Baxter continues to streamline, announcing today that it will sell its pharma and biotech contract manufacturing business. The Deerfield, Illinois-based medtech company — maker of diagnostic, critical care, kidney care, nutrition, hospital and surgical products and services — will sell its BioPharma Solutions (BPS) business to private equity firms Advent International and Warburg Pincus. Baxter […]
iRhythm faces another subpoena from the DOJ
Wearable cardiac monitor developer iRhythm disclosed its third subpoena in more than two years from federal investigators. The news raised some questions from analysts, who were otherwise positive about iRhythm’s first-quarter earnings report yesterday evening. San Francisco–based iRhythm said that on April 4, it received a subpoena duces tecum from the U.S. Department of Justice […]
Formus Labs wins clearance for AI-powered ortho surgery planning
Formus Labs today announced FDA clearance of its Formus Hip automated radiological image processing software for hip replacement pre-op planning. The New Zealand–founded company described the clearance as the last hurdle it needed to overcome to start making Formus Hip widely available in the United States. According to Formus Labs, its software saves time for […]
Zimmer Biomet’s profits were 16 times greater in Q1
Zimmer Biomet saw its stock rise today on Street-beating first-quarter results and raised guidance that analysts described as impressive. ZBH shares were up more than 3% to $143.68 by late morning. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly. News of the strong Q1 comes a day […]
Stryker boosts guidance — but perhaps not enough — after Street-beating Q1
Stryker handily beat Wall Street expectations during its first quarter, though its guidance range increase may have disappointed investors. The morning after Stryker’s earnings announcement, SYK shares were down more than 1% to $294.12 apiece. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly. The orthopedic and surgical […]
3M is laying off thousands of additional workers
3M announced today that it will reduce its headcount by 6,000 — on top of the previously announced 2,500. It was unclear how many of the jobs are in the company’s Health Care business, which 3M remains on track to spin off. The total 8,500 jobs getting cut represent nearly a tenth of the manufacturing […]
Cardinal Health, MedStar Health tackle a hairy surgical problem
Cardinal Health , in collaboration with MedStar Health’s Institute for Innovation, has launched Stray Away. Stray Away’s creators describe it as a unique hair management drape designed to streamline surgical procedure preparation and improve the patient experience. This goal is to minimize hair obstruction in the surgical area, saving valuable time for surgical teams while […]
Medtronic begins to lay off workers in earnest
Medtronic today began notifying employees of layoffs as the world’s largest medtech company grapples with higher costs of doing business. In an email to employees this morning — recounted in Minnesota’s StarTribune newspaper — CEO Geoff Martha did not say how many employees Medtronic would cut from its global workforce of more than 95,000 people. […]
Electrophysiology tech boosts J&J MedTech in Street-beating Q1
J&J today reported first-quarter momentum that enabled it to up its full-year guidance. New Brunswick, N.J.–based Johnson & Johnson also reported progress in the heavily competitive robotic surgery space. J&J lost $68 million, or 3¢ per share, off of $24.7 billion dollars during its first quarter. A $6.9 billion talc-based baby powder litigation settlement proposal […]
LivaNova CEO resigns despite revenue beat
Liva Nova CEO Damien McDonald has resigned effective immediately, with board chair William Kozy assuming interim CEO responsibilities. “As we move forward, I would like to express our gratitude on behalf of the Board to Damien McDonald for his dedicated leadership through a challenging period of Covid and unrivaled global economic disruption. We wish him […]
Tandem reports positive research for its artificial pancreas tech
Tandem Diabetes Care (Nasdaq:TNDM) today announced a positive meta-analysis of three randomized controlled trials of its Control-IQ advanced hybrid closed-loop technology. The research found immediate and sustained improvements for a diverse range of subjects using Control-IQ technology, according to the research published in the journal Diabetes Technology & Therapeutics. There was an average increase in […]