Mindray Chart

Rank: #25 (Last year: #23) ¥33.28 Billion ($4.76 Billion)
Prior Fiscal: ¥36.72 Billion
Percentage Change: -9.38%
R&D Expenditure: ¥3.58B
Best FY25 Quarter: Q3 ¥9.09B
Latest Quarter: Q1 ¥8.35B
No. of Employees: 21,000
Global Headquarters: Shenzhen, China

LiI Xiting’s optimism never wavered.

Not with the arrival of formidable economic headwinds. Nor in the face of controversial DRG/DIP payment reforms.

And surprisingly not amid falling profits.

Even as financial warning signs mounted last summer, Xiting maintained the same unwavering optimism that helped transform his company, Mindray Medical, into a multi-billion-dollar global medtech powerhouse.

“Amid crises, we cultivate opportunities,” he asserted, offering shareholders an optimistic interpretation of the firm’s unusually dismal half-year finances. In the first six months of 2025, Mindray Medical’s revenue fell 18.45%, and its total profit plummeted 30.73%.

A crisis in the making, surely.

Yet also an opportunity.

In that case, Mindray Medical is bound to be awash in opportunity for quite some time: The company experienced its first annual decline in revenue and net profit since its IPO nearly eight years ago. 2025 revenue fell 9.3% to ¥33.28 billion ($4.76 billion), while net profit plummeted 28% to ¥8.45 billion.

The company attributed its poor financial returns to a contraction in domestic medical equipment procurement and policy pressures on the in-vitro diagnostics industry. Chinese market challenges weighed on domestic sales, which plunged 23% to ¥15.63 billion. International proceeds, on the other hand, grew by 7.4% to ¥17.65 billion, accounting for 53% of Mindray Medical’s total revenue. European markets achieved 17% growth.

International sales were one of the few bright spots in Mindray Medical’s disappointing fiscal year. The other was the company’s Emerging Business segment, which increased revenue 38.5% to ¥5.4 billion, accounting for 16% of the company’s total FY25 sales. Emerging Business revenue in China exceeded 20% of Mindray Medical’s total proceeds. The company provided no explanation for Emerging Business’s success story, nor did it fully explain the unit’s specific composition. However, the annual report noted that products such as ultrasonic scalpels and animal healthcare demonstrated good growth.

Such growth was absent in Mindray Medical’s other three reporting segments. The In Vitro Diagnostics (IVD) business was hit hard by several policy changes, including DRG/DIP payment reform, centralized volume procurement, and the mutual recognition of test results, all of which reduced demand for and pricing of IVD reagents, and contracted the market’s overall size.

Analyst Insight: “Mindray is no longer simply China’s medtech champion; it is a serious global competitor in monitoring, imaging, and hospital equipment. Western CEOs should treat Mindray as a long-term strategic threat, not a regional pricing nuisance.”

—Estelle Black, Business Operations Director, MedWorld Advisors

While the implementation of those policies is roiling the IVD industry, they have helped standardize clinical practices, improved medical insurance payment efficiency, and raised the bar for healthcare institutions’ diagnostic and treatment capabilities.

“This presents a historic opportunity for the company to leverage its innovation capabilities, deliver value-based healthcare, and capture greater market share,” the company stated in its 2025 annual report. “As industry consolidation and import substitution continue to accelerate, the company’s IVD business has gained meaningful market share. During the reporting period, the company’s emerging domestic businesses demonstrated strong growth potential. Together, these businesses and the IVD business…are expected to serve as key drivers of sustained long-term growth in the Chinese market.”

In the near term, however, Mindray Medical’s IVD segment was more a liability than a growth engine: Sales slid 9.4% to ¥12.24 billion. Still, the unit accounted for more than 36% of total revenue, making it the largest product line for the second consecutive year. In China, the IVD business accounted for roughly 48% of domestic revenue, making it the largest contributor to home-grown sales.

Although the IVD business launched a slew of new products last year, none helped stop the proverbial fiscal hemorrhaging. Mindray Medical launched 14 new immunoassay reagent products in 2025, bringing its total number of NMPA-approved assays to 94. Of the new market entrants, 12 use raw materials supplied by Hytest, covering both initial registrations and variation registrations. Demand was strong in China for the MT800 Laboratory Automation System, with new orders exceeding 360 units and nearly 270 new installations completed.

