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Cordis Medical Device Company Intelligence Report
Espicom Business Intelligence Ltd, April 2011, Pages: 36
Based in New Jersey in the US, Cordis develops and manufactures medical devices for the treatment of vascular disease, including stents, catheters and guidewires for interventional medicine, minimally-invasive computer-based imaging and electrophysiology. At the time of its formation in 1957, the company was called Medical Development Corporation; its name was changed in 1959 to Cordis (“of the heart”) to reflect its primary therapeutic focus.
Between the 1960s and the early-1990s, Cordis became involved in the relatively new field of cardiac pacing and introduced several products, including: the first line of “pre-shaped” Judkins catheters; the first sheath introducers with haemostasic values; a range of percutaneous transluminal coronary angioplasty (PTCA) guiding catheters; and the first PTCA balloon using nylon balloon material.
In 1996, Cordis was acquired by Johnson & Johnson. It merged with Johnson & Johnson Intervention Systems (JJIS), but retained the Cordis name and became a global manufacturer of cardiac devices, with, at that time, approximately 3,500 employees worldwide.
In 1997, Cordis expanded into the field of electrophysiology through the acquisition of Biosense Inc, which merged with Webster Laboratories in 1998 to form Biosense Webster. Biosense Webster claims to be the world's leading provider of electrophysiology solutions for the treatment of heart rhythm disorders and is responsible for several “firsts” of its own, including the world's first steerable catheter and ablation catheter, as well as the first mapping system offering electrophysiologists access to 3D, real-time, colour-coded views into the heart's electrical activity.
The 1990s also saw the launch of Cordis' biggest breakthrough – coronary stents. In 1994, the Palmaz-Schatz balloon-expandable stent – the first bare-metal stent in the US was approved by the FDA for coronary artery applications. In 2003, the FDA approved the Cypher sirolimus-eluting coronary stent, the first combination drug-device product intended to help reduce restenosis, or “reclogging”, of a treated coronary artery.
Cordis signalled its commitment to continue stent innovation with the 2007 acquisition of Conor Medsystems, a developer of a controlled vascular drug-delivery technology, called Reservoir (RES). This technology can be found in the Nevo sirolimus-eluting coronary stent, which is currently being studied in clinical trials around the world.
Today, Cordis' business is focused on five areas:
- Cordis Cardiology for cardiovascular disease management;
- Cordis Endovascular for the treatment of peripheral vascular and biliary obstructive diseases;
- Conor Medsystems for controlled vascular drug-delivery technologies;
- Biosense Webster for electrophysiology and medical sensor technology in cardiovascular procedures; and
- Cordis Biologics Delivery Systems Group in the emerging field of biologics delivery.
In January 2009, Cordis' Neurovascular division, which supplied products for the neurovascular management of strokes, became a business unit of Codman & Shurtleff. Codman, part of the DePuy family of companies within Johnson & Johnson, is a global neuroscience company that offers a range of neurological devices and solutions including programmable shunt systems to treat hydrocephalus, trauma monitoring devices for critical care and drug pumps for pain.
Cordis has grown into a global organisation with approximately 7,000 employees and well over half of its US$3.1 billion in 2008 sales coming from outside the US.
Overview
- Key contact information
- Introduction to the company and its current activities
- Summary of its financial performance
- Who are the company's major competitors?
- Key recent events in an “at a glance” format
Financial Review
- Current year and annual financial data, including revenue breakdowns by product area and geographic region (if available)
- Table providing in-depth five-year financial analysis
- Employee data, including breakdown by company division and geographic location
Strategic Focus
- Investigates the company's aims and its areas of focus
Products
- Core product areas, key brands, product approvals and launches
Research and Development
- How much has been invested in R&D?
- Where is the research based?
- What alliances and agreements does the company have and with whom?
Manufacturing and Distribution
- Identifying the company's manufacturing locations
- Sales and marketing facilities
Agreements
- With whom has the company reached agreements and what do they involve?
- Key contracts awarded
Mergers, Acquisitions, Minority Investments and Divestments
Litigation
Key Corporate Events
Product samples
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