SHENZHEN, China, Nov. 20, 2015 /PRNewswire/ -- Mindray Medical International Limited (the "Company", NYSE: MR), a leading developer, manufacturer and marketer of medical devices worldwide, announced today that the company and various of its subsidiaries (collectively, "Mindray"), have entered into a Settlement and Covenant Not to Sue Agreement with Masimo Corporation and various of its subsidiaries (collectively, "Masimo") whereby Mindray and Masimo have each agreed to settle and dismiss, as applicable, their patent, contract and anti-trust claims and counterclaims in the U.S. and China against each other and entered into a patent-related covenant not to sue.
Pursuant to the settlement, among other things, Mindray has agreed, subject to limited exceptions, that from the settlement date through December 31, 2027 it will purchase all pulse oximetry technology components for Mindray patient monitoring products sold in the U.S. and Canada from Masimo (Masimo is already Mindray's primary supplier of these components for sales in the U.S.). In addition, Mindray has agreed to pay Masimo $25 million (to be paid in full by mid-January 2016) and assigned to Masimo certain patents (covering areas not practiced in Mindray's products).
Mindray expects a related Q4 2015 charge of $15.3 million (with $9.7 million previously accrued in 2012), and it has determined these arrangements are immaterial to its operations as a whole and will not adversely impact its business.
Cautionary Statement Concerning 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 descriptions of historical facts, including, without limitation, statement that Mindray expects a related Q4 2015 charge of $15.3 million (with $9.7 million previously accrued in 2012), and it has determined these arrangements are immaterial to its operations as a whole and will not adversely impact its business are forward-looking statements. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Mindray may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Mindray's beliefs, expectations and projections, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements due to a variety of factors. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties are outlined in Mindray's filings with the U.S. Securities and Exchange Commission, including its registration statements on Form F-1, F-3 and 20-F, in each case as amended. 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 Mindray does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Such forward-looking statement speaks only as of the date of this release.
We are a leading developer, manufacturer and marketer of medical devices worldwide. We maintain our 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, we supply through our worldwide distribution network a broad range of products across three primary business segments, namely patient monitoring and life support, in-vitro diagnostics, and medical imaging systems. For more information, please visit http://ir.mindray.com.
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Mindray Medical International Limited
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SOURCE Mindray Medical International Limited