the Transactions. If completed, the Transactions will result in the Company becoming a privately-held company and its ADSs will no longer be listed on the New York Stock Exchange.

Merger Sub has entered into a debt commitment letter pursuant to which Bank of China Limited Macau Branch and Ping AN Bank Co., Ltd. have agreed to provide a term loan facility in an aggregate amount of up to US$2,050 million for the Transactions, subject to certain conditions.

The Company will prepare and file with the U.S. Securities and Exchange Commission (the "SEC") a Schedule 13E-3 transaction statement, which will include a proxy statement of the Company. The Schedule 13E-3 will include a description of the Merger Agreement and contain other important information about the Transactions, the Company and the other participants in the Transactions.

Lazard Asia (Hong Kong) Limited ("Lazard") is serving as the financial advisor to the Special Committee. Shearman & Sterling and Walkers are serving as U.S. legal counsel and Cayman Islands legal counsel to the Special Committee, respectively. Davis Polk & Wardwell is serving as legal advisor to Lazard.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal counsel to the Buyer Group. Fangda Partners and Conyers Dill & Pearman are serving as PRC legal counsel and Cayman Islands legal counsel to the Buyer Group, respectively.

SHENZHEN, China, September 10, 2015 /PRNewswire/ -- Mindray Medical International Limited ("Mindray") (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced that the board of directors of the Company (the "Board") has received a revised non-binding proposal, dated September 10, 2015, from Mr. Li Xiting, its Executive Chairman of the Board, President and Co-CEO, Mr. Xu Hang, its Chairman of the Board, and Mr. Cheng Minghe, its Co-CEO and Chief Strategic Officer (collectively, the "Buyer Group"), to acquire all of the outstanding shares of the Company not already owned by the Buyer Group for US$27 per American Depositary Share ("ADS", each ADS representing one ordinary share) or US$27 per ordinary share in cash, subject to certain conditions. A copy of the proposal letter is attached to this press release.

The special committee of the Board (the "Special Committee"), formed to consider the original proposal by the Buyer Group, is evaluating this revised proposal with the assistance of its financial and legal advisors. The Special Committee cautions the Company's shareholders and others considering trading in the Company's securities that no decision has been made by the Special Committee or the Board with respect to the revised proposal. There can be no assurance that any definitive offer will be made, any agreement will be executed or that this or any other transaction will be approved or consummated.

Second Quarter 2015 Financial Results

• Net revenues reached $336.8 million, up from $334.5 million a year ago.
• Second quarter basic and diluted non-GAAP earnings per share were both $0.42, compared to $0.57 and $0.56 respectively in the second quarter of 2014.

"In the second quarter, the tough operating environment weighed on our financial results. Demand in our major markets remained sluggish and we continued to experience currency headwinds and intensifying competition," commented Mr. Li Xiting, Mindray's Executive Chairman, President and Co-Chief Executive Officer. "However, we are encouraged by the consistent strong growth of our reagent sales. Our R&D productivity also remained strong, with the introduction of four new products during the second quarter."

Business Outlook for Full Year 2015

Mindray now expects its full year 2015 net revenues to grow by a low-single-digit percentage over its full year 2014 net revenues.

Mindray has revised its full year 2015 non-GAAP net income and now expects it to decrease by around 30% over its full year 2014 non-GAAP net income. This revision is due to lower revenue guidance and lower interest income. The non-GAAP net income guidance continues to assume the 2015 payments related to the recently announced employee incentive and talent retention program will be distributed half in equity based compensation and half in cash. Please note, however, that this assumption is subject to change and the exact impact will depend on the actual split between equity based compensation and cash payments. The company will provide more updates as additional details of the program are finalized. The non-GAAP net income guidance also excludes the tax benefits related to the nationwide key software enterprise status and projects a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for full year 2015 to be around $150 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.

"Although the near-term outlook of our overall business remains challenging amid a difficult environment, we are working diligently to strengthen our competitive position and seize business opportunities," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "Our goal is to build a stronger foundation for sustainable future growth. We will continue to invest prudently into our global sales, marketing, and distribution networks, as well as product development capabilities. We will continue to pursue attractive M&As and other partnerships opportunities to ensure the future success of Mindray."

SHENZHEN, China, July 7, 2015 /PRNewswire/ -- Mindray Medical International Limited ("Mindray", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today a definitive agreement to acquire the remaining stake in Wuhan Dragonbio Surgical Implant Co., Ltd. ("Dragonbio") for approximately US$72.6 million.

Dragonbio is a domestic medical orthopedic-product provider that specializes in trauma, spine, joint and other surgical products. Prior to today's announcement, Mindray already has a controlling stake of Dragonbio, which was acquired in 2012. The transaction will be funded through Mindray's existing cash reserves and is expected to close in July. Mindray expects the deal to have non-material impact on its 2015 financial results.

"Since we acquired a majority stake of Dragonbio in 2012, the integration has been well on track," said Mr. Minghe Cheng, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "We are optimistic about the prospects of the orthopedic consumable market in China and have therefore decided to make Dragonbio our wholly owned subsidiary. The transaction is expected to help us manage and expand the business more efficiently and effectively through our strong capital position, large-scale operational experience and worldwide presence."

SHENZHEN, China, June 24, 2015 /PRNewswire/ -- Mindray Medical International Limited ("Mindray" or the "Company") (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today that its board of directors has formed a special committee (the "Special Committee") comprised of three independent directors of the Company, Mr. Ronald Ede, Mr. Kern Lim and Mr. Qiyao Wu, to consider the previously announced non-binding proposal (the "Proposal") received by the Company's board of directors (the "Board") on June 4, 2015 from Mr. Li Xiting, its Executive Chairman of the Board, President and Co-Chief Executive Officer, Mr. Xu Hang, its Chairman of the Board, and Mr. Cheng Minghe, its Co-Chief Executive Officer and Chief Strategic Officer (collectively, the "Buyer Group").

As previously announced, the Proposal contemplates the Buyer Group acquiring all of the outstanding ordinary shares of the Company not beneficially owned by the Buyer Group, including ordinary shares represented by the Company's American depositary shares or "ADSs" (each representing one ordinary share of the Company) in a going private transaction at a price of US$30.00 in cash per ordinary share or ADS, subject to certain conditions (the "Proposed Transaction"). The Board has formed the Special Committee, consisting of independent directors that are unaffiliated with members of the Buyer Group and not management members of the Company, to exclusively evaluate and, if appropriate, negotiate the Proposed Transaction on behalf of the Company and to consider other strategic options available to the Company.

The Special Committee has retained Lazard Asia (Hong Kong) Limited as its independent financial advisor and Shearman & Sterling as its U.S. legal counsel to assist it in its evaluation of the Proposed Transaction and any other alternative transaction.

The Company cautions its shareholders and others considering trading in its securities that neither the Special Committee nor the Board has set a definitive timetable for the completion of its evaluation of the Proposed Transaction or any other alternative transaction and the Company does not currently intend to announce developments unless and until an agreement has been reached. However, there can be no assurance that any definitive offer will be made, that any agreement will be executed or that the Proposed Transaction or any other transaction will be approved or consummated.

SHENZHEN, China, June 4, 2015 /PRNewswire/ -- Mindray Medical International Limited ("Mindray," NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal letter dated June 4, 2015 from Mr. Li Xiting, its Executive Chairman of the Board, President and Co-Chief Executive Officer, Mr. Xu Hang, its Chairman of the Board, and Mr. Cheng Minghe, its Co-Chief Executive Officer and Chief Strategic Officer (collectively, the "Buyer Group"), to acquire all of the outstanding shares of the Company not already owned by the Buyer Group in a going private transaction for US$ 30.0 per American Depositary Share ("ADS", each ADS representing one ordinary share) or US$ 30.0 per ordinary share in cash, subject to certain conditions. A copy of the proposal letter is attached hereto as Exhibit A.

