07.27.07
$2 Billion
Key Executives:
Timothy M. Ring, Chairman and CEO
John H. Weiland, President and COO
Todd C. Schermerhorn, Sr. VP, CFO
Brian P. Kelly, Group VP
Amy S. Paul, Group VP
Brian R. Barry, VP, Regulatory and Clinical Affairs
No. of Employees: 9,400
World Headquarters: Murray Hill, NJ
For 2006, C.R. Bard, which develops and markets vascular, urology, oncology and surgical specialty products, kept up its momentum with continued double-digit growth. The company reported net sales of $2 billion, an overall increase of 12%. Net income also was up 17%. The rise was aided by continued double-digit increases in three of its divisions.
The oncology unit had the most impressive increase in sales with 19% growth, achieving a total of $481.3 million. Urology products were up 12%, reaching $587.9 million, while sales of vascular products grew 10% to $479.6 million. Sales of the company’s surgical specialties unit rose 7% to $357.4 million.
The company attributed much of its overall success to continued increasing investment in R&D—Bard spent $146 million on R&D in 2006 compared with $114.6 million in 2005, a steep increase from the $53 million spent on R&D in 2001. This steady increase in this type of investment has had a substantial affect on growth, with $500 million in net sales coming from products launched or acquired in the past three years alone. In addition, the company noted that 2006 produced 500 patentable ideas and more than 200 US patent application filings, up 110% and 70%, respectively, from 2005.
In 2006, Bard launched the Sherlock catheter tip location system to help clinicians avoid mishaps when placing a peripherally inserted central catheter in a patient. The complete Sherlock product line continues to expand this year as the company continued to roll out the complete line of products in early 2007 and plans to offer improvements—such as a larger sensing area and an improved user interface—throughout the year.
In other product news, a new disposable version of the Salute fixation system was launched at the end of 2006 to eliminate costs associated with cleaning and re-sterilization of reusable devices. The original product, introduced in 2004, has garnered 25% of the hernia fixation market in the United States alone.
In conjunction with the company’s R&D growth initiative, C.R. Bard opened two new facilities. In 2006, a 200,000-square-foot manufacturing facility opened its doors in Humacao, Puerto Rico to support production growth and new product acquisitions. The facility currently manufactures products for the Davol unit, Bard Peripheral Vascular and Bard Access Systems. In early 2007, a 104,000-square-foot sterilization facility opened in Madison, GA to help facilitate quicker sterilization for all the company’s products, as the site’s location is only a few miles from Bard’s global distribution center.
Acquisitions also figured heavily into Bard’s strategy for continued growth. In January 2006, the company acquired self-expanding nitinol stent technology from Gainesville, FL-based Parallel Simulation Technology LLC. Along with this acquisition, Bard purchased Venetec International Inc., a manufacturer of StatLock catheter securement products, in March 2006 for $166 million. Bard’s medical division, located in Covington, GA, now markets the line.
In similar fashion, Bard formed a strategic allegiance in January 2007 with TyRx Pharma Inc., a privately held company in Monmouth, NJ, for some of its TyRx technologies. TyRx specializes in combination medical products utilizing biomaterials.
At the end of 2006, Bard patched up some unfinished business by reaching a $49 million settlement agreement with Rochester Medical Corporation, a disposable device manufacturer, that filed suit in March 2004 against C.R. Bard and several other companies, alleging anti-competitive conduct in the markets for standard and anti-infection Foley catheters and urethral catheters.
The future looks bright for Bard, if its first-quarter 2007 financials are any indication. For the quarter ended April 24, net sales were $528.2 million, an increase of 13% from the year prior. This year is a major milestone for the company as well: Bard is celebrating its 100th anniversary.
Key Executives:
Timothy M. Ring, Chairman and CEO
John H. Weiland, President and COO
Todd C. Schermerhorn, Sr. VP, CFO
Brian P. Kelly, Group VP
Amy S. Paul, Group VP
Brian R. Barry, VP, Regulatory and Clinical Affairs
No. of Employees: 9,400
World Headquarters: Murray Hill, NJ
For 2006, C.R. Bard, which develops and markets vascular, urology, oncology and surgical specialty products, kept up its momentum with continued double-digit growth. The company reported net sales of $2 billion, an overall increase of 12%. Net income also was up 17%. The rise was aided by continued double-digit increases in three of its divisions.
The oncology unit had the most impressive increase in sales with 19% growth, achieving a total of $481.3 million. Urology products were up 12%, reaching $587.9 million, while sales of vascular products grew 10% to $479.6 million. Sales of the company’s surgical specialties unit rose 7% to $357.4 million.
The company attributed much of its overall success to continued increasing investment in R&D—Bard spent $146 million on R&D in 2006 compared with $114.6 million in 2005, a steep increase from the $53 million spent on R&D in 2001. This steady increase in this type of investment has had a substantial affect on growth, with $500 million in net sales coming from products launched or acquired in the past three years alone. In addition, the company noted that 2006 produced 500 patentable ideas and more than 200 US patent application filings, up 110% and 70%, respectively, from 2005.
In 2006, Bard launched the Sherlock catheter tip location system to help clinicians avoid mishaps when placing a peripherally inserted central catheter in a patient. The complete Sherlock product line continues to expand this year as the company continued to roll out the complete line of products in early 2007 and plans to offer improvements—such as a larger sensing area and an improved user interface—throughout the year.
In other product news, a new disposable version of the Salute fixation system was launched at the end of 2006 to eliminate costs associated with cleaning and re-sterilization of reusable devices. The original product, introduced in 2004, has garnered 25% of the hernia fixation market in the United States alone.
In conjunction with the company’s R&D growth initiative, C.R. Bard opened two new facilities. In 2006, a 200,000-square-foot manufacturing facility opened its doors in Humacao, Puerto Rico to support production growth and new product acquisitions. The facility currently manufactures products for the Davol unit, Bard Peripheral Vascular and Bard Access Systems. In early 2007, a 104,000-square-foot sterilization facility opened in Madison, GA to help facilitate quicker sterilization for all the company’s products, as the site’s location is only a few miles from Bard’s global distribution center.
Acquisitions also figured heavily into Bard’s strategy for continued growth. In January 2006, the company acquired self-expanding nitinol stent technology from Gainesville, FL-based Parallel Simulation Technology LLC. Along with this acquisition, Bard purchased Venetec International Inc., a manufacturer of StatLock catheter securement products, in March 2006 for $166 million. Bard’s medical division, located in Covington, GA, now markets the line.
In similar fashion, Bard formed a strategic allegiance in January 2007 with TyRx Pharma Inc., a privately held company in Monmouth, NJ, for some of its TyRx technologies. TyRx specializes in combination medical products utilizing biomaterials.
At the end of 2006, Bard patched up some unfinished business by reaching a $49 million settlement agreement with Rochester Medical Corporation, a disposable device manufacturer, that filed suit in March 2004 against C.R. Bard and several other companies, alleging anti-competitive conduct in the markets for standard and anti-infection Foley catheters and urethral catheters.
The future looks bright for Bard, if its first-quarter 2007 financials are any indication. For the quarter ended April 24, net sales were $528.2 million, an increase of 13% from the year prior. This year is a major milestone for the company as well: Bard is celebrating its 100th anniversary.