Mindray Announces Third Quarter 2009 Financial Results

SHENZHEN, China, Nov. 9 /PRNewswire-Asia-FirstCall/ -- Mindray Medical
International Limited (NYSE: MR), a leading developer, manufacturer and
marketer of medical devices worldwide, announced today its selected unaudited
financial results for the third quarter and nine months ended September 30,
2009.
Highlights for Operations as of September 30, 2009
-- Third quarter 2009 net revenues were $151.1 million, an increase of
3.1% over the third quarter of 2008. First nine months net revenues
were $445.3 million, an increase of 17.3% year-over-year.
-- International markets continued to recover in the third quarter of 2009
with only 1.3% year-over-year decline, backed by stronger growth in
emerging markets and narrower decline in developed markets.
-- Fully diluted EPS in the third quarter of 2009 was $0.38, a 56.9%
increase from the third quarter of 2008 and a 30.6% increase from the
second quarter of 2009. First nine months fully diluted EPS was $0.90,
an increase of 33.7% year-over-year.
-- Fully diluted non-GAAP EPS in the third quarter of 2009 was $0.33, a
12.2% increase from the third quarter of 2008. First nine months fully
diluted non-GAAP EPS was $0.94, an increase of 10.7% year-over-year.
-- EBITDA in the third quarter of 2009 was $60.1 million, a 51.6% increase
from the third quarter of 2008 and a 28.7% increase from the second
quarter of 2009.
-- Gross margin in the third quarter of 2009 was 56.6%, compared to 54.2%
in the third quarter of 2008 and 57.2% in the second quarter of 2009.
-- Net operating cash generated during the third quarter of 2009 was $20.9
million.
-- Mindray recorded special one-time income of $14.0 million resulting
from a mutually agreed upon termination of a joint development and OEM
chemical analyzer project between Beckman Coulter, Inc. and Mindray.
The agreement resulted from changes in business strategy by Beckman
Coulter, Inc. after it acquired the Olympus Diagnostic division.
-- Mindray met product launch goals for the year with four more product
launches in the third quarter, including the DC-7 color ultrasound
system, BC-5800 hematology analyzer and WATO EX 20/30 anesthesia
machine, as well as the Passport V, the second jointly developed
patient monitor from the Shenzhen and Mahwah engineering teams. Mindray
has launched 9 new products year to date.

"Mindray delivered solid results this quarter and we are encouraged by the
continuous sales uptake we are seeing in the international markets," commented
Xu Hang, Mindray's chairman and co-chief executive officer. "In the domestic
Chinese market, normal distributor sales remained strong while tender sales
were much lower than expected due to a slow-down in the government budget
deployment process; this is a result of normal quarterly fluctuation in
tenders and hence we maintain our growth expectation for China for the year.
Mindray continues to focus on innovation and we are pleased to deliver on our
annual new product development goals ahead of schedule as we successfully
introduced four additional new products to the market during the quarter."

SUMMARY -- Third Quarter and Nine Months Ended September 30, 2009

(in $ millions, except Three Months Ended Nine Months Ended
per-share data) September 30 September 30
2009 2008 % chg 2009 2008 % chg

Net Revenues 151.1 146.5 3.1% 445.3 379.6 17.3%
Revenues generated in China 66.8 61.1 9.3% 205.1 161.7 26.8%
Revenues generated outside China 84.3 85.4 -1.3% 240.2 217.9 10.3%
Gross Profit 85.5 79.4 7.7% 251.8 205.8 22.4%
Non-GAAP Gross Profit 87.2 83.6 4.3% 256.8 213.7 20.2%
Operating Income 34.2 30.2 13.5% 102.6 85.9 19.5%
Non-GAAP Operating Income 40.0 37.5 6.7% 118.6 108.3 9.5%
EBITDA 60.1 39.6 51.6% 142.3 104.6 36.0%
Net Income 43.4 28.0 55.2% 101.8 77.1 32.0%
Non-GAAP Net Income 37.4 33.7 11.0% 105.7 96.7 9.3%
Diluted EPS 0.38 0.24 56.9% 0.90 0.68 33.7%
Non-GAAP Diluted EPS 0.33 0.29 12.2% 0.94 0.85 10.7%

