Mindray Ranks 27th in Global Medtech Top 100 Amid IPO Filing

Quick Overview of the Top 100 Global Medical Device Companies

Recently, the medical device industry website Medical Device+Diagnostic Industry (MD+DI) released the 2023 Global Top 100 Medical Device Companies list.

The TOP10 enterprises are: Medtronic, Abbott, Danaher, Johnson & Johnson, Siemens Healthineers, Fresenius Medical Care, Medline, BD, GE Healthcare, Stryker.

Among them, Medtronic still firmly ranks first in the medical device industry, with Abbott following closely in second place, and Danaher jumping from 12th place last year to third this year. Compared to last year, the new faces in the TOP10 are Fresenius Medical Care and Medline, while Philips, Cardinal Health, and Baxter fell out of the top 10 but remained in positions 11 to 13.

Note:

1. Revenue comes from the medical equipment and supplies sector.

2. Market value refers to the entire company.

3. Companies focused on distribution are excluded.

11 Chinese Companies Rank on the Global TOP 100 Medical Enterprises List, Specifically Including:

Mindray (27), Weigao (59), Winner Medical (63), United Imaging (67), Lepu Medical (70), SHINVA MEDICAL INSTRUMENT CO.,LTD. (71), Jiangsu Yuyue Medical Equipment&Supply Co.,Ltd. (80), MicroPort (87), Tofflon (92), Sansure Biotech (97), Andon Health (100).

Compared with last year, Mindray, the "top player" in China's medical device industry, remains at position 27. Additionally, MicroPort has newly entered the TOP100 list, ranking 87th. Some companies specializing in in vitro diagnostics have experienced a roller-coaster performance over the past two years, and currently, only Sansure Biotech and Andon Health remain on the list.

▍Mindray

Mindray, which has been developing steadily over the long term, has achieved double-digit growth in both revenue and net profit for many consecutive years.

In an announcement released on February 18,Mindray reiterated its goal of entering the global TOP20 medical device companies and expressed confidence in achieving it by 2025.，and will strive for a position among the top ten globally, or even higher in the future.

Mindray has previously made significant布局 in the medical device and in vitro diagnostics fields, with its patient monitors, anesthesia machines, and ventilators ranking high in global market share. In the past three years, it has also completed the acquisition of HyTest, a globally renowned supplier of in vitro diagnostic raw materials, as well as DiaSys, a well-known IVD company based in Germany. However, in the consumables sector, Mindray's current布局 is relatively limited.

This year, Mindray's acquisition plan for Huitai Medical, a leading domestic electrophysiology company, has caused a sensation. As a starting point, Mindray will officially enter the vast cardiovascular market.

In terms of mergers and acquisitions, Mindray stated,Accelerate the acquisition of outstanding global targets to seek long-term sustainable growth space.

▍MicroPort

In this list, MicroPort is a new face among China-produced enterprises, ranking 87th.

MicroPort demonstrates strong momentum in exploring innovative fields and cutting-edge sectors, with its distinctive approach of frequently spinning off subsidiaries for public listing.

Currently, MicroPort Scientific Corporation has not yet achieved overall profitability. According to the earnings forecast released on March 5, the company expects a loss of no more than US$580 million for 2023, compared to a loss of US$588 million in 2022. Excluding non-cash items such as impairment losses, the annual loss is expected to be no more than US$436 million, narrowing from a loss of US$503 million in the previous year.

MicroPort clearly stated,Will focus on business, increase revenue, reduce R&D expenses and other related expense ratios, and strive to significantly reduce losses and achieve break-even in the coming years.

Driven by factors such as new product launches and commercialization progress, MicroPort Scientific Corporation's revenue in 2023 increased by 15% year-on-year. Among this, the income of independently listed subsidiaries grew rapidly, and emerging businesses achieved exponential growth.

In 2023, Cardiva Medical (aortic and peripheral vascular intervention business) achieved revenue growth of over 32% year-on-year, MicroPort NeuroTech (neurointervention business) reported approximately 22% year-on-year revenue growth, VascularMedic (cardiac valve business) saw its revenue increase by about 31% to 36% year-on-year, and MicroPort Surgical Robotics (surgical robotics) achieved revenue growth exceeding 350% year-on-year.

▍United Imaging

In 2023, United Imaging officially became a member of the "Billion-Yuan Revenue Club."

Corporate earnings forecasts show,In 2023, United Imaging achieved a revenue of 11.411 billion yuan, representing a year-on-year increase of 23.52%; the net profit attributable to the parent company's owners was 197,400 yuan, marking a year-on-year growth of 19.21%.During the reporting period, United Imaging continuously promoted technological innovation and deep integration of products. By increasing investment in research and development of new products and technologies, it successfully launched several innovative products.

In the field of medical imaging, multinational giants like GPS have long dominated. The high-end market in China is currently still led by foreign enterprises. However, with the innovative development of local companies and the influence of policies supporting domestically produced products, China-made equipment is gradually gaining market share in the mid-to-high-end segment.

In addition, in March last year, the new version of the management directory for the configuration permit of large medical devices was implemented in China. The restrictions on the configuration of mid-to-high-end CT and MR products were relaxed, further unleashing market demand.

United Imaging previously disclosed that in the first three quarters of 2023, under the requirement for high-quality construction of the healthcare service system, the market demand for mid-to-high-end and ultra-high-end CT continued to rise.The revenue share of the company's mid-to-high-end CT products continues to increase, with a year-on-year growth rate exceeding 100%.; MR increased by more than 60% year-over-year,Among them, products above 3.0T achieved double high-speed growth in revenue and gross margin, with revenue growth exceeding 100%., The market share ranking of ultra-high field MR (>3.0T) has risen to the first place.

Attached is the original list: