Hologic Inc. CEO Stephen MacMillan received the largest pay in the U.S. healthcare equipment sector in 2018, with $42 million in total adjusted compensation for the year — almost double the pay of the next executive in the rankings compiled by S&P Global Market Intelligence.
In comparison, Abbott Laboratories CEO Miles White received total adjusted compensation of $22.9 million during the 12-month period.
MacMillan — who joined the Marlborough, Mass.-based company in 2013 from his CEO stint in Stryker Corp. — was paid $27.2 million in stocks alone during the year. He also saw his total adjusted pay rise by 275.2% year over year in 2018.
In addition, Macmillan led all executives in terms of the highest year over year change in stock and options, receiving $39.3 million in stock and options alone in 2018.
Aside from being the highest-paid CEO among all healthcare equipment companies, MacMillan also had the largest CEO-to-median employee salary ratio of 478x among the top 10 highest-earning CEOs in the healthcare equipment sphere.
The ratio reflects the amount the chief executive is paid compared to general workers at the company. It is calculated by dividing the CEO compensation by the median employee compensation.
While Hologic's CEO had a triple-digit percentage increase in adjusted pay, Ra Medical Systems Inc.'s CEO Dean Irwin had the biggest year-over-year hike among the top 10 highest-paid CEOs of medical equipment makers with a 4,497.5% increase to $10.9 million.
Irwin, who founded the Carlsbad, Calif.-based company specializing in lasers for treating vascular and skin diseases, was awarded $7.2 million in stocks and $3.2 million in options during the year. Ra Medical Systems raised $67.6 million in net proceeds in an IPO on the NYSE in October 2018.
The Ra Medical CEO had the second-largest leap in total compensation in 2018 among all healthcare equipment companies, eclipsed only by the 7,864.7% increase in the total adjusted pay of PetVivo Holdings Inc. CEO Wesley Hayne. The Edina, Minn.-based biomedical device company's chief executive received $600,000 in compensation during 2018, up from $7,500 in the preceding year.
Stryker CEO Kevin Lobo — the eighth-highest paid CEO in the sector — saw his total compensation inch downwards by 0.7% year over year to $13.9 million in 2018. He was awarded $5 million in stocks and $4.6 million in options.