QUOTE AND NEWS
Benzinga  Apr 14  Comment 
Analysts at Goldman Sachs downgraded Heartware International (NASDAQ: HTWR) from “neutral” to “sell.” The target price for Heartware International has been lowered from $94 to $73. Heartware's shares closed at $81.26 on Friday....
Benzinga  Mar 24  Comment 
Care.com (NYSE: CRCM) shares fell 1.81% to reach a new 52-week low of $16.85. Care.com's trailing-twelve-month ROE is -29.34%. Mindray Medical International (NYSE: MR) shares fell 3% to touch a new 52-week low of $30.42. Mindray Medical shares...
Benzinga  Mar 6  Comment 
Mindray Medical International (NYSE: MR) shares reached a new 52-week low of $33.485. Mindray Medical shares have dropped 9.60% over the past 52 weeks, while the S&P 500 index has gained 21.34% in the same period. UIL Holdings (NYSE: UIL)...
SeekingAlpha  Mar 4  Comment 
Mindray Medical International Limited (MR) Q4 2013 Earnings Conference Call March 4, 2014 8:00 AM ET Executives Cathy Gao – Manager, IR May Li – CIO Alex Lung – CEO Jie Liu – COO Analysts Jack Hu – Deutsche...
StreetInsider.com  Mar 3  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Dividends/Mindray+Medical+Int%27l+%28MR%29+Declares+%240.50+Quarterly+Dividend%3B+5.7%25+Yield/9238792.html for the full story.
StreetInsider.com  Mar 3  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Earnings/Mindray+Medical+International+%28MR%29+Tops+Q4+EPS+by+12c/9238783.html for the full story.
SeekingAlpha  Feb 2  Comment 
By ChinaBio Today: Deals and Financings Mindray Medical (NYSE: MR) acquired a controlling stake in Shanghai Long Island Biotec through an equity transfer (see story). Long Island makes thrombotic and hemostatic reagent products. Its R&D...
SeekingAlpha  Jan 17  Comment 
By Ottoman Bay: On December 12th, 2013, Ottoman Bay released its first report on Mindray Medical (MR). In our original report, we detailed our findings in a 103-page slide deck, which supports our view that Mindray Medical has systematically...
StreetInsider.com  Jan 13  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Guidance/Mindray+Medical+%28MR%29+Guides+FY13+Revs+Below+Views%3B+Sees+non-GAAP+Net+Income+Up+11.5%25/9047603.html for the full story.
SeekingAlpha  Dec 20  Comment 
By Ottoman Bay: "Oh what a tangled web we weave, when first we practice to deceive" -Sir Walter Scott On December 12, 2013, Ottoman Bay issued a strong sell rating on Mindray Medical. In our original report, we detailed our findings in a...





 
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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