CEO Kevin Lobo has a lot to be excited about at Stryker — the world’s largest orthopedic device company.
Kevin Lobo has seen many successful acquisitions at Stryker’s helm in the last 10 years. The Kalamazoo, Michigan medtech giant’s recent acquisition of Wright Medical has positioned the company to expand its orthopedics range – adding upper extremities to its vast portfolio of orthopedic devices and robotics.
Stryker announced the $4.7 billion acquisition of Wright Medical in November 2019 but didn’t fully acquire the company until November 2020 because of concerns raised by U.S. and U.K. regulators.
The company added Wright’s upper extremities (shoulder, elbow, wrist and hand), lower extremities (foot and ankle) and biologics devices to its portfolio. It then separated and re-organized its businesses into three separate business units within Stryker: upper extremities, core trauma and lower extremities.
“I’ve been extremely pleased with this integration. It’s been one of the best we’ve done in the time I’ve been at Stryker,” Lobo told DeviceTalks host Tom Salemi in a DeviceTalks Weekly Podcast that aired December 3, 2021. “It’s very exciting that this integration [with Wright Medical] has not disrupted the new product engine and has not disrupted anything in the field. We continue to enjoy very good growth rates. Foot and ankle are affected by the pandemic.”
Go to our sister site Medical Design & Outsourcing to read the full story.
