SHENZHEN, China, July 5, 2011 /PRNewswire-Asia-FirstCall/ --
Mindray Medical International Limited (NYSE: MR), a leading
developer, manufacturer and marketer of medical devices worldwide,
announced today an agreement to acquire a controlling stake of
Suzhou Hyssen Electronics Co. Ltd ("Hyssen"). The terms of the
agreement were not disclosed as the transaction is non-material to
Mindray's financial statements.
Founded in 2003 and based in Suzhou, China, Hyssen is one of the market leaders in
automated urine sediment analyzers in China. Urine sediment analysis can detect
kidney and urinary tract diseases by analyzing blood cells,
bacteria, urinary casts, etc., in urine samples. Urine sediment and
dry chemistry analysis form urinalysis. Urinalysis, together with
hematology and biochemistry analysis, are the three most common
methods used in in-vitro diagnostic market. In 2010, the diagnostic
urinalysis market in China was
approximately $155 million, of which
urine sediment analysis accounted for about 45% of the total,
growing at an annual rate of over 30%.
Mindray expects to achieve synergies in the transaction by
combining its strong engineering, manufacturing, sales and
management platforms with Hyssen's technology and expertise in
urine sediment analysis. "We are excited about this transaction and
believe that our collaboration will benefit both Mindray and
Hyssen," said Mr. Minghe Cheng,
Mindray's Chief Strategic Officer. "Hyssen's products complement
our current in-vitro diagnostic product offerings in urine dry
chemistry, hematology and biochemistry. With the new additions, we
believe that our in-vitro diagnostic segment can now provide our
customers with better and more complete solutions."
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.
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements". These
statements are not historical facts but instead represent only our
belief regarding future events, many of which, by their nature, are
inherently uncertain and outside of our control. It is possible
that our actual results achieved may differ, possibly materially,
from the anticipated results indicated in these forward-looking
statements. Readers are cautioned that these forward-looking
statements are only predictions and may differ materially from
actual future events or results due to a variety of factors,
including but not limited to: our ability to close the agreed upon
transaction; the size and expected growth of the diagnostic
urinalysis market and the urine sediment analysis market in
China and/or internationally; our
ability to achieve synergies in the transaction; and the capability
of our in-vitro diagnostic segment to provide our customers with
better and more complete solutions. 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. 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 press release.
For investor inquiries
please contact:
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In the U.S:
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Hoki Luk
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Western Bridge,
LLC
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Tel:
+1-646-808-9150
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Email: hoki.luk@westernbridgegroup.com
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In China:
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Cathy Gao
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Mindray Medical
International Limited
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Tel: + 86 755
8188 8023
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Email: cathy.gao@mindray.com
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SOURCE Mindray Medical International Limited