Founded by a Michigan physician who wished to ease his patients' struggles in 1941, Kalamazoo, Mich.-based Stryker Corp. now sells its medical devices in over 100 countries around the world.
Here are 10 things to know about Stryker:
1. Stryker was founded by Homer Stryker, MD, in Kalamazoo, Mich., in 1941. Dr. Stryker's alternative medical products gave his patients the chance to lead healthy, active lives that made surgery and recovery simpler, faster and more effective. In 1947, a patent was issued for Dr. Stryker's oscillating saw, which expedited the removal of plaster casts.
2. Stryker reported that its net sales grew 16.2 percent to $3.2 billion the fourth quarter of 2016. Orthopedics grew 5.3 percent, MedSurg grew 31.1 percent and neurotechnology and spine grew 8.7 percent. The company's full year highlights of 2016 included net sales growth of 13.9 percent to $11.3 billion, with orthopedic growth of 4.7 percent, MedSurg growth of 25.6 percent and neurotechnology and spine growth of 9.9 percent.
3. Kevin A. Lobo has been Stryker's CEO since 2012 and the company's chairman since 2014. He previously served as CFO of McNeil Consumer Healthcare and Ortho Women's Health & Urology, and was president of Johnson & Johnson, Medical Products Canada. Early on in his role at Stryker, he spearheaded the company's $764 million purchase of Trauson Holdings Co., China's largest maker of pelvic reconstruction plates and other products used in trauma surgery. Other prominent members of the leadership team include Vice President and Chief Human Resources Officer M. Kathryn Fink; Vice President of Communications and Public Affairs Yin C. Becker and Group President of Orthopaedics David K. Floyd.
4. On April 1, 2016, Stryker announced the acquisition of Swiss oral care, skin preparation and protection company Sage Products. Stryker then went on to purchase the assets of Houston-based Restore Surgical in September 2016. The acquisition fortified Stryker's portfolio of staple and hammertoe implants and minimally invasive soft tissue recession instrumentation for foot, ankle and upper extremity procedures. On Feb. 16, 2016, Stryker purchased Redmond, Wash.-based Physio-Control International, a manufacturer of defibrillators and monitors, for $1.28 billion.
5. Orthopedic devices make up 43 percent of Stryker's total sales; MedSurg-related products make up 39 percent of total company sales; neurotechnology and spine products make up 18 percent.
6. Stryker launched Ascential, an implant delivery solution for low-acuity spine surgeries in 2016. It offers sterile-packaged implants, customized service levels and a streamlined distribution model and will likely reduce operating costs for ambulatory surgery centers. The spine products available through Ascential include the ACP 1 Anterior Cervical Plating System, IBD Peek Anterior Cervical Spacer System and VBA Vitoss Foam Pack. Facilities can keep the instruments after surgery instead of returning them to sales reps for reprocessing.
7. In 2017, Stryker was listed as one of Fortune's "Most Admired Companies" for the 16th year in a row. The company was also listed on the 2017 best places to work in medical sales, coming in at third on the list.
8. In 2013, Stryker acquired Davie, Fla.-based Mako Surgical for $1.65 billion. The company had pioneered orthopedic-related robotic assistance, starting off with the RIO Robotic Arm Interactive Orthopedic System and Makoplasty Partial Knee Resurfacing procedure and Makoplasty Total Hip Arthroplasty. In its third quarter financial report conference call, Stryker reported that 30 Mako robots were installed globally. This figure represented a 75 percent year over year increase, making the 2013 acquisition lucrative and worthwhile.
9. At the end of 2016, Michigan state officials contributed $1 million in state economic development support to convince Stryker to build its $130 million expansion project in Michigan as opposed to doing so in other states, according to the Detroit Free Press. Stryker also secured tax break from city and county officials as part of the agreement to stay in the Kalamazoo area. The new 485,000-square-foot facility is expected to create 105 new jobs for engineers and scientists over three years.
10. Stryker's Sustainability Solutions department helps the company maintain its presence as a big player in the reprocessed medical devices market. According to Stryker's Senior Marketing Director Bill Scott: "Stryker was the first original equipment manufacturer to enter the single-use device reprocessing business through the 2010 acquisition of Ascent Healthcare Solutions, the oldest and largest third-party SUD reprocessing company." The company currently serves over 3,000 hospitals and health systems and helped health systems save $299 million and eliminate 12.9 million pounds of medical waste in 2016.
Stryker's Ascential is an exhibitor at the Becker's 15th Annual Spine, Orthopedic and Pain Management-Driven ASC Conference + The Future of Spine event, June 22-24, 2017 in Chicago. Orthopedic and spine surgeons and industry experts will speak on the latest businss, regulatory and economic trends - to learn more and register for the event, click here.
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