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 […]
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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 […]
Medtech 100 roundup: Stocks dip slightly after strong start to month
Medtech stocks ticked down over the course of last week as the COVID-19 pandemic continues to bear economic ramifications. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 82.4 points at the end of last week (May 15). That total represents a -1.9% decline from the 83.98-point […]
What medtech’s top CEOs are saying about COVID-19
The COVID-19 pandemic is drying up sales for many large medical device companies, but there’s hope for a recovery later this year. That’s the big message from medtech’s top CEOs as they issue financial predictions and engage in earnings calls with analysts. Governments around the world are calling on medical device companies to make the […]
3M Health Care sales up 5% in April
3M (NYSE:MMM) today reported sales information from April revealing that the company’s health care revenue is up 5% amid the COVID-19 pandemic. St. Paul, Minn.-based 3M reported total sales for the month at $2.3 billion, dropping down 11% year-over-year. The company’s organic local-currency sales declined by 12%. The bump up in sales for the company’s health […]
FDA yanks 60 Chinese companies’ respirators from emergency use list
The FDA has removed respirators made by 60 companies in China from its emergency use authorization (EUA) list for COVID-19 over concerns that they may be “sub-standard.” The list, which had totaled 74 manufacturers when issued April 24, still includes 15 models of N95 respirators made in China by 3M (NYSE:MMM), plus a number of models […]
3M wins federal contracts to further expand U.S. respirator production
3M (NYSE:MMM) announced today that it received two more U.S. Department of Defense contracts to further expand its domestic production of N95 respirator masks. Since January, the Maplewood, Minn.-based company has doubled its global output of respirators to 1.1 billion per year, with 35 million N95 masks produced per month in the U.S. According to a […]
3M, Ford to begin shipping respirators to COVID-19 first responders
3M (NYSE:MMM) and Ford Motor Company announced today that they have begun shipping 10,000 of the jointly developed powered air-purifying respirators (PAPRs) to healthcare workers fighting COVID-19. Production began April 13 at Ford’s Vreeland facility near Flat Rock, Mich., after 40 days of development, according to 3M. 3M said it will sell and distribute the PAPRs […]
Kindeva Drug Delivery launches as independent company from 3M
Kindeva Drug Delivery recently announced that it launched as an independent company, shedding its former 3M Drug Delivery Systems name. The formation of the independent company follows its acquisition by Altaris Capital Partners in a transaction that was worth $650 million. Through the acquisition, 3M will hold a 17% minority interest in Kindeva with Altaris. […]