07.27.10
27. C.R. Bard
$2.5 billion
KEY EXECUTIVES:
Timothy M. Ring, Chairman and CEO
John H. Weiland, President and Chief Operating Officer
Todd C. Schermerhorn, Sr. VP and Chief Financial Officer
John A. DeFord, Ph.D., Sr. VP, Science, Technology and Clinical Affairs
Gary D. Dolch, Ph.D., Sr. VP, Quality, Regulatory and Medical Affairs
Patricia G. Christian, VP, Regulatory Affairs
Christopher D. Ganser, VP, Quality,
Environmental Services and Safety
James M. Howard II, VP, Regulatory and Quality Systems Excellence
Frank Lupisella Jr., VP and Controller
Robert L. Mellen, VP, Strategic Planning and Business Development
NO. OF EMPLOYEES: 11,000
GLOBAL HEADQUARTERS: Murray Hill, N.J.
The executive team at C.R. Bard Inc. has very high standards.
The company posted a 3.4 percent increase in net sales last year (6 percent on a constant currency basis) and a 10.5 percent jump in net income. In addition, its adjusted earnings per share grew 15 percent and the return on shareholders’ investment improved to 21.9 percent. Considering last year’s deplorable economic conditions, most corporate leaders would be pleased to deliver such solid results to their stakeholders.
Those numbers, however, were not good enough for Bard’s executives. “We are not satisfied with these results,” Chairman and CEO Timothy M. Ring and President and Chief Operating Officer John H. Weiland said in the company’s 2009 annual report. “We spent much of the year carefully assessing our strategies to make sure we were doing everything needed to succeed during this extraordinary period and beyond. Even as we reacted to the immediate challenges posed by the deepest recession in decades, we never lost sight of the long-term goals that define our company: product innovation, market leadership and fiscal discipline.”
Those goals helped Bard attain net sales of $2.5 billion and net income of $460 million. Sales in three of the company’s four product groups posted modest gains in 2009 (year ended Dec. 31), with the Vascular division recording the largest growth. Products in this division, which include atrial fibrillation catheters, biopsy devices vena cava filers, peripheral vascular stents and stent grafts, generated $681.5 million, a 6 percent increase compared with the $643.1 million in net sales the sector reported in 2008. Overall, the division added 27 percent of total net sales to the company in 2009.
Executives attributed the gain in Vascular division sales to pre-market approvals from the U.S. Food and Drug Administration for stents and stent grafts, including the LifeStent FlexStar and FlexStar XL Vascular Stent Systems. The devices were approved in February 2009 for the treatment of occlusive disease in superficial femoral arteries and proximal popliteal arteries.
Vascular sales also received a boost from the launch of a new family of tissue markers and the results of a study that concluded the Flair endovascular stent graft maintains the patency of dialysis access grafts more effectively than balloon angioplasty alone.
This year’s vascular sales are expected to be driven by the collaboration between Bard Electrophysiology and Philips Healthcare. The first of several joint products to treat heart arrhythmias—Point Tagging with the EP navigator system—launched in late 2009; more items are expected to hit the market later this year.
Besides the collaboration with Philips Healthcare, Bard’s acquisition of Y-Med Inc. last November is expected to help drive future catheter sales. Based in San Diego, Calif., Y-Med develops and manufactures specialty percutaneous transluminal angioplasty catheters.
The Oncology and Surgical Specialties divisions reported the second-highest sales increase last year, with revenues in both sectors climbing 5 percent. Oncology product sales totaled $678.7 million, while surgical specialty device sales came to $387.8 million, according to Bard’s 2009 annual report. Overall, the oncology division added 27 percent of total net sales to the company last year, while the surgical specialty sector added 15 percent.
Growth drivers in the oncology division included the PowerPICC SOLO catheter, PowerPort Duo dual-lumen port with power injection capability, and a succession of new dialysis catheters—Equistream, Power-Trialysis and Duet. The company also acquired the dialysis business of Spire Corp. in a $15 million deal that executives said strengthens Bard’s position in the split-tip catheter market and provides the company with a strong platform for future product development.
Top sellers among surgical specialties products last year included the AlloMax implant product line of human tissue-derived implants for breast reconstruction after mastectomies, and the XenMatrix implant, which the company purchased from Brennan Medical LLC.
Urology sales remained flat last year, despite the rollout of the Ajust Single-Incision Sling system, a product that treats stress urinary incontinence in women by supporting the urethra. The company’s DigniCare fecal incontinence device gained a double-digit market share in its first year in a new market, but the growth was still not strong enough to overcome a 1 percent decline in overall urology product sales to $700.3 million. Interestingly, though, this division accounted for the highest percentage (28) of total net sales to the company in 2009.