In addition to the immunoassay reagents, Mindray Medical also debuted the Qiyuan Laboratory LLM, an AI expert system designed specifically for medical laboratory departments.

The Qiyuan Laboratory LLM model integrates clinical medical knowledge, in-vitro diagnostics logic, laboratory operations management expertise, and advanced AI technologies to create four intelligent “agents” covering review, interpretation, management, and inspection readiness. The model essentially produces a fully intelligent closed loop across the entire workflow, from samples to reports and from quality control to operations.

Leveraging extensive data and academic knowledge, the Qiyuan Laboratory LLM employs a “comprehension rotation” process covering expert cultivation, training, and evaluation across multiple disciplines. This capability enables the model to connect isolated data points into an integrated network, achieve multi-dimensional information fusion and cross-validation, understand the data’s clinical significance and provide in-depth decision support for laboratories and clinical settings.

Mindray Medical’s two other business segments premiered AI-focused innovations as well last year. The Patient Monitoring & Life Support unit—whose proceeds fell 19.8% to ¥9.84 billion—introduced a hardware-software intelligent agent with native Device + IT + AI integration into the miCare Ecosystem, an intelligent medical tool built on the “Qiyuan large language model that helps doctors diagnose and treat patients more efficiently and accurately. It provides 24/7 patient monitoring, detects risks in real time, and issues early warnings. By learning from extensive clinical data, it delivers reliable treatment recommendations for complex critical conditions with an accuracy rate of up to 95%.

Mindray Medical expanded its Medical Imaging Systems portfolio with the launch of the miImaging AI+ solution, which leverages large AI models to enhance doctors’ professional ultrasound diagnostic prowess. Building on large AI models, the miImaging Ecosystem has upgraded its integrated solution for intelligent education and training, quality control, and teleconsultation. Through features such as AI-assisted practice, cloud-based assignments, and intelligent quality control, the solution helps primary care physicians systematically enhance their professional ultrasound capabilities.

The miImaging Ecosystem portfolio includes Intelli-Digital imaging solutions designed to deliver scenario-specific solutions for healthcare institutions and medical professionals at different tiers.

The miImaging Ecosystem launched a professional ultrasound scientific research solution last year that provides research data management and offline ultrasound analysis tools to support the development of ultrasound research projects and the commercialization of research outcomes. By year’s end (2025), the miImaging Ecosystem had expanded to cover all 31 provinces, municipalities, and autonomous regions in China, with cumulative installations exceeding 20,100 units.

The miImaging Ecosystem’s expansion did little to revive growth in the Medical Imaging Systems business, however. Fiscal 2025 revenue plunged 18% to ¥5.71 billion, but international proceeds further increased to 65% of total segment sales.

Rank: #23 (Last year: N/A)
¥36.73 Billion ($5.03B)
Prior Fiscal: ¥34.93 Billion
Percentage Change: 5.2%
Best FY24 Quarter: Q2 ¥11.16B
Latest Quarter: Q1 ¥8.24B
No. of Employees: 19,172
Global Headquarters: Shenzhen, China

The world of medtech has no borders or regions. Companies are based everywhere, with some serving the local population and others serving the world. And yet, after more than 20 years of producing the MPO Top 30 list, a Chinese firm has never been on the list.

While medical device organizations have leveraged manufacturing capabilities and services within the country for decades, no OEM headquartered in the country reported large enough revenues to join its international peers. That is, until this year. Mindray makes its debut as the first Chinese medical device manufacturer to do so. (Admittedly, probably a couple of years late.)

With 2024 revenue of ¥36.73 billion (approximately $5 billion at the time of the close of its fiscal year), the company continued its gains year over year that it has enjoyed since at least 2020. In fact, if it maintains its expansion pace, the company will have doubled in sales from the pandemic year. The growth in 2024 was 5.2% greater than the previous fiscal year.

Mindray is involved in a variety of medical device segments. Its largest business, accounting for more than a third of its total revenue, is In Vitro Diagnostic Products. The segment has enjoyed double-digit percentage gains for several years, with the latest reported at almost 11%. It finished with ¥13.76 billion.

The organization’s second-largest business was bypassed by the rapidly growing IVD unit in the most recent fiscal. Just last year, Life Information and Support Products was the top earner, but the unit contracted by 11.1% in 2024 to contribute ¥13.56 billion to the company’s coffers.

Medical Imaging Products grew 6.6% to bring in ¥7.50 billion. Other Income was reported as ¥101 million (79%) and Other Products achieved ¥365 million (117%).

