Boston Scientific’s market capitalization has grown nearly 10 times larger since Mike Mahoney joined as CEO in 2011. He shared key insights about corporate strategy at DeviceTalks Boston in May. Boston Scientific is one of the bright spots as the medical device industry goes through a rough patch. It’s more expensive to run a business, […]
Wall Street Beat
Hologic CEO MacMillan to chair Illumina’s board
Illumina (NASDAQ: ILMN) announced today that its board has elected Hologic CEO Stephan MacMillan to fill a new seat and become its non-executive chair. Edwards Lifesciences CFO Scott Ullem will fill a second new seat — bringing the number of board seats to 11 at the San Diego–based DNA sequencing and array-based tech developer. The […]
Layoffs in medtech: These companies recently reduced their workforce
The workforce reduction trend has swept the economy recently, and unfortunately, the medtech space is not immune to layoffs. You’ve probably read about the ongoing layoffs sweeping the tech industry, media and more. For instance, Yahoo, Disney, Zoom and more all reported workforce reductions as companies across industries grapple with economic pressures. Think inflation, supply […]
Medtronic faces a wait-and-see attitude from analysts
Medtronic stock continues to decline today — a day after it underwhelmed The Street with its growth projection for its new fiscal year. MDT shares were down more than 2% to $81.58 apiece by midday today — a day after the stock fell another 2% in value. Meanwhile, MassDevice’s MedTech 100 Index — as well […]
Analysts still high on Insulet despite Medtronic’s EOFlow buy, stock market reaction
Despite a negative reaction from investors following a major buy in the insulin delivery space, analysts still back Insulet stock to perform. Shares of PODD fell throughout today after Medtronic (NYSE:MDT) announced a $738 million acquisition of EOFlow. Korea-based EOFlow develops the EOPatch, a tubless, wearable and fully disposable insulin delivery device. Insulet represents a […]
Medtronic stock down as growth projections underwhelm
Medtronic today reported fourth-quarter results that beat the consensus forecast on Wall Street amid accelerating revenue growth. The world’s largest medical device company also announced an acquisition, planning to pay roughly $738 million for South Korea–based EOFlow and its EOFlow insulin delivery patch that a user can control using their smartphone. However, its forecast for […]
Bioventus completes wound business divestiture
Bioventus (Nasdaq:BVS) announced today that it successfully completed the divestiture of its wound business to LifeNet Health. Earlier this month, the Durham, North Carolina-based company announced an agreement to divest the business to LifeNet. The sale includes Bioventus’ skin substitutes, TheraSkin and TheraGenesis. The transaction includes a total cash consideration of $85 million. That features […]
Better Therapeutics expects FDA ruling on diabetes digital therapeutic mid-year
Better Therapeutics (Nasdaq:BTTX) shares fell today after its first-quarter earnings report included a wide-ranging business update. Shares of BTTX fell 3.2% at 76¢ apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — fell 0.2%. Better Therapeutics recorded a net loss of $9.4 million, […]
Embecta stock rises on Q2 results, reports progress on automated insulin delivery tech
Embecta (Nasdaq:EMBC) shares ticked up today on second-quarter results that topped the consensus forecast, leading to a guidance increase. Shares of EMBC grew 2.1% to $29.52 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 0.1%. The Parsippany, New Jersey-based diabetes technology […]
Butterfly Network shares slide on Q1 results
Butterfly Network (NYSE:BFLY) shares dropped today on first-quarter results that fell short of sales expectations. Shares of BFLY dropped 16% to $1.88 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was relatively flat at the same time. The Burlington, Massachusetts-based handheld ultrasound technology maker posted […]
Steris beats the Street on Q4 earnings and increases guidance
Steris (NYSE:STE) today reported fourth-quarter results that exceeded Wall Street’s expectations while upping guidance for the year ahead. Shares of STE climbed 4% t0 $197 apiece in after-hours trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was flat on the day. The Dublin, Ireland-based provider of sterilization services and […]
