Schmieding is the founder and president of Arthrex, a closely held surgical device maker that develops orthopedic products and procedures for shoulders, knees and other joints. The Naples, Florida-based company has annual revenue of about $2.6 billion and has offices in Asia, Canada, Dubai, Europe and the Americas.
Reinhold Schmieding's net worth of $6.00B can buy ...
... and is equivalent to ...
Schmieding is credited with all of closely held Arthrex based on his status as the company's sole founder and comments in his autobiography that he avoided taking venture capital or other financial investors. Arthrex products are used in more than 150 countries, according to its website.
It had annual revenue of $2.6 billion in 2020 and is valued using the average enterprise value-to-sales multiples of two peer companies: Smith & Nephew and ConMed. Arthrex doesn't disclose detailed financials.
Steve Doane, a spokesperson for Arthrex, didn't respond to requests for comment on the net worth calculation.
Reinhold Schmieding was born in Michigan to German parents who moved to the U.S. six months before he was born. He graduated from Michigan State University in 1977 before moving to Germany to work as a salesman for medical device supplier Richards Medical, according to a 2015 press release on Junior Achievement of Southwest Florida.
He started Arthrex in Munich in 1981, focusing on supplying local surgeons with orthopedic devices specializing in shoulder, knee, hip and small joint surgery. Two decades later he moved the company's headquarters to Naples, Florida. The company has developed more than 10,000 products and surgical procedures.