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Executive Spotlights


The medical device sector saw gains from last year even after the impact of COVID-19. The sector comprises medical device, medical equipment, capital equipment and medical technology companies. The total revenue this past year across the sector was $450B, up from $428B last year. The road was a wild one, with 29 of the companies experiencing a revenue increase, 22 a decrease and one holding the line. This is very different than last year’s list where all but six experienced a revenue increase.

We had movement in 4 of our 5 of our top spots. Thermo Fisher jumped to the top of the list, perhaps helped by its acquisition of Quiagen for $12.5B, pushing Medtronic to #2. Philips moved up to #3. Johnson & Johnson dropped to #4, perhaps based on the impact of selling off LifeScan and Advanced Sterilization Products. Abbott Laboratories stayed the same at #5.

As always, we have tracked movement up and down the list with regard to both ranking and revenue changes as compared with 2019. Companies are ranked by their 2020 medical revenue as furnished by their annual reports and publicly available sources, Edgar and Morningstar stock information websites (figures of non-U.S. companies were converted to U.S. dollars from various currencies using end of the year exchange rates for 2019 and 2020). Medical device, equipment, and medical technology revenues were extracted from reports to create an equal playing field. We also revised 2019 earnings to align “apples to apples” revenue reporting with 2020 figures.


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