Mindray Medical International (MR) Beats Q1 Estimates, Guides 2008 Above Consensus
Mindray Medical International (MR), a Chinese manufacturer and marketer of medical devices internationally, reported first quarter results after the close today. Net revenues increased 48.2% year over year to $89.3 million vs. analysts’ consensus estimate of $84.4 million. Non-GAAP net income rose 42.7% to $28.4 million or 25 cents per share. Analysts were looking for non-GAAP earnings per share of 19 cents. Mindray's chairman and Co-Chief Executive Officer Xu Hang made optimistic comments about future growth. “We delivered another quarter of strong results both in China and international markets,” he said. “During the quarter, we successfully acquired Datascope Corporation's patient…