13. Boston Scientific
Revenue: $10,735,000,000*
Marlborough, Mass.
2019 rank: 14
R&D spend: $1,174,000,000
Employees: 36,000
*Fiscal year ended 12/31/2019
The COVID-19 pandemic and resulting drop in non-virus-related health procedures caused Boston Scientific sales to drop 8% year-over-year during the first three quarters of 2020. Boston Sci faced extra headwinds as it switched to a consignment-based inventory model for customers of its Watchman left atrial appendage closure device. The FDA over the summer approved the next-gen version of the stroke prevention device, the Watchman FLX. “We believe the strategic shift to a consignment-based model strongly complements the launch of this highly clinically differentiated product and we are purposely making this investment, given the significant potential for FLX growth,” CEO Michael Mahoney said during the company’s Q3 earnings call in October. Other new product launches include the Exalt Model D single-use duodenoscope — an answer to the superbug problems associated with reprocessed versions of the scopes. – CN
Key personnel: Michael Mahoney, CEO; Daniel Brennan, EVP & CFO; Art Butcher, EVP & president, Asia Pacific; Wendy Carruthers, SVP, human resources; Jodi Eddy, SVP & chief information & digital officer; Joseph Fitzgerald, EVP & president, interventional cardiology; Edward Mackey, EVP, global operations; Ian Meredith, EVP & global chief medical officer; Jeff Mirviss, EVP & president, peripheral interventional; Maulik Nanavaty, SVP & president, neuromodulation; Scott Olson, SVP & president, rhythm management; David Pierce, EVP & president, MedSurg & president, endoscopy; Desiree Ralls-Morrison, SVP, general counsel & corporate secretary; Meghan Scanlon, SVP & president, urology & pelvic; Brad Sorenson, SVP, manufacturing U supply chain; Eric Thépaut, EVP & president, EMEA