One year after the medical device tax, as part of the Affordable Care Act went into effect, the financial impact on the medtech industry is not as bad as industry lobbyists feared, but it is still concerning to the industry.

According to a recently analysis completed by MassDevice.com, the medtech industry paid at least $500 million on the 2.3 percent levy last year. But, that’s a far cry from the $1 billion estimate industry lobbyists expected. “It’s a drop in the bucket toward the $30 billion the tax is supposed to raise to help defray the cost of healthcare reform,” reported MassDevice.com.

The analysis found that, in some cases, the hit was well below companies internal predictions. Medtronic (NYSE:MDT), for example, last April estimated its annual medtech tax spend at $100 million to $150 million, but it paid an estimated $63 million.

For the MassDevice.com full report, click HERE.

MassDevice.com provides news and information for the medical device industry and the companies that drive it. It is recognized throughout the med-tech industry as a go-to source for originally-reported, quality news coverage.