Mindray sees 37% gain in Q2 net income

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Medical devices manufacturer Mindray Medical International has posted a 37 percent increase in net income for its fiscal 2009 second quarter.

The Shenzen, China-based company reported a net income of $33 million for the quarter ending June 30, up from the $24.1 million in net income during the same quarter a year ago.

New revenues grew to $160.1 million, an increase of 9.9 percent over the $145.7 million in net revenues the company posted in the second quarter of 2008. Much of the growth was generated in China. Mindray booked revenues of $76 million in China in the second quarter, which was up 31.3 percent over a year ago. Revenues generated outside of China declined by 4.2 percent, from $87.8 million in the second quarter of 2008 to $84.1 million in the second quarter of 2009.

"Based on what we continue to see from a world economy and hospital spending perspective, we are maintaining our guidance for the year," said Li Xiting, Mindray's president and co-CEO. "China still represents our best growth prospect this year. International growth is mixed, with Africa, Asia and the Middle East performing well; distributor funding and hospital spending issues, however, continue to affect our other regions. Not surprisingly, the U.S. hospital market remains difficult to predict, as capital spending remains constrained and healthcare reform has yet to be established."