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Stryker history
Stryker company history timeline
The spirit of bringing innovation to healthcare began with Doctor Stryker when he founded the company in 1941 and it continues today.
Doctor Stryker hired his first employee to manufacture it in 1941.
In 1946 Doctor Stryker formed the Orthopedic Frame Company Inc.
In 1947, Doctor Stryker developed the idea for an oscillating saw to help simplify the task of cast removal.
In 1955, Stryker introduced its 1300 Series of electric motor powered instruments for use in orthopedic surgery.
In 1959, Stryker introduced the Circ-O-lectric Bed, which made long-term immobilization less uncomfortable for patients.
In 1964, the company changed its name to Stryker Corporation.
In 1966, Stryker updated its electric motor powered surgical instruments with its 1400 Series of pneumatic powered instruments.
In 1969 his son Lee became president and chief operating officer.
Borgess Hospital named its new orthopedic department after him in 1972.
The company’s InstaCare/SurgiBed Series was introduced in 1974.
In 1975, Stryker embarked on its first drive to expand its markets beyond United States borders.
When he was first offered the Stryker position in 1976, he declined.
The Stryker board was persistent, however, offering Brown a second chance at the CEO position in 1977.
In accordance with its agreement with Brown, Stryker announced its initial public offering of stock at the end of March 1979, when shares in Stryker were offered on the market for $6 each.
In addition to expanding its line of surgical power tools, Brown added a new category to the company's product line with the 1979 acquisition of Osteonics Corp.
Also in 1979, the Stryker family decided to sell some of their stock in the company, and Stryker was taken public.
1979 Company completes initial public offering, enters into orthopedic implant market.
Doctor Stryker died on 5 May 1980 at Borgess Hospital.
Stryker began to market its universal head replacement for artificial hips in 1980, and the company was able to seize a significant part of the market for artificial joints from its larger competitors.
1981 SynOptics – provided expansion into endoscopy business
As long as you’re offering a superior product, there’s going to be a place for you.” By 1983, Stryker’s continued growth had driven the value of its stock from $6 to $39.50.
1983 New Medica payment system undercuts sales to hospitals.
On the first day of 1985, the company purchased Favro B.V., which it renamed Temfa Stryker.
1985 Company embarks on collaborative research into osteogenic protein (OP-1).
In 1986, Stryker acquired the video camera properties of SynOptics, Inc., augmenting its operations in the arthroscopic optics field.
In March 1987, Stryker purchased Adel Medical Limited, a privately-held company that manufactured hospital maternity beds.
Stryker’s osteonics group introduced its first total knee implants in 1987.
In 1988, Stryker moved into a new field, when it began to distribute the dental implant line of Quintron, Inc., in conjunction with its own line of powered oral surgery instruments.
By the end of 1988, Stryker’s earnings had risen to $15.9 million on revenues of $178.6 million.
Kramer, Farrell, “Stryker Becomes a Synonym for Consistency,” Investor’s Daily, July 6, 1990.
Stryker continued its strong growth in 1990.
At the end of 1990, Stryker received notification from the United States Food and Drug Administration (FDA) that it would be permitted to sell a new hip stem implant, which was coated with a special substance that aided bone fusion.
Stroud, Michael, “Stryker: Another Play on Endoscopy Boom,” Investor’s Business Daily, October 25, 1991.
By the end of 1991, Stryker was enjoying a strong boom in growth, as the market for endoscopic tools took off.
Stryker ended 1991 with sales of $364.8 million, which yielded earnings of $33.1 million.
Jones, John A., “Stryker Keeps Moving with Strong Research Commitment,” Investor’s Business Daily, January 20, 1992.
Along with the company’s initiative in spinal implants, this marked the second new area of business Stryker entered in 1993, in an effort to assure future growth, despite general anxiety about high health care costs.
Another acquisition followed in 1993, when Stryker bought an interest in Matsumoto Medical Instruments, Inc.
Also in 1994, the company purchased a product line called Steri-Shield from a private company.
