Mindray revenues nearly double for Q3
This article was originally published in Clinica
Executive Summary
Shenzhen, China-based Mindray Medical International reported a 94% increase in total revenues for the third quarter of 2008, spurred by strong sales across its product range. The firm saw revenues from its main patient monitoring and life support products business more than double during the period to reach $68m, reflecting the impact of its acquisition of US company's Datascope in May, a transaction that transformed Mindray into a global player with direct sales channels in the US and distributors in Europe. Revenues from the Chinese company's other two business segments – in vitro diagnostic products and medical imaging systems – increased 42% (at $35m) and 52% (at $33m), respectively. Total group turnover was $146.5m. "Prudent expense control" and cost savings from its vertically-integrated R&D and manufacturing model helped the company achieve net profit of $34m, up 48% from the same quarter last year. Mindray reaffirmed its earnings outlook for the full-year 2008, which would be between $132-135m. However, it lowered its revenue guidance from $560-580m to $550-$560m, due to changes in the budgeted currency exchange rates for the second half of 2008 to reflect the strengthening US dollar.