Devicor Medical Products CEO Tom Daulton says his company is striving to be a "big little corporation."
Two years since it's inception, it's been just that -- though it shelled out a quarter billion dollars to buy a well-known product line and spun it into its own company, Devicor hasn't garnered much media attention.
The medical products company earned a spattering of headlines last summer when it purchased the Mammotome breast biopsy product line from Johnson & Johnson for $250 million, then set up its headquarters in the Cincinnati suburb of Sharonville. Already, it's committed to $60 million in research and development spending as the new company expands beyond the current Mammotome product line.
With aid from an Ohio Department of Development grant and state job creation tax credits, it also plans a $250-million expansion, including the construction of an engineering center, product engineering lab and repair center at its Sharonville site, along with an additional 150 high-tech jobs to staff them.
"I think people saw this guy coming in, saying he was going to buy and build a new medical tech company, with maybe 1,000 employees globally, promising a half-billion dollars in revenue... it probably sounded too good to be true," says Daulton. "People are getting excited, finally."
Daulton founded Devicor as a holding company in 2008. With more than 35 years of experience leading other medical companies, he envisioned building his firm through acquisitions and tapping into unused product lines. Devicor immediately set its sights on Mammotome and finalized its purchase in July. Since then, the company been working on regulatory approval in each of the 50 countries where Mammotome has a presence. It's also stepped up development its product line, with major launches planned this year and next.
Then, Daulton says, the company will "catch its breath and look to see what's next."
Source: Tom Daulton, Devicor
Writer: Dave Malaska