Another acquisition followed in 1994, when Stryker bought a majority interest in Matsumoto Medical Instruments, Inc.
By the middle of the year, Stryker was predicting 1994 sales of $640 million.
Although the purchase of Howmedica broke its 21-year streak of 20 percent net earnings increases, the company expected to return to its historical growth rate as early as the year 2000.
He envisioned a new source of growth through biotech products, such as OP-1, which was commercially launched in 2001.
Michael A. Verespej wrote for Chief Executive (United States) in June 2002: "Last year Stryker's net income increased 21 percent, matching the compounded annual growth rate of the past decade and pushing its 25-year compound growth rate to near 24 percent.
Former pharmaceuticals executive Stephen P. MacMillan succeeded Chairman Brown as CEO. MacMillan joined Stryker in June 2003, coming from Pharmacia Corp.
Although Stryker held a 24 percent share in the artificial hip and 19 percent in the artificial knees markets, artificial spine disk products brought on board through the 2004 SpineCore, Inc. acquisition were still in clinical trials.
The Justice Department had begun looking into the practices of large orthopedics manufacturers in 2005 in respect to their relationships with hip and knee surgeons, as well as medical students.
In 2007, Stryker agreed to pay $16.6 million to the federal government to settle a Department of Justice investigation into a former subsidiary, Physiotherapy Associates.
Drugwatch.com has provided reliable, trusted information about medications, medical devices and general health since 2008.
In 2008 the Stryker Corporation had net earnings of over 1 billion dollars and net sales of almost 7 billion dollars.
2010 John Brown retires as Chairman and Stephen MacMillan becomes Stryker’s 3rd Chairman of the Board.
2011 Boston Scientific’s Neurovascular division – expanded neurotechnology business
At the end of 2012, Stryker had approximately 22,000 global employees and annual sales of $8.7 billion.
2013 Trauson Holdings Company Limited – expanded into value segment of emerging markets
2013 MAKO Surgical Corp – provided opportunities to further advance growth of robotic arm assisted surgery in the area of orthopedics
In 2014, Stryker subsidiary OtisMed and its former CEO pleaded guilty in federal court to intentionally distributing knee-replacement-related devices that were not FDA-approved.
Sage Products. (2016, April 1). Stryker completes acquisition of Sage Products, LLC. Retrieved from https://sageproducts.com/press-room/stryker-sage-acquisition-announcement/
2016 Sage Products LLC and Physio-Control International Inc. – expanded medical division
It accounted for 38 percent of Stryker’s sales in 2017.
Stryker made about $12.4 billion in 2017.
Stryker spent $787 million on research and development (R&D) in 2017.
2017 – Sage (expanded) Product recalled – Oral Care products
Stryker. (2018, February 28). Stryker completes acquisition of Entellus Medical.
Stryker. (2018, April 26). Stryker reports first quarter 2018 operating results.
Stryker made about $12.4 billion in 2017. Its total revenue was up $3.2 billion in early 2018.
$14.9 billion in annual global sales in 2019
#8 on Fortune’s World’s Best Workplaces in 2019
The first LFIT V40 lawsuit is scheduled for trial in 2019.
"Stryker Corporation ." International Directory of Company Histories. . Retrieved June 22, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/stryker-corporation-0
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Stryker competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Boston Scientific | 1979 | $16.7B | 36,000 | 739 |
| Baxter International | 1931 | $10.6B | 48,000 | 187 |
| Danaher | 1969 | $23.9B | 80,000 | 1,784 |
| Johnson & Johnson | 1886 | $88.8B | 134,500 | 1,601 |
| Amgen | 1980 | $33.4B | 22,000 | 645 |
| Gilead Sciences | 1987 | $28.8B | 11,800 | 737 |
| Hospira | 2004 | $4.5B | 19,000 | - |
| Merck | 1891 | $64.2B | 74,000 | 1,772 |
| Seagen | 1997 | $2.0B | 900 | - |
| Medline | 1910 | $11.7B | 28,000 | 652 |
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