General Electric (NYSE:GE) said today that it plans to spin out its GE Healthcare subsidiary as a stand-alone, publicly traded entity to focus on its aviation, power and renewable energy businesses. The Boston-based industrial conglomerate also said it’s planning an “orderly separation” from its 62.5% stake in BHGE oil and gas servicing and equipment unit over the next […]
General Electric
Medtronic taps former JP Morgan analyst Weinstein for strategy SVP | Personnel Moves – May 7, 2018
Medtronic (NYSE:MDT) said today it tapped former J.P. Morgan Chase & Co. analyst Mike Weinstein as its strategy senior VP. Prior to joining Medtronic, Weinstein served as a managing director for JP Morgan’s equity research healthcare team, holding positions within the unit for more than 20 years, the Fridley, Minn.-based company said. “We are excited to […]
Biolase CEO Flynn steps down | Personnel Moves – April 13, 2018
Biolase (NSDQ:BIOL) said this week its CEO Harold Flynn has resigned from the company to pursue other interests, and that current CFO John Beaver will step in to act as interim CEO. The transition will be made immediately, the Irvine, Calif.-based company said. “I would like to thank Harold for the leadership and commitment he has […]
GE sells value-based healthcare division for $1B
General Electric (NYSE:GE) said today it is selling its value-based healthcare division to private equity investment firm Veritas Capital in a $1.05 billion cash deal. Through the deal, GE will divest itself of the enterprise financial management, ambulatory care management and workforce management divisions that make up its value-based healthcare business, the company said. “We’re confident this […]
Former GE CEO Jeff Immelt had a lasting impact in medtech: Here’s how
No matter how you feel about his tenure leading the industrial conglomerate, former GE CEO Jeff Immelt helped shape medtech by filling the industry’s corner offices with former employees. The right leader at the right company, at the right time, can have an effect that last decades – not only through their own actions but […]
GE Healthcare’s Q4 numbers rise despite parent’s slide to red ink
General Electric (NYSE:GE) saw its fourth-quarter and annual numbers slide, but its GE Healthcare division managed to increase its sales and profits for both periods. GE Healthcare’s Q4 profits rose 12.5% to $1.16 billion on sales growth of 5.9% to $5.40 billion; full year profits were up 9.1% to $3.45 billion on sales growth of 4.5% […]
Report: General Electric mulls carveouts after $6B insurance charge
General Electric (NYSE:GE) is reportedly eyeing a carveout after posting a $6.2 billion after-tax charge for its GE Capital Insurance portfolio for the fourth quarter. Boston-based GE said it will take a $9.5 billion pretax charge related to GE Capital’s North American Life & Health,an old portfolio of long-term care insurance. The after-tax impact of $6.2 […]
Cerner taps former head of Philips North America to take over corner officer | Personnel Moves January 11, 2018
Cerner Corp. (NSDQ:CERN) said yesterday that it named Brent Shafer to serve as chairman & CEO effective Feb. 1. Shafer previously served as CEO of Philips‘ (NYSE:PHG) North America business. Cerner’s co-founder Cliff Illig has been serving as interim CEO and chairman of the board since July last year. Illig said he plans to resume […]
GE to refocus on healthcare, other select divisions
GE (NYSE:GE) said this week it aims to narrow its business focus to healthcare, power and aviation, according to a Reuters report. The move comes as part of a maneuver the company hopes will center it behind the businesses with the most growth potential. GE will also focus on sectors where it has innovative technology, appropriate […]
These medical device companies are holding the most cash offshore
Several medical device companies are among the S&P 500 companies that have parked nearly $1 trillion in cash overseas. The list of the 50 companies with the most cash offshore, compiled by Bloomberg, comes as Capitol Hill mulls a tax reform plan that would in part encourage companies to repatriate that money. During last year’s […]
Stryker inks 3D printing deal with GE Additive
Stryker (NYSE:SYK) today said it inked a deal with GE Additive, the 3D printing arm of GE Healthcare (NYSE:GE), for the equipment to build out its additive design and manufacturing facilities. Stryker, which has already bought 3D printing machines from Arcam and Concept Laser, said the new deal involves machines, materials and services it will buy from […]