How does medtech CEO compensation compare?

[Image from Unsplash]Medtech CEO compensation averaged $10.5 million during the companies’ most recent fiscal years.

That number from our recent MassDevice analysis may seem like a lot to an average person — but not as much in the world of corporate CEOs.

In fact, the average compensation of S&P 500 company CEOs was $25.2 million in 2022, according to the Economic Policy Institute (EPI), a nonprofit research institute that studies the impact of economic trends and policies on working people in the U.S.

Geoff Martha, who, as CEO of Medtronic, runs the world’s largest medical device company, saw a total compensation of $15.4 million. But look over at the pharmaceutical industry, where revenue numbers are much higher, and the head of the world’s largest pharma company — Pfizer CEO Albert Bourla — brought in $33 million.

As businesses mature into publicly traded companies and revenue grows, it makes sense for CEO compensation to become larger.

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First U.S. implants completed with recently FDA-cleared Medtronic deep brain stimulation tech

The Percept RC deep brain stimulation system [Image courtesy of Medtronic]Doctors have completed the first U.S. implants of the Medtronic (NYSE: MDT) + Percept RC neurostimulator for deep brain stimulation (DBS).

In a LinkedIn post, Medtronic VP and GM for Brain Modulation, Amaza Reitmeier, confirmed the milestone. Percept RC received FDA approval earlier this month, with company officials calling it a “game-changing” device.

“I’m delighted to announce the first U.S. patient implants of our new Medtronic Percept RC neurostimulator for deep brain stimulation (DBS)!” Reitmeier wrote. “Congratulations to all! Thank you for your dedication to bringing life-changing DBS therapy to all who need it.”

Dr. Casey Halpern and a team at Penn Medicine performed the first Percept RC implants in the U.S. Other neurosurgery teams also completed implants, including Dr. Alexander Papanastassiou an…

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Medtronic has positive spinal cord stimulation data

The Vanta recharge-free neurostimulator offers DTM therapy. [Image from Medtronic]Medtronic (NYSE: MDT) + today announced data from two clinical trials supporting its spinal cord stimulation (SCS) technologies.

The medtech giant shared data at the North American Neuromodulation Society (NANS) annual meeting in Las Vegas. Results demonstrated the benefits of SCS in patients with chronic low back pain (CLBP) and leg pain. The company also plans to highlight its recently FDA-approved Percept RC deep brain stimulation system at NANS.

Medtronic’s data included evaluations of closed-loop SCS over three months in Australia. That study looked at the company’s investigational, next-generation rechargeable SCS system. The system holds European and Japanese approval but remains investigational in the U.S. and Australia.

Additionally, Medtronic shared 24-month outcomes for its DTM SCS compared to conventional medic…

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January 2024 edition: The Leadership in Medtech issue



 

Opening the brain’s secret back door: A conversation with Synchron co-founder and CEO Dr. Tom Oxley

How Recor Medical won the renal denervation race for FDA approval

Medtech’s biggest personnel moves of 2023

Leadership and innovation in medtech

Creativity, energy, agility — those are three words Recor Medical CEO Lara Barghout used to describe the culture at the world’s first device developer to win FDA approval for hypertension-treating renal denervation (RDN).

You can add persistence to that list. Ever since its founding in 2009, Recor Medical and its team has been pushing to deliver a safe and effective RDN system. The seemingly long odds got longer as larger competitors pulled the plug on their own programs — or in Medtronic’s case, pushed on despite clinical trial failures and won approval shortly after Recor.

Our annual Leadership in Medtech issue of Medical Design &a…

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How Medtronic’s using AI: Artificial intelligence insights and advice from the C-suite

Dr. Salomón Zebede prepares to operate using Medtronic’s Hugo robotic-assisted surgery system at Pacifica Salud Hospital in Panama. The hospital also uses Medtronic’s AI-powered Touch Surgery Enterprise product. [Photo courtesy of Medtronic]

Medtronic AI products are catching colon cancer, assisting surgeons and finding new uses across the varying technologies developed by the world’s largest medical device manufacturer.

In recent interviews, Medtronic executives discussed how artificial intelligence is leading to new or improved devices. They also offered insights that can help device designers and engineers across the medtech industry take advantage of the rapidly advancing technology.

“We’re harnessing the power of AI today for use in clinical decision support, creating new indications, and delivering personalized treatments,” Medtronic Chair and CEO Geoff Martha sa…

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Medtronic brings back former VP as GM of Aortic unit

Simona Zannetti, GM of the Medtronic Aortic business unit. [Image from Simona Zannetti on LinkedIn]Medtronic (NYSE: MDT) + announced that it named Dr. Simona Zannetti as the GM of its Aortic business unit.

Zannetti previously spent 21 years at the medtech giant. She spent the last 16 months as SVP of clinical research at Penumbra, joining the interventional device maker in September 2022.

In a LinkedIn post today, Nina Goodheart, SVP and president, Structural Heart & Aortic at Medtronic, shared the news of Zannetti’s return.

“She is a familiar face to many of us and we’re so glad to have her back,” Goodheart wrote.

