Looking ahead for fiscal year 2009, the company now expects net revenue to grow at a rate of at least 10% year-over-year, provided that foreign exchange rates remain constant at RMB6.85 to the dollar and $1.33 to the euro. Non-GAAP earnings per share are expected to grow 10% over last year.
The revised guidance reflects more cautious assumptions of the overall market conditions for the remainder of 2009, as the world industry dynamics continued to worsen since earlier this year, commented Mr. Li Xiting, Mindray’s president and co-chief executive officer. For the current year, the China market still represents the strongest growth outlook. The picture outside China is mixed though, with healthy growth from Latin America and Africa coupled with additional growth as a result of our acquisition of our Mahwah operations, partially offset by declines in other sales geographies outside of China. We remain firm in our belief that Mindray’s unique vertically integrated business model and strong financial position will allow us to more effectively adapt to fast changing market environments such as the one we are in today. We will continue to build on our cost advantages coupled with effective R&D and solid sales infrastructure to capture substantial growth opportunities in the markets we compete in.
Performance by Segment
Patient Monitoring & Life Support Products: Patient monitoring & life support products segment revenues increased 97.4% to $58.6 million from $29.7 million for the first quarter 2008.The patient monitoring & life support products segment contributed 43.7% to the total net revenues in the first quarter 2009.
In-Vitro Diagnostic Products: In-vitro diagnostic products segment revenues increased 8.7% to $32.2 million from $29.7 million in the first quarter 2008. The in-vitro diagnostic products segment contributed 24.0% to the total net revenues in the first quarter 2009.
Medical Imaging Systems: Medical imaging systems segment revenues increased 32.9% to $35.7 million from $26.9 million in the first quarter 2008. The medical imaging systems segment contributed 26.6% to the total net revenues in the first quarter 2009.
Others: Other revenues, which are primarily comprised of extended warranty services revenues, increased 525.1% to $7.6 million from $1.2 million in the first quarter 2008. Other revenues contributed 5.7% to the total net revenues in the first quarter 2009.