The final business unit, Electrophysiology and Vascular Intervention Products, had no reported revenue in previous years as it was established out of an acquisition that took place in early 2024. The organization purchased shares of APT Medical for the sum of ¥6.65 billion ($927 million), according to a release from the company, “through a combination of ‘share transfer by agreement and waiver of voting rights.’” The transaction gave Mindray control over approximately 16.46 million shares of the company, representing 24.61% of APT Medical’s total equity. The deal made Mindray the firm’s largest and controlling shareholder.

Further, the transaction entered Mindray into the cardiovascular space, which research reports place at a global value of $56 billion and local (i.e., China) value of more than ¥50 billion (almost $7 billion). APT Medical has focused on the cardiovascular sector for many years, achieving a leading market position in areas such as cardiac electrophysiology, coronary artery access, peripheral vascular intervention, and other segmented fields. With capabilities spanning from upstream raw materials to finished products in the research and development and supply chain of consumable products, it stands as a leading enterprise in China’s cardiovascular sector.

ANALYST INSIGHTS: While Mindray continues its rise as a leader in patient monitoring and imaging, within China, it’s bumping into global headwinds due to geopolitical reasons. As one example, Europe just announced it is banning Chinese companies from participation in most medtech RFQs for the next five years. It will be interesting to observe how Mindray navigates these headwinds to maintain growth internationally. With that stated, their dominance within China may allow them to grow regardless of global politics.

—Dave Sheppard, Co-Founder and Managing Director, MedWorld Advisors

The organization also provided updates on the introduction of two of its products.

In November, it launched the Consona-Series Ultrasound Machines, two imaging solutions that expanded the firm’s private office portfolio. The Consona N9 and the more compact Consona N6 console-based ultrasound systems are powered by Mindray’s proprietary software-based beamformer Zone Sonography Technology+ (ZST+). The series addresses the needs of women’s health, radiology, and cardiovascular departments. Both systems offer enhanced image quality and ergonomics, helping clinicians increase throughput, accelerate exam times, and streamline workflow across diverse clinical settings.

About two weeks later, Mindray expanded its Resona-Series radiology portfolio with the introduction of the Resona I8 Ultrasound Machine. The I8 joins the company’s Resona I9 and Resona 7 Platinum Ultrasound Machines to complement the Resona-Series portfolio. With advanced imaging technology also fueled by the same ZST+ in a mobile platform, the Resona I8 delivers comprehensive performance. In addition, the system aims to align with the financial goals of a broad range of practices while providing top-tier diagnostic capabilities.

In an announcement regarding a product already on the market, Mindray received an Innovative Technology designation for its Hepatus-Series technology from Vizient Inc., the largest provider-driven healthcare performance improvement company in the U.S. Vizient serves more than 65% of the nation’s acute care providers, including 97% of the nation’s academic medical centers, and more than 35% of the non-acute market.

“What makes a product worthy of this designation is that it has a unique quality that differentiates it from its competitors,” said Kelly Flaharty, senior director, Contract Services and Vizient Innovative Technology Program leader. “Our provider customer council determined that Mindray’s Hepatus-Series Liver Imaging Technology met this standard and recognizes its potential to improve quality outcomes.”

Earlier in the year, Mindray partnered with Aegle Medical Solutions in an arrangement centered around the award-winning Hepatus-Series systems. Specifically, Aegle would become the sole distributor of the Hepatus-Series Transient Elastography Diagnostic Ultrasound Systems for liver care. It marked the introduction of the technology to the U.S. market.

In another partnership agreement, Mindray teamed with TeleRay, a virtual care company dedicated to providing the world’s most scalable, accessible, and user-friendly healthcare communications platform specifically for radiology. The collaboration aims to transform how clinicians access ultrasound imaging on Mindray’s Resona 7 Ultrasound System and Resona I9 Ultrasound System, which address the needs of radiology, vascular, women’s health, pediatric, and shared service imaging applications.

The alliance between Mindray and TeleRay integrates medical image and patient information distribution software with telehealth technology, bringing a host of advanced features designed to elevate medical imaging and ensure data security. The HIPAA-compliant TeleRay platform works seamlessly with the Resona Systems, facilitating secure, real-time streaming of ultrasound images. The viewer includes data masking capabilities for quality control and patient anonymization, enhancing privacy while maintaining the highest industry standards.