Mindray Medical Releases Product Update

Jul.21.09 | About: Mindray Medical (MR)

Mindray Medical International Limited (NYSE: MR) issued an update of its additions to its line of medical products last week, announcing it has introduced five new products so far in 2009. Four of them are additions to its patient monitoring and life support business, while the fifth is an upgrade of a medical imaging machine. Mindray expects to achieve its 2009 goal of bringing between seven and nine products to market during the full calendar year.

In Q2 of 2008, Mindray closed its $250 million purchase of Datascope’s (NSDQ: DSCP) patient monitoring business. It folded its own US patient monitoring operations into those acquired from Datascope, which are based in Mahwah, New Jersey. Mindray now sells its China-developed monitoring products, which are re-engineered for US use, under the brand name DPM.

As part of its review of operations, Mindray said it has expanded its group purchasing organization contact base for its DPM products. It now has relationships with GPOs representing over 85% of US hospitals and surgery centers.

New Products:

  • HyLite 6700/6500 – a surgical light with strong cavity-lighting capability; SFDA approved and CE marked;
  • HyBase 6100 – a surgical bed; SFDA approved and CE marked;
  • Accutorr V vital signs monitor – the company's first product developed jointly by Mindray’s Manwah and Shenzhen teams; tracks vital signs by patient ID, offers a pulse waveform and a pulse strength indicator;
  • NetGuard Clinical Alert System – monitors the electrical activity of patients' hearts and sends automatic alerts to clinical staff in the event of life-threatening cardiac rhythms; FDA approved; developed by Mindray's Mahwah team;
  • DP-6900 -- an upgraded premium portable black and white ultrasound machine; via advanced imaging technologies, it increases diagnostic confidence; CE marked.

With annual revenues of $594 million and net income of $109 million, Mindray has a $3 billion market capitalization.

Disclosure: none.