Stryker Corporation (NYSE: SYK) is a Fortune 500 medical technology company based in Kalamazoo, Michigan. Stryker products include implants used in joint replacement and trauma surgery; surgical instruments and surgical navigation systems; endoscopy and communication systems; patient handling and emergency medical equipment; neurosurgery and spinal surgical devices; as well as other medical device products used in various medical specialties.
In the United States, most Stryker products are marketed directly to doctors, hospitals and other healthcare facilities. Internationally, Stryker products are sold in over 100 countries through subsidiaries and sales branches of companies and third party dealers and distributors.
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Business segment
Stryker separates their reporting into three business segments that can be reported: Orthopedics, Medical and Surgery (MedSurg), and Neurotechnology and Spine.
Orthopedic products consist primarily of implants used in hip and knee joint replacements and trauma and limb operations. MedSurg products include surgical equipment and surgical navigation systems (Instruments); endoscopy and communication systems (Endoscopy); patient handling and emergency medical equipment (Medical); and reprocessed and reproduced medical equipment and other medical equipment products used in various medical specialties. Stryker Neurotechnology and Spine products include product portfolios including neurosurgical and neurovascular devices. Their supply of neurotechnology includes products used for minimally invasive endovascular techniques, as well as traditional brain product lines and open skull base surgical procedures, orthobiologic products and biosurgery including synthetic bone grafts and vertebral augmentation products, as well as minimally invasive products for the treatment of acute and hemorrhagic ischemic stroke. Stryker also develops, manufactures and markets spinal implant products including cervical, thoracolumbar and interbody systems used in spinal cord injuries, deformities and degenerative therapies.
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History
The Orthopedic Frame Company, the precursor of Stryker Corporation, was formed on February 20, 1946, by Dr. Homer Stryker, a Kalamazoo, Michigan, orthopedist. Stryker developed Turning Frame, a moving hospital bed that made it possible to reposition injured patients while providing necessary body immobility; cast cutters, cast cut casting tools without damaging the underlying tissue; and heel walking, among others. In 1964, the company name was officially changed to Stryker Corporation.
In 1979, Stryker made an initial public offering and then acquired Osteonics Corporation, entering the hip replacement, knee, and other orthopedic (Stryker) replacement markets. In 1999 annual sales reached $ 2.1 billion, and in 2000 Stryker was included in S & amp; P 500 and Forbes Platinum 400 for the first time. In 2002 sales reached $ 3.0 billion and Stryker enrolled at Fortune 500 for the first time.
In 2003, Stephen P. MacMillan joined Stryker as President and CEO. In 2005, annual sales reached $ 4.9 billion and John W. Brown switched to the sole role of Chairman of the Board, the role he retired from 2010, while Steve MacMillan became President & CEO. In 2007, Stryker sold the Physiotherapy Associates division to a private equity firm Water Street Healthcare Partners for $ 150 million. In February 2012, Mr. MacMillan resigned and Curt R. Hartman was appointed Chief Executive Officer and Vice President and Chief Financial Officer of the Interim. Mr. William U. Parfet is named Non-Executive Chairman of the Board. On October 1, 2012, Mr. Kevin A. Lobo was appointed President and Chief Executive Officer.
By the end of 2012, Stryker has about 22,000 global employees and annual sales of $ 8.7 billion. 35% of the sales are outside the US.
In the global market overview of the leading medical technology company 2012, Stryker ranked number 10 with total portfolio sales of more than $ 8.6 billion. In addition, the company maintains a 35% reconstructive market share worldwide; 50% of MedSurg's market share worldwide; 15% of Neurotechnology and Spine market share worldwide.
The company is recognized by Hermann Simon as a role model for other small to medium sized businesses in his Hidden Champions book.
John Brown
Brown served as President, CEO and finally Chairman of the Board in a 32-year career with Stryker. One report mentioned that Stryker rose from hospital bed-maker to a world-class medical technology company to Brown. In 2013, Brown's fixed investment in Stryker placed him on the Forbes 400 list with a net worth of $ 1,500,000,000.
