Cash Management in 37 Industry Sectors

|
|
|
| MEDICAL DEVICES & SUPPLIES |
| COMPANY |
Cash/Annual Sales |
Impact of Paying down Capital Employed with Excess Cash |
| 2003 |
2001 to 2003 Increase, % pts. |
Industry Benchmark |
Excess Cash, % |
Excess Cash, $millions |
ROCE 2003 |
Adjusted ROCE |
| Owens and Minor |
0.4% |
0.4% |
3.7% |
0.0% |
0 |
18.7% |
18.7% |
| Invacare |
1.3% |
-0.4% |
3.7% |
0.0% |
0 |
13.3% |
13.3% |
| Stryker |
1.8% |
-0.1% |
3.7% |
0.0% |
0 |
32.9% |
32.9% |
| Fisher Scientific International |
2.4% |
-0.3% |
3.7% |
0.0% |
0 |
13.1% |
13.1% |
| Bausch and Lomb |
27.9% |
-5.8% |
3.7% |
24.1% |
487 |
11.1% |
14.5% |
| C R Bard |
29.4% |
6.5% |
3.7% |
25.7% |
368 |
23.7% |
34.1% |
| Varian Medical Systems |
31.0% |
2.7% |
3.7% |
27.2% |
284 |
31.9% |
58.6% |
| Guidant |
39.7% |
23.2% |
3.7% |
35.9% |
1,330 |
26.9% |
42.3% |
| Sector Average |
11.8% |
3.6% |
3.7% |
8.1% |
|
18.0% |
19.6% |
| Total Average |
11.5% |
3.0% |
5.7% |
5.8% |
|
14.5% |
15.7% |