• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
    • Cardiovascular
    • Orthopedics
  • Wall Street Beat
    • Funding Roundup
    • Mergers & Acquisitions
  • Podcasts
    • DeviceTalks Weekly
  • Resources
    • About MassDevice
    • Newsletter Signup
    • Job Board
    • Leadership in Medtech
    • Manufacturer Search
    • MedTech 100 Index
    • Videos
    • Whitepapers
  • DeviceTalks Tuesdays
    • DeviceTalks
  • Coronavirus: Live updates
Home » Here’s how Omar Ishrak transformed Medtronic into the world’s largest medtech operation

Here’s how Omar Ishrak transformed Medtronic into the world’s largest medtech operation

August 28, 2019 By Brad Perriello

Medtronic CEO Omar Ishrak to step downOmar Ishrak used a series of M&A moves and focus on global markets and value-based care to transform Medtronic (NYSE:MDT) into the world’s largest medical device business in less than a decade.

Ishrak is preparing to retire from the corner office next year ahead of the medtech giant’s mandatory retirement age, to be replaced by longtime lieutenant Geoff Martha. Hired in May 2011, Ishrak doubled annual revenues and added $100 billion to Medtronic’s market cap, according to lead director and Textron CEO Scott Donnelly.

Although early turns toward global markets and value-based healthcare were sustained over the course of his nearly decade-long run, Ishrak will be most widely remembered for the largest-ever medtech merger – the $50 billion buyout of Covidien in early 2015 –  and the raft of other M&A moves that defined his time at Medtronic.

His influence over the company will extend past his last day as CEO on April 26, 2020, when he’s due to assume the newly created executive chairmanship the next day. Apart from having a hand-picked successor take over, his new role entails providing “counsel and guidance to Medtronic’s leadership, oversee CEO succession, and drive the ongoing successful execution of Medtronic’s long-term strategic plan.”

Here’s a closer look at the at least $56.02 billion Medtronic spent on acquisitions under Ishrak’s watch (not to mention the $6.48 billion he brought in by selling company assets):

  • Buys Titan Spine (June 27, 2019, value undisclosed)
  • Buys Epix Therapeutics(June 24, 2019, $316 million)
  • Sells Responsive Orthopedics (May 9, 2019, value undisclosed)
  • Sells stake in LifeTech Scientific(May 7, 2018, value undisclosed)
  • Buys Mazor Robotics (Dec. 19, 2018, $1.7 billion)
  • Buys QT Vascular’s Chocolate PTA (Jan. 30, 2018, $28 million)
  • Buys Crospon(Dec. 11, 2017, $45 million)
  • Sells patient care business (July 31, 2017, $6 billion)
  • Buys HeartWare (August 23, 2016, $1 billion)
  • Buys Smith & Nephew’s Truclear (August 8, 2016, $350 million)
  • Buys Responsive Orthopedics( June 8, 2016, value undisclosed)
  • Buys Bellco( Feb. 1, 2016, value undisclosed)
  • Buys Baylis Medical’s OsteoCool (Jan. 13, 2016, value undisclosed)
  • Buys Aircraft Medical (Nov. 18, 2015, $110 million)
  • Buys Twelve Inc. (Oct. 5, 2015, $458 million)
  • Buys Lazarus Effect (Sept. 28, 2015, $100 million)
  • Buys Medina Medical (Sept. 1, 2015, $150 million)
  • Buys RF Surgical Solutions (July 13, 2015, $235 million)
  • Buys Aptus Endo (June 19, 2015, $110 million)
  • Buys CardioInsight (June 19, 2015, $93 million)
  • Buys Diabeter (April 2, 2015, avlue undisclosed)
  • Buys Sophono (March 26, 2015, value undisclosed)
  • Buys Covidien (Jan. 26, 2015, $50 billion)
  • Buys NGC MedicalAugust 27, 2014, $350 million)
  • Sells Pillar Palatal (Feb. 14, 2014, value undisclosed)
  • Buys Tyrx (Jan. 6, 2014, $160 million)
  • Buys China Kanghui Holdings (Nov. 1, 2012, $816 million)
  • Sells Physio-Control (Jan. 30, 2012, $478 million)

Filed Under: Business/Financial News, Featured, Mergers & Acquisitions, Wall Street Beat Tagged With: Medtronic, Personnel Moves

In case you missed it

  • Annual COVID-19 vaccines likely, according to Pfizer CEO
  • Medtronic has another serious HVAD recall
  • Vicarious Surgical to go public in $1.1B SPAC deal
  • Analysts are bullish on Align Technology
  • Trice Medical raises more than $10M
  • FDA clears Acutus Medical suite of universal transseptal crossing devices
  • Mayo Clinic helps launch two new companies for improved diagnostics
  • HHS shoots down ‘flawed’ plan to let some devices skip review
  • Solo-Dex launches peripheral nerve block catheter
  • BD lands FDA clearance for hemodialysis catheter
  • Siemens Healthineers completes Varian acquisition
  • Thermo Fisher to buy PPD for $17B
  • Vaccine panel postpones vote on J&J COVID-19 vaccine
  • Innocoll Biotherapeutics initiates Phase 3 trials for collagen drug-device
  • More than 50 medtech testing sites win FDA pilot accreditation
  • EU won’t renew J&J, AstraZeneca vaccine contracts, report says
  • Better Therapeutics initiates real-world study for digital therapeutic for diabetes

