Mindray Medical Q1 Profit Declines - Quick Facts

(RTTNews) - Mindray Medical International Limited (MR) reported that its first-quarter net income decreased to $35.6 million or $0.30 per share, from $57.4 million or $0.48 per share, previous year. Non-GAAP earnings per share was $0.39, for the quarter. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.37 for the quarter. Analysts' estimates typically exclude special items.

Net revenues increased to $264.8 million from $242.1 million. Analysts expected revenue of $292.50 million for the quarter. The company continues to expect full year 2014 net revenues to grow at least 15% over its full year 2013 net revenues. The company also continues to anticipate its full year 2014 non-GAAP net income to remain at a similar level to its full year 2013 non-GAAP net income.

The company also announced that Jie Liu has resigned from his Chief Operating Officer position for personal reasons, effective immediately. Wang Jianxin, Mindray's Chief Administrative Officer, will now be the Chief Operating Officer. Minghe Cheng, Mindray's Co-Chief Executive Officer and Chief Strategic Officer, will oversee international sales and marketing and the North America operations, which were part of Liu's previous responsibilities.