Medtronic (NYSE:MDT) officials in the coming months will start a major restructuring of the world’s largest medical device company — with expected annual savings of $450 million to $475 million by 2023. The goal, according to a report Medtronic filed with the SEC yesterday, is to take the company’s current groups and reorganize them into “highly […]
FDA approves Medtronic MiniMed 770G insulin pump for young children
The FDA has approved the Medtronic (NYSE:MDT) MiniMed 770G hybrid closed loop-diabetes management system for Type 1 diabetes patients aged 2 to 6 years. The MiniMed 770G is the first-of-its-kind system that can automatically adjust insulin delivery based on continuous glucose monitor values for such young children, according to the agency. The FDA approved an earlier MiniMed […]
MedTech 100 roundup: Industry reaches new heights again
The past month has seen a resurgence from medtech companies in the markets and last week saw the best performance yet. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 90.78 points at the end of last week (Aug. 28). Overall, medtech stocks saw a 1.3% increase […]
DTW Podcast: Truist’s Kaila Krum says Medtronic prepping for growth
In an interview with DeviceTalks Weekly Podcast, Truist Securities managing director Kaila Krum says Medtronic executives are retooling the company to keep pace with smaller, more focused competitors. Breaking down the company’s Q1 call, Krum says Medtronic is seen as a company that’s too big to grow market share quickly. On the call, new CEO […]
Stryker extends its bid for Wright Medical — again
Stryker (NYSE:SYK) announced today that it extended the offering period of its cash tender offer for all shares of Wright Medical (NSDQ:WMGI). Kalamazoo, Mich.-based Stryker’s indirect, wholly-owned subsidiary, Stryker B.V., officially extended the offering period until an expiration date of 5 p.m. ET on Aug. 31, 2020 back in June. Today’s extension sets the expiration of the […]
7 technologies to make a ‘new Medtronic’ even more powerful
It’s been four months since Geoff Martha took over the corner office at Medtronic (NYSE:MDT), and it’s becoming clear that he has ambitious plans for the world’s largest medical device company. During the company’s Q1 earnings call on Aug. 25, Martha said management in the coming weeks plans to outline plans for a “new Medtronic” that […]
Electromed posts Street-beating Q4
Electromed (NSDQ:ELMD) shares dipped slightly today despite fourth-quarter results that topped the consensus forecast. The New Prague, Minn.-based airway clearance therapy technology developer posted profits of $1.3 million, or 15¢ per share, on sales of $6.9 million for the three months ended June 30, 2020, for a 20.1% bottom-line gain despite a sales decline of -20.1%. […]
Medtronic’s recovery ‘faster than expected’ during its Q1
Medtronic (NYSE:MDT) shares ticked up today on first-quarter results that came in ahead of the consensus forecast. The Fridley, Minn.-based company posted profits of $491 million, or 36¢ per share, on sales of $6.5 billion for the three months ended July 31, 2020, for a -44% bottom-line slide on a sales decline of -13.2%. Adjusted to […]
TAVR sales growth was flat in July, Jefferies reports
Jefferies equity research reported that sales of transcatheter aortic valve replacement (TAVR) are better than the previous quarter with flat growth. Edwards Lifesciences (NYSE:EW) reported among its second-quarter results that TAVR sales had taken a -12% hit for the three months ended June 30, 2020. When the company reported its quarterly results, it noted that it […]
MedTech 100 roundup: Stocks were practically unchanged last week
Despite plenty of ups and downs coming in the stock market for the medtech industry, there was hardly any movement from week to week. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 89.6 points at the end of last week (Aug. 21). Overall, medtech stocks saw […]
The top 5 medtech CEO quotes about COVID-19
The latest earnings season not only provided insights from top medtech CEOs about how the COVID-19 pandemic is changing the industry, but also lessons learned going forward. Here are five top quotes about lessons learned. Next>> DeviceTalks editorial director Tom Salemi contributed to this report.
