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Mindray Medical 3Q profit rises 4 percent

Mon, 11/07/2011 - 2:47pm
The Associated Press

Medical device maker Mindray Medical International Ltd. said Monday that its profit rose 4 percent in the third quarter on stronger sales in a variety of markets.

The company, which is based in Shenzhen, in China, said its net income grew to $37.3 million, or 31 cents per share, from $35.9 million, or 30 cents per share. Its revenue rose almost 30 percent, to $218.4 million from $168.3 million.

Analysts were forecasting a profit of 34 cents per share and $197.4 million in revenue, according to FactSet.

Mindray said sales of patient monitoring and life support devices rose 32 percent to $96.1 million. In vitro diagnostic product sales rose 29 percent to $55.7 million, and medical imaging system revenue picked up 25 percent to $53.2 million. Other revenue rose 36 percent to $13.4 million.

The company said revenue in China grew 35 percent to $93.5 million, and revenue in other markets rose 26 percent to $124.9 million. It said sales in the Middle East and Africa were stronger than expected.

Mindray also said that on Friday its board approved the repurchase of up to $100 million in stock through December 2012.

Shares of Mindray rose 68 cents, or 2.5 percent, to close Monday at $28.06. They gained another 50 cents after hours.

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