Mindray Medical Q4 net income rises to $31.6m

Mindray Medical International, a developer, manufacturer and marketer of medical devices, has reported that GAAP net income was $31.6m, or $0.28 per diluted share, for the fourth quarter of 2008, compared to $21.5m, or $0.19 per diluted share, in the fourth quarter of 2007.

For the year 2008, GAAP net income was $108.7m, or $0.96 per diluted share, compared to $78m, or $0.69 per diluted share, in 2007.

Mindray reported net revenues of $167.9m for the fourth quarter of 2008, an 84.2% increase from $91.1m for the fourth quarter of 2007. The company recorded net revenues of $547.5m for the year 2008, an 86% increase from $294.3m for the year 2007.

Non-GAAP selling expenses for the fourth quarter 2008 were $26.0m, or 15.5% of the total net revenues, compared to 13.8% in the fourth quarter 2007 and 14.4% in the third quarter 2008. GAAP selling expenses for the fourth quarter 2008 were $27.0m.

Xu Hang, Mindray’s chairman and co-CEO, said: Mindray has continued to deliver strong results despite a challenging economic environment in the fourth quarter of 2008. In 2008, we successfully completed and delivered initial synergy targets from the acquisition of Datascope’s patient monitoring business which greatly expanded our geographic footprint in North America and strengthened our presence in Europe.