The Board intends to form a special committee consisting of independent directors to consider this proposal. The Company cautions its shareholders and others considering trading in its securities that the Board just received the non-binding proposal and has not made any decisions with respect thereto. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

First Quarter 2015 Financial Results

• Net revenues increased 2.9% year-over-year to $272.5 million.
• First quarter 2015 basic and diluted non-GAAP earnings per share were both $0.33, compared to $0.39 for both in the first quarter of 2014.

"In the first quarter, the persistently challenging market conditions, currency headwinds as well as growing competition in our key regions impacted our business. However, we recorded robust sales growth in the Asia Pacific region, thanks to our continued investments to build stronger local presence," commented Mr. Li Xiting, Mindray's Executive Chairman, President and Co-Chief Executive Officer. "Our IVD reagent sales also performed well. As sales continue to ramp up for our key IVD products, we remain upbeat about the potential of this segment. In addition, we launched three products during the quarter and are well on track to meet our product launch target this year."

Business Outlook for Full Year 2015

Mindray continues to expect its full year 2015 net revenues to grow by a mid-single digit percentage over its full year 2014 net revenues.

Previous guidance for full year 2015 non-GAAP net income is being revised to reflect the impact of the newly announced employee incentive and talent retention program, as well as pricing pressure as a result of rising competition. Assuming the related 2015 payments are distributed half in equity based compensation and half in cash, Mindray forecasts its full year 2015 non-GAAP net income to decrease by a high-teens percentage over its full year 2014 non-GAAP net income. Please note, however, that this assumption is subject to change and the exact impact on the guidance will depend on the actual split between equity based compensation and cash payments. The company will provide more updates as additional details of the program are finalized. The non-GAAP net income guidance also excludes our tax benefits related to the nationwide key software enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company continues to expect its capital expenditure for full year 2015 to be around $150 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.

"Looking forward, the outlook of our overall operating environment in major markets remains challenging. We are, however, optimistic about the long-term potential of our business in these markets and will continue to execute our investment strategy," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "Mindray sees our top talents as our most valuable asset and we are working on a new employee incentive and talent retention program that should help us effectively retain our key employees. Also, in light of increasing competition, we intend to adopt a more competitive pricing strategy to strengthen our market position. Although we are lowering our net income guidance as a result of these initiatives, we firmly believe that they will serve us well in ensuring the future success of our company."

Fourth Quarter 2014 Financial Results

• Full year net revenues increased 9.0% year-over-year to $1.3 billion.
• Basic and diluted non-GAAP earnings per share were $0.51 and $0.50, compared to $0.62 for both in the fourth quarter of 2013.

"In 2014, Mindray continued to focus on innovation and strengthening its core competencies in the face of a tough operating environment across major markets. Western Europe remained a bright spot and its growth reflected the success of our investments over the last few years. The IVD segment performed well, largely driven by reagents sales increase. Longer term, we remain upbeat about our IVD business, based on the ramp up of our higher-end products and our ability to offer total solutions to customers," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "We invested more in R&D and introduced eight new products to the market during the year. The continued dividend payout demonstrated our commitment to returning capital to our shareholders despite the challenges we faced."

Business Outlook for Full Year 2015

The company anticipates its full year 2015 net revenues to grow by a mid-single digit percentage over its full year 2014 net revenues. The company also expects its full year 2015 non-GAAP net income to decrease by a high-single digit percentage over its full year 2014 non-GAAP net income. This guidance excludes the tax benefits related to the nationwide key software enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for 2015 to be around $150 million.

SHENZHEN, China, January 12, 2015 /PRNewswire/ -- Mindray Medical International Limited ("Mindray," 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, 2014. The company also provided net revenues guidance for 2015.

For the year ended December 31, 2014, Mindray expects net revenues to be approximately US$1,318 million, representing a year-over-year growth of approximately 8.6%. Based on the estimated full-year revenues, the company anticipates 2014 non-GAAP net income to be approximately US$220 million, compared to US$237 million a year ago. The non-GAAP net income figure excludes the tax benefits related to the key software enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

This year, Mindray anticipates its net revenues to grow by a mid-single digit percentage year-over-year. Full-year guidance for 2015 will be provided in the fourth quarter and full-year 2014 earnings announcement.

In addition, the board of directors recently appointed Mr. Kern Lim as chairman of the audit committee and Mr. Ronald Ede as an audit committee member. Both Mr. Lim and Mr. Ede are current board members of the company.

"The overall operating environment in 2014 was challenging for our business, particularly the widespread weakness in the domestic Chinese market and significant headwinds as a result of unfavorable economic, currency and political developments in several key emerging markets," commented Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "Nevertheless, we are delighted that Western Europe performed well. We are also happy that our IVD segment recorded good growth with reagent sales continuing its upward trend. Over the past year, we launched nine new products and continued to strengthen our core capabilities in major markets."

"Looking ahead, the overall market conditions in key regions remain volatile," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "Having said that, we will continue to pursue long-term growth by strengthening our R&D, sales, marketing and distribution capabilities. This year, we look forward to introducing another seven to 10 new products. We will also actively explore M&As and other collaboration opportunities to drive the success of the company."

Third Quarter 2014 Financial Results

• Net revenues increased 9.6% year-over-year to $324.6 million. China sales grew 17.9% year-over-year, representing 48.0% of the company's total net revenues.
• Diluted earnings per share was 0.39 vs. last years same quarter of 0.25

"In the third quarter, we are delighted to see our sales in China and Western Europe achieving double-digit growth. Nevertheless, we experienced sustained softness in some of our key emerging markets as a result of unfavorable currency fluctuations and political tensions," commented Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "In addition, our reagents as well as the high-end hematology and high-speed biochemistry analyzers performed well in China. This reflects our success in introducing high-end products to grow the recurring revenue stream in our IVD segment."

Business Outlook for Full Year 2014

Mindray now expects its full year 2014 net revenues to grow below 10% over its full year 2013 net revenues. Management now also anticipates its full year 2014 non-GAAP net income to decrease by a single-digit percentage over its full year 2013 non-GAAP net income. This guidance excludes the tax benefits related to the nationwide key software enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for full year 2014 to be around $110 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.

"Looking ahead, increasing uncertainties in currency and other macro developments could affect our performance in some of the major markets we are operating in. Meanwhile, we will continue to devote more resources on strengthening our sales, marketing, distribution and product development capabilities as well as looking for cooperation or M&A opportunities," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "Overall, we are confident about our long-term strategies and believe that they will continue to serve the company well when the markets improve."

SHENZHEN, China, September 17, 2014 /PRNewswire/ -- Mindray (NYSE:MR)announced its new generation DC-70 ultrasound System has been officially released worldwide. The system has been showcased for the first time at ISUOG in Barcelona during 14-17th September, and is scheduled for availability in the U.S. market in early 2015.

Designed to be the most efficient workhorse in the mid-range segment, the DC-70 combines powerful and versatile diagnostic tools with a perfectly optimized user experience including a gesture-sensitive touch screen, delivering accurate diagnostics and high productivity along with high-quality patient care and utmost scanning comfort.

"The DC-70 has inherited the technology breakthroughs from our DC-8 and M9 and offers excellent image performance in the mid-range segment," said Ms. Sarah Li, General Manager of the Medical Imaging System Business Unit. "Additionally, as a result of our relentless pursuit to improve scanning efficiency, the DC-70 offers an unprecedented ergonomic design and intuitive user-interface elements such as touch gestures. All these aspects combine to make the DC-70 the most efficient workhorse for the busy environment typical of today's modern hospitals."

Good image quality is of prime importance for accurate ultrasound diagnosis. The DC-70 offers that and a lot more.

Its unique touch gestures lets the ultrasound professional do more than they ever imagined, facilitating extremely fast and easy exams, putting patient care first through an exceptionally user-friendly experience. The 10.4" gesture-sensitive multi-touch screen provides the ability to shift the image to and from the monitor, swipe to review different images, zoom in/out, measure, and initiate specific functions with user-defined gestures.

