The medical device sector is seeing the most gains we have ever seen in our report. The sector comprises medical device, medical equipment, capital equipment and medical technology companies. The total income this year across the sector was $413B, up majorly from $329B in 2017. This 20% rise follows the 11% revenue uptick from 2017 – almost double the growth! All but nine of our Top 50 companies experienced a revenue increase from 2017. Thermo Fisher was added to the list in the third position this year as we had missed their equipment arm in our last year’s listing.

Medtronic and Johnson & Johnson remain at the top of the list this year. This was the year of remarkable organic sales growth, and a five year low for device acquisition activity. The biggest deal of this year was Boston Scientific’s purchase of BTG for $4.2B. Other notable deals include Johnson & Johnson selling its LifeScan business to Platinum Equity for $2.1B, Roche’s acquisition of Flatiron Health for $1.9B, Medtronic’s purchase of Mazor Robotics for $1.6B,and Stryker’s acquisition of K2M ($1.4B)

Here is a snapshot of the Top 50, ranked by 2018 revenue. As always, we have tracked movement up and down the list with regard to both ranking and revenue changes as compared with 2017. Companies are ranked by their 2018 medical revenue as furnished by their annual reports and publicly available sources, Edgar and Morningstar stock information websites (figures of non-U.S. companies were converted to U.S. dollars from various currencies using end of the year exchange rates for 2017 and 2018). Medical device, equipment, and medical technology revenues were extracted from reports to create an equal playing field. We also revised 2018 earnings to align “apples to apples” revenue reporting with 2017 figures.

Annula report of company rankings
Annula report of company rankings

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