Say hello to MassDevice +3, a bite-sized view of the top three medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 3 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
3. Arsenal Medical, 480 Biomedical land $26m
Sister companies Arsenal Medical and 480 Biomedical said yesterday that they raised $26.5 million in joint funding to advance their respective product platforms.
Arsenal raised $16 million and 480 Biomedical $10.5 million from Polaris Partners, North Bridge Venture Partners and Intersouth Partners, the companies said; 480 Biomedical’s round also included a long-term strategic investor. Conversions of debt and new equity financing were included in both financings, the Watertown, Mass.-based companies said. Read more
2. FLASH: Medtronic’s Q4 results top expectations
Medtronic today reported fiscal 4th-quarter results that beat Wall Street’s expectations on both the top and bottom lines, sending shares up in pre-market trading despite a slide into red ink.
The Fridley, Minn.-based medical device giant posted a loss of -$1 million, or 0¢ per share, on sales growth of 60.0% to $7.30 billion for the 3 months ended April 24, compared with the same period last year. But adjusted to exclude 1-time items, earnings per share were $1.16, a full nickel ahead of The Street, where analysts were looking for earnings of $1.11 on sales of $7.19 billion. Read more
1. DePuy Synthes warns on knee implants
Johnson & Johnson’s DePuy Synthes joint reconstruction division warned surgeons on the technique used to implant its LCS Complete RPS knee replacements, after Australian regulators flagged a spike in revision rates.
DePuy issued a field safety notice in March warning “due to the potential occurrence of pain when the native patella is not resurfaced.” Read more
