The FDA is warning patients and health care providers to watch Philips DreamStation 2 continuous positive airway pressure (CPAP) machines for signs of overheating. The medical device safety agency said it recently received an influx of medical device reports (MDRs) associated with thermal issues such as fire, smoke, burns, and other signs of overheating while […]
Respiratory
Inogen has a new CEO
Inogen (Nasdaq: INGN), which specializes in respiratory products for homecare, announced a change in the corner office today. The company’s board of directors has named Kevin Smith as Inogen’s new president and CEO, effective immediately. Smith succeeds Nabil Shabshab, who started as CEO in 2021. Smith has over two decades of experience in the medical […]
Olympus has more warnings over bronchoscopes
Olympus has initiated a voluntary field corrective action following reports of endobronchial combustion incidents involving bronchoscopes. The field corrective action — announced Nov. 9 — is taking place after incidents occurred during medical procedures utilizing high-frequency therapy equipment in environments rich in oxygen, according to the company. The warnings are separate from Olympus’ July field […]
ResMed has a new operating model following recent layoffs
ResMed announced that it’s implementing a new operating model to accelerate long-term growth. San Diego-based ResMed’s operational shift follows a recent restructuring effort that included a 5% workforce reduction. The new operating model introduces dedicated leadership in product, revenue and marketing to the company’s executive team. It includes a series of executive moves within the […]
Inspire Medical Systems revenue misses in Q3
Inspire Medical Systems (NYSE: INSP) reported third-quarter revenue that missed the Wall Street analysts consensus. However, the Minneapolis-based implantable sleep therapy device company also upped its full-year guidance. Investors appeared to focus on the downside after Inspire’s Q3 earnings report yesterday evening. By midday trading today, INSP shares were down more than 16% to $134.90 […]
Philips CEO Roy Jakobs reportedly approved continued sale of defective sleep respiratory devices
A new report from ProPublica and the Pittsburgh Post-Gazette claims to shed more light on the alleged role of Philips CEO Roy Jakobs in the ongoing Respironics recall. Philips has been handling a Class I recall of certain respiratory devices since mid-2021. Respironics recalled millions of ventilators, bi-level positive airway pressure (BiPAP) and continuous positive airway pressure (CPAP) machines. […]
ResMed is cutting its workforce as it seeks to refocus
ResMed announced that it is reducing its workforce by about 5% as part of a restructuring it plans to complete in the present quarter. The San Diego–based maker of CPAPs and other respiratory devices listed a headcount of 8,160 in its most recent annual report, which means roughly 400 workers could be affected. “Decisions like […]
Philips stock rises on Q3 growth, increased 2023 outlook
Philips (NYSE:PHG) shares ticked up today on third-quarter results that came in ahead of the consensus forecast on Wall Street. Shares of PHG rose 2.8% at $18.77 apiece in late-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — fell 0.14%. The Amsterdam-based company posted profits […]
Judge grants preliminary approval to Philips class action settlement
A federal judge in Pennsylvania has granted preliminary approval to an economic loss settlement involving lawsuits filed against Philips over its massive recall of CPAPs and other respiratory devices. U.S. District Court Judge Joy Flowers Conti’s order, filed yesterday, could just be the beginning of settling what has arguably been one of the medical device […]
FDA wants more testing in Philips recall
The FDA has issued a communication stating its desire for more testing in the massive respiratory device recall at Philips . The morning after the FDA’s evening announcement, PHG shares were down more than 7% on the NYSE to $18.31 apiece. PHIA shares in Amsterdam closed the day down more than 8%. (MassDevice’s MedTech 100 […]
LivaNova adds former NuVasive CEO to its board
LivaNova announced today that it appointed J. Christopher Barry as a new board director. Barry’s appointment becomes effective today and he joins the board’s Audit and Compliance Committee. In turn, Andrea Saia intends to retire from the board on Dec. 31, 2023. Saia initially joined the board of the London-based medtech company as a director […]