07.22.14
$3.05 Billion
KEY EXECUTIVES:
Timothy R. Ring, Chairman and CEO
John H. Weiland, President and Chief Operating Officer
Christopher S. Holland, Sr. V.P. and Chief Financial Officer
David C. Hemink, President, Bard Access Systems
Kevin D. Kelly, President, Bard Corporate Account Management
Steven S. Williamson, President, Bard Peripheral Vascular
Andrea J. Casper, VP, Regulatory Affairs
Patricia G. Christian, VP, Quality, Regulatory and Medical Affairs
Gin Schultz, VP, Quality Assurance
NO. OF EMPLOYEES: 13,000
GLOBAL HEADQUARTERS: Murray Hill, N.J.
“Success is a journey, not a destination.”
—Ralph Arbitelle
Success has become quite a fluid concept over the last few millenniums. Its definition has been in constant flux virtually since the dawn of civilization, forever shifting to accommodate different eras and cultures. Some ancient societies, for instance, measured success through education while others tied it to athletic or military prowess. Medieval nations, on the other hand, linked success to religion, whereas the modern industrial world uses money (or economic growth) to determine outstanding achievement.
Throughout its various incarnations, success has assumed different meanings, a major contributor to its ever-changing nature. Perhaps one of the best interpretations came from author John Watson: “Success,” he wrote nearly a decade ago, “is the completion of anything intended.”
By that measure, then, Timothy M. Ring achieved overwhelming success last year, having fulfilled his intention of delivering top- and bottom-line growth to medical equipment manufacturer C.R. Bard Inc. In 2012, Ring—Bard’s chairman and CEO—outlined a multi-year growth plan that called for the Murray Hill, N.J.-based firm to accelerate its expansion into fast-growing regions; significantly increase its research and development investment; and broaden its product portfolio through acquisitions.
“Thanks to our healthy free cash flow generation, a strong balance sheet and the significant cash infusion from our patent lawsuit with W.L. Gore & Associates Inc., this year we had the ability to make several important, strategic moves in these areas while still returning over $800 million in value to shareholders through stock repurchases and dividends,” Ring and Bard President/Chief Operating Officer John H. Weiland told investors in the company’s 2013 annual report. “We are now one year into our plan and we are pleased with our progress so far. As we have often said, we measure success over the long term, and we are confident that the moves we made in 2013 will have a positive impact on our future results.”
Those moves proved beneficial in the short term as well: Net sales rose 3 percent to $3 billion and net income surged 30 percent to $689.8 million. The initiatives also helped boost sales in three of the company’s four product categories, with only Vascular posting a 2 percent shortfall. Surgical Specialties performed best, reporting a 10 percent sales hike to $499 million—a gain attributable mainly to the whopping 133 percent increase in biosurgical product proceeds. Oncology sales jumped 6 percent to $857.1 million, while Urology leveraged a 31 percent increase in targeted temperature management devices to offset lost continence product and catheter stabilization revenue, ending the year 2 percent ahead of 2012 at $776.6 million.
Robust gains in under-developed regions in 2013 helped Ring keep his promise to accelerate Bard’s emerging markets expansion—in 2013 (year ended Dec. 31), thepercentage of sales from emerging markets swelled to 8 percent, and total foreign proceeds climbed 4.5 percent to $1 billion.
A string of acquisitions also contributed to Bard’s short-term success while laying the groundwork for future growth. The $39.4 million purchase of privately held startup Loma Vista Medical Inc., for example, bolsters Bard’s intellectual property position in fiber-based balloon catheters and gives it access to a strong pipeline of synergistic technologies, including the True Dilatation balloon catheter, a highly tear-resistant device that can be inflated to pressures up to 6 atm/bar.
Likewise, the $29.5 million purchase of early-stage peripherally inserted central catheter technology from Indianapolis, Ind.-based 3DT Holdings LLC expands the company’s oncology portfolio and strengthens its relationship with clinicians. 3DT is eligible for milestone payments of up to $5 million based upon regulatory product approval.
Bard bought Rochester Medical Corp. for $262 million to grow its share in the lucrative urology home care market, a sector worth roughly $930 million worldwide. The Stewartville, Minn., company develops, manufactures and sells disposable home-use medical catheters and devices for urological and continence care, and is considered a rising player in the broader, $800 million global market for intermittent self-catheters.
“We believe that strengthening our position in the home care market, and specifically the large and fast-growing intermittent self-catheter segment, is strategically important at this time,” Ring said.
Another strategic win came with the $203.7 million purchase of Medafor Inc., a Minneapolis, Minn., developer and supplier of plant-based hemostatic agents. The move augments Bard’s surgical specialties portfolio (particularly surgical hemostats) and positions it well for improving its share of the $1.4 billion surgical hemostats market.
Ring also remained true to his strategic growth plan by divesting the company’s electrophysiology business to Boston Scientific Inc. for $275 million in cash.
