Shenzhen Mindray Bio-Medical Electronics Co., Ltd (SHE: 300760) has revealed a robust financial performance for the Q1-Q3 2023 period. The company generated RMB 27.3 billion (USD 3.74 billion) in revenues during the first three quarters, marking a 17.2% year-on-year (YOY) increase. This growth underscores Mindray’s strong market position and effective business strategies.
R&D Expenditure and Net Profits
Mindray’s commitment to innovation is evident in its R&D expenditure, which reached RMB 2.811 billion, accounting for 10.3% of the operating revenue and representing a 23.3% YOY increase. The net profits attributable to shareholders of the listed company soared to RMB 9.83 billion (USD 1.35 billion), up 21.38% YOY, highlighting the company’s profitability and financial health.
New Product Launches and Business Expansion
During the third quarter, Mindray’s in vitro diagnostic (IVD) business saw the launch of several new products, including the MT8000 full laboratory intelligent assembly line and various assay kits for chemiluminescence immunoassays. In medical imaging, the company introduced the high-end desktop ultrasound Resona R9 Platinum Edition for North America, the high-end physical examination desktop ultrasound Hepatus 9 for China, and the RetroPad, an X-ray digital upgrade solution for international customers. Additionally, in the life sciences information and support field, Mindray launched the 4K 3D endoscopic fluorescence camera system and electronic microscope, AniFM 3 series (I3, S3) animal specific infusion pump, and more.
Global Expansion Plans
Mindray is set to acquire a 75% stake in DiaSys Diagnostic Systems GmbH, held by Gorka Holding GmbH, as part of its ongoing efforts to expand its global footprint. This strategic move will further strengthen Mindray’s presence in the diagnostic systems market and enhance its international business operations.
Conclusion
Mindray Bio-Medical Electronics’ Q1-Q3 2023 financial results demonstrate the company’s continued growth and innovation in the medical technology sector. With a focus on expanding its product portfolio and global reach, Mindray is well-positioned to meet the evolving needs of healthcare providers and patients worldwide.-Fineline Info & Tech
