Mindray Medical 3Q profit jumps on gains

Mindray Medical International's 3rd-quarter profit jumps on contract fee gain, other income

• On 12:43 pm EST, Tuesday November 10, 2009

NEW YORK (AP) -- Mindray Medical International Ltd., a Chinese medical device company, reported a 55 percent profit increase in its third quarter, helped by a gain from the early termination of a contract.

The company earned $43.4 million, or 38 cents per share, in the three months ended Sept. 30, up from $28 million, or 24 cents per share, a year ago.

Revenue rose 3 percent to $151.1 million from $146.5 million.

Excluding one-time items, the company said it earned 33 cents per share. Analysts polled by Thomson Reuters expected profit of 27 cents per share on higher revenue of $155 million.

The company reported $11.8 million in other income in the latest quarter from an early contract termination.

Shares of Mindray fell $2.09, or 6.1 percent, to $32 in midday trading. The stock has traded between $12.31 and $34.49 over the last 52 weeks.