Mindray Q2 benefits from domestic growth
This article was originally published in Clinica
Chinese medtech manufacturer Mindray Medical attributed a positive second quarter in 2009 to “excellent growth in China”, stemming from strong government spending in the healthcare market. Revenue grew by around 10% during Q2, with sales in its domestic market increasing 31% and international sales dropping by 4%. Mindray’s president and co-CEO Li Xiting said: “China still represents our best growth prospect this year. International growth is mixed, with Africa, Asia and the Middle East performing well. Not surprisingly, the US hospital market remains difficult to predict, as capital spending remains constrained and healthcare reform has yet to be established”. The Shenzhen-based firm saw revenue growth from its patient monitoring products (+2% to $69.1m), in vitro diagnostics (+13% to $40m) and medical imaging systems (+17% to $41.9m). Net income also improved during the quarter – the bottom line reached $33m, up from $24.1m in the second quarter of 2008.