SHENZHEN, China, Jan 11, 2011 /PRNewswire-Asia/ -- Mindray Medical International Limited (NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, today announced updates on new product launches for 2010 and its product pipeline for domestic and international markets in 2011.
In 2010, the company released a total of ten products, meeting new product development goals outlined at the beginning of the year and increasing its total number of products on the market to over 80. Five of the new products came from its patient monitoring and life support product line, including two V series patient monitor system products, V21 and V12 patient monitoring systems, the surgical lights HyLed 9700/9500, the surgical bed HyBase 1000, and the ceiling pendent systems HyPort 9000. Mindray also released three new products in the medical imaging product line, including the M7 portable color ultrasound system, the DigiEyes760 digital radiography, as well as the first generation MRI product, Magsense 360. In the in-vitro diagnostic product line, two new products were launched, including BS-800 auto biochemistry analyzer and a hematology analyzer BC-3600 modular system.
2011 New Product Pipeline
To further expand the addressable markets, the company expects to launch between seven and ten new products in 2011 with an emphasis on both high-end and low-end market opportunities. In 2011, the patient monitoring and life support product lines will yield additional products and enhancements. Areas for planned product expansion include patient monitoring, defibrillator and anesthesia delivery. For the in-vitro diagnostic product line, Mindray plans to develop more advanced hematology analyzer, as well as several reagents. Additionally, the medical imaging product line plans to unveil the feature enhanced color ultrasound unit, some low end black and white ultrasound units and a more advanced digital radiography system.
"We are pleased that we again met our product development goals in 2010," commented Mr. Xu Hang, Mindray's Chairman and Co-Chief Executive Officer. "In this uncertain and increasingly price-competitive healthcare market, Mindray remains committed to innovation to meet the specific needs of our customers in various geographies. In 2011, we plan to increase our R&D investment and launch another seven to ten new products to support our continued growth. Additionally, we will continue to realize synergies with Mahwah operations with expansion plans for both the patient monitoring, anesthesia delivery and ultrasound product lines. New products will fuel additional cross-selling and market share gain opportunities. We remain confident that Mindray is well positioned and prepared to continue to meet the market's ever-changing needs."
About Mindray
We are a leading developer, manufacturer and marketer of medical devices worldwide. We maintain global headquarters in Shenzhen, China, U.S. headquarters in Mahwah, New Jersey and multiple sales offices in major international markets. From our main manufacturing and engineering base in China and through our worldwide distribution network, we are able to supply internationally a broad range of products across three primary business segments, comprised of patient monitoring and life support products, in-vitro diagnostic products and medical imaging systems. For more information, please visit http://ir.mindray.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Mindray's anticipated net revenues and non-GAAP net income for 2010, the applicable China corporate income tax rate for 2011, our ability to restore growth in non-tender sales, projected growth of our market share in 2011, projected growth of net revenues in 2011, our ability to grow profits and market share, new market penetration, expansion of our presence in emerging markets, improving our developed market sales capabilities and improving the effectiveness of our working capital utilization are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. The anticipated results for 2010 remain subject to the finalization of Mindray's year-end closing, reporting, and audit processes, particularly as related to accrued expenses, income taxes, share- based compensation expenses, and expense and/or amortization of intangible assets. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in our public filings with the Securities and Exchange Commission. For a discussion of other important factors that could adversely affect our business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 7 of our annual report on Form 20-F, filed on May 7, 2010. Our results of operations for the fourth quarter of 2010 and for fiscal year 2010 are not necessarily indicative of our operating results for any future periods. Any projections in this release are based on limited information currently available to us, which is subject to change. Although such projections and the factors influencing them will likely change, we will not necessarily update the information. Such information speaks only as of the date of this release.
