Oppenheimer Has Perform On Mindray Medical (MR)

Oppenheimer & Co. has a Perform rating on shares of Mindray Medical Int'l Ltd. MR. In a note to clients, Oppenheimer writes, "Recently, NDRC released a list of key software enterprises for 2010 and Mindray was again awarded key software enterprise status for its Shenzhen subsidy. While management had conservatively treated the $8.6M software tax refund in 2009 as a one-time event, the renewal of the status in 2010 came in line with our expectation given the low historical turnover rate of the qualified companies. We forecast a 2010 software rebate of $9M, largely in line with 2009 and driven by flat YoY China sales growth in 2010. We expect MR to guide double-digit bottom-line growth in 2011, albeit lower than the 16% revenue growth guidance due to investment in R&D and SG&A. Innovation remains key to sustaining long-term growth and competitiveness." Shares of MR gained 40 cents on Friday to close at $26.40, a gain of 1.5%.