Healthy growth in sales of its IVD products contributed to strong 2Q12 growth, Mindray Medical International Ltd. reports
. The Chinese medical device company says net revenues reached $267.8 million in the second quarter, a 23.3% increase over the second quarter of 2011. Reagent revenues represented 34.4% of IVD business during the quarter, compared with 28.4% in 2Q11 and 31.5% in the first quarter of 2012.
Mindray’s IVD product revenues contributed 27.6% to total net revenues in the second quarter, the company says. IVD revenues increased 31.1% to $73.9 million from $56.4 million during the same quarter in 2011.
Mindray introduced IVD products in the first half of 2012, including a high-speed biochemistry analyzer and an auto hematology analyzer.
Mindray forecasts 18% growth in net revenues for 2012 over the previous year, and the device manufacturer expects full-year non-GAAP net income to increase by 15% over 2011. The year-to-year growth forecast is an increase from the company’s previous guidance of 13% growth.