PEKING (dpa-AFX) - Mindray Medical International Ltd. (MR) Monday said first-quarter profit increased to $57.4 million or $0.48 per share from $36.6 million or $0.31 per share in the same period last year.
Adjusted earnings for the quarter was $64.6 million or $0.53 per share. On average, four analysts polled by Thomson Reuters expected the company to earn $0.41 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $242.1 million, up 10.5 percent from $219.0 million last year. Analysts expected revenues of $256.23 million.
Revenues generated in China improved 21.2 percent to $111.3 million from last year, while revenues from international markets were up 2.8 percent to $130.8 million from last year.
Gross margins improved to 58.1 percent from 55.5 percent last year.
Looking ahead to the fiscal year 2013, the company continues to expect adjusted earnings and revenue growth of 15 percent and 17 percent respectively.
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