Among several roles at Medtronic over more than two decades, Zannetti most recently served as VP of clinical research and medical science for peripheral vascular health. She also had the post of VP of clinical research and the Office of Medical Affairs, Aortic, Peripheral and…

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The biggest stories from the 2024 J.P. Morgan Healthcare Conference

Medtronic’s Geoff Martha, Dexcom’s Kevin Sayer and J&J’s Joaquin Duato spoke at this year’s J.P. Morgan Healthcare Conference.

Some of the biggest names in medtech came together this week at the J.P. Morgan Healthcare Conference. They shared updates on financial progress, operational changes and new products, among other things.

Medtronic shared details on plans to restore earnings power, while Abbott highlighted the success of its FreeStyle Libre system. Shockwave Medical outlined its plans for growth, while Dexom

Here are some of the biggest stories to come out of this year’s edition of the J.P. Morgan Healthcare Conference.

Medtronic focuses on earnings power while shifting operational setup

Medtronic Chair and CEO Geoff Martha’s presentation centered on profits for the medtech giant.

“Our top priority is restoring our earnings power — full stop,” he said. “We continue to be this mission-driven company th…

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The most important medtech leadership changes of 2023

Former Johnson & Johnson EVP and MedTech Worldwide Chair Ashley McEvoy [Photo courtesy of Johnson & Johnson]

From hirings and firings to promotions, resignations and surprising shake-ups, these were the most important medtech leadership changes of the year.

By Associate Editor Sean Whooley and Managing Editor Jim Hammerand

The leadership change at Johnson & Johnson MedTech was a surprising shift that ended up as the year’s biggest medtech leadership change of 2023.

In October, J&J EVP and J&J MedTech Worldwide Chair Ashley McEvoy announced her resignation from the world’s second-largest device manufacturer. She’s staying on into the first quarter of 2024 while her successor, Tim Schmid, gets settled into his new role.

Schmid, a 30-year J&J vet who was most recently company group chair of J&J MedTech Asia Pacific, said he’s “committed to building ev…

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Medtronic cuts suppliers and manufacturing sites, CEO says in supply chain and operations update

Medtronic CEO and Chair Geoff Martha [Photo courtesy of Medtronic]

Medtronic is closing at least five manufacturing sites, consolidating distribution centers and stopped doing business with approximately 200 suppliers as part of a push to improve its operations and supply chain.

That’s according to a presentation by Medtronic Chair and CEO Geoff Martha at the J.P. Morgan Healthcare Conference today emphasizing the focus on profitability at the world’s largest medical device manufacturer.

“One of the biggest opportunities for us to leverage our scale and drive leveraged earnings over time is with our global operations and supply chain,” Martha said. “We spent nearly $11 billion on cost of goods sold last year. That’s a lot. And over half of the company’s employees are involved in global operations and supply chain.”

Medtronic is “also beginning to wor…

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Medtronic CEO: ‘Our top priority is restoring our earnings power — full stop.’

Medtronic Chair and CEO Geoff Martha [Photo courtesy of Medtronic]Medtronic (NYSE: MDT) + Chair and CEO Geoff Martha focused on the push for profits at the world’s largest medical device manufacturer in his presentation at the J.P. Morgan Healthcare Conference today.

“Our top priority is restoring our earnings power — full stop,” he said, citing Medtronic’s recent reorganizations and changes to incentives, product approvals and launches, and new initiatives like the Medtronic AI Center of Excellence.

“We continue to be this mission-driven company that you know Medtronic to be and our customers and patients know Medtronic to be, but at the same time, performance driven,” he said. “You’ve got to be both. It’s not one without the other: no margin, no mission.”

Martha also offered details of Medtronic’s efforts to leverage its buying power and improve ef…

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Medtronic wins FDA nod for ‘game-changing’ DBS device

The Percept RC deep brain stimulation system [Image courtesy of Medtronic]Medtronic (NYSE: MDT) + today announced FDA approval of its Percept RC deep brain stimulation system, the latest member of its Percept line of DBS devices.

The medtech giant describes the Percept RC as the first DBS sensing-enable rechargeable device. In a presentation at the J.P. Morgan Healthcare Conference earlier today, CEO Geoff Martha called it a “game-changing” device that exemplifies “how Medtronic engineers are really leading the industry in innovation, developing smaller devices and inventing sensing technology to improve therapeutic benefit.”

Medtronic officials see Percept RC — and the company’s closed-loop rechargeable Inceptiv spinal cord stimulator — expanding share in what they describe as a combined $3.3 billion DBS and SCS sector.

The Medtronic Percept family already included the Percept PC neur…

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Medtronic wins CE mark for MiniMed 780G with Simplera Sync disposable, all-in-one CGM

The MiniMed 780G with the Simplera Sync CGM and accompanying devices. [Image courtesy of Medtronic]Medtronic (NYSE: MDT) + announced today that it received CE mark approval for its MiniMed 780G system with Simplera Sync.

Simplera Sync, a disposable, all-in-one continuous glucose monitor (CGM), eliminates the need for fingersticks and overtape. It features an improved user experience at half the size of previous Medtronic sensors with a simple, two-step insertion process.

MiniMed 780G, an automated insulin delivery system, offers meal detection technology and provides automatic adjustments and corrections to sugar levels every five minutes. This occurs for both basal (background) and bolus (mealtime) insulin needs.

Get the full story at our sister site, Drug Delivery Business News.

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