Mindray Medical rises on strong 2011 outlook
Chinese medical device maker Mindray Medical International Ltd. said Monday it expects to report 25 percent sales growth in 2011, which was better than analysts expected.
Mindray said it expects its adjusted profit grew at least 10 percent in 2011, while its revenue rose 25 percent to $878 million, bolstered by strong results from emerging markets.
Analysts expect the company to report a profit of $1.50 per share and $858.5 million in revenue, according to FactSet.
The company said it expects its sales to grow another 18 percent in 2012. Mindray said its outlook in China and some key international markets is favorable, but sales in Western Europe, Africa, and the Middle East may be challenged by economic and political instability.
Analysts expect a profit of $1.72 per share and $1.01 billion in revenue in 2012, which implies sales growth of about 17 percent.
Shares of Mindray Medical rose $1.71, or 6.5 percent, to $28.07 in afternoon trading. Shares have traded between $21.35 and $31.21 over the past year.