The medical technology industry put more into share buybacks and dividends to investors than it spent on R&D last year and that’s not good for its long-term prospects, according to a new report from Ernst & Young. The advisory firm’s 12th annual “Pulse of the Industry” report looked at therapeutic device, diagnostic, drug delivery and analytical/life […]
The medical device industry is growing at a healthy and steady pace, according to new reports that EY and Evaluate released today during AdvaMed’s annual Medtech Conference. “The results of this year’s report is a direct contrast to last year and tells a positive story about the future of the medtech industry,” said EY partner […]
The market for initial public offerings in the U.S. hit a high this year not seen since the tech bubble burst in the early 2000s, with more than 222 IPOs expected before the end of 2013.
The 6 offerings priced Dec. 11 brought the annual IPO total to 218, beating the post-bubble peak of 217 reached in 2004 and eclipsing the most recent high of 213 in 2007, according to Renaissance Capital.
MASSDEVICE ON CALL — Initial public offerings in the medical device sector raised half as much during the fiscal year that ended in June as they did during the previous year, a new report found.
The lull is likely related to ever-growing gap between the biggest and smallest companies in the industry, a disparity that has "closed and locked" the IPO opportunity for young firms, according to an analysis from the accounting firm Ernst & Young.
The medical device industry has "lost" about $131 billion in revenues since the financial collapse of 2008, according to analysts at Ernst & Young.
The findings, taken from the audit firm’s annual "Pulse of the Industry" report, paint a glum picture for the medtech industry, once considered to be "recession proof."
MASSDEVICE ON CALL — Pharmaceutical management services giant Express Scripts Holding Co. sued accounting firm Ernst & Young, claiming that an E&Y employee sneaked into Express Scripts offices to steal trade secrets.
Express Scripts fingered Don Gravlin, a partner at E&Y, for the alleged misconduct, saying Gravlin and the company "were possessed with an evil motive" in stealing more than 20,000 pages of pricing information, projections and other confidential data, according to the legal complaint.
MASSDEVICE ON CALL — Republican presidential hopeful Rick Santorum told CNN that he supports privatizing Medicare and wants to eliminate the Centers for Medicare & Medicaid Services.
Santorum said that private-sector competition should completely replace the government’s role in health care.
The Japanese arm of auditing firm Ernst & Young is setting up an external review panel to determine how it and previous auditor KPMH could have missed Olympus Corp.’s (TYO:7733) $1.7 billion accounting scam.
Ernst & Young, which took over as auditor for the Tokyo-based technology giant in 2009, said that while it conducted an internal review of the audits and found no problems, it decided to solicit an external expert in light of the case’s public attention.