Shenzhen Mindray Bio-Medical Electronics Co., Ltd (SHE: 300760) has announced its financial results for 2023, with revenues reaching RMB 34.932 billion (USD 4.82 billion), reflecting a robust year-on-year (YOY) growth of 15.04%. Net profits for the medical equipment manufacturer surged to RMB 11.58 billion (USD 1.6 billion), marking an increase of 20.56%. The company’s investment in research and development (R&D) for the year was RMB 3.779 billion (USD 520 million), up 18.43% YOY, which accounted for 10.82% of its total revenue.
Mindray’s extensive product range includes life information and support systems, in vitro diagnosis (IVD) solutions, and medical imaging equipment. Throughout the year, Mindray’s products were used in nearly 110,000 medical institutions and over 99% of Class 3 hospitals in China, with a further increase in product penetration rates. In the life information and support sector, Mindray welcomed nearly 300 new high-end customers.
The company’s IVD business benefited from the rapid recovery of routine medical services in domestic hospitals post-COVID-19, as well as a booming international market, resulting in over 20% growth for the year. International IVD sales experienced a compound annual growth rate of over 30% for two consecutive years. In the medical imaging field, Mindray added more than 200 new high-end customers to its portfolio.- Flcube.com
