QUOTE AND NEWS
newratings.com  Aug 10  Comment 
BEIJING (dpa-AFX) - Chinese medical devices maker Mindray Medical International Ltd (MR) on Monday reported second-quarter net earnings of $41.2 million or $0.35 per share compared with $59.6 million or $0.50 per share last year. Excluding items,...
Wall Street Journal  Aug 10  Comment 
Mindray Medical International Ltd. reported disappointing earnings in its most recent quarter, and cuts its outlook for the year.
newratings.com  Jul 17  Comment 
BEIJING (dpa-AFX) - Chineses medical device company Mindray Medical International Ltd (MR) on Friday said it completed the acquisition of the remaining stake in Wuhan Dragonbio Surgical Implant Co Ltd for RMB 435 million (about US$ 70.2 million)...
Benzinga  Jul 7  Comment 
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...
newratings.com  Jun 24  Comment 
BEIJING (dpa-AFX) - Mindray Medical International Limited (MR) announced its board has formed a special committee comprised of three independent directors to consider the previously announced non-binding proposal from Li Xiting, its Executive...
Market Intelligence Center  Jun 19  Comment 
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Market Intelligence Center  Jun 16  Comment 
A covered call identified by MarketIntelligececenter.com's patented algorithm on Mindray Medical International Ltd (MR) could yield about 8.23% (14.09% annualized, for comparison purposes only) in 213 days. Pair a long position in the stock with...
Benzinga  Jun 8  Comment 
In a report published Monday, JMP Securities analyst David Turkaly upgraded the rating on Mindray Medical International Ltd (NYSE: MR) from Market Underperform to Market Perform, after news of the company receiving an offer to be taken private for...





 
TOP CONTRIBUTORS
Mindray Medical International Limited engages in the development, manufacture, and marketing of medical devices in China.

Business Overview

It offers approximately 40 products through its three segments: Patient Monitoring Devices, Diagnostic Laboratory Instruments, and Ultrasound Imaging Systems. The company's Patient Monitoring Devices segment primarily offers portable PM-9000 multi-parameter patient monitoring device and approximately 15 patient monitoring devices. The Diagnostic Laboratory Instruments segment offers a range of approximately 10 hematology and biochemistry analyzers that perform analysis on blood, urine, and other bodily fluid samples for clinical diagnosis and treatment. The Ultrasound Imaging Systems segment offers approximately 10 ultrasound imaging systems and it would introduce the color Doppler ultrasound imaging system for use in several clinical areas, such as urology, gynecology, obstetrics, and cardiology. The company sells its products primarily to distributors and directly to hospitals, clinics, government agencies, original design manufacturers, and original equipment manufacturers. It also offers its products in Asia and Europe. In addition, the company designs and develops equipment to customers? specifications. Mindray Medical International was incorporated in 2005 and is headquartered in Shenzhen, the People?s Republic of China.

The three segments made up one-third of the revenue last year. However, the growth in each division varies. Patient monitoring and life support showed growth of 30.2% over last year. However, In-Vitro diagnostic products saw 56.1% growth and the Medical Imaging division was up over 61%. The company received FDA approval for an additional 3 products during the quarter which expands their offering suite to the US. As of the end of the quarter, Mindray now has developed and manufactures over 40 products which are available in more than 140 countries.

Financials

Mindray Medical International Limited (MR) reported earnings earlier in 2008. After a tumultuous decline late in the first quarter, the stock had begun to rebound, and then moved decidedly higher on the announcement. Revenue came in at $89.3 million which was good for a 48.2% increase. More importantly, the company’s international revenue (outside its home country of China) was $45.6 million or 49.4% higher. Since management has continued to reaffirm its commitment to growing outside its primary China market, it was encouraging to see international sales make up more than half of total revenue. The company continues to enjoy a healthy 57% gross margin and net income came in at $28.4 million or 25 cents per share. Management noted its pride in the fact that the bottom line is actually growing more quickly than the revenue numbers, indicating strong operating leverage.

Trends and Forces

Changes in the the Tax Rate

China’s tax rate is undergoing transition and moving towards a flat 25% rate for most firms. There is an exception for “new and hi-tech enterprises” which would lower the tax rate to 15%. At this point, Mindray has failed to secure the designation and so the accounting takes into account a transition over the next 5 years to the new 25% rate. It may turn out that the company will be able to fall under the preferential treatment and if this happens, the additional tax paid will likely be deducted from future liabilities. However, this is not a guarantee and the higher tax rate would definitely be an incremental detriment to profits.




References

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