The clarity resulting from intrinsic advanced technologies with HR Flow & Echo Boost, greatly aids the detection of abnormalities and small pathologies with best-in-class image performance. With enhanced capabilities such as iLive and Natural Touch Elastography, the DC-70 provides more diagnostic confidence and versatility over a range of applications.

Ease-of-use tools, including a number of automatic function packages, help reduce scan time and enhance productivity with a greater focus on the patient. With MedTouch, the one-stop solution provides the practitioner with a smarter way to control the ultrasound device, and access patient data and built-in tutorial software via any android-operated smart device.

Second Quarter 2014 Financial Results

• Net revenues increased 8.9% year-over-year to $334.5 million. International sales were $182.0 million, representing 54.4% of the company's total net revenues. China sales totaled $152.5 million.
• Basic and diluted non-GAAP earnings per share were $0.57 and $0.56 respectively, compared to $0.58 and $0.56 in the second quarter of 2013

"In the second quarter, the Chinese healthcare market remained sluggish for our business while unfavorable foreign exchange and political issues affected our sales in some key emerging markets," commented Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "However, we are encouraged by our reagent sales performance and the growth momentum achieved by our high-speed biochemistry analyzers and high-end ultrasound products. This is the result of our focus on innovation, which allows us to consistently introduce new products into different markets."

Business Outlook for Full Year 2014

The company now expects its full year 2014 net revenues to grow at least 10% over its full year 2013 net revenues. The company now also anticipates its full year 2014 non-GAAP net income to decrease by a mid-single-digit percentage over its full year 2013 non-GAAP net income. This guidance excludes the tax benefits related to the nationwide key software enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for full year 2014 to be around $130 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.

"In light of the weakness in China and some key emerging markets in the first half of the year, we are revising our financial guidance for 2014. Nevertheless, we believe the long-term fundamentals of these healthcare markets remain solid," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "To achieve sustainable growth for our company in the long run, we will continue to strengthen our sales, marketing, distribution and product development capabilities as well as evaluate M&A and other collaboration opportunities."

First Quarter 2014 Financial Results

• Net revenues of $264.8 million for the first quarter of 2014, a 9.4% increase from the first quarter of 2013.
• Non-GAAP Diluted EPS was 0.39 vs last years 0.53 down -27.2%

"In the first quarter, the dynamics in various key markets continued to be challenging for our business. Nevertheless, we are pleased with our Western Europe performance, as well as our IVD reagent sales year-over-year increase," commented Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "We are also excited about the launch of our first premium portable color ultrasound system, the M9, as well as the cellular analysis line, the CAL 8000, which demonstrate our capabilities of consistent innovation and our focus on making better healthcare solutions for our customers. Overall, management remains committed to delivering our financial goals for the year."

Fourth Quarter 2013 Financial Results

• Mindray reported net revenues of $368.4 million for the fourth quarter of 2013, a 16.5% increase from $316.1 million in the fourth quarter of 2012.
• Fourth quarter 2013 basic and diluted non-GAAP earnings per share were both $0.62, compared to $0.53 and $0.51 respectively in the fourth quarter of 2012.

"2013 was another fruitful year of great accomplishments. We delivered double-digit sales and non-GAAP net income growth despite the challenging environments in some markets. Our strong growth in Western Europe and some emerging markets reflected the success of our investments in these regions over the last few years," commented Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "In our IVD segment, we were happy with the reagent sales ramp-up. We also created new business opportunities by launching our first immunoassay product and acquiring Zonare to step up our high-end ultrasound capability. The continued dividend payout and the share repurchase program demonstrated our commitment to returning capital to our shareholders."

Business Outlook for Full Year 2014

The company anticipates its full year 2014 net revenues to grow at least 15% over its full year 2013 net revenues. The company also expects its full year 2014 non-GAAP net income to remain at a similar level to its full year 2013 non-GAAP net income. This guidance excludes the tax benefits related to the nationwide key software enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for 2014 to be around $160 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.

"Looking ahead, we forecast our top-line to grow at least 15% year-over-year. We anticipate Western Europe and some emerging countries to be the bright spots, and the market dynamics in China to gradually improve," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "To support our future growth as a more global and diverse company, we plan to accelerate our investments on our sales, marketing and distribution capabilities as well as product innovation this year. We firmly believe that these investments are crucial to our corporate strategy and further strengthening our long-term competitive position. Furthermore, the increasing size of our share buyback program continues to highlight our confidence in Mindray's growth prospects."

SHENZHEN, China, March 4, 2014 /PRNewswire/ -- Mindray Medical International Limited ("Mindray" or "Company", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced that its Board of Directors has approved to increase the size of its previously authorized share repurchase program from US$200 million to US$300 million. The program is also extended to remain effective till March 31, 2015. Through March 3, 2014, Mindray has repurchased approximately $90 million of its American Depositary Shares ("ADSs").

Under the program, Mindray is authorized to repurchase its issued and outstanding ADSs on the NYSE Euronext at prevailing market prices from time to time in trades pursuant to a Rule 10b5-1 repurchase plan, or otherwise, in accordance with applicable federal securities laws, including the anti-manipulation provisions of Rule 10b-18, promulgated under the U.S. Securities Exchange Act of 1934, as amended ("Rule 10b-18"). The Company expects to use cash, internally generated funds, and/or bank borrowings to finance repurchases.

Repurchases will continue to be made at management's discretion, subject to restrictions on price, volume, and timing. The timing and extent of any purchases will depend upon market conditions and the trading price of its ADSs, as well as other factors. The repurchase program does not obligate Mindray to make additional repurchases at any specific time or situation. Mindray's Board will continue to periodically review the share repurchase program and may authorize additional adjustments to the program's terms and size. The share repurchase program may also be suspended or discontinued at any time.

"This increase in our share buyback program continues to highlight our confidence in Mindray's prospects as well as our commitment to returning capital to our shareholders," said Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "Looking ahead, we will continue to leverage our strong cash position and execute our growth strategies in order to enhance shareholder value."

SHENZHEN, China, January 13, 2014 /PRNewswire/ -- Mindray Medical International Limited ("Mindray," 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, 2013. The company also provided net revenue guidance for 2014.

For the year ended December 31, 2013, Mindray expects net revenue to be approximately US$1,212 million, representing a year-over-year growth of approximately 14.3%.

Based on the estimated full-year revenue, the company anticipates 2013 non-GAAP net income to be approximatelyUS$236 million, growing approximately 11.5% year-over-year. The non-GAAP net income figure excludes the tax benefits related to the key software enterprise status ($19.4 million recognized in the first quarter of 2013) and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

This year, Mindray anticipates its net revenue to grow at least 15% year-over-year. Full-year guidance for 2014 will be provided in the fourth quarter and full-year 2013 earnings announcement.

"In 2013, we exceeded our revised financial guidance with both our sales and non-GAAP net income achieving double-digit growth. Western Europe and certain key emerging markets performed well. Additionally, we launched 11 new products and completed two more acquisitions, including the Zonare transaction, which would facilitate our entry into the high-end ultrasound business. Our employees remain Mindray's greatest assets and we want to thank them for their contributions," commented Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer.

"We forecast our 2014 revenue to increase at least 15% higher than in 2013. We anticipate Western Europe and certain emerging countries to lead our top-line growth and the market sentiment in China to gradually improve," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "This year, we intend to launch another seven to 10 new products to further broaden our product offerings. We will invest in R&D and enhance our sales and service platforms in key markets to strengthen our long-term competitive position. Last but not least, management will continue to pursue growth through M&As and other collaboration opportunities."

Preliminary Results; Use of Non-GAAP Financial Measures

Mindray's preliminary 2013 results are unaudited and remain subject to the finalization of the company's year-end closing, reporting and audit processes.

Mindray has announced its expected net income for full year 2013 on a non-GAAP basis, which represents expected net income in accordance with GAAP, adjusted for the effects of dispute charges, share-based compensation and amortization of acquired intangible assets, all net of related tax impact.

