Top Us Medical Device Companies - Our analysis shows that GE and Roche are among the companies best positioned to benefit from future ESG disruptions in the medical device industry. The assessment comes from the thematic research ecosystem GlobalData, the company...
Medical Device Network tracks thousands of companies and their annual and quarterly filings. Our analysis tracks the mention of corporate governance in these filings over the past five years.
Top Us Medical Device Companies
The Medical Device Network compares mentions of corporate governance in filings with other key issues in data filing over the past five years.
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Medical Device Network tracks which medical companies most frequently mentioned corporate governance in submissions over the past five years.
Medical Device Network monitors current job postings from medical companies that mention business management or related industry skills.
Medical company job postings that mention corporate governance in the recent past. The Medical Sector Corporate Governance Job Tracker reviews advertised, closed and active positions in the industry.
The Medical Device Network's Medical Job Tracker ranks the medical companies with the most corporate governance jobs posted in the recent past.
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Medical Device Network tracks mentions of leadership by pre-identified medical influencers on Twitter. The chart shows the number of tweets and influencers that have mentioned corporate governance over the past few months. In looking for key holdings to build my portfolio, I looked at companies I already own, like Procter & Gamble (PG), and companies I'd like to own, like Johnson & Johnson (JNJ). Next on the list is a company I work with every day, Becton, Dickinson and Company (NYSE:BDX).
Becton, Dickinson and Company is a global medical technology company focused on the design and manufacture of medical devices, instruments and reagents. The company's products are used worldwide by hospitals, clinical laboratories, pharmacies and just about anywhere with a sharps container. The Company operates through 3 segments: BD Medical, BD Diagnostics and BD Biosciences.
The company operates in the United States, Europe, Latin America and Greater Asia. International sales typically focus on needles and syringes, diagnostic systems and single-use laboratory products. The company's needles and disposable sharps containers are vital to the management of infectious diseases in emerging markets and the company is working hard to gain a foothold in international markets as a basis for future growth. For most of their products, orders are taken and fulfilled instantly due to their one-off and quick use. For most product lines, there is often little product differentiation between the company's products and those of its competitors, and a significant number of the company's products (think syringes and intravenous catheters) are subject to commercialization. In addition, the company is sensitive to governmental regulatory and budgetary risks affecting the company's tax costs (such as the medical device excise tax that cost the company $40 million in 2013), the ability to introduce new products, and the high Taxes affect -end - line revenues (cuts to the NIH budget, for example, would have a chilling effect on sales).
The medical device industry is highly fragmented, with over 6,500 companies in the US alone competing for a nearly $290 billion global market. The vast majority of them have 50 employees or fewer, many of them are startup companies with little real revenues. The top 20 medical device companies account for approximately $217 billion in combined revenue.
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Looking to the future, the medical device industry is shifting its focus from the US and EMEA to Asian markets such as China and India. While single-digit growth is expected in Western markets for the foreseeable future, double-digit CAGRs are expected in markets such as China (13% CAGR from 2012 to 2020), which are still relatively underdeveloped. That's not to say that certain segments of the US medical device market won't grow better than others; As the population ages, devices to treat diseases associated with the elderly (think atrial fibrillation, vascular disease) are expected to see strong growth. However, continued global economic weakness and persistent US underemployment are expected to reduce demand for elective procedures and related devices, and healthcare reform is already making healthcare providers much more sensitive to device costs. With prospects for further growth appearing rather feeble, the industry has seen increased merger activity in recent years, which is expected to continue:
In the longer term, the industry appears to be most affected by an aging global population, the growing strength of emerging and developing economies, and tightening government regulations.
Despite the standardization of many of its products, Becton Dickinson enjoys significant cost advantages over its smaller competitors. There will always be a market for needles and syringes, and as the world and US population ages, there will be an ongoing need for the vast majority of the company's more complex products, such as: B. central venous catheters and anesthesia delivery systems. Becton Dickinson already has significant assets across Asia and is well positioned to benefit from the region's widely anticipated growth. The company is already the largest maker of disposable syringes and needles (a market expected to grow in the mid-single digits), and smaller companies that make up the bulk of the medical device industry can't hope to compete with BDX. efficiency. While the medical segment strives to beat rivals in terms of operational efficiencies while competing in a mass market, the diagnostic segment's products are much more complex and encourage repeat business once installed.
Molecular diagnostics equipment, for example, is expensive to purchase and replacing equipment often requires changing entire laboratory protocols. (Having worked in a lab, I can tell you that researchers and lab technicians hate having to learn new devices and protocols that can negatively impact results if implemented incorrectly). For the same reasons, the Biosciences business, which currently accounts for the smallest share of Group sales, also appears to benefit from replacement costs. Over time, the company appears to be benefiting from the slow but steady evolution of global trends, as mentioned above, and should benefit from its cost-efficiency more than its peers. The non-cyclical and stable nature of its business suggests that if it just works, the company should continue to post single-digit revenue growth over the next few years and potentially more revenue and earnings growth as it expands into emerging markets. .
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Return on invested capital has consistently been in the double digits and has grown over the past few decades as the company leverages its scale to achieve operational efficiencies:
After all, the recurring and ongoing need for the company's core products -- needles and syringes run out pretty quickly in every community hospital -- makes the company a cash cow. Free cash flow per share, one of my favorite metrics, is consistently robust.
The company's size and operational efficiencies, with its continued profitability and cash generation, combined with continued demand for its products and global trends pointing to continued growth for its end markets, make it a compelling, albeit dull, investment prospect. The question is about the rating.
My fair value estimate for Becton, Dickinson and Company is $124, with a range of $115 to $137. I average the results of a multi-level discounted cash flow simulator with a historical valuation model and a dividend/earnings growth model to arrive at my estimate.
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In terms of the discounted cash flow model, I expect the company to continue to post single-digit growth over the next 10 years as the market for disposable and safety devices, syringes and needles continues to grow at a projected mid-single-digit rate. I expect margins to remain stable as size and scale allow it to withstand competitive threats. I also expect net margin to increase by 150 basis points through 2019 as the company's higher-margin segments (diagnostics and life sciences) expand into emerging markets. I project EPS to grow at a CAGR of 5.4% over the next 10 years on revenue growth of about 4%. I expect capital expenditures to remain stable at around 8% of group sales over a 10-year period as the company continues to expand its activities in Asia and emerging markets; As this improved scale helps drive down costs, I expect free cash flow as a percentage of sales to increase slightly by 100 basis points to over 14%. Data from the model is shown below.
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Revenue $8,841,074,209.18 $9,300,699,129.65 $9,779,703,929.66 $10,236,191,60,64,71 $11,157,400,206.28 $11,618,800,517.33 $12,096,479,188.72 $12,591,279,265.15 $13,103,361,943.88 $13,103 . , 943.88 percent. 689, 666, $377.03 $4, 895, 629, 993.16 $5, 108, 725, 721.35 $5, 321, 711, 888.15 $5, 541, 766, 684.16 2, $5, 684 $0.76, 2.5, 6, 5, 7, 6, 5, 6, 5, 7, 36 , $902, $497.45 Gross Profit $4, 566, 164, $332.16 4, 829, 187, 835 $0.80 5, 090, 037, $552.63 5, 340, 910, 7561, $332.16 4 , 829, 187, $835.80 $5, 090, 037, 552, 63 $5, 340, 910, 7561, 38, 38, 38, 38, 38, 38, 38, 38, 38, 38 , 164.70 $6, 585, 718, 069.19 $6, 853, 459, 446 , $43 operating cost $2,
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