Chinese device giant Mindray Medical ($MR) saw its net income jump by 16.1% in the second quarter, riding sales growth in China and around the world.
The company brought in revenues of $267.8 million for the quarter, a 23.3% increase over 2011's $217.3 million. In China, the company's sales swelled 27.1% to $115.3 million, while international sales went up by 20.5% to reach $152.5 million. Mindray also notched sales growth in its emerging markets business, reporting a 21.1% jump.
Thanks to some acquisitions, Mindray has diversified its offerings of late, but the company's cash cow continues to be patient monitoring and life-support devices. That segment reported a 23.3% leap in sales in Q2, bringing in $114.6 million and about 43% of the company's total revenues. But Mindray's other divisions are catching up, with in vitro diagnostics notching a 31.1% sales spike and medical imaging rising by 15.1%.
In May, Mindray paid an undisclosed amount for a controlling stake in endoscope firm Optcla Medical Instrument, and last month, the company closed a $35.5 million buyout of Wuhan Dragonbio's orthopedic device unit. The Dragonbio deal came after the quarter's end and isn't reflected in the Mindray's latest results, but a company exec said the acquisition will give Mindray "instant access" to a Chinese orthopedics market Frost & Sullivan valued at $1.1 billion in 2010.
- read Mindray's release