Corporate governance
In 2014, Stryker Corporation board members are:
- Kevin A. Lobo, Chairman, President & amp; CEO
- William U. Parfet, Director of Independent Leaders
- Howard E. Cox, Jr.
- Srikant M. Datar, Ph.D.
- Dr. Roch Doliveux
- Louise L. Francesconi
- Allan C. Golston
- Andrew Silvernail
- Ronda E. Stryker
Recent acquisitions
1998-2010
In 1998, Stryker bought Howmedica, Pfizer's orthopedic division, for $ 1.65 billion. Howmedica became Stryker Orthopedics. In August 2000, Stryker acquired, with shares, Guided Technologies, Inc., developer and manufacturer of optical localizers intended for use in healthcare and industry.
In August 2004, Stryker acquired, for $ 120 million, SpineCore Inc., a company involved in the development of artificial spine disks. About two years before this date, in June 2002, the company acquired Spinal Implant Business from Surgical Dynamics Inc. for $ 135 million.
In March 2006, Stryker absorbed Haifa, Sightline Technologies Ltd. Israeli-based operations into operation. Sightline, a manufacturer of gastrointestinal endoscopic apparatus, is pushing Stryker into a flexible endoscopic market. In February of the same year, the company acquired eTrauma.com Corp., a private entity involved in software development for image archiving and communications systems (PACS); company incorporated into Stryker Endoscopy Business. December 2005 marked the acquisition of PlasmaSol Corp. for $ 17.5 million. PlasmaSol produces a technology that enables sterilization of various MedSurg equipment.
In 2009, Stryker acquired Ascent Healthcare Solutions, Inc. the market leader in medical device remanufacturing and reconditioning in the US.
2011-today
In January 2011, Stryker acquired the Boston Scientific Neurovascular Division, which included products used for minimally invasive treatment of hemorrhagic and ischemic strokes. In June 2011, Stryker bought Malvern, Pennsylvania-based Orthovita, a biomaterial company specializing in bone enlargement and substitution technology. Orthovita Business now forms the division of Stryker Orthobiologics, which specializes in biomaterials for all Stryker divisions. In July 2011, Stryker completed the acquisition of Memometal Technologies private S.A.. Memometal France develops, manufactures and markets products for limb indications based on its proprietary methods for preparing and making metal shape memory alloys. In August 2011, Stryker signed a definitive agreement to obtain privately held Chemical Concentration, Inc. in an all-cash transaction of $ 135 million. Concentric products include devices for the removal of thrombus in patients with acute ischemic stroke along with various AIS access products.
In November 2012, Stryker acquired Tel Aviv, Surpass Medical Ltd. based in Israel, a company that developed flow-shifting technology to treat brain aneurysms using mesh designs and delivery systems, for $ 135 million.
In March 2013, Stryker acquired Trauson Holdings Company Limited. Trauson is a trauma manufacturer in China and a major competitor in the spine segment. In December 2013, Stryker acquired MAKO Surgical Corporation. MAKO is a company in South Florida that manufactures and markets robotic surgical support platforms, notably RIO (Robotic Arm Interactive Orthopedic System) and orthopedic implants used by orthopedic surgeons for use in hip and hip hip joints. Stryker also acquired Patient Safety Technologies, Inc. The company offers a Safety-Sponge System, an integrated counting and documentation system that prevents surgical sponges and towels from being left unintentionally in patients after surgical procedures.
In March 2014, Stryker acquired Pivot Medical, Inc. Pivot is a private business that sells innovative products for hip arthroscopy with operating facilities in Sunnyvale, CA. In April 2014, Stryker acquired Berchtold Holding AG (Berchtold), a provider of centralized customer care equipment for over 90 years. Berchtold's product portfolio includes surgical desks, equipment booms, and surgical lighting systems directed at maximizing efficiency and safety in operating rooms and ICUs. On July 1, 2014, Stryker Corp. announced that it has agreed to purchase assets from Small Bone Innovations Inc., a company based in Morrisville, Pa. It specializes in products that help surgeons care for and replace small bones and joints for $ 358 million. The company also obtained Patient Safety Technology for $ 120 million.
