SHENZHEN, China, July 30 /Xinhua-PRNewswire-FirstCall/ -- Mindray Medical International Limited (NYSE: MR), today announced that global growth consulting company Frost & Sullivan has awarded Mindray the 2007 Patient Monitoring Global Excellence Award.
"We are honored to be given this award recognizing the quality and competitiveness of our patient monitoring devices," said Mr. Xu Hang, Mindray's Chairman and Co-Chief Executive Officer. "Mindray's mission is to make high-quality medical devices more accessible and affordable worldwide, and this award is an important validation of the progress we continue to make."
Mr. Xu added, "Our patient monitoring devices have played a leading role in Mindray's overseas expansion. Over the past few years our PM series patient monitors have been a breakthrough product line earning a reputation for reliability and affordability in over 140 countries worldwide. We expect our BeneView modular patient monitors to play a similar breakthrough role in the higher-end market, firmly establishing that our products are competitive with the best medical devices available anywhere."
In the fourth quarter of 2006, Mindray introduced a new line of high-end BeneView patient monitors targeted at the most sophisticated hospitals. The BeneView line enables powerful networking with ventilators, anesthesia machines, hematology analyzers, and other instruments, and is able to integrate data from radiology, clinical laboratories, patient records and other hospital departments. Mr. Xu noted that Mindray's BeneView series has seen strong market demand during the first half of 2007, and that the company's Hypervisor VI central monitoring system recently received FDA clearance for sale in the US market.
According to Frost and Sullivan, during 2006 Mindray enjoyed leading market share in the patient monitoring device segment in China as measured by both units sold and revenue earned. Mindray also holds leading market share in China in both the diagnostic laboratory instrument and grayscale ultrasound imaging system segments, according to Frost & Sullivan.
Mr. Li Xiting, President and Co-Chief Executive Officer of Mindray added, "In addition to Mindray's success in the domestic China market, our global sales have experienced rapid growth since we first began exporting our products in 2000. This growth can be attributed to our world-class, China-based R&D team and our relentless commitment to achieving the highest quality standards."
Mr. Li noted that in the second half of 2006 revenues from international markets exceeded revenues generated from domestic markets for the first time in Mindray's operating history.
Mindray distributes its products domestically through more than 1,800 distributors and 800 direct sales and sales support personnel. Internationally, the Company utilizes over 800 distributors and 100 international sales and sales support personnel. Currently, Mindray offers more than 40 products across three product segments including patient monitoring devices, diagnostic laboratory instruments and ultrasound imaging systems.
During the first quarter of 2007, the Company opened an office in Mumbai and plans on opening five additional international offices in 2007 in Amsterdam, Mexico City, Moscow, Toronto and Sao Paulo. At the end of 2006, the Company had sold over 200,000 devices in over 140 countries worldwide.
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 service offices in China, as well as sales and service offices in Boston, Istanbul, London, Mumbai, Seattle and Vancouver. For more information, please visit http://www.mindray.com .
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about Mindray's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Information regarding these risks and uncertainties is included in our public filings with the Securities and Exchange Commission. All information provided in this press release is as of July 30, 2007, and Mindray undertakes no duty to update such information, except as required under applicable law.
For investor and media inquiries 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:
Jeremy Bridgman
Ogilvy Public Relations Worldwide, New York
Tel: +1-212-880-5363