Say hello to MassDevice +5, a bite-sized view of the top five medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 5 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.
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Avedro said today it raised $42 million in equity and debt financing and opened a new manufacturing facility in Burlington, Mass.
The equity financing was led by HealthQuest Capital and joined by OrbiMed Advisors and InterWest Partners, while the debt financing was supported by an affiliate of OrbiMed, the company said. Read more
Zimmer Biomet shares are off today after the orthopedics giant beat Wall Street’s 1st-quarter forecast but lowered its outlook for the rest of the year.
Warsaw, Ind.-based Zimmer Biomet posted profits of $299.4 million, or $1.47 per share, on sales of $1.98 billion for the 3 months ended March 31, for bottom-line growth of 175.2% on sales growth of 3.8% compared with Q1 2016. Adjusted to exclude 1-time items, earnings per share were $2.13, 2¢ ahead of The Street, where analysts were looking for sales of $1.96 billion. Read more
For the last 10 years, if anyone mentioned robotic surgery or surgical robots, 95 percent of the time they meant the da Vinci robot from Intuitive Surgical. “That product has been so dominantly successful that almost everybody who talks about it is talking with that as their reference point,” said Roger Smith, chief technology officer for Florida Hospital Nicholson Center. Smith’s primary work involves researching the effectiveness of surgical robots.
Smith said that in the last several years, a few surgical robot companies have come onto the scene and are vying for market share. In the realm of abdominal or thoracic robotics, da Vinci is starting to get some competition. Read more
Boston Scientific today posted 1st-quarter sales that topped expectations on Wall Street, but share prices slid anyway in pre-market trading as investors reacted to a 1¢ miss on earnings.
The Marlborough, Mass.-based company reported profits of $290 million, or 21¢ per share, on sales of $2.16 billion for the 3 months ended March 31, for a bottom-line gain of 43.6% on sales growth of 10.0% compared with Q1 2016. Adjusted to exclude 1-time items, earnings per share came in a penny below The Street at 29¢. Analysts were looking for sales of $2.08 billion. Read more
A U.S. Senate panel voted today to approve Dr. Scott Gottlieb to lead the FDA, sending his nomination to the full Upper Chamber for a confirmation vote.
The Senate Health, Education, Labor & Pensions Committee approved Gottlieb on a 14-9 vote. The full Senate is also expected to approve the nomination. Read more