KEY EXECUTIVES:
Timothy R. Ring, Chairman and CEO
John H. Weiland, President and Chief Operating Officer
Christopher S. Holland, Sr. V.P. and Chief Financial Officer
David C. Hemink, President, Bard Access Systems
Kevin D. Kelly, President, Bard Corporate Account Management
Steven S. Williamson, President, Bard Peripheral Vascular
Andrea J. Casper, VP, Regulatory Affairs
Patricia G. Christian, VP, Quality, Regulatory and Medical Affairs
Gin Schultz, VP, Quality Assurance
NO. OF EMPLOYEES: 13,000
GLOBAL HEADQUARTERS: Murray Hill, N.J.
“Success is a journey, not a destination.”
—Ralph Arbitelle
Success has become quite a fluid concept over the last few millenniums. Its definition has been in constant flux virtually since the dawn of civilization, forever shifting to accommodate different eras and cultures. Some ancient societies, for instance, measured success through education while others tied it to athletic or military prowess. Medieval nations, on the other hand, linked success to religion, whereas the modern industrial world uses money (or economic growth) to determine outstanding achievement.
Throughout its various incarnations, success has assumed different meanings, a major contributor to its ever-changing nature. Perhaps one of the best interpretations came from author John Watson: “Success,” he wrote nearly a decade ago, “is the completion of anything intended.”
By that measure, then, Timothy M. Ring achieved overwhelming success last year, having fulfilled his intention of delivering top- and bottom-line growth to medical equipment manufacturer C.R. Bard Inc. In 2012, Ring—Bard’s chairman and CEO—outlined a multi-year growth plan that called for the Murray Hill, N.J.-based firm to accelerate its expansion into fast-growing regions; significantly increase its research and development investment; and broaden its product portfolio through acquisitions.
“Thanks to our healthy free cash flow generation, a strong balance sheet and the significant cash infusion from our patent lawsuit with W.L. Gore & Associates Inc., this year we had the ability to make several important, strategic moves in these areas while still returning over $800 million in value to shareholders through stock repurchases and dividends,” Ring and Bard President/Chief Operating Officer John H. Weiland told investors in the company’s 2013 annual report. “We are now one year into our plan and we are pleased with our progress so far. As we have often said, we measure success over the long term, and we are confident that the moves we made in 2013 will have a positive impact on our future results.”
Those moves proved beneficial in the short term as well: Net sales rose 3 percent to $3 billion and net income surged 30 percent to $689.8 million. The initiatives also helped boost sales in three of the company’s four product categories, with only Vascular posting a 2 percent shortfall. Surgical Specialties performed best, reporting a 10 percent sales hike to $499 million—a gain attributable mainly to the whopping 133 percent increase in biosurgical product proceeds. Oncology sales jumped 6 percent to $857.1 million, while Urology leveraged a 31 percent increase in targeted temperature management devices to offset lost continence product and catheter stabilization revenue, ending the year 2 percent ahead of 2012 at $776.6 million.
Robust gains in under-developed regions in 2013 helped Ring keep his promise to accelerate Bard’s emerging markets expansion—in 2013 (year ended Dec. 31), thepercentage of sales from emerging markets swelled to 8 percent, and total foreign proceeds climbed 4.5 percent to $1 billion.
A string of acquisitions also contributed to Bard’s short-term success while laying the groundwork for future growth. The $39.4 million purchase of privately held startup Loma Vista Medical Inc., for example, bolsters Bard’s intellectual property position in fiber-based balloon catheters and gives it access to a strong pipeline of synergistic technologies, including the True Dilatation balloon catheter, a highly tear-resistant device that can be inflated to pressures up to 6 atm/bar.
Likewise, the $29.5 million purchase of early-stage peripherally inserted central catheter technology from Indianapolis, Ind.-based 3DT Holdings LLC expands the company’s oncology portfolio and strengthens its relationship with clinicians. 3DT is eligible for milestone payments of up to $5 million based upon regulatory product approval.
Bard bought Rochester Medical Corp. for $262 million to grow its share in the lucrative urology home care market, a sector worth roughly $930 million worldwide. The Stewartville, Minn., company develops, manufactures and sells disposable home-use medical catheters and devices for urological and continence care, and is considered a rising player in the broader, $800 million global market for intermittent self-catheters.
“We believe that strengthening our position in the home care market, and specifically the large and fast-growing intermittent self-catheter segment, is strategically important at this time,” Ring said.
Another strategic win came with the $203.7 million purchase of Medafor Inc., a Minneapolis, Minn., developer and supplier of plant-based hemostatic agents. The move augments Bard’s surgical specialties portfolio (particularly surgical hemostats) and positions it well for improving its share of the $1.4 billion surgical hemostats market.
Ring also remained true to his strategic growth plan by divesting the company’s electrophysiology business to Boston Scientific Inc. for $275 million in cash.