Baxter (NYSE: BAX) recently announced an Urgent Medical Device Correction for its WatchCare incontinence management system. The Oct. 21 announcement said that the WatchCare system was meant to comply with the most recent radio frequency standards. However, it appears to radiate RF that may affect other devices on caregivers and patients. In all but two […]
Philips is cutting its workforce by 4,000
Royal Philips (NYSE: PHG, AEX: PHIA) is launching a significant restructuring amid its serious CPAP recall, supply chain woes and other macroeconomic challenges. The Dutch medtech giant announced today that it would cut its workforce by roughly 4,000 roles globally — representing about 5% of the headcount listed in its most recent annual report. The […]
Ablation is the next step for Intuitive’s Ion system
Intuitive is best known for its da Vinci surgical robotics system, but there is buzz around its Ion system with its fully articulating catheter making its way through the lungs for cancer biopsy. Watch out for the Ion doing even more down the road. CEO Gary Guthart announced during Intuitive’s Q3 earnings call yesterday evening […]
Abbott beats The Street in Q3 on stronger U.S. medical device sales
Abbott (NYSE: ABT) today reported third-quarter results that beat the consensus forecast on Wall Street, upping its full-year EPS guidance. Investors, however, seemed to react negatively to the company’s year-over-year decline in earnings and sales in Q3. Even as Abbott management spoke of improved sales growth for the U.S. medical devices business, BTIG analysts noted […]
Hearing aids start selling over-the-counter in U.S.
The White House announced the rollout of over-the-counter hearing aids at major U.S. retailers today. “Starting this week, we’re making hearing aids available over the counter, so people don’t have to pay for expensive visits to specialists,” President Joe Biden said on Twitter. In August, the FDA issued a final ruling to create a new […]
GE HealthCare moves to secure contrast media supply
GE HealthCare today announced a long-term agreement with Chile-based mining company SQM to secure its supply of iodine for vital imaging agents. The chemical element is a key ingredient for contrast media products. Health providers worldwide use contrast media in X-Ray and Computed Tomography (CT) procedures. The medtech giant is seeking to stabilize contrast media […]
Genetesis closes $17.5 million Series C round
Genetesis recently announced that it has raised $17.5 million in a Series C round to further support its next-generation biomagnetic imaging technology. Mithril Capital led the new round. There was also participation from Cercano Management and existing investors, including JobsOhio Growth Capital, Ohio Innovation Fund and CincyTech. This investment brings the Mason, Ohio–based company’s total funding […]
Canary Medical taps Edwards Lifesciences veteran as CMO
Canary Medical (Vancouver, British Columbia and Carlsbad, California) has appointed Dr. Patrick Verta as its chief medical officer. Verta was previously VP of medical affairs, clinical science and biometrics at Edwards Lifesciences’ Transcatheter Mitral and Tricuspid Therapies division. Before his seven years at Edwards, he held executive roles at startups Sunshine Heart and Neomend. In […]
Philips says Q3 sales down 5% amid supply chain problems
Royal Philips (NYSE: PHG) saw its stock fall more than 11% in value today after reporting that supply chain challenges were worse than expected during Q3 2022. The result is that the Dutch medtech giant now expects third quarter sales to be down 5% year-over-year, to €4.3 billion ($4.2 billion). And even with the second […]
GE HealthCare spinoff moves forward
GE (NYSE: GE) has filed a Form 10 registration statement with the SEC as aims toward completing a GE HealthCare spinoff in early 2023. With $17.6 billion in annual revenue and 51,000 employees, GE HealthCare will remain a major medtech business. (Check out our recent Medtech Big 100 report on the world’s largest medical device […]
Monteris Medical raises $35M for its robotic brain surgery system
Monteris Medical recently raised $35 million as it continues to advance its minimally invasive robotic brain surgery system. The Minnetonka, Minnesota–based company reported a $13.5 million raise in an SEC Form D filed on Sept. 15. But in an article published yesterday in the Star Tribune of Minneapolis, CFO Jim Erickson said the equity financing […]