Revenues
Mindray reported net revenues of $151.1 million for the third quarter of
2009, a 3.1% increase from $146.5 million in the third quarter of 2008. Net
revenues generated in China in the third quarter of 2009 increased 9.3% to
$66.8 million from $61.1 million in the third quarter of 2008, while net
revenues generated in international markets in the third quarter of 2009
decreased 1.3% to $84.3 million from $85.4 million in the third quarter of
2008.
Performance by Segment
Patient Monitoring & Life Support Products: Patient monitoring & life
support products segment revenues declined 0.6% to $67.7 million from $68.1
million in the third quarter of 2008. The patient monitoring & life support
products segment contributed 44.8% to total net revenues in the third quarter
of 2009.
In-Vitro Diagnostic Products: In-vitro diagnostic products segment
revenues increased 5.8% to $37.3 million from $35.3 million in the third
quarter of 2008. The in-vitro diagnostic products segment contributed 24.7% to
total net revenues in the third quarter of 2009.
Medical Imaging Systems: Medical imaging systems segment revenues
increased 10.2% to $36.4 million from $33.0 million in the third quarter of
2008. The medical imaging systems segment contributed 24.1% to total net
revenues in the third quarter of 2009.
Others: Other revenues, which are primarily comprised of service fees
charged for post warranty period repair services, declined 4.2% to $9.7
million from $10.1 million in the third quarter of 2008. Other revenues
contributed 6.4% to total net revenues in the third quarter of 2009.
The segment revenue amounts discussed above include shipping and handling
fees charged to customers.
Gross Margins
Third quarter 2009 gross profit was $85.5 million, a 7.7% increase from
$79.4 million in the third quarter of 2008. Third quarter 2009 non-GAAP gross
profit was $87.2 million, a 4.3% increase from $83.6 million in the third
quarter of 2008. Third quarter 2009 gross margin was 56.6% compared to 54.2%
in the third quarter of 2008 and 57.2% in the second quarter of 2009. Non-GAAP
gross margin was 57.7% in the third quarter of 2009 compared to 57.0% in the
third quarter of 2008 and 58.3% in the second quarter of 2009.
Operating Expenses
Selling expenses for the third quarter of 2009 were $24.8 million, or
16.4% of total net revenues, compared to 15.0% in the third quarter of 2008
and 16.5% in the second quarter of 2009. Non-GAAP selling expenses for the
third quarter of 2009 were $23.3 million, or 15.4% of total net revenues,
compared to 14.4% in the third quarter of 2008 and 15.5% in the second quarter
of 2009.
General and administrative expenses for the third quarter of 2009 were
$11.3 million, or 7.5% of total net revenues, compared to 8.6% in the third
quarter of 2008 and 7.1% in the second quarter of 2009. Non-GAAP general and
administrative expenses for the third quarter of 2009 were $10.5 million, or
6.9% of the total net revenues, compared to 8.1% in the third quarter of 2008
and 6.7% in the second quarter of 2009.
Research and development expenses for the third quarter of 2009 were $14.2
million, or 9.4% of total net revenues, compared to 10.0% in the third quarter
of 2008 and 9.2% in the second quarter of 2009. Non-GAAP research and
development expenses for the third quarter of 2009 were $13.4 million, or 8.8%
of total net revenues, compared to 9.4% in the third quarter of 2008 and 8.7%
in the second quarter of 2009.
Total share-based compensation expenses, which were allocated to cost of
revenues and related operating expenses, were $2.6 million in the third
quarter of 2009 compared to $2.6 million in the second quarter of 2009 and
$2.6 million in the third quarter of 2008.
Operating income was $34.2 million in the third quarter of 2009, a 13.5%
increase from $30.2 million in the third quarter of 2008. Non-GAAP operating
income in the third quarter of 2009 was $40.0 million, a 6.7% increase from
$37.5 million in the third quarter of 2008. Operating margin was 22.6% in the
third quarter of 2009 compared to 20.6% in the third quarter of 2008 and 24.4%
in the second quarter of 2009. Non-GAAP operating margin was 26.5% in the
third quarter of 2009 compared to 25.6% in the third quarter of 2008 and 27.4%
in the second quarter of 2009.
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")
Third quarter 2009 EBITDA increased 51.6% year-over-year to $60.1 million
from $39.6 million in the third quarter of 2008 and increased 28.7% from $46.7
million in the second quarter of 2009.
Net Income
Net income increased 55.2% year-over-year to $43.4 million from $28.0
million in the third quarter of 2008. Non-GAAP net income increased 11.0%
year-over-year to $37.4 million from $33.7 million in the third quarter of
2008. Net margin was 28.7% in the third quarter of 2009 compared to 19.1% in
the third quarter of 2008 and 20.6% in the second quarter of 2009. Non-GAAP
net margin was 24.7% in the third quarter of 2009 compared to 23.0% in the
third quarter of 2008 and 23.6% in the second quarter of 2009. Third quarter
2009 income tax expense was $10.2 million representing an effective tax rate
of 19.0%
Third quarter 2009 basic and diluted earnings per share were $0.40 and
$0.38, respectively, compared to $0.26 and $0.24 in the third quarter of 2008.
Basic and diluted non-GAAP earnings per share were $0.34 and $0.33,
respectively, compared to $0.31 and $0.29 in the third quarter of 2008. Shares
used in the computation of diluted earnings per share for the third quarter
2009 were 113.4 million.
Other Select Data
Average accounts receivable days outstanding were 62 days in the third
quarter of 2009 compared to 54 days in the second quarter of 2009. Average
inventory days were 98 days in the third quarter of 2009 compared to 82 days
in the second quarter of 2009. Average accounts payable days outstanding were
62 days in the third quarter of 2009 compared to 59 days in the second quarter
of 2009. Mindray calculates the above working capital days using the average
of beginning and ending balances of the quarter.
As of September 30, 2009, the company had $299.3 million in cash, cash
equivalents, restricted cash and restricted investments, compared to $286.7
million as of June 30, 2009. Net cash generated from operating activities and
net cash outflow for capital expenditures during the quarter were $20.9
million and $13.5 million, respectively.
As of September 30, 2009, the company had 5,760 employees.
Nine Months Ended September 30, 2009 Results
Mindray reported net revenues of $445.3 million for the first nine months
of 2009, representing a 17.3% increase from $379.6 million in the same period
in 2008. -- Net revenues generated in China in the first nine months of
2009
increased 26.8% to $205.1 million from $161.7 million in the same
period in 2008.
-- Net revenues generated in international markets in the first nine
months of 2009 increased 10.3% to $240.2 million from $217.9 million in
the first nine months of 2008.

