1. Clinica 100: Who are the movers and
shakers in the medtech industry?
www.clinica.co.uk
The full Clinica 100 and Top 20 sector league tables are available at
http://www.clinica.co.uk
2. Medtronicmay have pulled off the biggest merger
in medtech history, but Johnson & Johnson has once
again held on to its number one spot in this year’s
Clinica 100 league table – but only just.With J&J having
done more streamlining in 2015 and Medtronic in line
to benefit from the addition of Covidien sales for a full
fiscal year, the next edition of our league table in 2016
will very likely see a new leader.
The Clinica league tables – the Clinica 100 and the Top 20 key
sector leaders – show annual medtech sales for companies’latest
fiscal years, with the cut-off date being year ended June 30, 2015.
For the majority of companies, the figures are for 2014 vs 2013,
unless stated otherwise.
With its $43bn merger of Covidien completed at the end of
January and its fiscal 2015 ending April 24, Medtronic was able
to include Covidien’s sales for the last quarter of that fiscal year.
This enabled the former number 3 to jump up one place this year
to overtake GE Healthcare as number 2. But in its 10-K SEC filing
dated June 23, Medtronic said that if the merger had occurred
at the beginning of the fiscal year, its revenue would have been
$28.37bn pro forma for fiscal 2015. This would have enabled
Medtronic to beat J&J’s 2014 medtech revenue, which had gone
down from $28.49bn in 2013 to $27.52bn, largely due to J&J
casting off its IVD business, Ortho Clinical Diagnostics, to private
equity firm The Carlyle Group for $4.15bn in 2014.
Taking into account that J&J’s 2015 figures will exclude
cardiovascular sales, having sold Cordis to Cardinal Health in
March, this would make it even more likely for Medtronic to knock
off the reigning medtech leader in next year’s Clinica 100.
With Covidien – the former number 7 in our Clinica 100 last year
– having been taken out of the picture, this has allowed the likes
of Abbott and Stryker to move up the ranks and for Danaher to
make it into our Top 10 for the first time.
The Medtronic/Covidien merger was just one – albeit the
biggest – notable M&A deal recently. 2014/2015 was marked by
significant consolidation activity among other medtech players
seeking to gain critical mass and scale in order to better serve the
needs of healthcare providers which are seeking suppliers of end-
to-end solutions, rather than equipment.
Here are some of this year’s Clinica 100 companies that will be
bowing out from the league table next year:
• Biomet: Acquired by Zimmer –
agreed April 2014, completed
• Carefusion: Acquired by Becton Dickinson –
agreed Oct 2014, completed March 2015
• Tornier: Acquired by Wright Medical –
agreed Oct 2014, completed
• Sorin/Cyberonics: Merged to form LivaNova
• Thoratec: Acquired by St Jude Medical –
agreed July 2015, completed Oct 2015
Additionally, these companies have dropped out of the public
markets in 2015, either having been acquired by private equity
or bought out by management, and may no longer disclose their
sales figures for the following fiscal year:
• Biosensors International : Acquired by CITIC –
agreed Nov 2015
• Mindray Medical: Management buyout – agreed Nov 2015
What the longer term impact these changes will have on the
dynamics of the players that make up the varied medtech
landscape remains to be seen.
Reprinted by Clinica (www.clinica.uk.co). Unauthorized photocopying prohibited.
CLINICA 100: Top Spot Soon Within
Medtronic’s Grasp; More Change In 2016
By Tina Tan
2 • • •
3. Reprinted by Clinica (www.clinica.uk.co). Unauthorized photocopying prohibited. • • • 3
J&J Group Revenue vs Medtech Revenue. 2010-2014
(US$ millions) Fiscal year end: December
2010
60,000
40,000
20,000
Group revenue Medtech revenue
2011 2012 2013 2014
Source: Clinica 100
No. 1: Johnson & Johnson
Medtech operating profit Group net profit
Source: Clinica 100 Get the data
10,000
5,000
15,000
J&J Medtech Operating Profit vs Group Net Profit, 2010-2014
(US$ millions) Fiscal year end: December
2010 2011 2012 2013 2014
CLINICA 100: WHO’S WHO IN MEDTECH
Medtech R&D Total R&D
Source: Clinica 100 Get the data
6,000
4,000
8,000
J&J Medtech R&D Spend vs Total R&D Spend 2010-2014
(US$ millions) Fiscal year end: December
2010 2011 2012 2013 2014
5,000
4. Reprinted by Clinica (www.clinica.uk.co). Unauthorized photocopying prohibited.4 • • •
No. 2: Medtronic
Medtronic Total Revenue, 2011-2015
(US$ millions) Fiscal year end: April
2011
15,508
2012 2013 2014 2015
Source: Clinica 100 Get the data
16,184
16,590
17,005
20,261
Operating profit Net profit
Source: Clinica 100 Get the data
3,000
2,000
4,000
Medtronic Operating Profit vs Net Profit, 2011-2015
(US$ millions) Fiscal year end: April
2011 2012 2013 2014 2015
1,000
Source: Clinica 100 Get the data
Medtronic R&D Spend 2011-2015
(US$ millions) Fiscal year end: April
2011
1,472
2012 2013 2014 2015
1,490
1,557
1,477
1,640
5. Reprinted by Clinica (www.clinica.uk.co). Unauthorized photocopying prohibited. • • • 5
