Mindray's net income booms in Q3

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Mindray Medical, a Shenzhen, China-based medical device manufacturer, has reported an increase in profits of 55.2 percent in its fiscal 2009 third quarter, ending Sept. 30.

The company posted net income of $43.4 million (U.S.) for the quarter, compared with net income of $28 million reported for the same period a year ago. Net revenue for the period was $151.1 million, an increase of 3.1 percent over the $146.5 million in sales posted in the 2008 third quarter.

Third quarter revenues generated inside of China were $66.8 million while revenues generated outside of China were $84.4 million.

Mindray recorded a special one-time income of $14 million resulting from a mutually agreed upon termination of a joint development and an original equipment manufacturer chemical analyzer project between Fullerton, Calif.-based biomedical company Beckman Coulter and itself.