Description
Stryker Corporation is an American multinational medical technologies corporation based in Kalamazoo, Michigan. Stryker's products include implants used in joint replacement and trauma surgeries; surgical equipment and surgical navigation systems; endoscopic and communications systems; patient handling and emergency medical equipment; neurosurgical, neurovascular and spinal devices; as well as other medical device products used in a variety of medical specialties.
In the United States, most of Stryker's products are marketed directly to doctors, hospitals and other healthcare facilities. Internationally, Stryker products are sold in over 100 countries through company-owned sales subsidiaries and branches as well as third-party dealers and distributors.
History
The Orthopedic Frame Company, the precursor of Stryker Corporation, was formed in 1941 by Dr. Homer Stryker, a Kalamazoo, Michigan, orthopedist and a 1925 graduate of the University of Michigan Medical School . Stryker developed the Turning Frame, a mobile hospital bed that allowed for repositioning of injured patients while providing necessary body immobility; the cast cutter, a cast cutting apparatus that removed cast material without damaging underlying tissues; and the walking heel, among others. In 1964, the company name was officially changed to Stryker Corporation.
In 1979, Stryker made an initial public offering of stock and later acquired Osteonics Corporation, entering the replacement hip, knee, and other orthopedic implants market (Stryker). In 1999 annual sales reached $2.1 billion, and in 2000 Stryker was included in the S&P 500 and the Forbes Platinum 400 for the first time. In 2002 sales reached $3.0 billion and Stryker was listed in the Fortune 500 for the first time.
In 2003, Stephen P. MacMillan joined Stryker as President and CEO. In 2005, annual sales reached $4.9 billion and John W. Brown transitioned to the single role of Chairman of the Board, a role he retired from in 2010, while MacMillan became President & CEO. By 2007, Stryker sold its Physiotherapy Associates division to private equity firm Water Street Healthcare Partners for $150 million. In February 2012, Mr. MacMillan resigned and Curt R. Hartman was named Interim Chief Executive Officer and Vice President and Chief Financial Officer. Mr. William U. Parfet was named Non-Executive Chairman of the Board. On October 1, 2012, Mr. Kevin A. Lobo was appointed as President and Chief Executive Officer.
At the end of 2012, Stryker had approximately 22,000 global employees and annual sales of $8.7 billion. 35% of those sales were outside the U.S.
In a 2012 global market overview of top medical technology firms, Stryker was ranked number 10 with total portfolio sales in excess of $8.6 billion. Moreover, the firm maintains 35% worldwide reconstructive market share; 50% worldwide MedSurg market share; 15% worldwide Neurotechnology and Spine market share.
The company was recognized by Hermann Simon as a role model for other small to medium-sized business in his book Hidden Champions. Stryker recently hired former Johnson & Johnson executive Rob Fletcher as its new chief legal officer.
