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Mindray Medical International Limited

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Mindray Medical’s first-quarter 2015 results failed to impress. Although new product launches and a robust pipeline are positives, intensifying competition and pricing woes will keep margins under pressure for the time being. Foreign exchange volatility will remain a significant headwind in the near term. In the face of a tough operating environment and aggressive pricing strategy, Mindray revised its full-year 2015 net income guidance, which is now expected to decline in high-teens percentage. Nevertheless, we believe that a dominant position in China, growing sales from the private segment in the country, optimistic outlook for immunoassay product line and the upcoming launch of DC-8 product are key growth catalysts.

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