Recently, major medical device companies around the world have successively released H1 performance reports for the first half of 2022 or fiscal year 2022. This article briefly introduces the revenue of top companies such as Abbott, Medtronic, Johnson & Johnson, Siemens Healthcare, Roche Diagnostics, BD, GE Healthcare, Stryker, Philips Healthcare, and Boston Scientific.
Abbott
In the first half of the year, the total revenue of Abbott's medical device segment reached US$16.93 billion, an increase of 18.8% year-on-year. Among them, the diagnostic business revenue reached US$9.6 billion, a year-on-year increase of 32.3%, making it one of Abbott's fastest-growing business segments. It is worth noting that its rapid diagnostics business revenue reached US$6.3 billion, a year-on-year increase of 67.2%, making it the largest segment of Abbott's diagnostics segment.
Affected by the new crown pneumonia epidemic and insufficient medical staffing, in the first half of the year, the revenue of Abbott's cardiovascular products business segment reached US$4.628 billion, a year-on-year increase of only 1.6%. However, in April of this year, Abbott's Aveir VR pacemaker was approved for sale in the United States, becoming the second leadless pacemaker approved for the market after Medtronic's Micra series, and the only one in the world at present. Retrievable wireless pacemakers when replacement is required or when patient therapy needs to be changed.
Medtronic
Medtronic achieved total revenue of US$15.835 billion in H1 in fiscal year 2022, a year-on-year increase of 11.88%. Among them, the top three sub-sectors by revenue are: surgical innovation (revenue of $3.051 billion), cardiac rhythm and heart failure (revenue of $2.954 billion), cranial spine technology (revenue of $2.189 billion) ).
The revenue growth of the surgical innovation segment (including surgical robots and other businesses) was mainly due to the increase in the sales performance of Medtronic's Signia smart stapler platform and Tri-Staple smart stapler.
The revenue growth of the cardiac rhythm and heart failure segment (including cardiac rhythm management equipment, cardiac ablation solutions, etc.) was mainly driven by products such as the Micra leadless cardiac pacemaker. The Micra leadless pacemaker is currently the smallest pacemaker in the world. It was approved for marketing in my country in 2019 and is clinically used in the treatment of arrhythmias.
The revenue growth of the cranial spine technology segment (including spinal surgery, neurosurgery instruments, etc.) was mainly driven by products such as Mazor surgical robotic systems and StealthStation surgical navigation systems.
Johnson & Johnson
In the first half of the year, the revenue of Johnson & Johnson's medical device segment reached US$13.868 billion, a year-on-year increase of 2.3%. It is reported that Johnson & Johnson will continue to focus on high-growth market segments including ophthalmic devices, orthopedic medical devices, and cardiovascular medical devices, and actively develop innovative products.
It is worth noting that after Johnson & Johnson's robot-assisted orthopedic surgery platform VELYS was approved by the U.S. Food and Drug Administration (FDA) in 2021, the continuous growth of sales of this product has become an important driving factor for the growth of Johnson & Johnson's orthopedic medical device business.
Siemens Healthineers
Siemens Healthineers achieved total revenue of US$10.802 billion in H1 in fiscal year 2022, a year-on-year increase of 34%, and all its business segments achieved positive growth. Among them, driven by the high demand for COVID-19 detection in developed countries and regions such as Europe and the United States, Siemens Medical Diagnostics business has grown by as much as 33%.
Medical imaging equipment is Siemens Healthineers' No. 1 business, with revenue of $5.28 billion. Revenue growth in this business segment was mainly driven by the medical magnetic resonance imaging (MRI) equipment business in the US and European markets, and the positron emission tomography (PET) equipment business in the Chinese market.
The diagnostics business is one of the fastest-growing segments of Siemens Healthineers in fiscal 2022 in H1, with revenue of $3.298 billion, a year-on-year increase of 33%. Among them, the new coronavirus antigen detection reagent business achieved revenue of US$1.033 billion, a year-on-year increase of over 200%.
Siemens Healthineers achieved revenue of US$1.234 billion in the Chinese market, a year-on-year increase of 9%.
Roche
In the first half of the year, Roche's diagnostic business revenue reached 10.387 billion US dollars, a year-on-year increase of 10%, and the growth rate has increased.
Roche is the world's leading company in the field of clinical immunization, and the central laboratory business is its largest business segment, with revenue of US$4.045 billion, a year-on-year increase of 3%.
Roche's point-of-care testing business revenue reached US$2.609 billion, an increase of 45% year-on-year, driven by the growing demand for rapid testing of the new coronavirus. At the same time, this business segment has surpassed the molecular diagnostics segment to become the second largest segment of Roche's diagnostics business.
Roche's molecular diagnostics business achieved revenue of US$2.067 billion, which was basically the same as the same period last year. Part of this business revenue benefited from Roche's acquisition of molecular diagnostic testing company GenMark in March 2021; at the same time, due to the decline in sales of its molecular diagnostic products in North America, Europe and other regions, this business revenue was negatively affected.
