Top Medtech Firms Increase Sales in 2003

March 1, 2004

7 Min Read
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(%)

4Q03revemies

4Q02revenues

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

aRestatedbFourth quarter ending January 23, 2004cAdjusted

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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