2012 revenue:
$374 million
2011 revenue: $386 million
Change: -3.1%

Italy's Sorin rounds out the top 5 with $374 million in 2012 CRM revenue, a 3.1% drop from 2011, but one the company doesn't plan to repeat in 2013. Last year, Sorin faced the same soft demand as its competitors, compounded by pricing pressures in Europe and reimbursement changes in Japan, but it has a fleet of new technologies to plug its sales gap.

Sorin's turnaround roadmap is threefold: The company shuttered its Minnesota CRM plant as part of plans to slash about $22 million per year from its budget, and it's looking to emerging markets to make up for lagging sales in the West, all while chasing expanded indications for its existing devices. If things go according to plan, the company projects CRM revenue to rise between 3% and 5% in 2013.

Last year, Sorin won SFDA approval to market the Reply and Esprit pacemakers in China, and the company has kicked off a clinical trial to demonstrate its other pacers' value in sleep apnea monitoring. At the same time, Sorin is spreading its money around on the lookout for innovative technologies, over the past year acquiring Alcard and Neurotech and investing millions in the likes of Enopace Biomedical and HighLife SAS.

For more:
Sorin commits $5M more to Israeli heart failure device startup, with option to buy
Sorin valve replacement wins regulatory nod in Japan
Sorin commits $5.4M to percutaneous mitral valve replacement startup
Sorin devotes $8M to Cardiosolutions