Chinese medical devices major Mindray Medical International Limited (MR) recently revealed that it will showcase over 90 offerings at the 68th China International Medical Equipment Fair (CMEF) to be held in Sichuan, China during the period from October 18 to October 21, 2012.
The company will exhibit medical devices from each of its three segments, which includes medical imaging systems, in-vitro diagnostic and patient monitoring and life support. In addition, Mindray will display certain endoscopic and orthopedic offerings of companies that it has recently acquired.
Fresh offerings which will be displayed at the CMEF include the EH-2080 fully automatic urine sediment analyzer, the DigiEye380 digital radiography system and the BC-5390 auto hematology analyzer.
Mindray is a bellwether in the Chinese MedTech industry with a solid international presence. A key distinction with domestic competitors is that the majority of Mindray’s products have CE Mark and/or Food and Drug Administration (FDA) approval.
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. In 2011, the company launched 13 new products.
The company has entered the premium segment globally, where its competitive advantage is still unclear. Also, on the negative side, health care reform in China and the U.S. may reduce demand for Mindray’s products. Competition is fierce and leads to price erosion over time.
Mindray’s competitors in different niche segments include GE Healthcare, a part of General Electric (GE), Philips (PHG) and Siemens (SI). We currently have a Neutral recommendation on Mindray. The stock currently retains a Zacks #3 Rank, which translates into a short-term “Hold” rating.
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