Local medical device makers are expanding headcount again after reporting the first decrease in three years last year.<\/p>\n
The 30 largest companies in the region increased employment 2.2% to 24,230, compared to a year ago when they posted a less than 1% decrease. Companywide, headcount decreased less than 1% to 660,957.<\/p>\n
Johnson & Johnson MedTech, which has a 15,000-square-feet campus in Irvine, increased local employee count by 19% to 1,900 and has 130,000 across the whole organization based in New Brunswick, New Jersey.<\/p>\n
\u201cWe\u2019ve been part of the community for a long time, and we\u2019re continuing to grow here, expanding our capabilities and bringing in new talent,\u201d Michael Bodner, company group chair of Electrophysiology & Neurovascular, told the Business Journal.<\/p>\n
J&J MedTech\u2019s Irvine operations include its Surgical Vision and Aesthetics & Reconstruction businesses, which are part of its broader Vision and Surgery portfolios. For more on J&J MedTech, see page 1.<\/p>\n
Masimo Companywide Employees Down After Sound United Sale<\/p>\n
Masimo Corp.\u2019s OC employee count is up again 1.2% to 789 after laying off 75 employees in Irvine last year.<\/p>\n
Companywide, however, it fell 27% to 6,957 due to the sale of its Sound United consumer audio business to Harman International for $350 million last year, as it shifts focus back to its main healthcare business, which sells to hospitals.<\/p>\n
After a turbulent four years of proxy battles and restructuring that resulted in founder Joe Kiani stepping down as CEO, Masimo may join the recent wave of OC medtech acquisitions with Washington-based Danaher Corp. emerging as a possible suitor.<\/p>\n
Masimo is set to be acquired by Danaher for $9.9 billion and operate as a standalone business unit within its diagnostic segment while remaining in Irvine. The deal, announced in February, is anticipated to close in the second half of this year.<\/p>\n
\u201cI am happy to see Masimo in Danaher\u2019s hands, which is founder-run, and does things for the long term,\u201d Kiani told the Business Journal at the time of the announcement.<\/p>\n
Medtronic to Acquire CathWorks for $585M<\/p>\n
Despite a 9% decrease in employees to 1,058, Medtronic Orange County could soon boost its local workforce through its proposed acquisition of Newport Beach-based CathWorks.
Medtronic in February announced that it was exercising its option to acquire CathWorks, whose headcount doubled to 40, for $585 million that was included in a co-promotion agreement four years ago. The deal is expected to close by the end of Medtronic\u2019s fiscal year in April, pending clearance from the U.S. Federal Trade Commission.<\/p>\n
The decrease in headcount this year was due to \u201csharpening its focus\u201d on high-growth areas to invest in.<\/p>\n
\u201cThis includes reducing some roles globally while increasing investment in other areas that support long-term growth, like research and development or in new strategic partnerships,\u201d a spokesperson for Medtronic told the Business Journal.<\/p>\n
In Orange County, the company said that it\u2019s continuing to advance structural heart innovation with a focus on improving procedural performance and patient access.<\/p>\n
Medtronic also announced its intent to acquire Salt Lake City, Utah-based Scientia Vascular for $550 million to add to its neurovascular portfolio, which is based in Irvine and has an estimated 2,000 employees, overseen by President Brett Wall.<\/p>\n
New Additions<\/p>\n
This year\u2019s Business Journal list features five new medical device companies, including Renata Medical with 20 employees in Newport Beach.<\/p>\n
The company, founded by former Edwards R&D engineers Dustin Armer and Eason Abbott, developed an expandable heart valve for pediatric patients. Armer and Abbott received the Business Journal\u2019s Innovator of the Year Award last year.<\/p>\n
Other new additions were French medical device maker Balt, which has its U.S. business based in Irvine, and BioPhotas Inc. in Tustin.<\/p>\n
Emily Santiago-Molina contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"Local medical device makers are expanding headcount again after reporting the first decrease in three years last year.…\n","protected":false},"author":2,"featured_media":277027,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[163,165,164],"class_list":["post-277026","post","type-post","status-publish","format-standard","has-post-thumbnail","category-anaheim","tag-anaheim","tag-anaheim-headlines","tag-anaheim-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/277026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=277026"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/277026\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/277027"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=277026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=277026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=277026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}