Updated on 22 June 2012
The company's revenue jumped to $880.7 million in 2011
Mindray Medical International is emerging as a global name in the medical devices industry, marking 25 percent growth in net revenue in 2011. The revenue jumped from $704.3 million in 2010 to $880.7 million in 2011. The company marked 27 percent growth in revenue from local Chinese market but the international sales jumped by 23 percent. Strengthening its product range around the world, Mindray launched 13 new products, including the DC-T6 ultrasound system, the A3 anesthesia system and acquired four companies.
The year 2011 marked another year of significant achievements in Mindray's history. "We strengthened our sales and distribution in domestic and emerging markets, and increased our direct sales effort in developed markets," commented Mr Xu Hang, chairman and co-CEO, Mindray.
In order to have a strong grip on international market, Mindray Medical signed partnership with US-based Novation, a supply contracting company, allowing more than its 65,000 members, and affiliates to purchase Mindray's M7 and M5 ultrasound systems.
Mindray made decisions to keep a strong hold on the Chinese market. It acquired a controlling stake of Zhejiang Greenlander Information Technology, a healthcare IT solutions provider specializing in picture archiving and communication system (PACS) and radiology information system (RIS). With this acquisition, Mindray made a strong position in an innovative medical imaging technology that provides economical storage and convenient access to images from multiple modalities.
Eyeing the potential market of PACS and RIS, which is worth $142 million in China, Mindray aims to create synergies by combining its reputable brand and strong sales, service and engineering platforms with Greenlander's technology and expertise in healthcare IT solutions.