3M (NYSE:MMM) announced today that it has resolved a federal court lawsuit in Indiana against an entity called ZeroAqua, halting a fraudulent N95 scheme involving the promise of billions of nonexistent N95 respirators. The lawsuit was among a handful that 3M filed nationwide more than two months ago — part of a larger legal effort in […]
Report: Trump fundraiser tried to cash in on N95 masks
The co-founder of a political action committee that has raised funds for President Donald Trump may have attempted to profit from N95 respirators made by 3M (NYSE:MMM), according to a report by CBS News. The report said that, shortly after Trump invoked the Defense Production Act to obtain 3M’s respirators, Great America PAC (which raised more […]
MedTech 100 roundup: Another rebound as markets continue to fluctuate
Medtech stocks rebounded from a significant dip earlier in June last week, continuing to highlight the topsy-turvy nature of the markets during the COVID-19 pandemic. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 85.00 points at the end of last week (June 19). That total represents […]
COVID-19 lessons learned: 2 manufacturers, a healthcare system and a logistics company share their wisdom
The COVID-19 pandemic put medtech contract manufacturers, OEMs, distributors and healthcare providers in situations for which they were unprepared, particularly with their supply chains. What they learned will undoubtedly help them all going forward, especially if the world faces a second wave or another novel virus. Here are some supply chain lessons learned by a […]
3M settles N95 price-gouging suit
3M (NYSE:MMM) has reached a settlement ending one of its lawsuits against companies selling marked-up N95 respirator masks amid the COVID-19 pandemic. In the filing, dated June 18, 3M moved to dismiss its case against TAC2 Global, a Clearwater, Fla.-based company that “specializes in an extensive selection of specialized tactical gear, ballistic protection and apparel,” according […]
3M announces sizable sales dips in May
3M (NYSE:MMM) announced today that it experienced a -20% sales decline year-over-year for the month of May as the COVID-19 pandemic continues to impact business. The St. Paul, Minn.-based company’s 20% dip brought sales down to $2.2 billion, with organic local-currency sales dropping -21%, although acquisitions and net of divestitures increased sales by 2%. Foreign currency […]
3M sues seller of fake and damaged N95 respirators
3M (NYSE:MMM) announced that it filed a legal action in federal court alleging that a seller on Amazon inflated prices of fake, defective and damaged N95 masks. N95 masks have been in high demand as the COVID-19 pandemic roars on. In April, the U.S. Defense Dept. awarded a $76 million contract to 3M to produce the respirators […]
3M appoints Patolawala as new CFO
3M (NYSE:MMM) announced today that it appointed Monish Patolawala as its new senior VP and chief financial officer, effective July 1. Patolawala is set to succeed Nick Gangestad, who announced that he is retiring, but will stay on through July 31 in an effort to ensure an orderly transition. Gangestad spent 35 years with 3M, according […]
Steris wins second EUA to decontaminate up to 30m respirators per day
Steris (NYSE:STE) has won an FDA emergency use authorization (EUA) for a new steam sterilization method to decontaminate used N95 respirators. The EUA covers the new Steris Steam Decon cycle to decontaminate 3M 1860, 3M 1860S, and 3M 1804 NIOSH-approved N95 respirators that are or might be contaminated with SARS-CoV-2 and other pathogenic microorganisms. The FDA […]
NFL looking at modified facemasks for helmets
NFL Players Association medical director Thom Mayer told ESPN that the league is developing facemasks to protect players from COVID-19. Speaking to ESPN reporter Adam Schefter on The Adam Schefter Podcast, Mayer said the league and Oakley are testing prototypes of helmets with a modified facemask that could contain surgical material or even the material […]
Report: 3M settles respirator price-gouging case
3M (NYSE:MMM) has settled one of several price-gouging lawsuits it filed recently over its N95 respirators, according to a report by Law360. The lawsuit, filed April 30 in federal court in Tallahassee, Fla., had accused Atlanta, Ga.-based 1 Ignite Capital LLC, Institutional Financial Sales LLC, and Auta Lopes of attempting to sell 10 million N95 respirators […]
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