Mindray Medical, the largest healthcare products manufacturer in China, announced that it earned over $1 billion in revenue for the 2012 fiscal year. While the third quarter proved a disappointment for the company, 12 months of overall rapid growth led to a new milestone in annual revenue. In part, the increased revenue was due to new acquisitions and product launches. In addition, Mindray Medical has placed increased focus on developing markets.
With China’s expanding health system, Mindray Medical experienced a significant amount of domestic growth. Out of its $1.06 billion in revenue, $473 million came from sales and operations within the country. This represents a 26.4 percent increase from 2011.
Growth in several of the company’s divisions were notable. Divisions that showed more than 45 percent growth over the previous fiscal year include repair services, accessories sales, extended warranty servicing and orthopedics.
While the company has experienced moderate growth over the past year, it has encountered some difficulties too. In late 2012, the United States Food and Drug Administration issued a warning to the company for a variety of quality control issues regarding the manufacture of patient monitors and other equipment. In the last six months, the company also issued a recall for its A3/A5 Anesthesia Delivery Systems. According to the FDA, the devices may leak carbon dioxide under some operating conditions.
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