Owens & Minor executive pay dropped year-over-year, the device manufacturer told investors ahead of this week’s annual meeting.
Richmond, Virginia-based Owens & Minor (NYSE:OMI) is the 13th-largest medical device company in the world, according to Medical Design & Outsourcing‘s 2022 Medtech Big 100 list. That ranking was based on Owens & Minor’s $9.8 billion in 2021 revenue.
The company reported nearly $10.0 billion in revenue for 2022 and acquired home medical equipment developer Apria for $1.7 billion last year.
Net income soared from $30 million in 2020 to $222 million in 2021 thanks in part to COVID-19 pandemic sales of personal protective equipment, but decreased to $22 million last year. The company announced a realignment initiative in February and cut employees in March.
“We believe this program will enhance our strong quality of service to our customers, increase our margins, and allow us to…