Mindray Medical International Ltd. (MR) Monday reiterated its earnings guidance for the full year 2011, as it expects a double-digit revenue growth, reflecting strong sales from China amidst challenging global environment. Revenues for the full year 2011 is expected to clearly beat current Street estimates.
The Shenzhen, China-based medical device maker also said it expects sales for 2012 to improve 18 percent year-over-year. Following the news, shares of Mindray rose over six percent on the New York Stock Exchange.
Mindray expects full-year 2011 net revenues to be about $878 million, representing 24.7 percent year-over-year growth. The company reaffirmed its full-year 2011 adjusted net income guidance of over 10 percent growth from last year. Analysts currently estimates earnings of $1.45 per share on revenues of $856.80 million for the full year.
The company said the global environment in 2011 remained challenging as economic and political uncertainties continued. However, the company was able to improve revenues due mainly to the robust sales from China. Co-Chief Executive Hang said, "Our robust China sales reflect the success of our strategic initiatives and favorable hospital and government spending trends. Outside of China, emerging markets remained a key growth driver, thanks to our increased investment in our sales and service platforms, as well as marketing activities."
Looking forward to full year 2012, Mindray anticipates net revenues to grow at least 18 percent from 2011. Analysts currently estimate revenues of $1.0 billion for the full year.
Co-Chief Executive Li Xiting said, "As we closed the fourth quarter of 2011, the outlook in China and some key ex-China markets remain favorable for our company. However, we expect potential headwinds in Western European markets, the Middle East and Africa as a result of continued economic and political instability."
MR is currently trading at $27.98, up $1.62 or 6.15%, on a volume of 0.8 million shares, above the three-month average volume of 0.4 million.
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