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Olympus Medical Device Company Intelligence Report

  • January 2013
  • -
  • Espicom Business Intelligence
  • -
  • 39 pages

Olympus Corporation, headquartered in Tokyo, Japan, develops and manufactures products based on optical and electronic technology for the consumer, scientific, healthcare and industrial markets. The company operates within five divisions; Medical, Imaging, Life Science & Industrial, Information & Communication and Other.

The main focus of this profile is Olympus Medical, the Olympus group’s largest operating division, accounting for almost 41% of the company’s total turnover in the financial year ended 31st March 2012. The division is a leading manufacturer of gastrointestinal endoscopes, surgical endoscopes, endotherapy devices, endoscopic ultrasound systems and related products.

Olympus Medical sells its products throughout the world and has manufacturing facilities in Japan, the US, Germany, the UK, the Czech Republic and Vietnam. In fiscal year 2012, the division generated net sales of ¥349.2 billion.

In October 2011, Olympus was embroiled in a global scandal, when it emerged that the company had participated in fraudulent long-term loss-hiding activities. The activities were uncovered by the company’s then new CEO, Michael Woodford, who raised questions over suspect acquisitions Olympus had made outside of its core business, as well as disproportionately high M&A fees associated with them. Of particular suspicion was the February 2008 acquisition of Gyrus ACMI, which carried a US$687 million middle-man fee, a sum equal to 31% of the purchase price.

On 14th October 2011, Woodfood was sacked as Olympus’ CEO by the company’s Board of Directors, allegedly over Woodford’s insistence that the Olympus officials come clean about the series of questionable acquisitions totalling US$1.6 billion. The deals had been approved by Woodford’s predecessor, Tsuyoshi Kikukawa Kikukawa, as well as the Olympus Board, but in several cases, the parties receiving the sums were not identified in Olympus’ financial statements. Woodford was replaced by Kikukawa, but on 26th October 2011, Kikukawa resigned, to be replaced by new President, Hiroyuki Sasa. On 8th November 2011, Olympus was forced to admit that its accounting practices had been used to conceal losses, dating back to the 1990s. Kikukawa was blamed, along with the company’s auditor and an Executive Vice President.

Table Of Contents

Olympus Medical Device Company Intelligence Report
Table of Contents



Corporate Management Policies . 2
Basic Strategies 2
Rebuilding of the Business Portfolio and Optimal Allocation of Management Resources 2
Review of Cost Structures .3
Restoration of Financial Health .3
Restructuring of Governance 4
Performance Indices and Targets 4
Analysis of Japanese Medical Market 5


Fiscal 2012 Financial Results 6
Medical Products Division 8
Five-Year Financial Data 10
Employees .11
Outlook 11


Endoscopic and Surgical Products .13
Cleaning, Disinfecting and Sterilisation 17
Endotherapy Products .18
Energy and Tissue Management .19
Biotechnology 20
Dental Products 20
Healthcare IT Products .20
EndoWorks Information Management System 20
Endobase Endoscopy Management and Image Filing System 21
Solemio Support Systems 21
n-Stream Dual Channel Video Management System 21
VaultStream 21


RandD Establishments 22
RandD Agreements .22
Siemens Healthcare 22
Cytori Therapeutics 23
Terumo 23
Heart Surgery 23
Gastroenterology 23
Urology .23
Cleveland Clinic Glickman Urological Institute 24
RandD Expenditure .24


Manufacturing 25
Sales and Distribution 26
BonAlive Biomaterials 27
Carl Zeiss Microscopy 27
Caris Diagnostics .27
DigiPath 28
Leica Microsystems 28
Hirox-USA 28
Advanced Surgical Concepts .29
BrainLAB 29
Aloka 29


Spirus Medical 30
Stryker's OP-1 Business 30
Innov-X Systems 30
Spiration 31
Olympus Surgical Technologies Europe 31
Iwaken 31
Merger of Olympus' UK Businesses 32
Gyrus 32


Small Bone Innovations 33
Cytori Therapeutics 33
Asthmatx .33
AJ Industries 34
Terumo .34


Sony-Olympus Medical Solutions 35
Olympus Terumo Biomaterials 35
Olympus-Cytori 36


Class Action Lawsuit 37
Terumo .37
Given Imaging 37


Recent Key Events 1
Olympus - Performance Indices and Targets to FY2017 4
Espicom Analysis of Japanese Medical Market, 2012 .5
Olympus - Annual Financial Results, FY2008-FY2012 6
Olympus - Annual Sales by Business Segment, FY2008-FY2012 7
Olympus Medical - Annual Financial Results, FY2008-FY2012 8
Olympus Medical - Annual Sales by Product Area, FY2008-FY2012 8
Olympus Medical - Annual Sales by Geographic Area, FY2008-FY2012 .9
Olympus Corporation - Five-Year Financial Summary 10
Olympus - Forecast Financial Results, FY2013-FY2017 11
Olympus - Annual RandD Expenditure, FY2008-FY2012 24
Olympus - Principal Medical Systems Manufacturing Facilities, January 2013 25
Agreements Summary 27
Mergers and Acquisitions Summary 30

List of Charts

Olympus - Annual Sales and Operating Income, FY2008-FY2012 6
Olympus - Annual Sales by Business Segment, FY2008-FY2012 7
Olympus Medical - Annual Sales and Operating Income, FY2008-FY2012 8
Olympus Medical- Annual Sales by Product Area, FY2008-FY2012 9
Olympus Medical - Annual Sales by Geographic Area, FY2008-FY2012 .9
Olympus Medical - Growth Target to FY2017 .11
Olympus Medical - Product Category Sales, FY2012 12
Global Endoscopy Market - Company Shares, 2011 13

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