SHENZHEN—Mindray Bio-Medical Electronics Co., Ltd (SHE: 300760) has announced its financial results for the first half of 2024, with revenues reaching RMB 20.53 billion, marking an 11.12% year-on-year increase. The net profit saw a robust rise, climbing to RMB 7.56 billion, which is a 17.37% increase.
Despite a 7.59% YOY decline in the life information and support business, which contributed RMB 8 billion in revenue, the segment showed promising growth in minimally invasive surgery products, with an increase exceeding 90%. The hard mirror system’s growth doubled, and high-value consumables such as ultrasonic knives experienced a gradual increase in sales volume. The medical industry’s rectification and equipment project updates led to the postponement of bidding and procurement activities, exerting pressure on this business line. However, the total procurement demand remains intact, with all delayed projects set to be released in the future.
The in vitro diagnostic business segment reported a 28.16% YOY increase in revenue, amounting to RMB 7.658 billion, with the chemiluminescence business alone growing by over 30%. The medical imaging business also showed strength with a 15.49% YOY growth, generating RMB 4.274 billion in revenue, driven by high-end and above ultrasound models, which grew by over 40%.
Internationally, Mindray Bio’s life information and support business has made significant inroads into high-end customer groups and hospitals across the United States, the United Kingdom, France, Spain, Australia, Brazil, Mexico, Türkiye, Saudi Arabia, and other countries. The company’s overall product and digital intelligent solutions have expanded, propelling double-digit growth in the international life information and support business in the first half of the year.
According to the China Association of Medical Equipment (CAME), the medical equipment market in China reached RMB 1.27 trillion in 2023, growing by 10.40% YOY. Mindray Bio has capitalized on the enhanced innovation capability of domestic brands and the trend towards high-end and intelligent development. The company has established an intelligent medical ecosystem that integrates “equipment+IT+AI,” offering comprehensive intelligent solutions to medical institutions. By leveraging the “Three Mindray” ecosystem, big data, and artificial intelligence, Mindray Bio aims to address the uneven distribution of high-quality medical resources, improve diagnostic and treatment capabilities, operational efficiency, and reduce operational costs for global medical institutions.
Looking ahead, Mindray Bio is committed to focusing on its core business, strengthening R&D innovation in products and solutions, expanding marketing efforts domestically and internationally, and enhancing overseas localization. The company plans to broaden its customer base, increase market share, and improve operational efficiency to ensure sustained and healthy growth in operating revenue and net profit.- Flcube.com
