Stryker delivered positive second quarter numbers buoyed by acquisitions in domestic and foreign markets, but the company remains tepid on the subject of corporate inversions as a way to boost profit.
With more M&A, product development and restructuring on the horizon, med tech CEOs have their work cut out for them in the coming year. But for now, here's the breakdown of what they took home in 2013.
Stryker will add the world's only PMA-approved, cementless, three-piece total ankle replacement system to its portfolio with its acquisition of Pennsylvania's Small Bone Innovations for up to $375 million in cash, the company announced June 30.
Qmed has put together the five biggest drops in profit for medtech companies in 2014, and it's not looking good for device giants so far this year.
Already a global giant in medical devices, Medtronic is considering growing even larger with a possible bid for Smith & Nephew, which has been the subject of M&A talk for the past few weeks following reports Stryker would seek to buy the U.K. maker of hip and knee replacements.
After rumors circulated that Stryker would lay down a bid for orthopedics rival Smith & Nephew, Stryker CEO Kevin Lobo confirmed that his company is considering a deal--even if it doesn't plan to make an offer anytime soon.
Stryker's net sales grew by 5.3% in Q1 2014 compared to the prior to $2.3 billion. The reconstructive unit reported sales of $999 million and grew by 4.5%, while medsurg reported 5.8% growth to $886 million and neurotechnology and spine grew by 5.9% to $420 million
Hot on the trail of new M&A deals, Stryker finalized its acquisition of Patient Safety Technologies. The Kalamazoo, MI-based company paid $120 million for the medical device outfit, gaining access to Patient Safety's line of trackable surgical tools.
In 2013, a number of outside forces hammered the med tech industry. While things could have been better, most of the top 10 companies in the sector still enjoyed moderate year-over-year revenue gains.
Stryker, facing over 1,000 lawsuits alleging it sold faulty metal hip implants that hurt patients, has chosen to settle more cases rather than fight them in court.