No. 3: GE Healthcare
GE Healthcare Total Revenue, 2010-2014
(US$ millions) Fiscal year end: December
2010
16,897
2011 2012 2013 2014
Source: Clinica 100 Get the data
18,083
18,290 18,200 18,299
Segment operating profit Group net profit
Source: Clinica 100 Get the data
10,000
5,000
15,000
GE Healthcare Operating Profit vs GE Group Net Profit,
2010-2014
(US$ millions) Fiscal year end: December
2010 2011 2012 2013 2014
6. Reprinted by Clinica (www.clinica.uk.co). Unauthorized photocopying prohibited.6 • • •
No. 4: Siemens Healthcare
Siemens Healthcare Total Revenue, 2010-2014
(€ millions) Fiscal year end: September
2010
12,364
2011 2012 2013 2014
Source: Clinica Get the data
12,517
13,642
12,649 12,429
Source: Clinica Get the data
Siemens Healthcare Operating Profit, 2010-2014
(€ millions) Fiscal year end: September
2010
748
2011 2012 2013 2014
1,334
1,815
2,033 2,027
Source: Clinica Get the data
Siemens Healthcare R&D spend, 2010-2014
(US$ millions) Fiscal year end: April
2010
1,472
2011 2012 2013 2014
1,490
1,557
1,230
n/a
7. Reprinted by Clinica (www.clinica.uk.co). Unauthorized photocopying prohibited. • • • 7
No. 5: Philips Healthcare
Philips Healthcare Total Revenue, 2010-2014
(€ millions) Fiscal year end: December
2010
8,601
2011 2012 2013 2014
Source: Clinica Get the data
8,852
9,983
9,575
9,186
Source: Clinica Get the data
Philips Healthcare Operating Profit, 2010-2014
(€ millions) Fiscal year end: December
2010
922
2011 2012 2013 2014
27
1,026
1,315
1,026
Source: Clinica Get the data
Philips Healthcare R&D Spend, 2010-2014
(€ millions) Fiscal year end: December
2010
698
2011 2012 2013 2014
740
858
810 822
8. Reprinted by Clinica (www.clinica.uk.co). Unauthorized photocopying prohibited.8 • • •
No. 6: Roche Diagnostics
Source: Clinica Get the data
Roche Diagnostics R&D Spend, 2010-2014
(CHF millions) Fiscal year end: December
2010
936
2011 2012 2013 2014
929
1,023
1,081
1,515
Medtech operating profit Group net profit
Source: Clinica Get the data
6,000
10,000
Roche Diagnostics Operating Profit vs Group Net Profit, 2010-2014
(CHF millions) Fiscal year end: December
2010 2011 2012 2013 2014
Roche Group Revenue vs Diagnostics Revenue, 2010-2014
(CHF millions) Fiscal year end: December
2010
30,000
20,000
10,000
Diagnostics operating
profit
Diagnostics revenue
2011 2012 2013 2014
Source: Clinica Get the data
40,000
8,000
2,000
4,000
9. Reprinted by Clinica (www.clinica.uk.co). Unauthorized photocopying prohibited. • • • 9
No. 7: Cardinal Health
Cardinal Health Group Revenue vs Medtech Revenue,
2011-2015
(US$ millions) Fiscal year end:
June; Medtech = Cardinal Health’s Medical segment
2011
Group revenue Medtech revenue
2012 2013 2014 2015
Source: Clinica Get the data
40,000
20,000
100,000
60,000
80,000
Medtech operating profit Group net profit
Source: Clinica Get the data
1,000
400
1,200
Cardinal Health Medtech Operating Profit vs Group Net Profit,
2011-2015
(US$ millions) Fiscal year end:
June Medtech = Cardinal Health’s Medical segment
2011 2012 2013 2014 2015
800
600
200
Abbott Labs
Abbott Labs Total Revenue vs Medtech Revenue, 2010-2014
(US$ millions) Fiscal year end: December; Medtech figures include
diagnostics, vascular, diabetes care and medical optics
2010
Total revenue Medtech revenue
2011 2012 2013 2014
Source: Clinica Get the data
5,000
20,000
10,000
15,000
Medtech operating profit Group net profit
Source: Clinica Get the data
Cardinal Health Medtech Operating Profit vs Group Net Profit,
2011-2015
(US$ millions) Fiscal year end: December; Medtech operating profit only
includes diagnostics and vascular units; Medtech operating profit for 2010
and 2011 not available
2011 2012 2013 2014 2015
4,000
2,000
10. Reprinted by Clinica (www.clinica.uk.co). Unauthorized photocopying prohibited.10 • • •
No. 9: Stryker
Stryker Total Revenue, 2010-2014
(US$ millions) Fiscal year end: December
2010
7,320
2011 2012 2013 2014
Source: Clinica Get the data
8,307
8,575
9,021
9,675
Operating profit Net profit
Source: Clinica 100 Get the data
1,000
500
1,500
Stryker Operating Profit vs Net Profit, 2010-2014
(US$ millions) Fiscal year end: December
2010 2011 2012 2013 2014
Source: Clinica 100 Get the data
Stryker R&D Spend, 2010-2014
(US$ millions) Fiscal year end: December
2010
394
2011 2012 2013 2014
462 471
536
614
11. Reprinted by Clinica (www.clinica.uk.co). Unauthorized photocopying prohibited. • • • 11
No. 10: Danaher
Danaher Medtech Revenue, 2010-2014
(US$ millions) Fiscal year end: December; Medtech Revenue includes Life
Sciences & Diagnostics and Dental sales
2010
4,122.90
2011 2012 2013 2014
Source: Clinica Get the data
6,638.6
8,508
8,951.30
9,378.80
Medtech Intelligence@ClinicaMedTechClinica Medtech Intelligence
Operating profit Net profit
Source: Clinica Get the data
2,000
1,000
1,500
Danaher Medtech Operating Profit vs Group Net Profit,
2010-2014
(US$ millions) Fiscal year end: December; Medtech Operating Profit for
Life Sciences & Diagnostics and Dental units
2010 2011 2012 2013 2014
500
2,500
