Mindray Medical International Limited (NYSE:MR) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 1.93%.
Mindray Medical International Limited Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 70.97% to $0.53 in the quarter versus EPS of $0.31 in the year-earlier quarter.
Revenue: Rose 10.54% to $242.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Mindray Medical International Limited reported adjusted EPS income of $0.53 per share. By that measure, the company beat the mean analyst estimate of $0.41. It missed the average revenue estimate of $256.23 million.
Quoting Management: “In the first quarter, our top-line growth was primarily propelled by China sales, resulting from our strong performance in the mid-end market segment. We are pleased to see continued robust demand of our products in the domestic market, particularly in the in-vitro diagnostic segment. Outside of China, our good performance in Western Europe was especially hard-earned considering the challenging economic conditions in the region. Emerging markets’ sales were weaker-than-expected, but we are optimistic about the region’s growth potential and will continue to invest this year,” said Mr. Li Xiting, Mindray’s President and Chief Executive Officer. “Our gross margin and cash conversion cycle improvements further demonstrated our ability to enhance efficiency. We are glad that Mindray successfully obtained the key software enterprise status again. All in all, management remains committed to meeting our goals for the remainder of the year.”
Key Stats (on next page)…