First nine months of 2009 EBITDA increased 36.0% year-over-year to $142.3
million from $104.6 million in the first nine months of 2008.
First nine months of 2009 net income increased 32.0% year-over-year to
$101.8 million from $77.1 million in the first nine months of 2008. First nine
months of 2009 non-GAAP net income increased 9.3% year-over-year to $105.7
million from $96.7 million in the first nine months of 2008.
First nine months of 2009 diluted earnings per share increased 33.7%
year-over-year to $0.90 from $0.68 in the first nine months of 2008. First
nine months of 2009 non-GAAP diluted earnings per share increased 10.7% to
$0.94 from $0.85 in the first nine months of 2008.
Business Outlook for Full Year 2009
Mindray updates its current outlook for the full year 2009, which
includes:
-- 2009 net revenue to grow at a rate of 10% to 13% year-over-year.
-- Non-GAAP EPS to grow slightly more than 10% over 2008.
-- Capital expenditure to remain in the range of $50 million to $60
million.
-- Share based compensation to be approximately $12 million, based on
issuances to date, which does not take into account any additional
share grant that may come later this year, if any.
-- Amortization of intangible assets to be $10 million including April
2006 acquisition of minority interest and May 2008 acquisition of
Datascope patient monitoring business.

The company's practice is to provide guidance on a full year basis only.
This forecast reflects Mindray's current and preliminary views, which are
subject to change.
"The updated guidance conveys our confidence in delivering solid
operational and financial results for the year, backed by continuous strong
growth in China and increasing stability in international markets," commented
Li Xiting, Mindray's president and co-chief executive officer. "To sustain
future growth, we will invest in expanding our presence in key emerging
markets, maintaining our aggressive pace of new product introductions, and
driving cost synergies across all business units."
Conference Call Information
Mindray's management will hold an earnings conference call at 8:00 AM on
November 10, 2009 U.S. Eastern Time (9:00 PM on November 10, 2009Beijing/Hong
Kong Time).
Dial-in details for the earnings conference call are as follows:

Hong Kong: +852-3002-1672
U.S. Toll Free: +1-866-318-8614
International: +1-617-399-5133

Pass code for all regions: Mindray

A replay of the conference call may be accessed by phone at the following
numbers until November 21, 2009.
U.S. Toll Free: +1-888-286-8010
International: +1-617-801-6888
Pass code: 2641 5957

