Abbott (NYSE:ABT) said today that it won FDA clearance and CE Mark approval in the European Union for its DRG Invisible Trial System intended to allow patients with complex chronic pain conditions to receive a trial treatment with the company’s dorsal root ganglion stimulation system. Abbott’s DRG therapy targets the dorsal root ganglion, a structure adjacent to […]
Abbott warns against below-market mini-tender offer
Abbott (NYSE:ABT) yesterday released a notice warning against an unsolicited mini-tender offer by Baker Mills looking to purchase 60,000 shares of Abbott’s stock at $57 per share, lower than the company’s current share price. The tender offer price is 17.9% below Abbott’s closing price yesterday of $69.41, and 22% lower than the company’s $72.79 closing price […]
Ex-AMO chief Mazzo settle insider trading charges for $1.5m
Former Advanced Medical Optics CEO James Mazzo and the U.S. Securities & Exchange Commission agreed to settle insider trading charges related to AMO’s $2.8 billion acquisition by Abbott (NYSE:ABT) in 2009, after two previous trials ended in hung juries. Mazzo agreed to pay $1.5 million but admitted no wrongdoing in the settlement, the SEC said. Federal prosecutors in 2014 accused Mazzo of tipping a close […]
Abbott wins FDA nod for FreeStyle Libre’s mobile app
Abbott (NYSE:ABT) said today that it won FDA approval for a mobile app that is designed for the company’s FreeStyle Libre continuous glucose monitoring system. The FreeStyle LibreLink app allows users to capture and view their glucose data in real-time using their mobile phones. Prior to the mobile app, people using Abbott’s FreeStyle Libre CGM had […]
From Frankenstein to Medical Alley: Earl Bakken remembered
Earl Bakken was eight years old when he saw the movie Frankenstein and became fascinated with the connection between electricity and life. He went on to invent the wearable external pacemaker and co-founded Medtronic in 1949. In 1967, he hired Manny Villafaña to head the company’s international sales division. In 1972, Villafaña started a competing pacemaker […]
Report: Abbott CEO White selects possible successor
Abbott (NYSE:ABT) CEO Miles White may have chosen an eventual successor to take over the corner office, according to a new Forbes report. White, who has been at the head of Abbott for 20 years, named long-time exec Robert Ford as the company’s president and COO, according to the report.The appointment marks the first time an […]
FDA approves Abbott’s HeartMate 3 as a destination therapy
Abbott (NYSE:ABT) said today it won FDA approval for its HeartMate 3 left ventricular assist device, now approved as a destination therapy for patients with advanced heart failure. With the approval, the Chicago-based company said that the device can now be used in patients not eligible for a transplant as a life-long implant. “We partner with […]
Abbott alleges ex-marketing exec lifted its neuromod marketing playbook
Abbott (NYSE:ABT) this week accused a former marketing executive of purloining the marketing playbook for its neuromodulation business on his way out the door to a marketing job at competitor Nevro Corp. (NYSE:NVRO). In a lawsuit filed in the U.S. District Court for Northern Illinois, Abbott alleged that former neuromodulation global marketing product manager Blayne […]
Abbott CEO on Libre: ‘We’re just getting started’
Abbott (NYSE:ABT) posted its third quarter financial results yesterday, meeting its own forecast and the consensus set by analysts on Wall Street. The healthcare giant also narrowed its earnings outlook for the rest of the year. Abbott noted particularly high gains in revenue for its medical device division – sales were up 8.4% to $2.82 billion, in part […]
Abbott slips on narrowed earnings guidance
Abbott shares slipped in pre-market trading today after the company narrowed its earnings outlook for the rest of the year, after just meeting both its own forecast and the consensus Wall Street outlook. The Chicago-area healthcare giant’s profits for the three months ended Sept. 30 were off -6.6% at $563 million, or 32¢ per share, […]
Abbott promotes Ford to COO | Personnel Moves – October 15, 2018
Abbott (NYSE:ABT) said today that it promoted the head of its medical device division, the healthcare giant’s largest segment, to be its new operations chief. In naming former medical devices VP Robert Ford as COO, Abbott said Ford oversaw the integration of St. Jude Medical and was instrumental in the debut of Abbott’s FreeStyle Libre […]
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