Bidi
Bidi achieved revenue of US$10.006 billion in H1 in fiscal year 2022, a year-on-year decrease of 2.1%. Among them, the medical business is its highest revenue business segment, with revenue of 4.813 billion US dollars, a year-on-year increase of 5.3%.
Life science business revenue was $2.968 billion, down 16.7% year-on-year. Among them, the revenue of the diagnostic system business in the segmented field was 2.295 billion US dollars, a year-on-year decrease of 21.6%. This is the main reason for the decline in the revenue of this business segment, and it is also the main factor affecting the decline of Bidi's overall revenue.
In addition, the interventional therapy business achieved revenue of US$2.225 billion, a year-on-year increase of 6.7%. Among them, the surgical business revenue reached US$701 million, a year-on-year increase of 12.4%, which has become the fastest-growing segment in the interventional therapy segment. The performance of this field has been outstanding, on the one hand, due to the increase in the number of surgeries; on the other hand, it has benefited from the acquisition of medical device companies in this field by Bidi, such as the absorbable polymer technology platform manufacturer Tepha in July 2021. Acquisition, and in October 2021 the acquisition of Tissuemed, a developer of surgical suture products.
GE Healthcare
In the first half of the year, GE Healthcare's revenue reached US$8.882 billion, a year-on-year increase of 1%. Due to the blockage of the supply chain of key components of medical devices, the order conversion rate of GE's medical business has been negatively affected to a certain extent.
In terms of subdivisions, the company's medical system business achieved revenue of US$7.913 billion, a year-on-year increase of 2.2%; the pharmaceutical diagnosis (including contrast agents and nuclear tracers) business achieved revenue of US$969 million, a year-on-year decrease of 5%.
Stryker
In the first half of the year, Stryker's overall revenue reached US$8.768 billion, a year-on-year increase of 6.3%.
This year, for the first time, Stryker changed its financial reporting business unit into two segments: medical surgery and neuromodulation, and orthopedics and spine. Revenues from these two business segments were $4.972 billion and $3.796 billion, representing year-over-year growth of 9.3% and 2.7%, respectively. It is worth noting that medical endoscopy has become Stryker's fastest growing segment, with revenue of US$1.138 billion, a year-on-year increase of 15.3%.
As a company focusing on the research and development of orthopedic medical devices , the business segment with the highest revenue and the fastest growth rate is not orthopedic products, but the company's performance is still in the forefront of global medical device companies, which shows the company's strategic layout and flexible change Very important.
Stryker's orthopedic product line includes artificial knees, artificial hips, artificial spines, trauma and extremity products. In the first half of the year, Stryker's orthopedic products business segment with the highest revenue was trauma and extremity products, achieving revenue of US$1.361 billion, a year-on-year increase of 3.6%.
In my country, in September 2021, the results of the second batch of centralized procurement of high-value medical consumables organized by the state were announced, and Stryker's artificial joint products won the bid across the board. Although the profit margin of centralized procurement has narrowed after the price reduction, it has also created favorable conditions for its accelerated layout in the Chinese market.
Philips Medical
In the first half of the year, the revenue of Philips' medical business (excluding personal health ) was US$6.281 billion, a year-on-year decrease of 2.95%.
The Diagnosis and Treatment business segment achieved revenue of US$4.175 billion, an increase of 2% year-on-year. Among them, the revenue of image-guided therapy and corporate diagnostic information business increased; however, due to the shortage of specific electronic components, the revenue of its medical imaging equipment and ultrasound equipment business declined.
The connected care business segment achieved revenue of US$2.106 billion, down 12% year-on-year, mainly due to supply chain disruptions.
Boston Scientific
In the first half of the year, Boston Scientific achieved revenue of US$6.27 billion, a year-on-year increase of 7.6%. Among them, the revenue of the two major segments, the cardiovascular business and the medical surgery business, reached US$3.869 billion and US$2.401 billion respectively, a year-on-year increase of 7.9% and 6.6% respectively.
Boston Scientific's cardiology business segment covers cardiac rhythm management equipment, cardiac interventional therapy products, electrophysiology equipment and other businesses. In the first half of the year, this business segment became Boston Scientific's highest revenue segment, achieving revenue of US$2.924 billion, a year-on-year increase of 9.1%.
It is worth noting that in the first half of the year, the sales of the left atrial appendage occluder, Watchman, under Boston Scientific, reached US$446 million, a year-on-year increase of 23.3%. The strong sales performance of this series of products has strongly driven the revenue growth of its cardiology business segment.
At the same time, Boston Scientific's electrophysiological equipment business also achieved good results, with revenue increasing by 51.7% year-on-year in the first half of the year. This is mainly due to Boston Scientific's completion of the acquisition of Baylis Medical in February this year, further increasing the research and development of puncture products in the fields of electrophysiology and structural heart. In fact, since 2021, Boston Scientific has had a number of mergers and acquisitions in the field of electrophysiology, which shows that it attaches great importance to the expansion of this field.
