The medical device sector saw gains from last year. However, that was before Covid-19 hit. We will see the results of that next year. The sector comprises medical device, medical equipment, capital equipment and medical technology companies. The total income this past year across the sector was $428B, up from $413B in 2018. All but six of our Top 50 companies experienced a revenue increase from 2018. Sysmex and Align were added to the list as their revenue jumped.

Medtronic and Johnson & Johnson remain at the top of the list this year, even though Johnson & Johnson sold its LifeScan glucometer business to Platinum Equity for $2.1 billion last October and streamlined its portfolio further with the $2.8 billion sale of its Advanced Sterilization Products business to Fortive Corp.

Other spinoffs included Alcon eye care from Novartis last July, Danaher’s shedding its dental franchise, Siemens exploring a European

IPO for its Healthineers unit last March, and BD handing Thermo Fisher its Advanced Bioprocessing franchise for $477 million last October.

Here is a snapshot of the Top 50, ranked by 2019 revenue. As always, we have tracked movement up and down the list with regard to both ranking and revenue changes as compared with 2018. 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-US companies were converted to US dollars from various currencies using end of the year exchange rates for 2018 and 2019). Medical device, equipment, and medical technology revenues were extracted from reports to create an equal playing field. We also revised 2019 earnings to align “apples to apples” revenue reporting with 2018 figures.

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