Mindray Announces First Quarter 2014 Financial Results
SHENZHEN, China, May 5, 2014 /PRNewswire/ -- Mindray Medical International Limited ("Mindray", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today its selected unaudited financial results for the first quarter ended March 31, 2014.
Highlights for First Quarter 2014
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Net revenues increased 9.4% year-over-year to $264.8 million.
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International sales were $148.9 million, with Western Europe achieving double-digit sales growth.
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China sales totaled $115.8 million, representing 43.7% of the company's total net revenues.
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Reagent sales contributed 38.1% to the IVD segment, up from 36.4% in the same period last year.
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Cash conversion cycle was 105 days in the first quarter, improved from 110 days a year ago.
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Launched several new products, including the M9, a premium portable color ultrasound system, and the CAL 8000, a cellular analysis line. These products have received positive customer feedbacks at the recent CMEF trade show.
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Since the launch of its share repurchase program in November of 2013, the company has bought back approximately $110 million of Mindray's American Depositary Shares so far.
"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."
Mindray Announces First Quarter 2014 Financial Results
SHENZHEN, China, May 5, 2014 /PRNewswire/ -- Mindray Medical International Limited ("Mindray", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today its selected unaudited financial results for the first quarter ended March 31, 2014.
Highlights for First Quarter 2014
-
Net revenues increased 9.4% year-over-year to $264.8 million.
-
International sales were $148.9 million, with Western Europe achieving double-digit sales growth.
-
China sales totaled $115.8 million, representing 43.7% of the company's total net revenues.
-
Reagent sales contributed 38.1% to the IVD segment, up from 36.4% in the same period last year.
-
Cash conversion cycle was 105 days in the first quarter, improved from 110 days a year ago.
-
Launched several new products, including the M9, a premium portable color ultrasound system, and the CAL 8000, a cellular analysis line. These products have received positive customer feedbacks at the recent CMEF trade show.
-
Since the launch of its share repurchase program in November of 2013, the company has bought back approximately $110 million of Mindray's American Depositary Shares so far.
"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."
(Extract from Mindray)
