Mindray stock: Q3 revenue rises 4.89% as profit falls

Published on 11/11/2026 at 01:44 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Mindray stock faces a mixed quarter as overseas sales accelerate and domestic demand remains under pressure. Analysts see recovery ahead.

Mindray's Growth Mix Shifts

International revenue rose 11.04% in the first nine months of 2026, reaching 53% of total revenue.
Emerging businesses grew 20.52%, while in vitro diagnostics revenue increased 7.79%.
The research team maintained a Buy rating but lowered its 2026-2028 earnings forecasts.

Mindray, CNE100003G67, Illustration mit AI erstellt.

Mindray Medical delivered mixed third-quarter results, with international growth and emerging businesses offsetting pressure in its domestic market. A Shenwan Hongyuan Research report carried by Futu said on November 2 that revenue for the first nine months of 2026 rose 4.89% to RMB 27.097 billion, while net profit fell 3.19% to RMB 7.564 billion.

Overseas Sales Lead Expansion

International revenue reached RMB 14.364 billion, up 11.04% year over year and equal to 53% of total revenue. Growth was strongest in Europe, Latin America and Asia-Pacific, while the research report said the international business expanded 16.02% on a U.S. dollar basis.

Domestic revenue declined 1.28% to RMB 12.733 billion in the first nine months. The report highlighted a 1.95% sequential increase in domestic revenue in the third quarter, which it viewed as evidence that the market was stabilizing.

New Businesses Gain Weight

Revenue from emerging businesses rose 20.52% to RMB 4.735 billion. Minimally invasive surgery and minimally invasive intervention each grew by more than 20%, supporting management's shift toward newer growth drivers.

In vitro diagnostics revenue increased 7.79% to RMB 10.587 billion. International IVD sales grew 20%, with immunoassay expanding by more than 30%. By contrast, medical imaging revenue declined 6.18% to RMB 4.300 billion, while life information and support revenue slipped 1.27% to RMB 7.325 billion.

Analyst View Turns More Cautious

Shenwan Hongyuan kept its Buy rating but reduced its earnings forecasts for 2026, 2027 and 2028 to RMB 8.205 billion, RMB 9.968 billion and RMB 11.296 billion, respectively. The report cited domestic equipment demand and foreign-exchange movements as key pressures, while competition and research and development risks remain relevant for investors.