39 SUPPLY CHAINS TO ADMIRE | 2023
39
Medical Device
For 2023, Intuitive Surgical placed in the Winner's Circle for the fourth time and ResMed for the third time in ten years. Medtronic was an early leader that failed to place in the last five years. With high margins, the Medical Device industry is slow to build supply chain processes, and no company has stepped up to be an industry leader in creating value chains. Over the decade, operating margins fell 1%, and inventory turns declined 9%.
Table 25. Medical Device Sector Evaluation for the Period of 2013-2022
INDUSTRY: Medical Device
IMPROVE- MENT
COMPANY INFORMATION
PERFORMANCE
VALUE
RETURN ON INVESTED CAPITAL
2022 REVENUE (MS)
SUPPLY CHAIN INDEX
GROWTH (Year Over Year Revenue)
FUNDAMENTAL AVERAGE SCORE
INVENTORY TURNS
OPERATING MARGIN
PRICE TO BOOK
MARKET CAP
NAME
2013 - 2022
Ansell Ltd
$1,952
13
1.8%
0.31
1.6%
2.7%
NA
0.87
333
Becton Dickinson and Co
$18,870
14
5.3%
2.68
11.0%
9.8%
8
2.11
2,678
Bio-Rad Laboratories Inc
$2,802
19
3.3%
1.87
10.4%
11.1%
8
1.79
9,417
Boston Scientific
$12,682
21
6.0%
2.39
14.2%
4.1%
5
3.90
41,158
Bruker Corp
$2,531
3
3.9%
1.86
12.8%
10.6%
9
7.09
6,282
Charles River Laboratories International Inc
$3,976
2
13.6%
10.00
14.7%
8.4%
8
4.91
7,355
Coloplast
$3,293
15
5.7%
2.92
32.0%
44.1%
9
21.77
18,912
ConvaTec Group PLC
$2,073
1
2.0%
2.10
12.0%
0.9%
NA
1.93
3,029
Dentsply
$3,922
15
4.1%
3.28
12.3%
-0.7%
8
2.39
10,262
Edwards Lifesciences
$5,382
11
11.2%
1.68
27.7%
21.3%
9
8.83
34,635
Hologic Inc
$4,863
7
10.3%
4.14
20.1%
6.7%
6
4.61
12,966
Intuitive Surgical Inc
$6,222
9
11.6%
3.36
30.7%
15.1%
8
7.27
56,191
Medtronic
$31,686
18
7.6%
2.40
21.5%
6.3%
9
2.61
111,800
Mettler-Toledo International Inc
$3,920
3
5.5%
4.59
23.1%
32.9%
8
47.83
18,269
MicroPort Scientific Corp
$841
20
23.8%
1.12
-8.2%
-3.2%
NA
3.37
2,802
PerkinElmer Inc
$3,312
8
5.7%
3.75
17.5%
7.2%
NA
3.10
10,796
ResMed Inc
$3,578
10
10.1%
3.18
25.2%
15.5%
9
7.48
18,104
Smith and Nephew
$5,215
26
2.5%
0.91
16.5%
9.1%
2
3.42
15,697
Stryker
$18,449
17
8.0%
1.83
19.0%
9.2%
10
5.23
62,448
Teleflex Inc
$2,791
21
6.2%
2.54
17.8%
6.6%
9
3.85
10,841
Terumo Corp
$6,265
21
2.6%
2.21
16.0%
7.6%
10
4.96
28,815
The Cooper Companies Inc
$3,308
24
8.9%
1.74
17.1%
10.2%
10
3.25
12,257
Thermo Fisher Scientific Inc
$44,915
5
14.0%
4.43
16.9%
7.5%
9
3.75
116,250
Waters Corp
$2,972
11
5.0%
3.25
28.8%
21.1%
9
34.54
14,180
West Pharmaceutical Services Inc
$2,887
6
8.9%
4.95
16.9%
14.3%
10
6.86
11,672
Zimmer Biomet Holdings
$6,940
25
5.5%
0.98
17.6%
3.6%
8
2.27
23,192
MEAN WITH OUTLIERS
$7,909
7.4%
2.86
17.1%
10.9%
8.2
7.69
25,398
MEAN WITHOUT OUTLIERS
7.4%
2.58
18.1%
10.9%
8.2
4.17
18,012
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