Mindray Medical, China's largest medical device maker, has officially grabbed a major foothold in the U.S. The company sealed up its nearly $102 million bid for California's Zonare Medical Systems, giving its imaging business a major international market boost, plus access to a well-developed global direct sales force.
Mindray Medical will snatch up California-based Zonare Medical Systems for $105 million in cash and debt, giving China's largest devicemaker some crucial new imaging technology and another entry point into the lucrative U.S. market.
Mindray Medical, China's largest devicemaker, has been working to differentiate its business, and the effort paid off in the first quarter as the company's swelling diagnostics segment led the way to 10.5% revenue growth.
For the first time, Mindray Medical ($MR) ended its 2012 fiscal year with more than $1 billion in revenue. The milestone caps 12 months of rapid growth for China's largest medical device company (save for a disappointing Q3), driven by a focus on emerging markets and its home base of operations, new product launches and acquisitions.
Mindray is in trouble with the FDA over manufacturing problems with the company's patient monitors and other medical equipment.
Mindray Medical may be China's largest medical device company, but as the outfit does more and more business overseas, it is forced to combat long-held stereotypes about products manufactured in its home country.
Mindray Medical, China's largest medical device company, has launched a voluntary recall of its A3/A5 Anesthesia Delivery System, warning that the device can leak CO 2.
Mindray Medical, China's largest medical device outfit, has had a rough couple days, posting a 4.2% net income drop in the third quarter and getting pilloried by shareholders as a result.
Chinese device giant Mindray Medical saw its net income jump by 16.1% in the second quarter, riding sales growth in China and around the world.
Six weeks after the initial announcement, Chinese device giant Mindray Medical has completed its $35.5 million bid to buy Wuhan Dragonbio Surgical Implant Co.'s orthopedics business