Needham & Co. analyst Mike Matson today upgraded his rating of Boston Scientific (NYSE:BSX) shares to Buy, partly because he thinks it’s an acquisition target for Johnson & Johnson (NYSE:JNJ). Said Matson: “If JNJ decides to acquire a large medtech company, we believe that BSX could be a good fit.” BSX shares were up more […]
Business/Financial News
Needham & Co. downgrades Medtronic, Zimmer Biomet shares
Needham & Co. Senior Research Analyst Mike Matson today downgraded his rating of Medtronic (NYSE:MDT) and Zimmer Biomet (NYSE:ZBH) shares to Hold, while Boston Scientific (NYSE:BSX) got an upgrade to Buy. MDT shares were down more than 1% to $97.98 apiece in morning trading, a day after Q4 earnings that missed The Street sent the […]
Quidel, Ortho Clinical Diagnostics combine to form in vitro diagnostics company
Quidel (Nasdaq:QDEL) announced today that it completed its $6 billion acquisition of Ortho Clinical Diagnostics (Nasdaq:OCDX). In December 2021, San Diego-based Quidel and Ortho Clinical Diagnostics came to an agreement under which the former would acquire the latter for $24.68 per share of common stock, using a combination of cash and newly issued shares in […]
Zimmer Biomet adds ESG and CEO visibility to executive’s duties
Zimmer Biomet (NYSE:ZBH) today announced additional responsibilities for Investor Relations SVP and Chief Communications Officer Keri Mattox. Mattox’s new title at the Warsaw, Indiana-based orthopedics company is chief communications and administration officer. She will be responsible for “building and executing a comprehensive strategy around Environmental, Social and Governance (ESG) initiatives and increasing CEO visibility, engagement […]
‘Catastrophic explosion’ and resin shortage led Medtronic’s supply chain problems
Medtronic CEO Geoff Martha today said a “catastrophic explosion” in Medtronic’s supply chain for packaging and a shortage of resins were the biggest issues hurting the company’s fourth-quarter performance. Fridley, Minnesota-based Medtronic (NYSE:MDT) reported about $350 million less in sales than analysts were expecting for the quarter, which ended April 29. Martha said about 75% of […]
Medtronic ‘hopeful’ on FDA clearance for next-gen diabetes tech in FY 2023
The Medtronic (NYSE:MDT) diabetes business sputtered in the fourth quarter but could be bolstered by a major regulatory nod this year. The Fridley, Minnesota-based company saw revenues for its diabetes arm fall by 7.7% year-over-year in the fourth quarter amid overall misses on both sales and adjusted earnings per share compared to Wall Street’s expectations. […]
Bigfoot Biomedical adds former Insulet VP as chief commercial officer
Bigfoot Biomedical announced today that it appointed former Insulet executive Matt Rainville as its chief commercial officer. Rainville’s role includes leading the growth of Milpitas, California–based Bigfoot Biomedical’s fully commercial Bigfoot Unity diabetes management program as the company looks to expand access to its offerings. Bigfoot Unity aims to simplify CGMs and the data they produce […]
Medtronic, DaVita to form new kidney care company
Medtronic (NYSE:MDT) and DaVita (NYSE:DVA) today announced the intent to form a new medical device company for kidney care. The new, independent company — dubbed “NewCo” for now — aims to enhance the patient treatment experience and improve overall outcomes for kidney care patients. According to a news release, the new company will bring together […]
Medtronic stock down on Q4 earnings miss
Medtronic (NYSE:MDT) shares are down today on fourth-quarter results that missed the consensus forecast. Shares of MDT were down more than 4% to $100.56 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly. The Fridley, Minnesota-based medtech giant posted profits of $1.5 […]
3M Health Care Business president is leaving this year
3M Health Care Business Group President Mojdeh Poul will retire from the company on July 1, 2022. Poul joined Maplewood, Minnesota-based 3M (NYSE:MMM) in 2011 as the global business VP of critical and chronic care solutions. She later became VP and general manager of the company’s food safety business and president of numerous 3M divisions, […]
Device developer SeaStar Medical hires chief medical officer
SeaStar Medical has hired Dr. Kevin Chung as chief medical officer of the medtech developer starting July 1. Denver-based SeaStar is developing a platform therapy focused on hyperinflammation of vital organs. The company’s Selective Cytopheretic Device was designated as a breakthrough device by the FDA earlier this year. SeaStar is set to go public in the […]
