Image Credit: Mindray Arab Health 2020, Mindray News
On October 15th, Shenzhen Mindray published its preliminary financial results for Q3 2020. These show that the company continued to deliver explosive sales growth during the quarter. Overall sales reached ¥5.1 bn during Q3 2020, compared with ¥4.2 bn during Q3 2019, an increase of approximately +22% year-on-year. This took cumulative 2020 sales to ¥15.6 bn, compared with ¥12.4 bn during 2019, an increase of approximately +26% year-on-year. The company has three reportable segments, Information and Life Support, Medical Imaging and In-Vitro-Diagnostics (IVD). During the first nine months of 2020, sales growth has predominately been driven by explosive sales growth from the Information and Life Support segment although sales from all segments are higher for the year.
Sales growth during the first nine months was driven by increased demand for products and services strongly correlated to the diagnosis and treatment of COVID-19. This included higher demand for portable colour ultrasound and mobile digital radiography equipment as well as the companies portfolio of vital information and life support products, including patient monitors and ventilators. The company reported strong sales growth for POC solutions with hospitals chains based in Europe, the Commonwealth States and Latin America.
Outlook for full-year 2020
The company is projecting full-year 2020 revenue to reach ¥19.9 bn, an increase of approximately +20% year-on-year. This indicates an expectation of a significant slow down in sales growth during Q4 2020.