Mindray Profit Falls; Cuts FY Guidance

(RTTNews) - Chinese medical devices maker Mindray Medical International Ltd (MR) on Monday reported second-quarter net earnings of $41.2 million or $0.35 per share compared with $59.6 million or $0.50 per share last year.

Excluding items, adjusted earnings for the quarter were $0.42 per share compared with $0.56 per share a year ago.

Sales for the quarter were up 0.7% at $336.8 million compared with $334.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.43 per share on sales of $360.5 million for the quarter. Analysts' estimates typically exclude special items.

Gross margin for the quarter fell to 54.7% from 56.6% last year, and operating margin slid to 14.8% from 19.3%.

"Although the near-term outlook of our overall business remains challenging amid a difficult environment, we are working diligently to strengthen our competitive position and seize business opportunities," saud Mindray Co-CEO Cheng Minghe.

For the full year 2015, Mindray now expects sales to grow by a low-single-digit percentage and adjusted earnings to decline 30%, compared with a year ago. Earlier, it expected sales to grow by a mid-single digit percentage and earnings to decrease by a high-teens percentage.