SHENZHEN, China, Dec. 9, 2011 /PRNewswire-Asia/ -- 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 Zhejiang Greenlander Information Technology Co., Ltd. ("Greenlander"). 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 Hangzhou, China, Greenlander is a healthcare IT solutions provider that specializes in PACS (Picture Archiving and Communication System) and RIS (Radiology Information System). PACS is a medical imaging technology that provides economical storage of and convenient access to images from multiple modalities. RIS is a computerized database used by radiology departments to store, manipulate and distribute patient radiological data and imagery. The RIS system generally consists of patient tracking and scheduling, result reporting and image tracking capabilities, and is critical to the efficient workflow of radiology practices. The PACS and RIS systems are widely used in the radiology, ultrasound, endoscopy and pathology departments of hospitals as effective digital picture archiving and communication management solutions. Last year, the PACS and RIS market was estimated at approximately $142 million in China and was expected to grow at over 20% annually for the next three to five years. Internationally, the market was estimated at $3.46 billion in 2009 and was expected to grow 10% annually.
Through this transaction, Mindray aims to create synergies by combining its reputable brand and strong sales, service and engineering platforms with Greenlander's technology and expertise in healthcare IT solutions.
"We are very excited about this transaction, which we believe will be beneficial to both Mindray and Greenlander," said Mr. Minghe Cheng, Mindray's Chief Strategic Officer. "Greenlander's IT service platform will be a great addition to our existing medical imaging systems. Healthcare IT is attracting significant private and public healthcare spending and we believe the market for products and services in this area is very promising. This transaction will help Mindray get a head start in the rapidly growing healthcare IT business and allow us to provide our customers with more comprehensive 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" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including without limitation, the projections of the market size and the annual growth rate of the PACS and RIS market (both domestic and international), Mindray's aim to create synergies by combining its reputable brand and strong sales, service and engineering platforms with Greenlander's technology and expertise in healthcare IT solutions, the statement that this transaction will be beneficial to both Mindray and Greenlander, that Greenlander's IT service platform will be a great addition to Mindray's existing medical imaging systems, that the market for products and services in healthcare IT is very promising, that this transaction will help Mindray get a head start in the rapidly growing healthcare IT business, and that this transaction will allow Mindray to provide its customers with more comprehensive solutions, are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. 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 4 of our annual report on Form 20-F. 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 release.
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SOURCE Mindray Medical International Limited