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."
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.
SOURCE Mindray Medical International Limited