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CEO Message
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the past year, much that we had taken for granted in our world has
changed--terrorists have struck within U.S. boundaries; the stock
market has reached record setting lows; and consumer confidence in
traditional corporate culture has been substantially shaken. At Tyco
Healthcare we have been touched by each of these events. Thankfully,
no Tyco Healthcare employees died in the tragic events of
September 11, but there isn't a family
within our community that was not impacted. We dealt with the
seeming hopelessness of these events the only way we knew
how-by sending medical equipment and supplies to the crash
sites, by shipping much needed aid to Afghanistan, and by
gathering together as a community to volunteer and draw
strength from each other.
While the economic events
certainly do not have the same import as those of 9-11, the
impact to our employees has been felt on many levels. Some of
our employees invested in the stock market have had to make
tough choices regarding retirement and college
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World-Class Products, Worldwide Care.
"These few simple words
capture the essence of Tyco Healthcare. They reflect the
foundation on which this company has been built, and reaffirm
the direction in which we are headed. And as we continue to
discover ways to improve care, ease pain and revolutionize the
treatment of disease, this statement evokes a sense of what the
future holds—for our customers, their patients and our employees
around the globe.” |
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educations. Some have had job responsibilities and opportunities altered as we have responded to the changing
marketplace. Finally, while the resignation of Tyco's CEO has been a
distraction, we have also faced continued questions regarding
accounting issues and corporate liquidity as we struggle to separate
fact from media speculation and watch the seemingly capricious
nature of our company stock price. |
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| What hasn't changed
over the last year? Tyco Healthcare's commitment to meeting the
needs of our customers, expanding our product offerings and reaching
deeper into our global markets. We continue to build on the product
platforms we have established as a broad line medical products
company, producing high quality, innovative, cost effective
products. With a renewed focus on organic growth of our core
businesses, we are refocusing effort on R&D, making substantial
investments in capital improvements and new manufacturing
technologies. A few examples of the results of these efforts have
included: |
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| Investment
We have recently completed major
capital investments in needles and syringes for the manufacture of
our new MONOJECT Magellan safety syringe as well a new state of the
art packaging and distribution facilities for our pharmaceutical
group. |
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| New Products
We continue to build on our
leadership positions in markets such as minimally invasive surgery
and respiratory therapy, with the release of products like the new
VersaStep radial dilation access device and OXIMAX, the next
generation pulse oximeter. |
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| Global Reach
Globally, we have further expanded
our business with the release of a variety of new products. The
HELiOs liquid oxygen system, MotherMates breastfeeding pads and an
integrated line of incontinent products, are all showing exponential
growth in our international markets. We have also consolidated
operations in many of our countries to provide a marketing strategy
focused on selling the total Tyco Healthcare product offering. |
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| While the last year has
been challenging, we are excited about the future. Tyco Healthcare
maintains a leadership position in many of our markets. The economic
outlook for the purchase of medical supplies and equipment remains
robust. And our employees are the best to be found, anywhere in the
world. We look forward to continuing to build on the successes of
the past as we take advantage of the opportunities of the future. |
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Rich Meelia
President and CEO,
Tyco Healthcare |
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