Additionally, a live and archived webcast of this conference call will be
available on the Investor Relations section of Mindray's website at
http://ir.mindray.com .
Use of Non-GAAP Financial Measures
Mindray provides gross profit, R&D expenses, selling expenses, general and
administrative expenses, operating income, EBITDA, net income and earnings per
share on a non-GAAP basis that excludes share-based compensation expense and
acquired intangible assets amortization expense, in progress research and
development expenses, realignment costs -- post acquisition, as well as
termination payments, all net of related tax impact, to enable investors to
better assess the company's operating performance. The non-GAAP measures
described by the company are reconciled to the corresponding GAAP measure in
the exhibit below titled "Reconciliations of non-GAAP results of operations
measures to the nearest comparable GAAP measures."
The company has reported for the third quarter of 2009 and provided
guidance for full year 2009 earnings per share on a non-GAAP basis. Each of
the terms as used by the company is defined as follows: -- Non-GAAP gross
profit represents gross profit reported in accordance
with GAAP, adjusted for the effects of share-based compensation and
amortization of acquired intangible assets.
-- Non-GAAP operating income represents operating income reported in
accordance with GAAP, adjusted for the effects of share-based
compensation, realignment cost - post acquisition, termination
payments,
and amortization of acquired intangible assets including, but not
limited to, in progress research and development ("IPR&D").
-- Non-GAAP net income represents net income reported in accordance with
GAAP, adjusted for the effects of share-based compensation, realignment
cost -- post acquisition, termination payments, amortization of
acquired intangible assets and IPR&D including, but not limited to,
other income from onetime early termination of contract, all net of
related tax impact.
-- Non-GAAP earnings per share represents non-GAAP net income divided by
the number of shares used in computing basic and diluted earnings per
share in accordance with GAAP, and excludes the impact of the deemed
dividends for the basic calculation.

The company computes its non-GAAP financial measures using the same
consistent method from quarter to quarter. The company notes that these
measures may not be calculated on the same basis of similar measures used by
other companies. Readers are cautioned not to view non-GAAP results on a
stand-alone basis or as a substitute for results under GAAP, or as being
comparable to results reported or forecasted by other companies, and should
refer to the reconciliation of GAAP results with non-GAAP results for the
three months and nine months period ended September 30, 2008 and 2009,
respectively, in the attached financial information.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements," including those
related to the company's market performance, the business outlook for the
fiscal year 2009 with respect to net revenues, Non-GAAP EPS, capital
expenditure, share based compensation, and amortization of intangible assets,
the company's ability to grow in various geographic markets, to adapt to
changing market environments, to take advantage of cost advantages, to capture
growth opportunities, to improve cost structures and operational efficiencies
and to benefit from government spending in China. These statements are not
historical facts but instead represent only our belief regarding future
events,
many of which, by their nature, are inherently uncertain and outside of our
control. It is possible that our actual results and financial condition and
other circumstances may differ, possibly materially, from the anticipated
results and financial condition indicated in these forward-looking statements.
Readers are cautioned that these forward-looking statements are only
predictions and may differ materially from actual future events or results due
to a variety of factors, including but not limited to: the expected growth of
the medical device market in China and internationally; relevant government
policies and regulations relating to the medical device industry; market
acceptance of our products; our expectations regarding demand for our
products;
our ability to expand our production, our sales and distribution network and
other aspects of our operations; our ability to stay abreast of market trends
and technological advances; our ability to effectively protect our
intellectual property rights and not infringe on the intellectual property
rights of others; competition in the medical device industry in China and
internationally; and general economic and business conditions in the countries
in which we operate. The financial information contained in this release
should be read in conjunction with the consolidated financial statements and
notes thereto included in our public filings with the Securities and Exchange
Commission. For a discussion of other important factors that could adversely
affect our business, financial condition, results of operations and prospects,
see "Risk Factors" beginning on page 5 of our annual report on Form 20-F,
filed on May 8, 2009. Our results of operations for the third quarter of 2009
and for fiscal year 2009 are not necessarily indicative of our operating
results for any future periods. Any projections in this release are based on
limited information currently available to us, which is subject to change.
Although such projections and the factors influencing them will likely change,
we will not necessarily update the information. Such information speaks only
as of the date of this release.
All references to "shares" are to our ordinary shares, which are divided
into two classes, Class A and Class B. Each of our American Depositary Shares,
which trade on the New York Stock Exchange, represents one Class A ordinary
share.
About Mindray
We are a leading developer, manufacturer and marketer of medical devices
worldwide. We maintain global headquarters in Shenzhen, China, U.S.
headquarters in Mahwah, New Jersey and multiple sales offices in major
international markets. From our main manufacturing and engineering base in
China and through our worldwide distribution network, we are able to supply
internationally a broad range of products across three primary business
segments, comprised of patient monitoring and life support products, in-vitro
diagnostic products and medical imaging systems. For more information, please
visit http://ir.mindray.com .
For investor and media inquiries please contact:

