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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5. FDA updates warning on SynCardia drivers
SynCardia Systems today released an update on issues with its Temporary Total Artificial Heart’s Companion 2 driver system and released information on neurological adverse event issues with its pneumatic Freedom driver system.
A post-approval study in June 2015 indicated a higher mortality rate for a subgroup of patients using SynCardia’s TAH-t C2 driver system compared with its previous generation driver, the Circulatory Support System Console. Read more
4. CollPlant files for $25 million IPO
Regenerative medicine company Coll Plant today released information on its planned initial public offering, looking to bring in $25 million.
CollPlant produces wound care and regenerative devices based on plant-derived collagen. Their products include the Vergenix FG flowable gel intended to treat chronic and acute wounds. Read more
3. Boston Scientific’s Q3 sales top estimates
Third-quarter sales for Boston Scientific beat the consensus forecast on Wall Street today with a swing to black ink, and the medical device company raised its revenue guidance and the low end of its earnings outlook for the rest of the year.
Marlborough, Mass.-based Boston Scientific posted profits of $228 million, or 17¢ per share, on sales of $2.11 billion for the 3 months ended Sept. 30, compared with losses of -$198 million during Q3 2015. The top line grew 11.5% for the company during the just-ended quarter. Read more
2. Edwards Lifesciences, a victim of its own success, slides on Q3 sales miss
Edwards Lifesciences saw its share price slide in early trading today after yesterday reporting lower-than-expected sales for the 3rd quarter, a victim, as 1 analyst put it, of its own success.
Irvine, Calif.-based Edwards posted profits of $141.4 million, or 65¢ per share, on sales of $739.4 million, for bottom-line growth of 19.7% on sales growth of 20.1% compared with Q3 2015. Read more
1. Wound care giant Convatec prices $1.8B IPO
Danish wound care and colostomy supply maker ConvaTec today priced an initial public offering that grossed nearly $1.8 billion on the London Stock Exchange.
ConvaTec, which is owned by private equity firms Avista Capital Partners and Nordic Capital, said it put up 33.8% of its shares in the flotation, which could rise to 38.9% if the underwriters fully exercise an over-allotment option. The nearly 660-million-share offering priced at £2.25 per share, for gross proceeds to ConvaTec of £1.47 billion ($1.79 billion). The IPO puts ConvaTec’s valuation at some £4.39 billion ($5.36 billion). Read more