RSS From Medical Design & Outsourcing

  • Greenlight Guru to provide QMS to NIH diagnostics program
    NIH has chosen Greenlight Guru to provide quality management software for its COVID-19 rapid diagnostics program. The agency launched the Rapid Acceleration of Diagnostics (RADx) program in March 2020 to speed the development, commercialization and implementation COVID-19 testing technologies. As the only QMS provider currently available to all projects in the RADx program, Greenlight Guru… […]
  • MicroCare names CFO
    MicroCare (New Britain, Conn.) has announced the appointment of John Stardellis as the company’s new chief financial officer (CFO). Stardellis joins MicroCare with more than 20 years’ experience in a variety of finance, policy and operational leadership roles. Most recently, he served as CFO at i-Health, a division of DSM Nutritional Products. “John’s track record with… […]
  • Mayo Clinic helps launch two new companies for improved diagnostics
    Mayo Clinic announced that it is introducing a new technology platform to support two new companies it has launched. Rochester, Minn.–based Mayo Clinic’s Remote Diagnostics & Management Platform (RDMP) is designed to connect data with new AI algorithms and augment human decision-making within existing clinical workflows, according to a news release. Get the full story… […]
  • Intertek gains FDA nod for premarket device testing
    Intertek has won accreditation under an FDA pilot program for testing laboratories, the company said this week. The accreditation authorizes Intertek’s 12 “medical centers of excellence” to perform premarket testing of devices for the U.S. market. The Accreditation Scheme for Conformity Assessment pilot program is a voluntary program developed to provide increased confidence in testing… […]
  • HHS shoots down ‘flawed’ plan to let some devices skip review
    The Biden administration has nixed what it described as a “flawed” Trump-era decision to exempt certain medical devices — including infusion pump controllers and fetal monitors — from regulatory review. HHS published the original notice in the Federal Register on Jan. 15, shortly before President Joe Biden was set to take office, without speaking with… […]
  • More than 50 medtech testing sites win FDA pilot accreditation
    The FDA announced today that more than 50 laboratory sites were chosen to participate in its program for streamlined regulatory reviews. In total, 53 sites made the FDA’s initial list for participation in its Accreditation Scheme for Conformity Assessment (ASCA) program, which will set out to support more streamlined regulatory reviews of medical device market… […]
  • Medline Industries up for sale?
    Medline Industries is looking for a buyer in a deal that could be worth $30 billion, according to a report in the Wall Street Journal. The Journal cites “people familiar with the matter” saying that Northfield, Ill.-based Medline has hired Goldman Sachs to manage the process. The people added that the company might alternatively seek… […]
  • Micro to add plant in Costa Rica
    Contract manufacturer Micro today announced plans to open a new plant in Costa Rica. The 32,000 ft² facility will significantly increase Micro’s cleanroom assembly capacity, according to the Somerset, N.J.-based company. It will be located in the Zona Franca Metro business park and is expected to open in late 2021 with operations beginning in 2022.… […]
  • Survey shows solid medical device industry performance despite pandemic
    By Stewart Eisenhart, Emergo Group Medical device and IVD manufacturers report healthy performance over the course of 2020, but also faced significant operational and regulatory challenges related to the coronavirus pandemic. Get the full story here at the Emergo Group’s blog. The opinions expressed in this blog post are the author’s only and do not… […]
  • Cardinal Health wins $58M federal PPE contract
    Cardinal Health (NYSE: CAH) today said it has won a $57.8 million contract from the U.S. Dept. of Health and Human Services to support the Strategic National Stockpile. The Dublin, Ohio-based company received the contract, which includes options that if exercised by the HHS could reach $91.6 million, to store and distribute 80,000 pallets of… […]
  • Qosina adds single-use bioprocessing devices
    Qosina this week launched its product line for the single-use bioprocess industry. The new product line includes tube-to-tube bard connectors, luer fittings, check valves, tubing pinch clamps, tubing, steam thru connectors and more. Get the full story on our sister site, Medical Tubing + Extrusion. The post Qosina adds single-use bioprocessing devices appeared first on […]

Primary Sidebar

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
Need Medtech news in a minute?
We Deliver!

MassDevice Enewsletters get you caught up on all the mission critical news you need in med tech. Sign up today.

Tweets by @MassDevice
MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion

MASSDEVICE

Subscribe to MassDevice
Advertise with us
About
Contact us

Add us on Facebook Follow us on Twitter Connect with us on LinkedIn Follow us on YouTube

Copyright © 2021 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Advertise | Privacy Policy | RSS