Because the financial performance is subject to finalization of the company's year-end closing, reporting, and audit processes, Mindray does not provide a specific non-GAAP to US GAAP reconciliation. A reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures will be provided in the fourth quarter and full-year 2013 earnings announcement.

SHENZHEN, China, Nov. 12, 2013 /PRNewswire/ -- Mindray Medical International Limited ("Mindray", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced a settlement agreement with Beckman Coulter Inc. OnNovember 11, 2013, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., a subsidiary of Mindray, entered into a settlement agreement related to an ordinary course commercial dispute with an OEM manufacturing customer, Beckman Coulter Inc.  In connection with this settlement, Mindray will take a litigation related charge of approximately $15 million in the fourth quarter of 2013.

The commercial dispute did not involve intellectual property or product liability matters, and Mindray has determined that the related termination of the OEM arrangement is not material to its business or operations. 

SHENZHEN, China, Nov. 4, 2013 /PRNewswire/ -- Mindray Medical International Limited ("Mindray" or "Company", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced that its Board of Directors has approved a share repurchase program. The program is authorized to be in effect starting from today and will last through the next nine months.

Under the program, Mindray is authorized to repurchase up to US$200 million worth of its issued and outstanding ordinary American Depositary Shares ("ADSs") on the NYSE Euronext at prevailing market prices from time to time over the next nine months in trades pursuant to a Rule 10b5-1 repurchase plan, or otherwise, in accordance with applicable federal securities laws, including the anti-manipulation provisions of Rule 10b-18, promulgated under the U.S. Securities Exchange Act of 1934, as amended ("Rule 10b-18"). The Company expects to use cash, internally generated funds, and/or bank borrowings to finance the repurchase.

Repurchases will be made at management's discretion, subject to restrictions on price, volume, and timing. The timing and extent of any purchases will depend upon market conditions and the trading price of its ADSs, as well as other factors. The repurchase program does not obligate Mindray to make repurchases at any specific time or situation. Mindray's Board will periodically review the share repurchase program and may authorize adjustments to the program's terms and size. The share repurchase program may also be suspended or discontinued at any time.

"Mindray is always committed to bringing values to our stockholders and we view this buyback program as a proper way to deliver value to them," said Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "We are confident in executing our corporate strategy and attaining long-term growth for Mindray."

Third Quarter 2013 Financial Results

• Net revenues increased 15.3% year-over-year to $296.3 million. International sales grew 17.9% and China sales rose 12.1% compared to the same period of last year.
• Basic and diluted earnings per share were both $0.25, compared to $0.31 and $0.30 respectively in the third quarter of 2012. Third quarter 2013 basic and diluted non-GAAP earnings per share were $0.48 and $0.47 respectively, compared to $0.43 and $0.42 in the third quarter of 2012. Shares used in the computation of diluted earnings per share for the third quarter 2013 were 121.2 million.

"In the third quarter, we reported solid top-line growth. We are particularly happy with our continued strong sales performance inWestern Europe. Certain key emerging markets also continued to do well, although demand in some countries remained soft due to external factors. In China, the recent weak market sentiment in the healthcare sector has caused some delays in purchasing activities in the third quarter. However, the industry fundamentals remain solid," said Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "Reagent sales continued to climb this quarter, highlighting our success in ramping up this recurring IVD revenue. We are also excited to launch our first-generation immunoassay product, which further strengthened our IVD product offerings."

Business Outlook for Full Year 2013

Mindray revises its full year 2013 net revenues guidance and now forecasts at least 13% growth over its full year 2012 net revenues.

The company also updates its full year 2013 non-GAAP net income guidance and projects at least 11% growth over its non-GAAP net income for the full year of 2012. This guidance excludes any tax benefit related to the National Key Software Enterprise status and assumes a corporate income tax rate of 15% for the Shenzhen subsidiary.

The company expects its capital expenditure for full year 2013 to be around $100 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.

"We are revising our financial guidance for 2013, primarily due to the enduring hospital purchase slowdown in China. In other geographies, we expect some countries to perform well in the emerging markets, but political and currency issues will affect other areas. For the developed markets, we are confident about our expansion in Western Europe and expect the North American business will stabilize," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "Overall, we remain upbeat about the long-term prospects of Mindray. We will continue to work hard to increase our worldwide market penetration, optimize our global operations and seek promising external growth opportunities."

Second Quarter 2013 Financial Results

• Net revenues increased 14.7% year-over-year to $307.2 million. China sales were strong at $147.4 million, representing 27.9% year-over-year growth and 48.0% of the company's total net revenues.
• Net income increased 19.3% year-over-year to $62.1 million from $52.0 million in the second quarter of 2012.
• Non-GAAP net income increased 14.7% year-over-year to $68.2 million from $59.5 million in the second quarter of 2012.
• Net margin was 20.2% in the second quarter of 2013 compared to 19.4% in the second quarter of 2012 and 23.7% in the first quarter of 2013.
•  Non-GAAP net margin was 22.2% in the second quarter of 2013, same with the second quarter of 2012 and compared to 26.7% in the first quarter of 2013.
• Second quarter 2013 basic and diluted earnings per share were $0.52 and $0.51 respectively, compared to $0.45 and $0.44 in the second quarter of 2012.
• Basic and diluted non-GAAP earnings per share were $0.58 and $0.56 respectively, compared to$0.51 and $0.50 in the second quarter of 2012. Shares used in the computation of diluted earnings per share for the second quarter 2013 were 120.8 million.

"In the second quarter, our strong China sales continued to drive our top-line performance and we are pleased that our sales in the emerging markets improved sequentially. Western Europe revenues remained solid despite the region's economic weakness. Sales in North America were weak this quarter, primarily as a result of tough comparison over last year," said Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "We further enhanced our efficiency with better management of our cash conversion cycle. We are also very excited about our recent acquisition of ZONARE, which greatly strengthened our ultrasound R&D capabilities and expanded our high-end product portfolio."

Business Outlook for Full Year 2013

Mindray is raising its full year revenue guidance, expecting at least 18% growth over its full year 2012 net revenues.

The company maintains its full year 2013 non-GAAP net income guidance, expecting at least 15% growth over its non-GAAP net income for the full year of 2012. This guidance excludes any tax benefit related to the National Key Software Enterprise status and assumes a corporate income tax rate of 15% for the Shenzhen subsidiary.

The company expects its capital expenditure for full year 2013 to be around $130 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.

"Looking ahead, we expect China to continue to drive our overall growth and the emerging markets should gradually improve despite continued political and currency challenges in certain countries. As for the developed markets, while we are happy with our performance in Western Europe, we anticipate uncertainty to persist in our North American business," commented Mr. Cheng Minghe, Mindray's Co-Chief Executive Officer and Chief Strategic Officer. "Going forward, we will further enhance our efficiency to strengthen the company's competitive position. On the M&A front, we are confident about the integration of ZONARE and will continue to seek other promising targets and partners."

SHENZHEN, China, July 17, 2013 /PRNewswire/ -- Mindray Medical International Limited (the "Company" or "Mindray") (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today that it has completed the acquisition of ZONARE Medical Systems, Inc. ("ZONARE"), an ultrasound technology leader in the high-end radiology segment pursuant to the terms of the previously announced definitive agreement entered into on June 12, 2013.

Under the agreement, Mindray has acquired ZONARE for a total purchase price of US$101.7 million in cash, as adjusted for working capital at the closing date. The Company expects that the combined business will benefit from ZONARE's strong innovative R&D capability and direct sales and service network in the high-end ultrasound market together with Mindray's efficient engineering, extensive distribution channels and broad production platforms.

"We are pleased to complete this acquisition, furthering Mindray's goal of becoming a leading provider of high-quality imaging products worldwide," said Mr. Minghe Cheng, Mindray's co-chief executive officer. "This transaction brings us superior technology that will ultimately accelerate the launch of our next-generation high-end ultrasound product. It also gives us immediate access to the high-end ultrasound market in the countries like U.S., Canada, Scandinavia and Germany. We are optimistic about the transaction and believe we will be better positioned to serve the healthcare market on a worldwide basis for the long run."

