Geoff and Brett,
Where should I start? I guess I will skip the many other mistakes made and get straight into what may go down as one of the worst medical device acquisitions of all time, Intersect ENT. You two beacons of leadership decided it would be wise to spend 1.1 Billion on a company that was 11 years old, has 1
product and in a space where the targeted surgery is racing to the ASCs without any carve outs at a pace that is hard to ignore. To give some real numbers, 65% of these cases according to Intersect are being done in the ASC market. Oh, should we also mention there are now biologics that are far superior to a temporary dr-g eluding implant? I guess all of this information was very hard to come by when deciding to make this purchase.
Intersect was worth maybe 300-400m, tops. But Geoff and his dream team decided that we just had to have this gem, even though there were no other suitors in sight, we over paid…big time. And now, one of the best divisions at Medtronic is going down for the count due to incompetence. I am just glad that Geoff received his multi million dollar raise last year.
The destruction of this company will soon be documented and studied for years, I hope Omar and Geoff enjoy that legacy. Oh and guys if you think I am off base…please take a look at their mentor’s legacy the one and only Jack Welch. Looking at GE today will be like looking at Medtronic in 10 years…max.
I believe it was ole Jackie boy himself who said as he was retiring that to judge his career you needed to look at the next 20 years after he retired. Well, I believe the demise of GE is enough to show that our board of directors made a very bad decision in allowing the rooster himself into the hen house. Thanks guys.