Mindray Medical International Limited (MR) announced that its third-quarter net income increased 55.2% to $43.4 million from $28.0 million in the third quarter of 2008. Earnings per share for the quarter were $0.38, compared to $0.24 in the third quarter of 2008.
Non-GAAP net income increased 11.0% year-over-year to $37.4 million from $33.7 million in the third quarter of 2008. Non-GAAP earnings per share were $0.33, compared to $0.29 in the third quarter of 2008.
Net revenues of $151.1 million for the third quarter of 2009, a 3.1% increase from $146.5 million in the third quarter of 2008.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share on revenues of $154.98 million for the quarter. Analysts' estimates typically exclude special items.
Mindray now expects 2009 net revenue to grow at a rate of 10% to 13% year-over-year ,and Non-GAAP EPS to grow slightly more than 10% over 2008. Analysts expect the company to report earnings of $1.11 per share on revenues of $622.11 million for fiscal 2009.
Earlier, the company had expect fiscal 2009 non-GAAP earnings per share growth of 10%, with revenue growth expected to improve nearly 10% over last year.
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