In September 2015, Stryker acquired the Turkish company, Muka Metal U.S. which produces hospital beds and patient furniture in Kayseri.
In February 2016, the company announced it would acquire Sage Products for $ 2.8 billion. Later in the same month the company announced the acquisition of Physio-Control International from Bain Capital Private Equity for $ 1.28 billion.
In November 2017 the company announced it would acquire Entellus Medical Inc. $ 662 million, strengthening the ENT Strykers business.
Acquisition history
Here is an illustration of major mergers and acquisitions of companies and historical predecessors (this is not an exhaustive list):
Sponsors
Stryker maintains links with, but is not limited to, the following professional and trade organizations:
- Advanced Medical Technology Association (AdvaMed)
- The Medical Device Manufacturing Association (MDMA)
- Orthopedic Research and Education Foundation (OREF)
- National Electrical Manufacturers Association (NEMA)
- The National Federation of European Orthopedic and Traumatology Associations (EFORT)
- The International Society of Orthopedic and Traumatology Surgery (SICOT)
- International Arthroscopy Society, Knee Surgery and Orthopedic Orthopedic Medicine (ISAKOS)
- Foundation for Orthopedic Trauma; Talking about Women's Health
- Arthritis Foundation and American Academy of Orthopedic Surgeons (AAOS)
- Association of Registered Nurses Registered (AORN)
- American Orthopedic Society for Sports Medicine (AOSSM)
In addition, the following athletes publicly endorse Stryker Orthopedics products:
- Johnny Bench
- Fred Funk
Stryker is also the main sponsor of the FIRST Robotics team, # 2767 "Stryke Force", from Kalamazoo. Originally known as "FLEET", the name was changed to reflect the generous sponsorship of Stryker.
Regulatory controversy
On January 27, 2000, Stryker Corporation restated its operating results for the year ended December 31, 1998, to reduce acquisition-related costs by $ 30.9 million.
Since early 2007, the company has received three warning letters from Food & amp; The Drug Administration cites problems in obedience. The first of these, the seven-page correspondence, which is named a variety of problems at Irish manufacturing facilities, such as failure to correct failures and procedural noncompliance in testing failed or problem-prone devices. The second, sent in November 2007, cites problems at the Mahwah, New Jersey, company facility, including poor fixation of hip implant components, in some cases requiring mitigation by revision operations; exceeding the microbial level violations in the final cleaning and packing areas of the sterile implants; and failure to establish measures to prevent the recurrence of these and other problems. The final warning letter, sent April 2008, cites problems at the Hopkinton biotechnology facility, MA company. Again, issues relating to quality and non-compliance include falsification of documents relevant to the sale of products to hospitals that will be sold under a limited governmental basis. Stryker stated that the employees involved in document forgery had been terminated.
In Autumn 2007, Stryker, along with related companies: Biomet, Zimmer Holdings, DePuy Orthopedics and Smith & amp; Nephew, involved in civil litigation with the US Department of Health and Human Services, Office of the Inspector General. This litigation calls for a net payment of $ 311 million because the government department maintains the above-mentioned companies are involved in illegal bribes to doctors urging hospitals to buy their own products. Stryker, however, after working together at the start of the investigation, is not fined.
In February 2008, there was a dispute between Stryker Corp. and the US Department of Justice about a subpoena linking the company to the above-mentioned errors in product sales. Since archiving orders by the government, Stryker noted that it has produced more than 300,000 pages of documentation in accordance with its mandate. However, the US Government counters, that the documentation does not fit within its scope and format. Legal officials hope the investigation will continue for several months.
Stryker recalled several models of medical vacuums sold under the Neptune Waste Management System brand in June and September 2012. The device, some of which have not been cleaned by the Food and Drug Administration, caused a fatal accident when the vacuum was mistakenly used to siphon passive drainage tubes.
References
External links
- Official website
Source of the article : Wikipedia
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