Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (SHE: 300760) reported its Q3 2024 financial results, revealing revenues of RMB 29.48 billion (USD 4.18 billion) for the first three quarters, reflecting a year-on-year increase of 7.99%. Net profit attributable to the parent company reached RMB 10.64 billion (USD 1.49 billion), up 8.16% from the previous year. The company allocated RMB 2.84 billion (USD 397.97 million) to research and development (R&D), constituting 9.64% of its operational revenues.
Geographically, Mindray’s international market demonstrated robust growth, surging over 18% in the first three quarters, driven by advancements in high-end strategic customer collaborations and increased adoption of seed businesses such as minimally invasive surgery. Notably, the European and Asia Pacific markets each experienced growth exceeding 30%. In contrast, the domestic market’s growth was muted at less than 2%, attributed to various factors including adjustments in the medical sector and delays in hospital procurement due to budget constraints and non-essential medical demand.
In terms of production capabilities, Mindray’s in vitro diagnostic (IVD) production line expanded by more than 20% during the first three quarters, spurred by enhanced overseas localization efforts and breakthroughs in larger sample laboratories, with international IVD production growing by over 30%. The company also reported an increase in market share across its chemiluminescence, biochemistry, and coagulation segments, with its chemiluminescence business projected to become the third largest in China. Additionally, the medical imaging production line grew by more than 10%, primarily due to the market reception of its premiere ultra-high-end whole-body ultrasound, the Resona A20, launched late last year.- Flcube.com
