China-based medical device firm Mindray (SHE: 300760) has released its financial reports for the year 2022 and the first quarter of 2023, showcasing robust growth across its main business units. In 2022, the company recorded a revenue of RMB 30.366 billion (USD 4.4 billion), marking a 20.17% increase year-on-year (YOY), with net profits reaching RMB 9.607 billion (USD 1.4 billion), up 20.07% YOY.
Breakdown of Business Units’ Performance
The life information and support products segment was a significant contributor, generating RMB 13.4 billion in revenue, a 20.15% increase YOY. The in vitro diagnostic products also performed well, with revenues of RMB 10.256 billion, up 21.39% YOY. Medical imaging products added RMB 6.464 billion to the total, with a 19.14% YOY growth.
Q1 2023 Continues Positive Trend
Mindray’s performance in Q1 2023 continued the positive trends from the previous year, with revenues of RMB 8.364 billion, a 20.47% YOY increase, and similar growth in profits. The Q1 financial report indicates a significant acceleration in the construction of ICU wards in the domestic market from December last year to February this year, leading to a substantial increase in emergency procurement of critical equipment such as monitors and ventilators. The life information and support business, along with the domestic market, achieved rapid growth in the first quarter.
R&D Investment and Future Outlook
With the resumption of routine diagnosis and treatment activities in domestic hospitals, Mindray anticipates a rebound in the in vitro diagnosis and medical imaging business, as well as improved performance in overseas markets moving forward. In 2022, Mindray doubled down on research and development (R&D), with R&D investment reaching RMB 3.19 billion, up 17.06% YOY, demonstrating the company’s commitment to innovation and growth.-Fineline Info & Tech
