The company completed several acquisitions in 2023, including a majority stake in Acotec, and the acquisitions of Apollo Endosurgery and Relievant Medsystems. These acquisitions are expected to expand product offerings and market reach in key areas.

The company continues to focus its R&D efforts on next-generation and novel technology offerings across multiple programs and divisions. R&D expenses increased to $1.414 billion in 2023, up from $1.323 billion in 2022, reflecting its commitment to innovation.

The company is actively pursuing growth opportunities in emerging markets and has expanded its definition of emerging markets to include all countries except the United States, Western and Central Europe, Japan, Australia, New Zealand and Canada. Emerging Markets net sales grew 17.3% in 2023.

The company is focused on continuously improving its supply chain effectiveness, strengthening manufacturing processes, and increasing operational efficiencies. This includes investments in supplier resiliency and cost-improvement opportunities.

The company initiated a new global restructuring program in 2023, intended to support efforts to expand operating performance and meet evolving global market demands by ensuring the company is structured and resourced to support strategic imperatives and deliver sustainable value. The plan is expected to result in pre-tax charges of $450 to $550 million and reduce annual pre-tax expenses by $225 to $275 million.

The company highlights its commitment to attracting, developing, and retaining talented employees by fostering a diverse, equitable, and inclusive workplace. It also emphasizes its focus on employee health, safety, and well-being.

The company acknowledges the challenging global macroeconomic environment, including uncertainty around inflation, interest rates, and monetary policy, which could adversely affect its business, financial condition, and results of operations.

The company notes that predictability in the supply of certain raw materials and components has improved but continues to be a risk. Supply chain dynamics could result in increased costs or an inability to fully meet customer demand.

The company faces extensive and dynamic medical device regulations, which may impede or hinder the approval or sale of its products. It also faces risks related to regulatory compliance, quality systems, and climate change.

The company faces significant competition across its product lines and markets from various medical device companies, including Abbott Laboratories and Medtronic plc, as well as non-medical device companies offering alternative therapies.

The company believes that its products and solutions compete primarily on their ability to deliver differentiated clinical and economic outcomes, as well as ease of use, comparative effectiveness, and reliability.

The company acknowledges that the medical device markets are characterized by rapid technological change and that it must devote continued efforts and resources to the development of new products and technologies to remain competitive.

The company is focused on continuously improving its supply chain effectiveness, strengthening manufacturing processes, and increasing operational efficiencies. This includes investments in supplier resiliency and cost-improvement opportunities.

The 2023 Restructuring Plan is intended to simplify the manufacturing and distribution network, transfer production lines, and expand operational efficiencies and resiliency. The program is expected to result in pre-tax charges of $450 to $550 million and reduce gross annual pre-tax expenses by $225 to $275 million.

The company emphasizes its focus on product quality through process controls and validations, supplier and distribution controls, and training and tools for operations teams.

The company's research and development efforts are focused on the development of next-generation and novel technology offerings across multiple programs and divisions.

The company is developing digital tools and technologies to compete more effectively, deliver first-class remote physician education, drive deeper patient engagement, and increase digitally-enabled sales force productivity.

The company has completed numerous acquisitions to strengthen its core businesses and expand into high-growth adjacent markets, bringing in new technologies and platforms.

The company uses financial leverage to manage its cost of capital, with an outstanding debt balance of $9.102 billion as of December 31, 2023.

The company plans to fund the acquisition of Axonics with a mix of cash on hand and new debt, indicating a strategic approach to capital allocation.

The company did not pay a cash dividend in 2023, 2022, or 2021 and does not intend to pay cash dividends on its common stock currently, suggesting a focus on other capital allocation priorities such as acquisitions and R&D.

The company has a firm commitment to corporate social responsibility and living its values as a global business, including taking actions to combat discrimination and advance equality and diversity.

The company is focused on continuous improvement in environmental metrics with a goal of reducing pollution, minimizing depletion of natural resources, and reducing its overall environmental footprint. It is working to optimize energy and resource usage and reduce greenhouse gas emissions.

The company emphasizes its commitment to employee well-being, safety, culture, engagement, and recognition, as well as fostering a diverse, equitable, and inclusive workplace.

The company acknowledges the impact of various macroeconomic and geopolitical risks, including economic conditions, trade policies, and political instability, on its international operations.

The company notes that the health care industry is subject to cost containment initiatives, health care reforms, and changes in payment policies, which may limit the price of or reimbursement for its products.

The company notes that the global regulatory environment is becoming increasingly stringent and unpredictable, which could increase the time, cost, and complexity of obtaining regulatory approvals.