Mindray Medical Reports Higher Q2 Profit; Raises Full-Year Guidance

Mindray Medical MR released its fiscal second-quarter earnings results after the closing bell on Monday. The company reported earnings per share that were ahead of analysts' consensus estimates, but sales fell short of expectations. Mindray also raised its full-year revenue guidance. In late trade, the share price was unchanged at $41.83. Management Commentary "In the second quarter, our strong China sales continued to drive our top-line performance and we are pleased that our sales in the emerging markets improved sequentially. Western Europe revenues remained solid despite the region's economic weakness. Sales in North America were weak this quarter, primarily as a result of tough comparison over last year," said Mr. Li Xiting, Mindray's President and Co-Chief Executive Officer. "We further enhanced our efficiency with better management of our cash conversion cycle. We are also very excited about our recent acquisition of ZONARE, which greatly strengthened our ultrasound R&D capabilities and expanded our high-end product portfolio." Fiscal Q2 Results The company reported net income of $62.1 million or $0.51 per share, compared to $52.0 million or $0.44 per share, in last year's corresponding period. On a non-GAAP basis, net income was $68.2 million or $0.56 per share. This easily beat analysts' consensus EPS estimates of $0.47. Revenue in the quarter rose to $307.2 million from $267.8 million a year ago. This came up short of analysts' consensus revenue estimates of $312.06 million. Full-Year Guidance For the full-year, Mindray raised its revenue guidance. The company now expects at least 18 percent growth versus its 2012 revenue results. Mindray maintained its full-year 2013 non-GAAP net income guidance calling for at least 15 percent growth over its fiscal 2012 non-GAAP results. See all of Monday's stock movers with Benzinga's Market Wrap.