Top Medtech Firms Increase Sales in 2003

Published: March 1, 2004
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Top Medtech Firms Increase Sales in 2003



Originally Published MX March/April 2004

BUSINESS NEWS

With few exceptions, top-earning medical technology companies announced positive sales growth during 2003. In annual reports and company releases issued earlier this year, the top-20 publicly traded medtech firms showed robust gains over 2002. All but two companies posted increased revenue, with many companies reporting year-to-year sales growth in the double digits (see Table). The average yearly gain for the group was 10.3%.


Company 2003 revenues

(calendar year)		 2002 revenues

(calendar year)		 Variance

(%)		 4Q03

revemies		 4Q02

revenues		 Variance

(%)
Johnson &
Johnson		 14,914 12,583 18.5 4,141 3,318 24.8
GE Medical Systems 10,198 8,955 13.8 3,320 2,750 20.7
Siemens Medical
Solutions		 9,279 9,531 -2.7 2,050 2,278 -11.1
Baxter International
Inc.		 8,916 8,110 9.9 2,537 2,261 12.2
Tyco Healthcare 8,707 7,588a 14.7 2,180 1,969a 10.7
Medtronic Inc.b 8,571 7,310 17.3 2,195 1,913 14.7
Philips Medical
Systems		 7,463 8,526 -14.2 2,253 2,354 -4.4
Abbott Laboratories 6,998 6,652 5.2 1,870 1,766 5.8
Cardinal Health 6,900 6,426 7.3 1,839 1,639 12.2
Becton Dickinson
& Co.		 4,675 4,140 12.9 1,200 1,052 14.1
3M Healthcare 3,995 3,560 12.2 1,020 918 11.1
Guidant Corp. 3,699 3,161c 17.0 951 878c 8.0
Stryker Corp. 3,625 3,012 20.0 1,001 829 21.0
Boston Scientific
Corp.		 3,476 2,919 19.0 939 814 15.3
Amersham plc 3,085 3,022 2.0 N/A N/A N/A
Kodak Health Imaging 2,431 2,274 6.9 704 619 13.7
Smith & Nephew 2,202 2,024 8.8 N/A N/A N/A
Beckman Coulter
Inc.		 2,193 2,059 6.5 639 596 7.2
St. Jude Medical 1,933 1,590 21.6 519 410 26.6
Alcon Inc. 1,586 1,439 10.2 427 385 10.9
aRestated

bFourth quarter ending January 23, 2004

cAdjusted
Reported
revenues of the top-20 publicly traded medical technology companies for
calendar 2003 versus calendar 2002, and for October through December 2003
(4Q03) versus October through December 2002 (4Q02). Only divisions reporting
medical product revenues are included; pharmaceutical, consumer-product,
and healthcare services divisions are excluded. All figures in $ millions
at February 2004 rate.

Cardiology companies reported some of the strongest year-over-year sales increases. St. Jude Medical (St. Paul, MN) led all firms with a 21.6% sales increase over 2002. The company attributed the increase to strong performance from its implantable cardioverter-defibrillator, pacemaker, and vascular closure products. Other solid cardiology companies included Medtronic Inc. (Minneapolis) and Guidant Corp. (Indianapolis), which each posted yearly gains of approximately 17%.


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