SHENZHEN, China, June 13, 2013 /PRNewswire/ -- Mindray Medical International Limited (NYSE: MR), today announced a definitive agreement to acquire ZONARE Medical Systems, Inc. (ZONARE), an ultrasound technology leader in the high-end radiology segment for US$105 million. Mindray's management expects the deal to strengthen its high-end ultrasound R&D and U.S. sales capabilities, furthering the company's goal of becoming a leading provider of high-quality imaging products to markets worldwide.

Total 2012 revenues for ZONARE were approximately US$64 million. Mindray expects the deal to be slightly dilutive to its full-year 2013 and 2014 earnings.

Founded in 1999, ZONARE is based in Mountain View, California, U.S. Over the past decade, ZONARE has become one of the leading ultrasound brands in high-end radiology segment globally. Its world-class R&D team, comprising several leading ultrasound experts, developed the company's revolutionary ZONE-Sonography^TMtechnology to deliver superior image quality. Moreover, ZONARE has a direct sales team mainly covering developed markets including the US, Canada, Scandinavia and Germany.

"We are very excited about this transaction. We evaluated many different acquisition targets and determined that ZONARE's proven business model, along with its technology and sales channel assets, fits very well with our selection criteria," said Mr. Minghe Cheng, Mindray's co-Chief Executive Officer. "This transaction will create significant synergies by combining ZONARE's strong innovative R&D capability and direct sales and service network in the high-end ultrasound market with Mindray's efficient engineering and production platforms. We expect customers to benefit from the combined company's expanded portfolio and improved ability to develop more innovative and customized products."

Mindray plans to maintain ZONARE's brand and existing operations under its current management team led by Mr. Timothy A. Marcotte, ZONARE's President and Chief Executive Officer.

"The deal will create a global ultrasound company that is better positioned to serve the healthcare market on a worldwide basis," commented Mr. Marcotte. "We expect our customers to continue to benefit from the high level of innovation, quality and services provided by the ZONARE brand. Moreover, as a member of the growing Mindray organization, we look forward to developing even more exciting products and technologies in the future by leveraging our combined strengths."

The transaction is expected to close in the third quarter of 2013 and is subject to regulatory and other customary closing conditions. The final acquisition price is subject to working capital and other adjustments, and will be funded with Mindray's existing cash and planned borrowings from third parties.

First Quarter 2013 Financial Results

• Net revenues totaled $242.1 million. China sales were strong at $111.3 million, representing 21.2% year-over-year growth and 46.0% of the company's total net revenues.
• Non-GAAP Diluted EPS was $0.53 vs. last years $0.34 a 57.7% increase.

"In the first quarter, our top-line growth was primarily propelled by China sales, resulting from our strong performance in the mid-end market segment. We are pleased to see continued robust demand of our products in the domestic market, particularly in the in-vitro diagnostic segment. Outside of China, our good performance inWestern Europe was especially hard-earned considering the challenging economic conditions in the region. Emerging markets' sales were weaker-than-expected, but we are optimistic about the region's growth potential and will continue to invest this year," said Mr. Li Xiting, Mindray's President and Chief Executive Officer. "Our gross margin and cash conversion cycle improvements further demonstrated our ability to enhance efficiency. We are glad that Mindray successfully obtained the key software enterprise status again. All in all, management remains committed to meeting our goals for the remainder of the year."

Business Outlook for Full Year 2013

The company maintains its full year guidance and expects its full year 2013 net revenues to grow at least 17% over its full year 2012 net revenues.

The company continues to expect its full year 2013 non-GAAP net income to grow at least 15% over its non-GAAP net income for full year 2012. This guidance excludes the tax benefits of $19.4 million related to the National Key Software Enterprise status for the calendar year 2011 and 2012, which was recognized in the first quarter of 2013 and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for full year 2013 to be around $130 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.

"We are maintaining our guidance at this time," commented Mr. Li Xiting, Mindray's President and Chief Executive Officer. "For the rest of 2013, we expect China to be our primary growth engine, based on our strong market position and favorable macro healthcare spending trends. We are optimistic that the prospects for emerging markets should improve going forward. However, risk factors such as political and currency issues remain. We will closely monitor these factors and react promptly. In developed markets, as we stated earlier this year, we expect challenging conditions to continue due to economic and hospital spending uncertainties. However, we will maintain our long-term growth strategy in these countries. Going forward, we will continue to build a stronger global brand, improve our operational efficiency and seek attractive M&A and collaboration opportunities."

Highlights for Third Quarter 2012

• Net revenues were $257.1 million, up 17.7% over the third quarter of 2011.
• Strong China sales growth of 25.9% year-over-year to $117.7 million, primarily driven by regular sales.
• International sales of $139.4 million, a year-over-year increase of 11.6%, of which emerging markets[1] were the growth driver.
• Non-GAAP gross margin was 56.5%, up 1.0% compared to the third quarter of 2011.
• Non-GAAP net income was $50.1 million, representing an 18.1% year-over-year increase.
• Generated net operating cash of $59.3 million, up a significant 98.4% year-over-year.

"We remain focused on optimizing our operations and are pleased to report good financial results in the third quarter. We achieved solid top line and non-GAAP net income growth, improved our margins and generated strong operating cash," commented Xu Hang, Mindray's chairman and co-chief executive officer. "Geographically, China remained a bright spot. We are confident about our competitive position in the domestic market, and our ability to grasp opportunities presented by favorable healthcare spending trends. Looking at the different business segments, our strong IVD sales, especially the reagents' revenue growth, reflects the success of our strategy to penetrate into the attractive consumable products markets. We will make prudent use of our cash and will continue to explore attractive M&A or collaboration opportunities."

Business Outlook for Full Year 2012

Mindray continues to expect its full-year 2012 net revenues to grow at least 18% over those of the previous year.

Mindray expects its full-year 2012 non-GAAP net income to grow at least 15% over last year's figure. This guidance excludes the tax benefits related to the National Key Software Enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary. Mindray recorded tax benefits of $7.6 million in the first quarter of 2011 as a result of receiving the National Key Software Enterprise status for year 2010. The PRC tax authority has not released the list of companies eligible for renewal of such status and thus Mindray has not recorded any tax benefits in the first nine months of 2012. Due to a change in the tax authority's review time frame from once a year to once every two years, Mindray cannot determine at this time when the list of eligible companies will be released. Upon notice, the potential benefits will be included in its financial statements.

Mindray expects its capital expenditure for 2012 to be less than $70 million, down from its previous guidance of $90 million.

Highlights for Second Quarter 2012

• Net revenues were $267.8 million, an increase of 23.3% over the second quarter of 2011.
• Robust China sales growth of 27.1% to $115.3 million year-over-year, primarily driven by regular sales.
• Strong international sales of $152.5 million, representing an increase of 20.5% from the same period last year. Emerging markets and developed markets achieved good sales growth of 21.1% and 19.7% year-over-year, respectively.
• Non-GAAP gross margin was 57.8%, an improvement of 2.3% sequentially.
• Non-GAAP net income was $59.5 million, a 19.4% increase over the second quarter of 2011.
• Net operating cash generated during the quarter was $61.4 million, up a significant 81.6% compared to the same period last year.
• Reagent revenues growth accelerated, contributing 34.4% to the in-vitro diagnostic business this quarter, compared to 28.4% in the same period last year and 31.5% in the prior quarter.
• Mindray introduced five new products in the first half of 2012, including the latest high speed biochemistry analyzer, the BS-2000, a clinical biochemistry analyzer, the BS-480, an updated auto hematology analyzer, the BC-5390, a fully automatic urinary sediment analyzer, the EH-2050B Plus, and a new portable diagnostic color ultrasound system, the Z6.
• In July, Mindray completed the acquisition of a controlling stake in Wuhan Dragonbio Surgical Implant Co., Ltd., a domestic medical orthopedic products provider.

