C. R. Bard
|This article is outdated. (April 2014)|
|Traded as||NYSE: BCR
S&P 500 Component
|Founders||Charles Russell Bard|
|Headquarters||Murray Hill, New Jersey, U.S.|
|Key people||Timothy M. Ring
(Chairman) & (CEO)
|Revenue||US$2.72B (FY 2010)|
|Operating income||US$730M (FY 2010)|
|Net income||US$509M (FY 2010)|
|Total assets||US$3.17B (FY 2010)|
|Total equity||US$1.63B (FY 2010)|
|Employees||11,000 (2009) |
C. R. Bard, Inc., now branded simply as Bard, is a manufacturer of medical equipment headquartered in Murray Hill, New Jersey, USA, and active worldwide. An S&P 500 company with approximately 11,000 employees in 2009, Bard specializes in the manufacture of vascular, urology, oncology and surgical specialty products. Bard is perhaps best known for having introduced the Foley catheter in 1934. In 2013, Bard began negotiations to settle nearly 30,000 legal claims related to implantable vaginal meshes made by the company.
C. R. Bard, Inc. was founded in New York City by Charles R. Bard in 1907. Bard's first business involved importing Gomenol, which was used to treat urinary discomfort. The company formally incorporated in 1923, and three years later, in 1926, Charles R. Bard sold the company to John F. Willits and Edson L. Outwin for $18,000. Under Willits and Outwins, the company expanded into the catheter business, introducing the Foley catheter in 1934 and the America Woven Catheter in 1940.
In 1948, Bard's annual sales topped $1 million for the first time, and the company moved its headquarters from New York City to Summit, New Jersey. In 1954, a Bard scientist, Dr. DeBakey, developed the first arterial prosthesis. Three years later the company began selling Foley catheters that came in sterile packaging for the first time ever. Bard continued to innovate in the world of catheters, rolling out the Bipolar Temporary Pacing catheter in 1958 and the first latex balloon catheter in 1960. In 1961, Bard expanded beyond catheters, and began manufacturing products related to cardiology, radiology, and anesthesiology.
Bard went public in 1963 and was listed on the New York Stock Exchange in 1968. The company has introduced a variety of new health care products since that time. Its net sales first exceeded $1 billion in 1994. Around 2012, Bard acquired the company Lutonix.
Illegal kickback settlement
In 2013, Bard agreed to pay $48.26 million to resolve kickback allegations filed against the company, relating to submitting false claims to Medicare. The complaint, filed in 2006, alleges Bard paid illegal kickbacks to both physicians and consumers.
- C.R. Bard (BCR) annual SEC income statement filing via Wikinvest.
- C.R. Bard (BCR) annual SEC balance sheet filing via Wikinvest.
- "C.R. Bard negotiating to settle thousands of lawsuits involving vaginal-mesh implants". NJ.com. Retrieved 15 April 2014.
- Anthony Hallett, Diane Hallett Entrepreneur magazine encyclopedia of entrepreneurs Page 27 - 1997 "Charles R. Bard ... During a trip to Europe, he encountered a medicine called Gomenol, derived from the eucalyptus tree, which relieved his ..."
- George, John (September 5, 2012), "Intact Vascular raises $15.5M, developing stapler to replace stents", Philadelphia Business Journal, bizjournals.com, retrieved September 5, 2012
- Tycko, Jonathan. "Top Whistleblower Settlements of 2013 – To Date". The National Law Review. Retrieved 6 November 2013.