Unfortunately for foreign devicemakers, import substitution appears to be one of the means by which China intends to achieve its goal of creating 10 med tech breadwinners worth 5 billion yuan ($820 million) apiece by 2020.
Chinese medical device maker Mindray is seeing slower sales at home but hopes a focus on private hospitals in China will help turn that around. The company reduced its 2014 guidance, but investors were forgiving and pushed shares up 3% in early trading on second-quarter earnings.
Revenues at China's Mindray Medical increased 9.4% year-over-year to $264.8 million in the first quarter.
Mindray Medical ($MR), the Chinese medical device giant, has decided to boost the size of an already impressive share repurchase program, capping a year of double digit growth in both revenue and net income.
A little-known research firm took Mindray Medical down a peg or two last Thursday with a series of tweets accusing the Chinese medical device giant of fraud. Ottoman Bay Research's Twitter assault, linking to a report it has published, sent Mindray's stock tumbling 11%.
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.