"Despite the challenging environments in various international regions, we have once again achieved very solid performance in sales, profits and cash generation," commented Xu Hang, Mindray's chairman and co-chief executive officer. "All major geographical areas have delivered strong growth for the quarter. We are particularly encouraged by our good performance in developed markets, considering the volatility of those regions over the past year. We have also improved our gross margin and the healthy cash conversion cycle reflected our efforts in improving operational efficiency. In addition, we have launched new products in our IVD line and closed the orthopedics acquisition recently. Our reagent sales are continuing to accelerate. All of these are in line with the company's strategy to capture opportunities in the fast-growing consumable products markets. Going forward, we intend to prudently deploy our strong cash position and continue to look for attractive investment opportunities worldwide."

Business Outlook for Full Year 2012

The company continues to expect its full year 2012 net revenues to grow at least 18% over those of the previous year.

The company now expects its full year 2012 non-GAAP net income to grow at least 15% over the full year 2011 figure, up from its previous guidance of 13% year-over-year growth. This guidance excludes the tax benefits related to the National Key Software Enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary. Mindray recorded the tax benefits of $7.6 million in the first quarter of 2011 as a result of receiving the National Key Software Enterprise status for year 2010. The PRC tax authority has not released the list of companies that are eligible for renewal of such status and thus we have not recorded any tax benefits in the first half of 2012. Due to the change in the review timing from once a year to once every two years, Mindray cannot determine at this time when the tax authority will release the list. Upon notice, the potential benefits will be included in the company's financial statements.

The company expects its capital expenditure for 2012 to be around $90 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.

"We are confident about delivering our revised financial targets for the year," commented Li Xiting, Mindray's president and co-chief executive officer. "We expect China and other emerging markets to continue to drive our top-line sales. However, we still believe certain regions could present headwinds for us due to political uncertainties, other local policy issues and FX fluctuations. We have done well in the developed markets this quarter. However, in light of the troubling developments in Europe, we are cautious and are working to ensure that we remain nimble in order to find the best opportunities in the region. Looking ahead, we will maintain our operational excellence and explore additional opportunities that will further accelerate Mindray's future growth and expansion."

SHENZHEN, China, June 7, 2012 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE:MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today a definitive agreement to acquire a controlling stake of Wuhan Dragonbio Surgical Implant Co., Ltd. ("Dragonbio"), a domestic medical orthopedic products provider that specializes in trauma, spine, joint and other surgical products. Under the agreement, Mindray will pay a total purchase price of approximately US$35.5 million, which will be funded through Mindray's existing cash reserves. The transaction is expected to be closed in July. Mindray expects the deal to have minimal impact on its 2012 financial results and maintains its annual financial guidance on revenues and non-GAAP net income growth.

Founded in 2005 and based in Wuhan, China, Dragonbio sells medical orthopedic products solely in China and achieved total revenues of approximately US$7.7 million in 2011. Orthopedics is one of the largest medical device market segments worldwide. Based on Mindray's estimates, the global orthopedic market was valued at approximately US$30 billion in 2011, with an annual growth rate of around 8%. According to Frost & Sullivan, a research and consulting firm, the market size in China was approximately US$1.1 billion in 2010 and is rapidly growing with a projected CAGR of over 18% from 2010 to 2015.

Through the combined business benefits from the transaction, Mindray expects to gain access to the fast-growing Chinese orthopedic market and potentially expand into additional international markets in the future.

"We are excited about this transaction and are pleased to offer more products to our customers," said Mr. Minghe Cheng, Mindray's Chief Strategic Officer. "The orthopedic consumable market has high barriers to entry, but this deal will give us instant access to this promising and sizable market. We expect to unlock the value of the acquired business through our strong capital position, large-scale operational experience and worldwide presence."

MAHWAH, N.J., May 16, 2012 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today that HealthTrust Purchasing Group, L.P., (HealthTrust) is renewing its agreement for its full line of physiological patient monitoring equipment.

With this agreement, Mindray provides monitoring that can meet the patient needs of virtually all hospital departments and outpatient surgery centers for HealthTrust members. The new V-Series modular monitor line with large touch screen interfaces and industry-leading connectivity platforms are included in the agreement.

"We are very pleased to extend our relationship with HealthTrust so that their members can continue to access our expanding product line," said Wayne Quinn, Vice President - Critical Care Monitoring at Mindray North America.

SHENZHEN, China, May 8, 2012 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE:MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today an agreement to acquire a controlling stake of Hangzhou Optcla Medical Instrument Co. Ltd. ("Optcla"). The terms of the agreement were not disclosed as the transaction is non-material to Mindray's financial statements.

Founded in 2000 and based in Hangzhou, China, Optcla is a domestic medical endoscope provider that specializes in rigid endoscopes and related surgical instruments and consumables. An endoscope is an instrument used to examine the interior of a hollow organ or cavity of the body. Compared to traditional open surgery, minimally invasive surgery using rigid endoscope is safer and quicker, resulting in less pain and shorter rehabilitation time for patients. In 2010, the market for endoscopes was estimated at approximately $240 million in China with a CAGR close to 15%. Internationally, the market was estimated at $2.6 billion in 2011 and is expected to grow at a CAGR of 5%.

"We are excited about this transaction and believe that our collaboration will benefit both Mindray and Optcla," said Mr. Minghe Cheng, Mindray's Chief Strategic Officer. "Under the agreement, Mindray will gain access to minimally invasive surgery devices and the related surgery consumable market. This acquisition will further supplement and extend Mindray's existing total operation room solutions to cater for the increasing demand for minimally invasive and digitized operations. We believe this transaction will bring new growth opportunities for our company."

Highlights for First Quarter 2012

• Net revenues were $219.0 million, an increase of 21.1% over the first quarter of 2011.
• Robust China sales of $91.8 million, up 26.8% year-over-year, primarily due to our strong performance in the mid-end market segment.
• Strong international sales of $127.2 million, a year-over-year increase of 17.3%. Emerging markets remain the key revenue driver with 23.2% sales growth.
• Non-GAAP net income increased 16.5% over the first quarter of 2011, excluding tax benefits.
• EBITDA in the first quarter of 2012 was $46.7 million, a year-over-year increase of 14.3%.
• Net operating cash generated during the quarter was $60.1 million, up 86.1% from the same period a year before.
• In May, Mindray announced an agreement to acquire a controlling stake of Hangzhou Optcla Medical Instrument Co. Ltd., which specializes in designing, developing, manufacturing and distributing different types of rigid endoscopes and surgical instruments and consumables in China.
• Non-Gaap diluted EPS of $0.34 vs $0.36 in prior year quarter

"We are off to a good start in the first quarter of 2012 and this will support us to execute our plans for the remainder of the year. Overall, we achieved solid growth in revenue, non-GAAP net income excluding tax benefits, as well as operating cash flow," commented Xu Hang, Mindray's chairman and co-chief executive officer. "The 21.1% year-over-year revenue growth was driven primarily by strong China sales. This is the fourth consecutive quarter in which we recorded more than 25% growth in the domestic market, thanks to our solid execution of the sales reinforcement program, coupled with continued favorable private and government healthcare spending in areas where we have strong presence. We are also happy to see that our investments in our worldwide channels continue to pay off, with sales growth of 23.2% in emerging markets and stable market share gains in developed markets. This year, we will continue to invest in building a stronger global brand of Mindray, as well as establishing a more systematic R&D approach. On the M&A front, we continued our progress and announced an acquisition of a rigid endoscope business in China. We will continue to actively seek opportunities to further increase our market penetration worldwide."

Business Outlook for Full Year 2012

The company maintains its full year guidance and expects its full year 2012 net revenues to grow at least 18% over its full year 2011 net revenues.

The company continues to expect its full year 2012 non-GAAP net income to grow at least 13% over its non-GAAP net income for full year 2011. This guidance excludes the tax benefits related to the National Key Software Enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary. We recorded tax benefits of $7.6 million in the first quarter of 2011 as a result of receiving the National Key Software Enterprise status for year 2010. We have not received such notice from the PRC tax authority in regards to the approval for year 2011 and thus have not recorded any tax benefits in the first quarter of 2012. Upon notice, the potential benefits will be included in our financial statements but the likelihood and timing of such approval cannot be determined at this time.

