Baxter (NYSE:BAX) issued an urgent medical device correction for its Life2000 ventilation system due to potential oxygen desaturation. Patient oxygen desaturation (low blood oxygen) events can occur under certain conditions. These may happen when the Life2000 system connects with a third-party oxygen concentrator. Hillrom — acquired by Baxter for $12.5 billion in 2021 — manufactures […]
Baxter
11 of the biggest medtech earnings stories from Q4 2022
Layoffs, growth and more — the biggest medtech companies in the world experienced a range of outcomes in the fourth quarter of 2022. Over the past two months, many of the largest medtech companies across the globe reported their financial results for the three months ended Dec. 31, 2022 (with a handful of exceptions due […]
Baxter appoints three executives for new operating model
Baxter (NYSE:BAX) announced three new executives as part of a leadership reshuffle as it moves forward with a cost-cutting restructuring plan. Last month, Baxter announced plans to spin off its renal care and acute therapies units. That includes a restructuring plan that saw layoffs of up to 5% of the company’s global workforce last week. In […]
Baxter to reduce costs, cut workforce by less than 5%
Baxter (NYSE:BAX) shares took a hit today as mixed fourth-quarter results included plans for restructuring and workforce reductions. Shares of BAX dipped 11.4% at $40.48 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 12.2%. The company’s quarterly results included an update […]
Baxter, Miromatrix partner on liver failure research
Baxter (NYSE:BAX) and Miromatrix Medical (Nasdaq:MIRO) today announced a collaborative research agreement on acute liver failure (ALF) treatments. As part of the collaboration, Eden Prairie, Minnesota-based Miromatrix created a new liver therapy. The therapy, called MiroLiverELAP, combines a Miromatrix single-use bioengineered liver with Baxter’s PrisMax system. Miromatrix designed the MiroLiverELAP to provide external support to […]
Baxter to spin off renal care, acute therapies units
Baxter (NYSE:BAX) announced today that it laid out a strategic roadmap for the future that includes the spinoff of two business units. The company plans to spin its renal care and acute therapies units into an independent, publicly traded company. It expects the company to stand alone in the next 12 to 18 months. Baxter’s […]
Baxter’s smart incontinence pad recall is Class I
The FDA issued a notice declaring the Baxter (NYSE:BAX) WatchCare incontinence management system (IMS) recall as Class I, the most serious kind. Baxter last month issued an urgent medical device correction for the WatchCare IMS. The system appears to radiate radiofrequency (RF) that may affect other devices on caregivers and patients. The list of potentially […]
Baxter records $3.1B impairment over Hillrom acquisition
Baxter (NYSE:BAX) today posted third-quarter results that were in line with estimates on Wall Street, but it lowered its outlook for the remainder of the year amid macroeconomic headwinds. The Deerfield, Ill.–based company — maker of renal care products, drug delivery devices and more — also recorded impairment charges of $3.1 billion related to its […]
Baxter’s smart incontinence pad system has an RF problem
Baxter (NYSE: BAX) recently announced an Urgent Medical Device Correction for its WatchCare incontinence management system. The Oct. 21 announcement said that the WatchCare system was meant to comply with the most recent radio frequency standards. However, it appears to radiate RF that may affect other devices on caregivers and patients. In all but two […]
Recall of Baxter Clearlink due to risk of leaks is Class I
The FDA announced today that the recall of the Clearlink basic solution set with Duovent from Baxter (NYSE:BAX) is Class I, the most serious kind. Clearkink with Duovent is part of a system for administering drugs and solutions to patients. The majority of the sets are used for the delivery of hazardous drugs (chemotherapy). Increased customer reports […]
Baxter is reportedly considering a sale of its kidney care businesses
Baxter (NYSE:BAX) is reportedly weighing the divestiture of its renal care services and hemodialysis business. According to a Bloomberg report, the company is considering splitting with its kidney care businesses as part of a refocusing effort after its $12.5 billion acquisition of Hillrom last year. The outlet cited anonymous sources familiar with the matter. The […]