Mindray Q3 revenue up 20.25 Percent

October 19, 2021, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (“Mindray”) (300760.SZ) released the third quarter report: the first three quarters of this year's total sale is 19.392 billion CNY, a year-on-year growth of 20.72%. Net profit attributable to shareholders of listed companies reached 6.663 billion CNY, a year-on-year growth of 24.23%, profit growth faster than income. Net profit attributable to shareholders of listed companies was 6.544 billion CNY, a year-on-year increase of 24.3%.

According to the third quarter data, Mindray still achieved high growth. Sale in the third quarter was 6.613 billion CNY, up 20.25% year on year; Net profit attributable to shareholders of listed companies was 2.318 billion CNY, up 21.42% year on year; The deducted non-net profit attributable to shareholders of listed companies was 2.235 billion CNY, up 17.7% year on year.

In terms of main business, Mindray consists of life information and support, in vitro diagnosis and medical imaging. From the perspective of production line, the gradual recovery of diagnosis and treatment activities and routine procurement of domestic, and some international hospitals made the continuous recovery of conventional diagnosis procurement demands such as ultrasound, hematology, biochemistry and luminescence, driving the rapid growth of medical imaging and in vitro diagnosis in the reporting period.

In addition, Mindray also noted in the report that thanks to the gradual development of new medical infrastructure in China, as well as the rapid development of new businesses such as AED and minimally invasive surgery, the life information and support business continued to enjoy a good growth trend during the reporting period.

In terms of R&D, Mindray continued to maintain high R&D investment, with R&D investment of 1.79 billion YUAN in the first three quarters, up about 19% year-on-year. Mindray said that the company's products continue to enrich, innovation and iteration, especially in the high-end sector continues to achieve breakthroughs.

In terms of patents, Mindray disclosed that as of September 30, the company had applied for 6,850 patents, including 4,864 invention patents; A total of 3,359 patents were authorized, including 1,609 invention patents.

For the revenue growth in the first three quarters, Mindray said that the regional dimension was mainly driven by the domestic market. The overall situation of the epidemic in China remained stable, and the routine diagnosis and treatment activities of hospitals and various businesses of the company gradually returned to normal. The above two factors drove the rapid growth of the domestic market in the reporting period.