The company expects its capital expenditure for 2012 to be around $90 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.

"We are maintaining our guidance at this time," commented Li Xiting, Mindray's president and co-chief executive officer. "The overall growth prospects of our key markets remain positive for the rest of 2012. We expect China and emerging markets to lead growth for the organization, based on our strong competitive position and our ability to grasp opportunities arising from the favorable private and public healthcare spending environment. As we stated earlier this year, we remain cautious on Europe due to its economic uncertainty and on certain regions in the emerging markets as a result of political instability as well as other policy movements. We will continue to invest in R&D and improve our overall operational efficiency to achieve long-term sustainable growth. We remain very confident in Mindray's global position and we will continue to adapt and formulate the best strategies in the markets that we operate in."

MAHWAH, N.J., April 3, 2012 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today that it has been selected by HealthTrust Purchasing Group, L.P., (HealthTrust) as a provider of anesthesia equipment and supplies for members in 1,400 not-for-profit and for-profit acute care facilities, as well as 10,600 ambulatory surgery centers, physician practices and alternate care sites.

With this agreement, Mindray can offer its A Series Anesthesia System Solutions to HealthTrust members. Both the A3 and the A5 in the series are easy to use but offer superior performance, thus enabling anesthesiologists to meet the rising challenges in today's complex clinical environment. The products' 15-inch touch screen allows clinicians to select ventilation settings more easily so that they can spend more time on patient care. Mindray is committed to improving interoperability by using open architecture and profiles such as Health Level Seven (HL7). To further simplify interface communication, the A Series has been verified to comply with Integrating the Healthcare Enterprise - Patient Care Domain (IHE - PCD) profiles, which are based on the HL7 and other applicable standards.

"We are very excited about this collaboration. This is a huge win for Mindray and a significant benefit for HealthTrust members who can now have access to our A Series anesthesia systems," said Thomas Barford, Vice President - Perioperative Systems at Mindray North America. "A partnership with HealthTrust is respected and coveted by the industry because of their reputation for compliance as well as their large base of member hospitals and surgery centers."

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."

Business Outlook for Full Year 2012

The company expects its full year 2012 net revenues to grow at least 18% over its full year 2011 net revenues. The company also expects its full year 2012 non-GAAP net income to grow at least 13% over its non-GAAP net income for full year 2011. This guidance excludes the tax benefits related to the key software enterprise status ($7.6 million recognized in the first quarter of 2011 for the calendar year 2010 and the potential tax benefit that we may receive in 2012 for the calendar year 2011) and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company expects its capital expenditure for 2012 to be around $90 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.

"Looking ahead, we are optimistic about the overall market environment in our key markets," commented Li Xiting, Mindray's President and Co-Chief Executive Officer. "We believe China will continue to be the bright spot due to our strong competitive position and favorable private and government spending trends in the healthcare industry. In emerging markets, we will continue to grasp private and public opportunities, although we foresee headwinds in regions that are politically unstable. For developed markets, we are happy with our steady market share gain in the US, while we expect some pressure on our sales in Western Europe as a result of economic uncertainty. We will, however, strive to achieve yet another year of operational excellence and remain confident about our company's long-term position in the global market."

SHENZHEN, China, January 9, 2012 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced updates on new product launches for 2011 and its product pipeline for domestic and international markets in 2012.

Third Quarter 2011 Results

Mindray reported net revenues of $218.4 million for the third quarter, a 29.8% increase from $168.3 million in the same period last year.

Basic and diluted non-GAAP earnings per share were $0.36 and $0.36 respectively, compared to $0.35 and $0.34 in the third quarter of last year.

"Despite a volatile and challenging global macro environment during the third quarter, we are happy to report that our total revenues rose nearly 30%, led by robust growth of over 35% in our China sales," commented Xu Hang, Mindray's chairman and co-chief executive officer. "Our sales strength reflects the success of our strategic initiatives and favorable hospital and government spending trends in areas where we have major presence. Emerging markets also continue to contribute significant year-over-year growth of over 30% this quarter. In spite of the political unrests in the Middle East and Africa, sales in those markets exceeded our expectations and recorded substantial increases of more than 40% during the period. In developed markets, we did well and delivered double-digit growth in both North America and Western Europe. Overall, our investments in all regions have yielded positive results and we will continue to work hard to aggressively increase our market penetration worldwide."

SHENZHEN, China, July 5, 2011 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited(NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today an agreement to acquire a controlling stake of Suzhou Hyssen Electronics Co. Ltd ("Hyssen"). The terms of the agreement were not disclosed as the transaction is non-material to Mindray's financial statements.

Founded in 2003 and based in Suzhou, China, Hyssen is one of the market leaders in automated urine sediment analyzers in China. Urine sediment analysis can detect kidney and urinary tract diseases by analyzing blood cells, bacteria, urinary casts, etc., in urine samples. Urine sediment and dry chemistry analysis form urinalysis. Urinalysis, together with hematology and biochemistry analysis, are the three most common methods used in in-vitro diagnostic market. In 2010, the diagnostic urinalysis market in China was approximately $155 million, of which urine sediment analysis accounted for about 45% of the total, growing at an annual rate of over 30%.

Mindray expects to achieve synergies in the transaction by combining its strong engineering, manufacturing, sales and management platforms with Hyssen's technology and expertise in urine sediment analysis. "We are excited about this transaction and believe that our collaboration will benefit both Mindray and Hyssen," said Mr.Minghe Cheng, Mindray's Chief Strategic Officer. "Hyssen's products complement our current in-vitro diagnostic product offerings in urine dry chemistry, hematology and biochemistry. With the new additions, we believe that our in-vitro diagnostic segment can now provide our customers with better and more complete solutions."

We anticipate that we will continue to generate operating cash flow sufficient to meet our cash needs and operations and make payments on existing liabilities for at least the next 12 months. We believe we have adequate liquidity reasonably available to meet the requirements of our currently anticipated operational circumstances, and do not have the need to utilize non-operational cash sources to meet our current operational cash needs.

We believe that our current level of cash and cash equivalents and cash flows from operations will be sufficient to meet our anticipated cash needs. We may require additional cash resources if we wish to pursue opportunities for investment, acquisition, strategic cooperation, cross boarder funding or other similar opportunities.

GeoTeam Note: MR has offered stock in the past after making strong comments in previous filings inferring that it would not need to tap equity markets.

First Quarter Results:

• Net revenues were $180.9 million, an increase of 24.0% over the first quarter of 2010.
• Robust international sales of $108.5 million, a year-over-year increase of 29.6%. Emerging markets and developed markets both achieved significant growth this quarter.
• Total China sales achieved 16.6% year-over-year growth, with solid non-tender sales increase of 23.1% year-over-year.
• GAAP net income was $37.7 million, a 4.2% year-over-year increase. Excluding the tax benefit of $7.6 million and $8.6 million recognized in the first quarter of 2011 and 2010 respectively, non-GAAP net income increased 9.9% over the first quarter of 2010
• EPS $0.36 v.035

"We had a good start to the year and are happy to report a 24.0% year-over-year increase in revenues, driven primarily by this quarter's robust international sales growth of nearly 30%," commented Xu Hang, Mindray's chairman and co-chief executive officer. "We are pleased with the strong sales growth and momentum in both emerging and developed markets. Latin America, Asia Pacific and Western Europe all achieved more than 40% year over year growth, while North America grew over 20% during the period. In China, non-tender sales maintained its recovery trend from last quarter, growing 23.1% year-over-year. We expect international sales to remain our key driver this year. We are also optimistic about our initiatives in the China market and expect continued, gradual improvement in our China business."

