Medtech layoffs are picking up as 2024 draws to a close. Sean Whooley, Associate Editor, and Chris Newmarker, Editor-in-Chief The medical device industry is closing out the year with a fresh round of layoffs. At this point, MassDevice has reported on more than 22,000 medtech job cuts across the industry since mid-2022. (Have a tip […]
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Solventum raises guidance again after beating The Street in Q3
Solventum (NYSE:SOLV) reported third-quarter results that came in ahead of the consensus forecast on Wall Street. However, shares of SOLV were down 3% to $72.63 apiece in mid-day trading. In its second quarterly earnings report as an independent company, the Maplewood, Minnesota–based 3M Health Care spinoff reported profits of $122 million. That equals 70¢ per […]
Solventum beats The Street in Q1, will report first standalone results in Q2
Solventum (NYSE: SOLV) today posted first-quarter results that beat the overall consensus on Wall Street. The St. Paul, Minnesota-based company spun from 3M reported profits of $237 million, or $1.37 per share, on sales of $1.6 billion for the three months ended March 31, 2024. Sales were up 0.19% from the same quarter last year, […]
Solventum appoints Shirley Edwards to board
Solventum, the 3M healthcare spinoff, today announced the appointment of Shirley Edwards to its board of directors. Edwards, a former partner at EY, will serve on Solventum’s Audit and Talent committees. Her appointment went into effect on April 12. “We are excited to welcome Shirley to our board of directors,” Solventum CEO Bryan Hanson said […]
3M completes Solventum healthcare business spinoff
3M announced today that it completed the spinoff of its Solventum healthcare business as a standalone company. Following the completion of the spinoff, Solventum is now listed on the New York Stock Exchange under the “SOLV” ticker. The 3M board approved the spinoff in March, confirming the effective date for today, April 1. The St. […]
How Solventum plans to create value after spinning out of 3M
Bryan Hanson, soon-to-be CEO of 3M’s Solventum healthcare spinoff, is no stranger to major changes in medtech. He had direct involvement in medtech’s largest spinoff, when Covidien separated from Tyco. Hanson then led the integration of Covidien into Medtronic in medtech’s largest-ever acquisition. While at Medtronic, he also led the divestiture of its Patient Recovery […]
Roman to move out of CEO post at 3M, successor named
3M announced today that it selected William M. Brown to succeed Mike Roman as CEO. Brown’s appointment to the corner office goes into effect on May 1, 2024. Roman will shift to the role of executive chair of 3M’s board of directors with the same effective date. “Bill’s strong track record as a CEO for […]
3M board approves Solventum healthcare spinoff
3M announced last week that its board of directors approved the planned spinoff of Solventum, its Health Care business. Board approval further solidifies the company’s previously announced intent to spin Solventum into a standalone company on April 1. The St. Paul, Minnesota–based manufacturing giant first announced plans to spin off its Health Care unit in […]
3M to spin off Solventum Health Care unit on April 1
3M announced today that it filed an SEC Form 10 to set the planned spinoff of its Solventum Health Care business for April 1. The St. Paul, Minnesota-based medtech company first announced plans to spin off its Health Care unit in June 2022. It named the standalone company, which generates more than $8 billion in […]
3M could reportedly raise up to $12 billion from Solventum spinoff
3M stands to make billions of dollars from spinning off its Health Care business into a new company called Solventum, according to a Star Tribune of Minneapolis report. The newspaper’s report cited a Fitch Ratings report, which said the up to $12 billion from the Solventum spinoff would come in over the next five years. […]
3M says Health Care spinoff still on track
3M stock was down this morning after the company’s 2024 earnings forecast failed to meet expectations. The Maplewood, Minnesota–based manufacturing giant also said it remains on track to spin off 3M Health Care as a new company called Solventum during the year’s first half. “The spin is on track to be completed in the first […]