Mindray Medical (MR) Misses Q1 EPS by 3c

Mindray Medical (NYSE: MR) reported Q1 EPS of $0.33, $0.03 worse than the analyst estimate of $0.36. Revenue for the quarter came in at $272.5 million versus the consensus estimate of $288.5 million.

Business Outlook for Full Year 2015

Mindray continues to expect its full year 2015 net revenues to grow by a mid-single digit percentage over its full year 2014 net revenues.

Previous guidance for full year 2015 non-GAAP net income is being revised to reflect the impact of the newly announced employee incentive and talent retention program, as well as pricing pressure as a result of rising competition. Assuming the related 2015 payments are distributed half in equity based compensation and half in cash, Mindray forecasts its full year 2015 non-GAAP net income to decrease by a high-teens percentage over its full year 2014 non-GAAP net income. Please note, however, that this assumption is subject to change and the exact impact on the guidance will depend on the actual split between equity based compensation and cash payments. The company will provide more updates as additional details of the program are finalized. The non-GAAP net income guidance also excludes our tax benefits related to the nationwide key software enterprise status and assumes a corporate income tax rate of 15% applicable to the Shenzhen subsidiary.

The company continues to expect its capital expenditure for full year 2015 to be around $150 million.

The company's practice is to provide guidance on a full year basis only. This forecast reflects Mindray's current and preliminary views, which are subject to change.

For earnings history and earnings-related data on Mindray Medical (MR) click here.

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