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 booked $1.06 billion in revenue during 2012, an increase of more than 20% over $880 million in revenue from 2011. For the company's 2012 fourth quarter, Mindray produced more than $316 million in net revenue, up from $264 million during the same period a year ago. Net income jumped to $180.2 million for 2012, up a solid 8% from $166.6 million in 2011.
Some of Mindray's largest growth came from China itself, as the country continued to embark on a massive effort to modernize its healthcare system. Mindray's net revenue generated in China--$473 million out of the overall total--soared a whopping 26.4% in 2011.
Mindray celebrated high-level, double-digit revenue growth from its patient monitoring and life support, in vitro-diagnostics and medical imaging divisions. But the company's "other" category was equally robust, producing more than 45% more revenue in areas including orthopedics, extended warranty servicing, accessories sales and repair service revenue.
Mindray's rapid growth hasn't been all smooth sailing, however. The FDA cited the company late in 2012 for a number of quality system violations regarding its manufacturing of patient monitors and related medical equipment. And the company itself pursued a voluntary recall last fall of its A3/A5 Anesthesia Delivery System, warning the devices might leak CO2.
- read the release