Mindray's Q3 bottom-line shrinks; top-line management undergoes change
This article was originally published in Clinica
China's Mindray Medical saw its profits hit by income tax and interest expenses in the third fiscal quarter, resulting in net income declining 4% year-on-year to $35.8 million. Moreover, growth in operating income was also modest (+1% at $39.1 million) due to significantly higher sales expenditure (+16%) and general and administrative costs (+64%). R&D costs also increased by 20%, but as a proportion of revenue, this was kept at a similar level of 9% compared with the same period last year.