Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of medical-device maker Mindray Medical (NYS: MR) were feeling ill today, down by as much as 14%, after the company reported quarterly earnings results last night.
So what: Third-quarter revenue added up to $218.4 million, while earnings per share were $0.36. Both figures topped the market expectations of $197.9 in sales and $0.33 in earnings per share, so it's unclear what disappointed investors today.
Now what: To top it off, the company has also authorized a $100 million share-buyback program. All segments posted healthy double-digit growth across the board, with the Medical Imaging Systems segment growing the slowest at 24.5%. Following the results, Nomura Securities has reiterated its Buy rating on Mindray Medical with a $34 price target, citing stronger sales growth.
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