While compiling corporate data for MassDevice and Medical Design & Outsourcing‘s recent Medtech Big 100 report on the largest medical device companies, we took the companies reporting headcounts. Then, we divided the revenue by the number of workers.
When it comes to revenue per employee among medtech companies, three dynamic and growing companies top the list: Hologic, Medline Industries and Intuitive.
Below are the top 10 medical device companies regarding revenue per employee. (And read the full Big 100 report here.)
| Company | Rev/Employee |
| Hologic* | $886,976 |
| Medline Industries | $673,333 |
| Intuitive | $583,080 |
| Henry Schein | $574,121 |
| Owens & Minor | $565,625 |
| Carl Zeiss Meditec | $563,700 |
| Masimo | $563,251 |
| Abiomed | $515,104 |
| Insulet | $477,739 |
| Accuray | $477,677 |
* Note: Hologic doesn’t report its Q4 earnings until Oct. 31, 2022, so we used data from its fiscal year ending Sept. 25, 2021.
Here’s more about the top five companies:
Hologic
Hologic’s most recent fiscal year ended in September 2021, so its $886,976 per employee partly reflects its significant growth as it successfully pivoted toward more general diagnostics during the COVID-19 pandemic. The Marlborough, Massachusetts–based company became a major provider of tests and testing machines for the novel coronavirus. As a result, revenue grew 49% year-over-year to more than $5.6 billion. The resulting cash influx enabled Hologic to reactivate full-time R&D operations and send business development teams shopping for M&A opportunities.
For the fiscal year ending Sept. 24, 2022, analysts, on average, expect revenue to settle down somewhat to $4.78 billion — still above pre-pandemic levels. Even amid macroeconomic headwinds, Hologic continues to exceed Wall Street’s expectations.
Find out more about Hologic in the Big 100 report of the largest medical device companies.
Medline Industries
The privately held medtech manufacturer and distributor also reported significant sales growth as it played an important role in supplying health providers grappling with the pandemic. As a result, sales grew nearly 15% to $20.2 billion last year. Medline added more than 230 healthcare providers to its prime vendor partnerships. The company is also investing to set itself up for more growth. The company is spending $1.5 billion on new distribution centers, manufacturing capabilities and IT upgrades.
Intuitive
Intuitive has pioneered robotic surgery. It remains the dominant player in the space, even as many companies of all sizes have entered the field to compete. Work continues on the company’s next generation of robotic systems. (Intuitive CEO Gary Guthart will deliver a keynote at DeviceTalks West, Oct. 19–20, 2022, in Santa Clara, California.)
Find out more about Intuitive in the Big 100 report of the largest medical device companies.
Henry Schein
Henry Schein is a significant global provider of healthcare products and services, primarily to office-based dental and medical practitioners. As with Medline, it saw COVID boost sales. As a result, revenue was up more than 22% year-over-year to more than $12.4 billion during the fiscal year that ended on Dec. 25, 2021. With declining COVID-19 test demand and foreign exchange headwinds, the company predicts more modest revenue growth this year.
Find out more about Henry Schein in the Big 100 report of the largest medical device companies.
Owens & Minor
Owens & Minor, through its subsidiary Halyard, has been a significant provider of personal protective equipment during the COVID-19 pandemic. Last year, revenue grew more than 15% to nearly $9.8 billion. However, the company’s stock dropped by almost a third in value earlier this week after it lowered its 2022 guidance amid continued macroeconomic headwinds.
Find out more about Owens & Minor in the Big 100 report of the largest medical device companies.
Executive Editor Chris Newmarker contributed to this report with the company descriptions.
