SHENZHEN, China, May 7 /Xinhua-PRNewswire-FirstCall/ -- Mindray Medical International Limited (NYSE: MR - News), a leading developer, manufacturer and marketer of medical devices in China with a rapidly growing international presence, today announced its selected unaudited financial results for the first quarter ended March 31, 2008.Highlights for First Quarter 2008 -- First quarter 2008 net revenues were RMB626.0 million (US$89.3 million), an increase of 48.2% over from RMB422.4 million (US$54.7 million) in the first quarter 2007. -- Net revenues generated in international markets in the first quarter 2008 were RMB319.6 million (US$45.6 million), an increase of 49.4% from RMB213.9 million (US$27.7 million) in the first quarter 2007. -- Net revenues generated in China in the first quarter 2008 were RMB306.4 million (US$43.7 million), an increase of 46.9% from RMB208.5 million (US$27.0 million) in the first quarter 2007. -- Non-GAAP operating profit, as defined below, in the first quarter 2008 was RMB220.5 million (US$31.4 million), a 54.6% increase from RMB142.6 million (US$18.5 million) in the first quarter 2007. First quarter 2008 GAAP operating profit was RMB199.8 million (US$28.5 million). -- First quarter 2008 non-GAAP net income, as defined below, was RMB199.2 million (US$28.4 million), an increase of 42.7% from RMB139.6 million (US$18.1 million) in the first quarter 2007. First quarter 2008 GAAP net income was RMB179.4 million (US$25.6 million). -- First quarter 2008 non-GAAP diluted earnings per share, as defined below, was RMB1.76 (US$0.25) compared to RMB1.25 (US$0.16) in the first quarter 2007. First quarter 2008 GAAP diluted earnings per share was RMB1.59 (US$0.23). First quarter 2008 income tax expense was RMB40.8 million (US$5.8 million), representing an effective tax rate of 18.5% compared to a 15.7% effective tax rate in the first quarter 2007, or an increase of 78.6% from RMB22.9 million (US$3.0 million) in the first quarter 2007. -- Mindray provides gross margin, operating margin, net income and earnings per share on a non-GAAP basis that exclude non-cash, share- based compensation expense and acquired intangible assets amortization expense to enable investors to better assess the Company's operating performance. The non-GAAP measures are described below and reconciled to the corresponding GAAP measure in the section below titled ''Use of Non-GAAP Financial Measures.''
''We delivered another quarter of strong results both in China and international markets,'' said Mr. Xu Hang, Mindray's chairman and co-chief executive officer. ''During the quarter, we successfully acquired Datascope Corporation's patient monitoring business, bringing us one step closer to our goal of becoming a leading global medical device provider, which will allow us to make high-quality and affordable medical devices available to the greatest number of doctors and hospitals in China and in the world.''
The Company develops and manufactures over 40 products which are available in more than 140 countries.
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