Here’s how Omar Ishrak transformed Medtronic into the world’s largest medtech operation

Wednesday, August 28, 2019

Source: MassDevice

Omar Ishrak used a series of M&A moves and focus on global markets and value-based care to transform Medtronic (NYSE:MDT) into the world’s largest medical device business in less than a decade.

Ishrak is preparing to retire from the corner office next year ahead of the medtech giant’s mandatory retirement age, to be replaced by longtime lieutenant Geoff Martha. Hired in May 2011, Ishrak doubled annual revenues and added $100 billion to Medtronic’s market cap, according to lead director and Textron CEO Scott Donnelly.

Although early turns toward global markets and value-based healthcare were sustained over the course of his nearly decade-long run, Ishrak will be most widely remembered for the largest-ever medtech merger – the $50 billion buyout of Covidien in early 2015 –  and the raft of other M&A moves that defined his time at Medtronic.

His influence over the company will extend past his last day as CEO on April 26, 2020, when he’s due to assume the newly created executive chairmanship the next day. Apart from having a hand-picked successor take over, his new role entails providing “counsel and guidance to Medtronic’s leadership, oversee CEO succession, and drive the ongoing successful execution of Medtronic’s long-term strategic plan.”

Here’s a closer look at the at least $56.02 billion Medtronic spent on acquisitions under Ishrak’s watch (not to mention the $6.48 billion he brought in by selling company assets):

Transaction Date Value
Buys Titan Spine June 27, 2019 undisclosed
Buys Epix Therapeutics June 24, 2019 $316 million
Sells Responsive Orthopedics May 9, 2019 undisclosed
Sells stake in LifeTech Scientific May 7, 2018 undisclosed
Buys Mazor Robotics Dec. 19, 2018 $1.7 billion
Buys QT Vascular’s Chocolate PTA Jan. 30, 2018 $28 million
Buys Crospon Dec. 11, 2017 $45 million
Sells patient care business July 31, 2017 $6 billion
Buys HeartWare August 23, 2016 $1 billion
Buys Smith & Nephew’s Truclear August 8, 2016 $350 million
Buys Responsive Orthopedics June 8, 2016 undisclosed
Buys Bellco Feb. 1, 2016 undisclosed
Buys Baylis Medical’s OsteoCool Jan. 13, 2016 undisclosed
Buys Aircraft Medical Nov. 18, 2015 $110 million
Buys Twelve Inc. Oct. 5, 2015 $458 million
Buys Lazarus Effect Sept. 28, 2015 $100 million
Buys Medina Medical Sept. 1, 2015 $150 million
Buys RF Surgical Solutions July 13, 2015 $235 million
Buys Aptus Endo June 19, 2015 $110 million
Buys CardioInsight June 19, 2015 $93 million
Buys Diabeter April 2, 2015 undisclosed
Buys Sophono March 26, 2015 undisclosed
Buys Covidien Jan. 26, 2015 $50 billion
Buys NGC Medical August 27, 2014 $350 million
Sells Pillar Palatal Feb. 14, 2014 undisclosed
Buys Tyrx Jan. 6, 2014 $160 million
Buys China Kanghui Holdings Nov. 1, 2012 $816 million
Sells Physio-Control Jan. 30, 2012 $478 million



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