Mindray Medical International Limited (MR), a leading Chinese medical device company, recently disclosed updates for its product launches in the first half of the current fiscal year. A spokesperson for the company stated that Mindray is on target to introduce 7 to 10 new products during 2011.
During the first half, the company launched four products in its three segments. The newly introduced products include a defibrillator (BeneHeart D3), an advanced auto hematology analyzer (BC-6800), an anesthesia machine (A5 Anesthesia System) and a black and white portable ultrasound system (DP-50).
The BeneHeart D3 Defibrillator/Monitor is a light, durable and compact defibrillator that integrates manual defibrillation, monitoring, pacing and other functions. Among the different features, its vital signs monitoring function of ECG and respiration can improve efficiency of diagnosis. BC-6800 Auto Hematology Analyzer is a sophisticated automatic hematology analyzer with solid processing speed. A5 Anesthesia System is the first of Mindray’s latest series of anesthesia machines incorporating advanced design features.
DP-50 Digital Portable Ultrasound System is an ultrasound system with better mobility, sleek design and easier operation well-suited for clinical settings. The DP-50 incorporates advanced features that produce higher resolution and greater penetration.
Mindray is a bellwether in the Chinese MedTech industry with a solid international presence. It operates in three segments: Patient Monitoring, In-vitro Diagnostics and Medical Imaging. A key distinction with domestic competitors is that the majority of Mindray’s products have CE Mark and/or Food and Drug Administration (“FDA”) clearance.
Mindray’s first-quarter 2011 earnings per share of 32 cents missed the Zacks Consensus Estimate by a couple of cents. The company generated total revenues of $180.9 million in the quarter, up 24% year over year, of which domestic sales contributed $72.5 million.
Mindray maintains a decent product pipeline and brings out several new products each year. New products contribute in a major way to Mindray’s revenues.
Mindray’s competitors, in different niche segments, include General Electric (GE), Philips (PHG) and Siemens (SI). Our long-term Neutral rating on the stock is supported by a short-term Zacks #3 Rank.
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