In the U.S:
FD
Evan Smith, CFA
Tel: +1-212-850-5606
Email: evan.smith@fd.com

John Capodanno
Tel: +1-212-850-5705
Email: john.capodanno@fd.com

In China:
May Li
Tel: +86-755-2658-2518
Email: may.li@mindray.com

Exhibit 1

MINDRAY MEDICAL INTERNATIONAL LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

As of December As of September
31, 2008 30, 2009
US$ US$
(audited) (unaudited)
ASSETS

Current assets:
Cash and cash equivalents 96,370 130,996
Restricted cash and restricted
investments (note 1) 156,491 102,261
Accounts receivable, net 89,735 105,935
Inventories 57,466 76,088
Value added tax receivables 13,566 12,597
Other receivables 7,471 22,140
Prepayments and deposits 4,503 8,633
Deferred tax assets 1,812 2,016
Total current assets 427,414 460,666

Restricted investments (note 1) -- 66,000
Other assets 1,724 2,437
Advances for purchase of plant and
equipment 46,275 21,844
Property, plant and equipment, net 126,399 149,067
Land use rights, net 2,721 25,915
Deferred tax assets, net -- 1,242
Intangible assets, net 67,004 64,664
Goodwill 114,234 115,054
Total assets 785,771 906,889

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank loans (note 1) 157,007 103,132
Notes payable 7,449 8,267
Accounts payable 29,009 32,930
Advances from customers 7,523 5,377
Salaries payables 16,797 14,934
Other payables 46,911 48,674
Income taxes payable 10,727 15,176
Other taxes payable 4,398 4,432
Total current liabilities 279,821 232,922

Bank loans-long term (note 1) -- 66,000
Other long-term payables 7,120 7,580
Deferred tax liabilities, net 736 3,033
7,856 76,613

Shareholders' equity:
Ordinary shares 14 14
Additional paid-in capital 274,993 292,846
Retained earnings 183,886 264,065
Accumulated other comprehensive
income 39,199 40,427
Total shareholders' equity 498,092 597,352

Non-controlling interest 2 2
Total equity 498,094 597,354

Total liabilities and shareholders'
equity 785,771 906,889

(1) Restricted as the security package required for bank loans as of
September 30, 2009. Use of such funds is permitted provided that the
proportionate amount of debt must be retired concurrently. As of
September 30, 2009, the bank loans can be fully repaid from such
restricted cash and restricted investments.

Exhibit 2

MINDRAY MEDICAL INTERNATIONAL LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except for share and per share data)

Three months ended Nine months ended
September 30, September 30,
2008 2009 2008 2009
US$ US$ US$ US$
(unaudited) (unaudited) (unaudited) (unaudited)

Net revenues
-PRC $61,126 66,809 161,763 205,123
- International 85,403 84,319 217,861 240,230
Net revenues 146,529 151,128 379,624 445,353
Cost of revenues
(note 2) (67,122) (65,607) (173,819) (193,536)
Gross profit 79,407 85,521 205,805 251,817
Selling expenses
(note 2) (21,989) (24,805) (53,112) (73,004)
General and
administrative
expenses (note 2) (12,652) (11,291) (24,867) (31,524)
Research and
development expenses
(note 2) (14,616) (14,168) (35,360) (43,636)
Realignment costs -
post acquisition -- (1,030) -- (1,030)
Expense of in-
progress research &
development -- -- (6,600) --
Operating income 30,150 34,227 85,866 102,623

Other income, net 1,286 18,719 2,910 19,071
Interest income 2,957 1,776 7,486 4,717
Interest expense (1,577) (1,091) (2,537) (3,881)
Income before income
taxes and non-
controlling interest 32,816 53,631 93,725 122,530

Provision for income
taxes (4,840) (10,209) (16,640) (20,753)
Non-controlling
interest -- -- -- --
Net Income $27,976 43,422 77,085 101,777

