Echo’s looking to cut some costs as laid out by new executive chairman & CEO Robert Doman, who stepped up to steer the ship after the sudden departure of former chairman, president & CEO Dr. Patrick Mooney. The affected employees were notified at the end of last month, according to a company statement.
"It’s important to recognize this shift as part of a continuing effort to focus our efforts and resources on our short-term corporate objectives in order to drive future shareholder value," Doman said in prepared remarks. "However, these reductions were essential to better align ongoing expenses with our short-term objectives and position Echo for future growth."
Echo plans to initiate other measures to cut both external spending as well as internal costs, hoping to decrease its 4th-quarter "burn rate" by about 35-40% compared to the 1st 3 quarters of the year, according to a company statement.
The company’s also continuing enrollment in a European clinical trial of its Symphony continuous glucose monitor, a bid for CE Mark approval, although unexpected delays have pushed back trial deadlines by a quarter. Echo plans to apply for CE Mark approval late this year.
Lady Gaga gets active on Obamacare
Sensational pop singer Lady Gaga took to Twitter to urge her more than 40 million followers to ‘#GetCovered’, providing a link to the government’s health insurance marketplace.
Government shutdown means danger for global health
With wide-scale furloughs in many areas of the federal government’s health care and monitoring divisions (the CDC alone had to furlough 68% of its workers), disease surveillance is all but idle for everything from seasonal flu to Hep A.
Mako’s big exit may put Wright next in line
Stryker‘s (NYSE:SYK) $1.65 billion bid Mako Surgical (NSDQ:Mako) may mean that fellow orthopedic devices maker Wright Medical (NSDQ:WMGI) is ripe for a buyout.
Amid hype for artificial pancreas, concerns about insurance coverage
Medtronic (NYSE:MDT) set the diabetes world abuzz when it won FDA approval for its "artificial pancreas," a 1st for the U.S. market, but now patients are wondering whether insurance companies will pay for it.
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