Maxon Group makes custom drives for medtech applications such as robotics systems. [Image courtesy of Maxon]
Sachseln, Switzerland-based Maxon disclosed annual revenue growth of 13% to CHF 707.7 million (roughly $815 million in U.S. currency) and a 4% increase in global headcount of 3,341 employees.
The medtech market was an “important pillar” despite market saturation for ventilators after rapid growth due to the COVID-19 pandemic, the company said in a news release. Increased semiconductor deliveries compensated for that in a market “driven by shortages in the supply of electronic components.”
Related: 5 steps to help medical device makers deal with semiconductor shortages
“We owe our record-breaking revenue in a challenging and difficult environment to our dedicated employees and our diversification,” Maxon Chair and majority shareholder Dr. Karl-Walter Braun said in the news release. “Our diverse business model has proven itself with the Industrial Automation, Aerospace, Medical, Mobility Solutions, and the new Intralogistics business units. We are focusing strongly on these specific markets, in which we have and maintain significant know-how,”
Maxon increased its R&D spending nearly 10% year-over-year to CHF 51.5 million (approximately $59 million) and reported an R&D staff of about 340 employees in 10 development centers. Out of that spending came improvements such as ultra-compact EC frameless robotics drives of the DT family with TSX encoders used in exoskeleton systems for people with impaired mobility.
Maxon invested CHF 33.9 million (approximately $39 million) in capacity expansion and said its Parvalux subsidiary’s new production site in Bournemouth, England is near completion.
“In addition, we have strengthened our innovation center in Switzerland, the Center for Robotics in Zurich, to meet the challenges of the digitalization of drive technology and to become [a] digital leader in drive technology for products and services,” Maxon Group CEO Eugen Elmiger said in the release.
The company reported what it characterized as strong growth in the U.S., Korean and Hungarian markets, stability in the German market and slowed growth in China due to COVID-19.
Maxon’s cautiously optimistic outlook
Maxon orders for the current financial year are developing simlarly as last year, which the company characterized as positive but not a signal of improvement or increased economic certainty.
“The delivery bottlenecks originating from the COVID-19 pandemic are being steadily reduced and suppliers are able to deliver faster again,” Braun said. “As a consequence, many customers are now reducing their inventories and keeping to smaller quantities and shorter order times. This development is also a result of sharply rising interest rates. We have to adjust to the situation accordingly.”
Maxon develops and manufactures drive systems for medical devices such as insulin pumps, surgical robots, precision hand-held tools and prosthetics. More information is available in Maxon’s news release.
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