No. 1: Medtronic
2017 revenues: $29,953,000,000
2017 R&D spend: $2,253,000,000
Fiscal year ending: April 27, 2018
Omar Ishrak, chairman & CEO; Michael Coyle, EVP & president, cardiac & vascular; Mike Genau, SVP & president, Americas Region; Alex Gu, SVP & President, Greater China; Hooman Hakami, EVP & president, diabetes; Dr. Richard Kuntz, SVP, chief medical & scientific officer; Chris Lee, SVP & president, Asia Pacific; Brad Lerman, SVP, general counsel & corporate secretary; Geoffrey Martha, EVP & president, restorative therapies; Karen Parkhill, EVP & CFO; Luann Pendy, SVP, chief quality & regulatory affairs officer; Mark Ploof, SVP, global operations & business services; Carol Surface, SVP & chief human resources officer; Rob Ten Hoedt, EVP & president, Europe, Middle East & Africa region; Bob White, EVP & president, minimally invasive therapies
The world’s largest medical device business ended the calendar year by weathering a wildfire that savaged Santa Rose, Calif., leaving its two facilities there untouched by the flames but unreachable for a spell. The company began 2018 by announcing a restructuring plan that aims to save $3 billion annually by the end of its 2022 fiscal year. Although Medtronic said its overall headcount would remain largely unchanged, there will be some churn as positions are eliminated and other new roles created. The company is also looking to refinance its debt with a $1.2 billion plan to buy back some of its senior notes. On the M&A front Medtronic had a relatively quiet year; late in 2017 it picked up gastrointestinal disorder diagnostic company Crospon for $45 million including milestones and the next month closed the $28 million buyout of QT Vascular’s Chocolate PTA balloon. In May Medtronic dealt its stake in China’s LifeTech Scientific to China Everbright and another unnamed investor. This year also saw the company restart its bid for U.S. approval of its renal denervation treatment for hypertension with the launch of a pivotal study of its of its Symplicity Spyral device. And after FDA approved its SynchroMed II implantable drug infusion pump for use with Remodulin to treat pulmonary arterial hypertension, the device was nominated for the prestigious Prix Galien USA award for the best medical technology of the year. And after reporting fiscal 2018 numbers that beat the consensus forecast in May, Medtronic targeted organic revenue growth of 4% or above and adjusted earnings per share growth of 8% over the next few years.