Say hello to MassDevice +5, a bite-sized view of the top five medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 5 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
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5. Incoming Getinge CEO Perjos has industrial background
Swedish medical technology firm Getinge said today that it found a new CEO, sending up its battered shares, but some analysts said the incoming industrialist lacked the necessary sector experience.
Getinge has been through a turbulent period, firing CEO Alex Myers in August after only 18 months in the job and replacing its CFO in September. Read more
4. Report: Valeant explores sales of eye surgery biz
Valeant Pharmaceuticals is reportedly exploring a sale of its eye surgery business that could be worth as much as $2.5 billion. The sale process is still in early stages and may not even happen, but the Laval, Canada-based company is trying to shed some of the debt it took on through its many acquisitions, according to the Wall Street Journal.
Valeant is in discussions with 3rd parties for “various divestitures”, according to the newspaper, although Valeant won’t give up the contact lenses, solutions and eye drugs that it acquired with its $9 billion purchase of Bausch & Lomb in 2013. Read more
3. Wright Medical jumps on $240m hip settlement, Q3 results
Wright Medical shares are up nearly 4% today after the orthopedics company yesterday said it inked a $240 million settlement this month for nearly 1,300 product liability lawsuits brought over its metal-on-metal hip implants and released 3rd-quarter earnings that beat expectations on Wall Street.
Wright, which lost an $11 million verdict in the 1st Conserve bellwether suit last year (the company is still litigating that decision), said it will pay $180 million in cash and cover the remaining $60 million with insurance. The deal covers about 85% of the claims lodged over Wright’s Conserve, Dynasty and Lineage implants that needed revision surgeries within 8 years and aren’t subject to the statute of limitations. Read more
2. Smith & Nephew dips on Q3 sales numbers
Smith & Nephew shares dipped today after the British orthopedics and wound care giant reported 3rd-quarter sales that just met expectations.
Revenues were up 1.3% to $1.12 billion for the 3 months ended Oct. 1. Analysts were looking for a range of $1.12 billion to $1.15 billion, the company said. Smith & Nephew no longer reports quarterly profit or earnings numbers. Read more
1. Boston Scientific buys LumenR’s tissue retractor
Boston Scientific said today that it paid an unspecified amount for a tissue retractor developed by LumenR for endoscopic resection of the gastrointestinal tract.
The Newark, Calif.-based company’s device is designed to improve endoscopic sub-mucosal dissection and mucosal resection procedures to remove pre-cancerous lesions and malignant tumors in the colon, esophagus and stomach. The LumenR device also features what Boston Scientific called “enhanced visualization” of GI tract lesions. Read more