The Medical Device Business Journal — Medical Device News & Articles | MassDevice
Say hello to MassDevice +3, a bite-sized view of the top three med-tech stories of the day. This latest feature of MassDevice.com’s coverage highlights our three biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
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3M Co. (NYSE:MMM) may have lost $1.3 million judgment in a long-running lawsuit over its BacLite diagnostic test, but the conglomerate is declaring victory anyway.
A U.K. judge ordered the Minneapolis-area company to pay the damages after finding that the company pulled the test, used to detect methicillin-resistant Staphylococcus aureus, for commercial reasons rather than for 3M’s claim that it pulled the test over fears that it wouldn’t pass regulatory muster.
Shares of 3M Co. (NYSE:MMM) lost nearly 6 percent today after the conglomerate reported a 1.6 percent profit slide for the third quarter and slashed its sales and earnings guidance for 2011.
3M reported profits of $1.09 billion, or $1.52 per share, on sales of $7.53 billion. That’s a top-line increase of 9.6 percent compared with Q3 2010. Wall Street analysts expected $1.61 per share for the latest quarter.
Shares of 3M Co. (NYSE:MMM) lost nearly 6 percent today after the conglomerate reported a 1.6 percent profit slide for the third quarter and slashed its sales and earnings guidance for 2011.
3M reported profits of $1.09 billion, or $1.52 per share, on sales of $7.53 billion. That’s a top-line increase of 9.6 percent compared with Q3 2010. Wall Street analysts expected $1.61 per share for the latest quarter.
New complaints keep rolling in against Johnson & Johnson (NYSE:JNJ) subsidiary DePuy Orthopaedics over its ASR metal-on-metal hip implants.
More than 350 cases were filed in an Ohio court this month alone, all of them directly tied to a case undergoing pre-trial proceedings in the Northern District of Ohio.
3M Co. (NYSE:MMM) came out swinging against two U.K. firms that launched a lawsuit against the St. Paul, Minn. company for allegedly sabotaging a technology it acquired from that firm.
Cincinnati-based contract research organization Kendle International Inc. (NSDQ:KNDL) has solved its “acquire-or-be-acquired” dilemma.
Kendle agreed to sell itself to Raleigh, N.C.-based CRO INC Research LLC for $232 million, according to a statement from the companies.
3M Co. (NYSE:MMM) forced a compression bandage system made by Andover Healthcare Inc. off the market by threatening to seek a legal injunction barring sales of the product.
The St. Paul, Minn.-based company’s subsidiary 3M Innovative Properties Co. won a patent covering its Coban 2 Layer compression bandage products last December and promptly levied a patent infringement lawsuit against Salisbury, Mass.-based Andover Healthcare, which makes a similar product.
Medtronic Inc. (NYSE:MDT) CEO Bill Hawkins led his last earnings call at the medical device company last week, and the Star Tribune last week reported that the company’s new face may be a current board member.
