The nationwide shortage of N95 respirators needed by healthcare workers and others during the coronavirus pandemic shows no indications of letting up, according to an article in today’s Washington Post. The newspaper cites a lack of inter-industry cooperation on N95 production, the Trump administration’s use of the Defense Production Act to force companies to make […]
MedTech 100 roundup: Another high as stocks tick up
For the third consecutive week, stocks in the medtech industry reached heights not yet seen since the COVID-19 pandemic began. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 89.65 points at the end of last week (Aug. 7). Overall, medtech stocks saw a 0.72% increase from […]
3M lays off another 1,700 workers
3M (NYSE:MMM) laid off another 1,700 workers during its second-quarter — with many of the jobs related to the company’s divested drug delivery business. The layoff — announced as part of an SEC filing on July 28 — comes after the Maplewood, Minn.–based manufacturing conglomerate said early this year that it would lay off 1,500 workers […]
MedTech 100 roundup: Industry hits another mid-pandemic high
Despite a minor regression week-over-week, the medtech industry’s stocks hit another milestone as the COVID-19 rebound remains in progress. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 89.01 points at the end of last week (July 31). Overall, medtech stocks saw a -0.3% increase from the […]
3M dips on missed Q2 projections
3M (NYSE:MMM) shares took a hit today on second-quarter results that came up short of the consensus forecast. The St. Paul, Minn.-based company posted profits of $1.3 billion, or $2.22 per share, on sales of $7.2 billion for the three months ended June 30, 2020, for a 14.5% bottom-line gain on a sales decline of -12.2%. […]
3M, MIT working on paper-based, rapid COVID-19 test
3M (NYSE:MMM) announced today that it is working with Massachusetts Institute of Technology (MIT) researchers to develop a paper-based, rapid test to detect the virus that causes COVID-19, with the potential to manufacture millions of tests per day. The test would detect viral antigens and deliver “highly accurate results within minutes” via a paper-based device, according […]
3M resolves N95 fraud case in Indiana
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 […]
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