$2.5 billion
KEY EXECUTIVES:
Timothy M. Ring, Chairman and CEO
John H. Weiland, President and Chief Operating Officer
Todd C. Schermerhorn, Sr. VP and Chief Financial Officer
John A. DeFord, Ph.D., Sr. VP, Science, Technology and Clinical Affairs
Gary D. Dolch, Ph.D., Sr. VP, Quality, Regulatory and Medical Affairs
Patricia G. Christian, VP, Regulatory Affairs
Christopher D. Ganser, VP, Quality,
Environmental Services and Safety
James M. Howard II, VP, Regulatory and Quality Systems Excellence
Frank Lupisella Jr., VP and Controller
Robert L. Mellen, VP, Strategic Planning and Business Development
NO. OF EMPLOYEES: 11,000
GLOBAL HEADQUARTERS: Murray Hill, N.J.
The executive team at C.R. Bard Inc. has very high standards.
The company posted a 3.4 percent increase in net sales last year (6 percent on a constant currency basis) and a 10.5 percent jump in net income. In addition, its adjusted earnings per share grew 15 percent and the return on shareholders’ investment improved to 21.9 percent. Considering last year’s deplorable economic conditions, most corporate leaders would be pleased to deliver such solid results to their stakeholders.
Those numbers, however, were not good enough for Bard’s executives. “We are not satisfied with these results,” Chairman and CEO Timothy M. Ring and President and Chief Operating Officer John H. Weiland said in the company’s 2009 annual report. “We spent much of the year carefully assessing our strategies to make sure we were doing everything needed to succeed during this extraordinary period and beyond. Even as we reacted to the immediate challenges posed by the deepest recession in decades, we never lost sight of the long-term goals that define our company: product innovation, market leadership and fiscal discipline.”
Those goals helped Bard attain net sales of $2.5 billion and net income of $460 million. Sales in three of the company’s four product groups posted modest gains in 2009 (year ended Dec. 31), with the Vascular division recording the largest growth. Products in this division, which include atrial fibrillation catheters, biopsy devices vena cava filers, peripheral vascular stents and stent grafts, generated $681.5 million, a 6 percent increase compared with the $643.1 million in net sales the sector reported in 2008. Overall, the division added 27 percent of total net sales to the company in 2009.
Executives attributed the gain in Vascular division sales to pre-market approvals from the U.S. Food and Drug Administration for stents and stent grafts, including the LifeStent FlexStar and FlexStar XL Vascular Stent Systems. The devices were approved in February 2009 for the treatment of occlusive disease in superficial femoral arteries and proximal popliteal arteries.
Vascular sales also received a boost from the launch of a new family of tissue markers and the results of a study that concluded the Flair endovascular stent graft maintains the patency of dialysis access grafts more effectively than balloon angioplasty alone.
This year’s vascular sales are expected to be driven by the collaboration between Bard Electrophysiology and Philips Healthcare. The first of several joint products to treat heart arrhythmias—Point Tagging with the EP navigator system—launched in late 2009; more items are expected to hit the market later this year.
Besides the collaboration with Philips Healthcare, Bard’s acquisition of Y-Med Inc. last November is expected to help drive future catheter sales. Based in San Diego, Calif., Y-Med develops and manufactures specialty percutaneous transluminal angioplasty catheters.
The Oncology and Surgical Specialties divisions reported the second-highest sales increase last year, with revenues in both sectors climbing 5 percent. Oncology product sales totaled $678.7 million, while surgical specialty device sales came to $387.8 million, according to Bard’s 2009 annual report. Overall, the oncology division added 27 percent of total net sales to the company last year, while the surgical specialty sector added 15 percent.
Growth drivers in the oncology division included the PowerPICC SOLO catheter, PowerPort Duo dual-lumen port with power injection capability, and a succession of new dialysis catheters—Equistream, Power-Trialysis and Duet. The company also acquired the dialysis business of Spire Corp. in a $15 million deal that executives said strengthens Bard’s position in the split-tip catheter market and provides the company with a strong platform for future product development.
Top sellers among surgical specialties products last year included the AlloMax implant product line of human tissue-derived implants for breast reconstruction after mastectomies, and the XenMatrix implant, which the company purchased from Brennan Medical LLC.
Urology sales remained flat last year, despite the rollout of the Ajust Single-Incision Sling system, a product that treats stress urinary incontinence in women by supporting the urethra. The company’s DigniCare fecal incontinence device gained a double-digit market share in its first year in a new market, but the growth was still not strong enough to overcome a 1 percent decline in overall urology product sales to $700.3 million. Interestingly, though, this division accounted for the highest percentage (28) of total net sales to the company in 2009.