Strong international sales and growth in China propelled medical equipment manufacturer Mindray Medical International to greater revenues in the company's first quarter (end-March 31).
Net revenues increased 21% to $219 million, compared with $180.9 million in the first quarter of 2011, the firm said. Net income, however, decreased 3% to $36.6 million, compared with $37.7 million in the same quarter last year.
Mindray's international revenues advanced 17% to $127.2 million in the first quarter of this year, compared with $108.5 million in the same quarter a year ago. In China, net revenues rose 27% to $91.8 million, compared with $72.5 million in 2011's first quarter.
Mindray has also signed an agreement to acquire a controlling stake of Hangzhou Optcla Medical Instrument in China. Terms of the transaction were not disclosed.
Optcla provides rigid endoscopes and related surgical instruments and consumables, Mindray said.
