A plaintiff purporting to represent Boston Scientific shareholders sued the company yesterday, alleging that it misled investors about the prospects for its pelvic mesh products ahead of an FDA order to halt all U.S. sales of the devices. Last week the FDA ordered an immediate halt to sales and distribution of Boston’s Uphold Lite and Xenform products; […]
3M takes double-digit hit on Q1 miss, plans 2000 layoffs
Shares in 3M Cos. (NYSE:MMM) took a double-digit hit today when the industrial conglomerate missed the consensus forecast for its first-quarter results, cut its outlook for the rest of the year and announced layoffs for some 2,000 of its employees. St. Paul, Min.-based 3M posted profits of $891 million, or $1.51 per share, on sales […]
Plaintiff wins $120m in latest pelvic mesh trial against Johnson & Johnson unit
A state court jury in Philadelphia reportedly slapped Johnson & Johnson (NYSE:JNJ) subsidiary Ethicon with a $120 million verdict yesterday in a product liability lawsuit brought over one of its pelvic mesh products. The jury in the Pennsylvania Court of Common pleas awarded Susan McFarland $20 million in compensatory damages and $100 million in punitive damages after […]
Merit Medical’s Q1 beats push shares higher
A first-quarter sales-and-earnings beat pushed Merit Medical (NSDQ:MMSI) shares up today before the market opened, as the medical device maker maintained its outlook for 2019. South Jordan, Utah-based Merit reported profits of $6.2 million, or 11¢ per share, on sales of $238.3 million for the three months ended March 31, for a 10.0% profit gain on […]
Integra Lifesciences ticks up on Q1 earnings beat
Integra LifeSciences (NSDQ:IART) shares ticked up today in pre-market activity after the medical device company reported first-quarter earnings that beat the consensus forecast. Plainsboro, N.J.-based Integra posted profits of $32.8 million, or 38¢ per share, on sales of $359.7 million for the three months ended March 31, for bottom-line growth of 198.0% on flat sales […]
Boston Scientific’s Q1 numbers miss the mark
Boston Scientific (NYSE:BSX) missed the mark with its first-quarter results today and cut it’s top-line outlook for the rest of the year, sending share prices down before the market’s open. The Marlborough, Mass.-based medical device giant posted profits of $424 million, or 30¢ per share, on sales of $2.49 billion for the three months ended March […]
Boston Scientific wins FDA approval for Lotus Edge TAVR
Boston Scientific (NYSE:BSX) said yesterday that it won pre-market approval from the FDA for its Lotus Edge transcatheter aortic valve replacement for high-risk patients. Marlborough, Mass.-based Boston Scientific touted the device as the only TAVR on the U.S. market designed to be repositioned or recaptured after deployment. The path to PMA wasn’t an entirely smooth one; […]
Presbia abandons Flexivue microlens, lays off all but 3
Presbia (NSDQ:LENS) yesterday said it spiked its Flexivue microlens development program in the face of FDA headwinds, laying off all but three of its employees as it seeks investors to bail it out. Earlier this month the Irvine, Calif.-based company delayed the pre-market approval timeline for Flexivue, which is designed to treat far-sightedness or presbyopia, after […]
TransMedics sets IPO range with $75m midpoint
TransMedics yesterday set the range on its forthcoming initial public offering, which would gross more than $75 million at the midpoint. Andover, Mass.-based TransMedics developed a transportation system for organ transplants that’s designed to keep donated hearts, lungs and livers in near-living condition until transplantation. A year ago TransMedics won pre-market approval from the FDA […]
Axogen shares slip on expanded Avance nerve graft study
AxoGen (NSDQ:AXGN) today expanded a study of its Avance graft for treating peripheral nerve damage on a pre-specified statistical analysis, sending its share price down slightly today. Alachua, Fla.-based AxoGen is adding 50 patients and five new centers to the Recon study of Avance, a human allograft designed to bridge severed nerves without a second surgical […]
Philips Medical Systems accuses ex-enginer of pilfering trade secrets
A former engineer at Philips Medical Systems in Illinois allegedly transferred confidential trade secrets and then tried to destroy the evidence, the company said in a lawsuit filed last week. The U.S. unit of Dutch healthcare conglomerate Royal Philips (NYSE:PHG) accused Jose Buan of downloading a large trove of proprietary, confidential information around the time […]
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