Shares of St. Jude Medical (NYSE:STJ) clawed back some of the value lost yesterday in what 1 waggish analyst termed a “Greek tragedy.”
STJ shares closed down 3.3% yesterday at $39.96 when the company revealed a $56 million writedown after a Greek distributor failed to pay up for an estimated 2 years worth of sales.
The families of 2 patients who died on the operating table during spine surgery involving the use of Synthes’ Norian XR bone cement are suing the company and 4 former executives for wrongful death and elder abuse, according to the Philadelphia Inquirer.
The lawsuit, filed in California Superior Court, was brought by the families of Ryoichi Kikuchi and Barbara Marcelino, both 83. They died after surgeons injected the bone cement during their procedures, but there is no definitive link between their deaths and use of the cement as a cause of death, according to the newspaper.
Campbell Rogers is leaving his post as chief scientific officer for Johnson & Johnson’s (NYSE:JNJ) Cordis Corp. – a role created for him in July 2006 – to take the chief medical officer job at startup HeartFlow.
The volatility of the stock markets last year was mirrored in the venture capital arena, according to Mark Heesen, president of the National Venture Capital Assn.
"Be prepared for a roller coaster ride here, because that’s where we’ve been for the past year – and that’s where we’re going," Heesen told Xconomy.
The sales slump endured by the medical industry as the economic crisis hit may be over, according to Johnson & Johnson CEO William Weldon.
That means procedure volumes for elective surgeries could rebound, Weldon told Bloomberg after the company released its financial results for the 4th quarter and 2011.
The Affordable Care Act’s provision covering contraception could be an "inflection point" for Conceptus (NSDQ:CPTS) and its Essure female sterilization system, new CEO Keith Grossman told Leering Swann analysts last month.