Reinhold Schmieding Net WorthReal Name: Reinhold Schmieding
Date of Birth: 1/1/1957
Place of Birth: Michigan
2017 Net Worth: $4.3 Billion
Profession: Founder of Arthroscopy Excision Instruments Inc.
Reinhold Schmieding Biography
Reinhold Schmieding was born in 1958 in Michigan. His parents had emigrated from Germany a mere 6 months before his birth. He attended Michigan State University from 1973 until 1977. His father had been a dentist and it was naturally assumed that Schmieding would also be a dentist or a doctor but he had other plans. Schmieding began working for Med Tech International, out of Westport, Connecticut in 1981.
Soon, Schmieding started his own medical device company using a drafting board he purchased for $50. Out of his own personal savings, Schmieding began his business by working out of his apartment on a folding table with $60,000 start- up money. His medical device company, Arthroscopy Excision Instruments Inc., focused on an emerging procedure known as arthroscopy. Schmieding did not make a profit during his first two years in business but he was undaunted.
Schmieding later moved his company headquarters to Naples, Florida, and took on an employee. He then changed the name to Arthrex Inc. Arthrex now distributes products to more than 90 countries around the world and has subsidiaries in Germany, Austria, Belgium, France, and England to name a few. The little two employee company in 1991 has now grown to employ more than 150. Arthrex has also gone from selling one medical device to more than 7,000. At least 6 other companies compete with Schmieding now, but for now, Arthrex is still on top with about $1.4 billion in sales with approximately 30 percent operating profit margins.
Schmieding enjoys fishing and often takes company executives and distributors for fishing trips to the Boundary Waters of Canada. He takes his competition seriously and is well-known for suing for copyright infringement. He is also very private and guards his personal life carefully. He grants only brief, occasional interviews and has been known to cancel personal interviews in favor of answering questions by email.
Schmieding lives in Naples, Florida, with his wife and two children. He has a current net worth of $4.3 billion, which is sure to increase over the next decade with the ongoing development of new medical devices.