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. Rainbow Medical raises $25m for China ops
Rainbow Medical said yesterday that it pulled down $25 million from a syndicate of Chinese investors for a new operation in the People’s Republic, aimed at promoting “strategic collaborations” there.
“We opened the office in Shanghai to capitalize on China’s fast-growing market for our products and to foster collaborations with Chinese medical device companies,” co-founder & CEO Efi Cohen-Arazi said in prepared remarks. “These investments by leading Chinese industrial and financial entities are an expression of the high esteem with which they view our technologies and the products we are developing. There is a strong demand in the fast-growing Chinese healthcare industry for Rainbow Medical’s breakthrough technologies.” Read more
2. Avedro wins date with joint FDA panel
Avedro said that it won a date with the FDA next week for its corneal cross-linking technology for treating a pair of eye conditions.
A joint meeting of the watchdog agency’s Dermatologic & Ophthalmic Drugs Advisory Committee and its Ophthalmic Devices Panel is slated for Feb. 24, Boston-based Avedro said. Read more
1. Medtronic’s profits jump 30% in Street-beating Q3
Medtronic said that its fiscal 3rd-quarter earnings climbed 30.7% on sales growth of nearly 4% without any contribution from Covidien, which it acquired for $50 billion just after the quarter ended.
Fridley, Minn.-based Medtronic said profits grew 28.2% to $977 million, or 98¢ per share, on sales growth of 3.7% to $4.32 billion for the 3 months ended Jan. 23. Adjusted to exclude 1-time items, earnings per share were $1.01; on Wall Street, analysts were looking for adjusted EPS of 97¢ on sales of $4.25 billion for the quarter. Read more