Reinhold D. Schmieding is the founder and CEO of Arthrex.
Early life
He was born in Michigan, the son of a dentist, his parents having emigrated from Germany six months prior to his birth. He was educated at Michigan State University from 1973-77.
Career
From 1981-85, he worked for Med Tech International, Westport, Connecticut.
In 1981, Schmieding started a medical device company called Arthroscopy Excision Instruments Inc., which focused on an emerging procedure known as arthroscopy. The initial investment was $60,000 from Schmieding’s personal savings. After starting the company, Schmieding did not make a profit for the first two years. He ran his company from a fold-out table in his small apartment in the Olympic Village.
Later, the company was renamed as Arthrex Inc.
Currently, Arthrex distributes its products to more than 90 countries worldwide. It has subsidiaries throughout Europe, including Germany, Austria, Belgium, England and France. In 1991, the headquarters shifted to Naples, Florida. From then, the company has grown from two employees to over 2000. In 2015, Arthrex Inc. was named as one of Fortune 100 Best Companies to Work For.
Personal life
He is married with two children and lives in Naples, Florida.
Reinhold Schmieding Net Worth: Reinhold Schmieding is an American businessman who has a net worth of $3.5 billion. Mr. Schmieding entered the billionaire rankings earlier this year on the back of the strong performance of his orthopedic medical device company, Arthrex. The Naples-based company, which generates $1.4 billion (revenues), is said to make 7,500 products for shoulder, knee and other joint operations. Even though the son of a dentist, he didn’t go to medical school (as he was expected), but instead turned his focus to engineering and business. Shortly after he got the idea to produce tools for the growing field of minimally invasive arthroscopic surgery, he bought a $50 drafting table and started sketching the tools at night. Today, he is the majority shareholder in the privately-held company that manufactures 94% of its products in the States.
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