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