Some U.S. hospitals are facing short supplies of N95 respirator masks from 3M (NYSE:MMM) as the global coronavirus outbreak ramps up, according to a report in The New York Times. “I can tell you my other colleagues across our multiple hospitals are really rationing,” Dr. Susan Ray, an infectious disease specialist at Grady Memorial Hospital in […]
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Medical device company stocks aren’t immune from coronavirus
Major U.S. medical device company stocks have generally performed as poorly as others over the past two weeks as the global coronavirus outbreak drive markets down. Among 20 of the largest U.S. companies on Medical Design & Outsourcing and MassDevice‘s annual Big 100 list, both the average and median decline in price was roughly 17% […]
How medtech companies are responding to the deadly coronavirus outbreak
Medical device companies all over have felt the impact of the coronavirus pandemic that originated in China. The latest figures from the World Health Organization (WHO) show that at least 600 people have died — almost all of them in China — with tens of thousands of confirmed coronavirus cases in dozens of countries. Demand […]
3M posts wider-than-forecast losses in Q4 results, will cut 1,500 jobs
3M (NYSE:MMM) posted fourth-quarter results today that matched the revenue consensus forecast on Wall Street but significantly missed on earnings — with the company announcing plans to cut 1,500 jobs amid a reorganization. 3M Healthcare Q4 sales were up 25.4% year-over-year. The Maplewood, Minn.–based company reported profits of $969 million, or $1.66 per share, on sales […]
3M lays off 20 employees at Acelity
3M (NYSE:MMM) has laid off about 20 employees at recently acquired wound care giant Acelity. The news comes about two months after eight top executives left San Antonio, Texas–based Acelity, which 3M acquired for $6.7 billion in October 2019. 3M said in a statement shared with MassDevice that it continues to integrate Acelity into its operations. […]
3M to sell drug-delivery biz to Altaris Capital Partners for $650m
3M (NYSE:MMM) announced today that it entered into an agreement to sell most of its drug-delivery business to an affiliate of Altaris Capital Partners for approximately $650 million. St. Paul, Minn.-based 3M will retain its transdermal drug delivery components business, according to a news release. The business being divested has annual global sales reaching approximately […]
Report: 3M may sell off its drug-delivery business for $1 billion
3M (NYSE:MMM) may try to sell off its drug-delivery business in a deal that could fetch $1 billion, according to a report by Bloomberg. The drug delivery division makes transdermal drug patches, microneedle delivery systems, nasal devices, oral inhalers and packaging films for drug delivery. 3M is also developing a smart inhaler and is looking for pharmaceutical […]
3M issues safety notice for Durapore Advanced surgical tape
3M Deutschland (NYSE:MMM) recently issued an urgent field safety notice to warn of issues with its Durapore Advanced surgical tape. The Maplewood, Minn.–based company said in the notice — reported out of Germany — that its tape product meets all safety and efficacy criteria. However, long-term exposure of the Durapore Advanced surgical tape to continuous high-moisture […]
8 execs exit Acelity after 3M takeover
Eight top executives have departed wound care giant Acelity following its recent $6.7 billion purchase by 3M (NYSE:MMM), according to a report in the San Antonio Express-News. The executives include Acelity CEO Andrew Eckert, president & COO Gaurav Agarwal, CFO Tracy Jokinen, general counsel John Bibb, international president Ramesh Subrahmanian and Rohit Kashyap, president of global […]
3M slides on guidance cut despite Q3 earnings beat
Shares in 3M (NYSE:MMM) slid in pre-market trading today, despite third-quarter earnings that topped estimates, after the industrial conglomerate cut its outlook for the rest of the year. St. Paul, Minn.-based 3M posted profits of $1.58 billion, or $2.72 per share, on sales of $7.99 billion for the three months ended Sept. 30, amounting to a […]
3M closes $6.7B Acelity buyout
3M (NYSE:MMM) last week closed the $6.7 billion buyout of wound care giant Acelity from the private equity consortium that took the company private back in 2011. San Antonio, Texas-based Acelity, which had registered for an initial public offering a month before 3M floated its offer, was formed after Apax Partners and a pair of Canadian pension […]