SHENZHEN, China, Feb. 16 /Xinhua-PRNewswire-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices in China with a rapidly growing international presence, today announced that global growth consulting company, Frost & Sullivan has selected Mindray as the recipient of the 2006 Frost & Sullivan Global Market Penetration Leadership Award in the patient monitoring market.
"We are delighted to receive this award," said Mr. Hang Xu, Mindray's Chairman and Co-Chief Executive Officer. "Our strategy of combining low-cost China-based operations with world-class R&D and a wide distributor network has allowed us to expand rapidly in the high-growth China market while successfully penetrating established and emerging international markets."
Mindray occupies a leading position in China's medical device market, employing over 650 direct sales and sales support personnel and cooperating with over 1,800 distributors nationwide. Globally, Mindray's growing network of more than 800 distributors drives product sales to over 135 countries. The Company has 29 China-based and 6 international offices and continues to expand its global operations. In 2007, the Company also plans to add another 300 R&D staff. Sales to markets outside of China grew from under 25% of total net revenues in 2003, to over 46% in the first nine months of 2006.
Mr. Xu cited Mindray's leading 800-person strong R&D capability and vertically integrated operating model as key components of the Company's ongoing success: "Mindray's strong integration across our R&D, manufacturing and sales teams allows us to rapidly develop products in response to end-user feedback and bring them to market faster than our competitors."
Commenting on the award, Mr. Xiting Li, Director, President and Co-Chief Executive Officer of Mindray added, "Mindray has successfully leveraged its wide distribution network, superior product quality and competitive pricing to gain market share in an impressive array of geographies worldwide. In addition to its leading market position in China, Mindray has established itself as an important participant both in established international markets such as Germany, UK, France and Italy as well as high-growth emerging markets including India and Russia, Turkey, Mexico and Brazil."
According to Frost & Sullivan, China's market for medical devices had an estimated value of US$7.5 billion in 2004, representing approximately 5% of the US$148 billion global medical device market. China's medical device market, as well as the medical device markets in several developing countries, is projected to grow faster than the global medical device market. According to Frost & Sullivan, China's medical device market is projected to grow from US$7.5 billion in 2004 to US$10.1 billion in 2006.
On September 26, 2006, Mindray Medical International began trading on NYSE under the ticker MR.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit http://www.frost.com .
About Mindray
Mindray Medical International Limited is a leading developer, manufacturer and marketer of medical devices in China with a significant and growing presence worldwide. Established in 1991, Mindray offers a broad range of products across three primary business segments: patient monitoring devices, diagnostic laboratory instruments, and ultrasound imaging systems. Mindray is headquartered in Shenzhen, China, and has 29 local sales and services offices in China, as well as sales and services offices in Vancouver, Seattle, Boston, London, Istanbul and Mumbai. For more information, please visit http://www.mindray.com .
For more information, please contact:
In China:
Investor Relations
Mindray Medical International Limited
Tel: +86-755-2658-2518
Email: IR@mindray.com
Justin Knapp
Ogilvy Public Relations Worldwide, Beijing
Tel: +86-10-8520-6556
Email: Justin.Knapp@ogilvy.com
In the United States:
Thomas Smith
Ogilvy Public Relations Worldwide, New York
Tel: +1-212-880-5269