The company continues to expect its full year 2011 non-GAAP net income to grow more than 10% over its non-GAAP net income for full year 2010. This guidance excludes the tax benefits related to the key software enterprise status ($8.6 million recognized in the first quarter of 2010 and $7.6 million recorded in the first quarter of 2011) and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

SHENZHEN, China, March 19, 2011 /PRNewswire-Asia-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced the appointment of Mr. Jie Liu as Chief Financial Officer (CFO) of the Company effective as of April 30, 2011, succeeding Mr. Ronald Ede. Mr. Ede will step down from the role of CFO to pursue other personal interests. He will remain with Mindray as a director on Mindray's board and will act in an advisory capacity to Mr. Liu to ensure an orderly transition. Mr. Liu will remain as Mindray's Chief Operating Officer (COO) at the same time.

"Our results this quarter reflected strong international sales growth, which grew 17.7% year-over year," commented Xu Hang, Mindray's Chairman and Co-Chief Executive Officer. "We are encouraged by the continued growth momentum in both emerging and developed markets. Similar to last quarter, Latin America, the CIS region and the Middle East led growth among all regions while the developed markets again recorded double-digit growth. In China, revenues grew 3.3% year-over-year, not as strong as the year prior largely as a result of continued softening in government spending for medical device purchasing, as well as tier two and below hospitals continuing to lag in self-funded purchases. Tender sales were flat from last quarter. While the long-term prospects of the healthcare sector in China driven by reform remain favorable, the timing associated with medical device purchasing under the plan remains unclear. Non-tender sales grew 1% year-over-year. As we have communicated to investors, we are realigning our sales force and undertaking other strategic initiatives in product development and marketing in order to focus on building out presence in both high-end and low-end market segments, as well as to improve operational efficiency. Mindray continues to focus on innovation and we are pleased to announce the planned openings of three new R&D centers by end of this year."

Business Outlook for Full Year 2010

• The company maintains its full year guidance and expects its full year 2010 net revenues to be $700 million.
  
• The company continues to expect its full year 2010 non-GAAP net income to grow 10% over its non-GAAP net income for full year 2009, excluding the $8.6 million corporate income tax reduction recognized in the first quarter of 2010. This guidance assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary. 
  
• The company expects its capital expenditure for 2010 to remain in the range of $60 million to $70 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.

"We are maintaining our guidance at this time. While we are pleased with our performance in the international markets and expect solid international sales trends to continue, we are also taking aggressive measures in the areas of product development, sales force organization, branding and marketing in order to restore growth in non-tender sales in China," commented Li Xiting, Mindray's President and Co-Chief Executive Officer. "We remain firm in our belief that China's healthcare sector continues to be a major segment that attracts heavy investment from both the Chinese government and private capital, which provides promising long-term development prospects for companies like Mindray. We are confident that the implementation of our strategic initiatives in China, our commitment to invest in international markets, as well as our R&D effort, will continue to help fuel Mindray's future growth."

• Mindray reported net revenues of $179.2 millionfor the second quarter of 2010, a 12.0% increase from $160.1 millionin the second quarter of 2009.
  
• Net income increased 28.1% year-over-year to $42.3 million from $33.0 million in the second quarter of 2009.
  
• Non-GAAP net income increased 21.3% year-over-year to $45.9 million from $37.8 million in the second quarter of 2009. 
  
• Non-GAAP net margin was 25.6% in the second quarter of 2010 compared to 23.6% in the second quarter of 2009 and 27.5% in the first quarter of 2010.
  
• Second quarter 2010 basic and diluted earnings per share were $0.37 and $0.36, respectively, compared to $0.30 and $0.29 in the second quarter of 2009.
  
• Basic and diluted non-GAAP earnings per share were $0.40 and $0.39, respectively, compared to $0.35 and $0.34in the second quarter of 2009.

"While we achieved better than expected international sales, lower-than-expected government spending in our domestic market for the first half of the year has limited our planned growth rate and therefore our planned profit for the year," said Li Xiting, Mindray's president and co-chief executive officer. "We have thus decided to lower our yearly guidance. This adjustment, however, does not impact our confidence in our long-term outlook for China. We remain confident about the growth of the private sector in China and the resultant non-tender sales, as well as the government's commitment to its healthcare reform plan and we are proactively addressing the areas of the business and factors that are within our control. Equally, if not more important, we will implement strategic initiatives more aggressively across product development, sales force organization, branding and marketing in the coming quarters to expand in the fast growing hospital self-funded segment. We expect that these initiatives, together with realignment of our international sales network, will ensure China and international sales remain parallel growth drivers for the company."

Business Outlook for Full Year 2010

• The company has updated its full year guidance and now expects its full year 2010 net revenues to be $700 million.
  
• The company also expects its full year 2010 non-GAAP net income to grow 10% over its non-GAAP net income for full year 2009, excluding the $8.6 million corporate income tax reduction recognized in the first quarter of 2010. This guidance assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.
  
• The company expects its capital expenditure for 2010 to remain in the range of $60 million to $70 million.

Non-GAAP EPS Figures exclude certain non-operating gains and losses as well as certain non-cash items. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information . For a more complete explanation of the company's definition of non-GAAP please refer to its financial press releases. The GeoTeam® non-GAAP figures may, from time to time, differ from company supplied figures. The GeoTeam® non-GAAP figures apply a 25% and 36% tax rate for Chinese and United States companies respectively.

'Mindray continued to generate solid operational performance and earnings growth in the face of a global marketplace that remains very challenging,' commented Xu Hang, Mindray's chairman and co-chief executive officer. 'The ongoing realignment of core competencies within each region and continued integration of our Mahwah operations have and will continue to enable us to improve our cost structure and operational efficiency, while bringing new products to market and maintaining our competitive position in the marketplace.'  Mindray Medical has maintained its previously updated 2009 financial guidance.

Source: PR Newswire (August 10, 2009)

Mindray Medical has reduced its previously stated 2009 financial guidance.

''The revised guidance reflects more cautious assumptions of the overall market conditions for the remainder of 2009, as the world industry dynamics continued to worsen since earlier this year,' commented Mr. Li Xiting, Mindray's president and co-chief executive officer. 'For the current year, the China market still represents the strongest growth outlook. The picture outside China is mixed though, with healthy growth from Latin America and Africa coupled with additional growth as a result of our acquisition of our Mahwah operations, partially offset by declines in other sales geographies outside of China. We remain firm in our belief that Mindray's unique vertically integrated business model and strong financial position will allow us to more effectively adapt to fast changing market environments such as the one we are in today. We will continue to build on our cost advantages coupled with effective R&D and solid sales infrastructure to capture substantial growth opportunities in the markets we compete in.''

^a Non-GAAP EPS Figures exclude certain non-operating gains and losses as well as certain non-cash items. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information . For a more complete explanation of the company's definition of non-GAAP please refer to its financial press releases. The GeoTeam® non-GAAP figures may, from time to time,  differ from company supplied figures.

Guidance Report:

'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.'

Full Year Fiscal 2009 Guidance Ending December

*EPS Figures exclude non-operating gains and losses. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information.For a more complete explanation of the company's definition of non-GAAP please refer to their Fourth Quarter financial press release. This forecast reflects Mindray's current and preliminary views, which are subject to change.

Source: PR Newswire (March 4, 2009)

Guidance Report:

'We are well positioned as we head into 2009 and look to grow market share in the coming year,' added Mr. Li Xiting, Mindray's president and co-chief executive officer. 'Despite broader economic uncertainties, we are confident about achieving overall revenue growth of at least 20 percent based on the current foreign exchange rates. We strive to hold steady gross margins with targeted improvements in operating margins. We expect our growth to primarily be driven by the continued expansion and improvement in our product mix and strengthened distribution worldwide. Additionally, we look forward to the release of seven to nine new products this year, including the launch of our first jointly developed products with DPM. Overall, we believe that our ability to be nimble and closely manage costs allows us to pass savings to our customers. We look forward to continuing to provide high-quality and affordable medical devices to doctors and hospitals around the world in 2009.'

Full Year Fiscal 2008 Guidance Ending December

EPS Figures exclude non-operating gains and losses. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information.

Source: PR Newswire (January 12, 2009)