ADRs in Focus: Mindray Medical ADRs climb on 1Q earns

Mindray said its quarterly profit surged to $25.6 million, or 23 cents per ADR, from $15.8 million, or 14 cents per ADR, in the same quarter last year.

Stripping out one-time items, the company said its adjusted profit totaled $28.4 million, or 25 cents per ADR.

Revenue increased 63 percent to $89.3 million from $54.7 million a year ago.

Analysts polled by Thomson Financial expected more modest earnings of 19 cents per share on revenue of $84.4 million.

Mindray also raised its full-year outlook to $1.16 to $1.18 per share, a penny higher on each end from its earlier estimate. Analysts project 2008 earnings of $1.05 per share. The company also forecast 2008 revenue of $560 million to $580 million, well above the Street's view of $454.9 million.

The company added it expects its acquisition of U.S. medical device company Datascope Corp., which it announced in March, to complete in mid May.

ADRs of Mindray jumped $4.15, or 11.7 percent, to finish at $39.55.

In a note to investors, Citi Investment Research analyst Hoki Luk reiterated a "Buy" rating on Mindray, calling the results "robust."

Luk was upbeat on the company's acquisition of Datascope, especially as the company pointed out the acquisition would have little impact on full-year earnings. Many had expected the deal to be dilutive and result in lower earnings per ADR, Luk said.