The workforce reduction trend has swept the economy recently, and unfortunately, the medtech space is not immune to layoffs. You’ve probably read about the ongoing layoffs sweeping the tech industry, media and more. For instance, Yahoo, Disney, Zoom and more all reported workforce reductions as companies across industries grapple with economic pressures. Think inflation, supply […]
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3M layoffs include 1,100 at its Minnesota HQ campus
3M notified the state of Minnesota of its plans to lay off approximately 1,100 employees connected to its headquarters. News of these specific layoffs come hand-in-hand with last month’s announcement that 3M planned to reduce its headcount by 6,000 employees. That followed a previous announcement of 2,500 layoffs in January. It remains unclear how many […]
FDA clears Veraflo therapy dressings from 3M
3M (NYSE:MMM) announced today that it received FDA clearances for its Veraflo therapy with two different dressings. The clearances cover the Veraflo Cleanse Choice Complete dressing and V.A.C. Veraflo Cleanse Choice dressing. 3M said they received the first-ever FDA clearance for hydromechanical removal of infectious materials, non-viable tissue and wound debris. This reduces the number […]
3M is laying off thousands of additional workers
3M announced today that it will reduce its headcount by 6,000 — on top of the previously announced 2,500. It was unclear how many of the jobs are in the company’s Health Care business, which 3M remains on track to spin off. The total 8,500 jobs getting cut represent nearly a tenth of the manufacturing […]
11 of the biggest medtech earnings stories from Q4 2022
Layoffs, growth and more — the biggest medtech companies in the world experienced a range of outcomes in the fourth quarter of 2022. Over the past two months, many of the largest medtech companies across the globe reported their financial results for the three months ended Dec. 31, 2022 (with a handful of exceptions due […]
3M faces more hurdles over earplug lawsuits strategy
Lawyers representing present and former U.S. military members want a U.S. bankruptcy judge to dismiss 3M subsidiary Aearo Technologies’ Chapter 11 filing. The tort claimants committee filed a motion to dismiss in U.S. Bankruptcy Court in Southern Indiana on Feb. 3. They’ve long claimed that having Aearo file for bankruptcy was a strategy to deny […]
Johnson & Johnson, 3M stocks down on ‘Texas two-step’ decision
Johnson & Johnson (NYSE:JNJ) stock dropped more than 3% in value today after a federal appeals court rejected its complex legal maneuver to shield itself from liability in talc-related lawsuits. 3M (NYSE: MMM) — which has also been seeking to do a “Texas two-step” to shield itself from liability in military earplug lawsuits — was […]
3M announces mixed Q4 results, will reduce manufacturing workforce by 2,500
3M (NYSE:MMM) today announced fourth-quarter financial results that missed the consensus earnings per share (EPS) forecast. The company also announced that it plans to reduce its global manufacturing workforce by 2,500. 3M Chair and CEO Mike Roman attributed the decision to a need to align with adjusted production volumes. MMM shares dipped 4.5% at $117.11 […]
3M Oral Care launches custom matrix for restorative procedures
3M Oral Care today launched its Filtek Matrix restorative solution for composite placement. Dental composites are used to restore or improve the esthetics of a patient’s smile, but the gold-standard process can be long and complicated, according to 3M. Filtek Matrix uses a digital restoration design to create a patient-specific matrix that helps clinicians transfer […]
3M’s V.A.C. Therapy hits 2,000 medical journal studies mark
3M (NYSE:MMM) Healthcare’s Medical Solutions Division announced the surpassing of 2,000 published studies for its V.A.C. Therapy. Maplewood, Minnesota-based 3M’s V.A.C. delivers negative pressure wound therapy (NPWT). The company said it’s the only NPWT tech to hit the milestone of 2,000 published, peer-reviewed medical journal studies. According to a news release, V.A.C. therapy accounts for […]
Report: 3M faces losses of $100B in earplug lawsuits
3M (NYSE:MMM) could reportedly see more than $100 billion in losses due to lawsuits regarding allegedly faulty earplugs. Bloomberg reported earlier this week that a litigation consultant hired by lawyers suing 3M suggested that the losses and bankruptcy could come from suits from veterans who blame hearing problems on the company’s earplugs. The report stated […]