Basic earnings per
share 0.26 0.40 0.72 0.94

Diluted earnings per
share 0.24 0.38 0.68 0.90

Shares used in the
computation of:
Basic earnings per
share $107,538,933 108,845,481 107,256,059 108,337,457

Diluted earnings per
share $114,573,283 113,374,202 114,130,393 112,671,743

(2) Share-based
compensation charges
incurred during the
period related to:

Cost of revenues 113 124 334 373
Selling expenses 898 878 2,514 2,858
General and
administrative
expenses 767 832 1,997 2,574
Research and
development expenses 799 802 2,317 2,444

Exhibit 3

MINDRAY MEDICAL INTERNATIONAL LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST
COMPARABLE GAAP MEASURES(Dollars in thousands, except for share and per
share data)
Three months ended Nine months ended
September 30, September 30,
2008 2009 2008 2009
US$ US$ US$ US$
(unaudited) (unaudited) (unaudited) (unaudited)

Non-GAAP net income 33,671 37,376 96,702 105,726
Non-GAAP net margin 23.0% 24.7% 25.5% 23.7%
Amortization of
acquired intangible
assets (4,789) (2,135) (15,279) (6,484)
Deferred tax impact
related to acquired
intangible assets 1,671 90 2,824 288
Realignment costs -
post acquisition and
termination payments -- (1,030) -- (1,261)
Income from early
termination of
contract -- 11,757 -- 11,757
Share-based
compensation (2,577) (2,636) (7,162) (8,249)
GAAP net income 27,976 43,422 77,085 101,777
GAAP net margin 19.1% 28.7% 20.3% 22.9%

Non-GAAP income per
share - basic 0.31 0.34 0.90 0.98
Non-GAAP income per
share - diluted 0.29 0.33 0.85 0.94

GAAP income per share
- basic 0.26 0.40 0.72 0.94
GAAP income per share
- diluted 0.24 0.38 0.68 0.90

Shares used in
computation of:
Basic earnings per
share 107,538,933 108,845,481 107,256,059 108,337,457
Diluted earnings per
share 114,573,283 113,374,202 114,130,393 112,671,743

Non-GAAP operating
income 37,516 40,028 108,307 118,617
Non-GAAP operating
margin 25.6% 26.5% 28.5% 26.6%
Amortization of
acquired intangible
assets (4,789) (2,135) (15,279) (6,484)
Realignment costs -
post acquisition and
termination payments -- (1,030) -- (1,261)
Share-based
compensation (2,577) (2,636) (7,162) (8,249)
GAAP operating income 30,150 34,227 85,866 102,623
GAAP operating margin 20.6% 22.6% 22.6% 23.0%

Non-GAAP gross profit 83,586 87,153 213,675 256,806
Non-GAAP gross margin 57.0% 57.7% 56.3% 57.7%
Amortization of
acquired intangible
assets (4,066) (1,508) (7,536) (4,616)
Share-based
compensation (113) (124) (334) (373)
GAAP gross profit 79,407 85,521 205,805 251,817
GAAP gross margin 54.2% 56.6% 54.2% 56.5%

Exhibit 4

MINDRAY MEDICAL INTERNATIONAL LIMITED
RECONCILIATION OF GAAP NET INCOME TO EARNINGS BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTIZATION(Dollars in thousands)

Three months ended Nine months ended
September 30, September 30,
2008 2009 2008 2009
US$ US$ US$ US$
(unaud- (unaud- (unaud- (unaud-
ited) ited) ited) ited)
GAAP net income $27,976 43,422 77,085 101,777
Interest income (2,957) (1,776) (7,486) (4,717)
Interest expense 1,577 1,091 2,537 3,881
Provision for income taxes 4,840 10,209 16,640 20,753

Earnings before interest and tax (EBIT) 31,436 52,946 88,776 121,694
Depreciation 4,407 4,720 9,807 13,770
Amortization 3,772 2,392 6,027 6,844

Earnings before interest, tax,
depreciation and amortization (EBITDA) 39,615 60,058 104,610 142,308

SOURCE Mindray Medical International Limited

In the U.S., Evan Smith, CFA, +1-212-850-5606, evan.smith@fd.com, or John
Capodanno, +1-212-850-5705, john.capodanno@fd.com, both of FD; or In China,
May Li, +86-755-2658-2518, may.li@mindray.com