Medtronic (NYSE:MDT) offered early retirement incentives in recent weeks as the world’s largest medical device company seeks to cut costs before the end of its fiscal year in April. The medical device developer and manufacturer has said little about potential job cuts among its ranks, which it reported as more than 95,000 people worldwide at […]
Intersect ENT
Medtronic offered early retirements as medtech industry layoffs mount
Medtronic completes Intersect ENT acquisition
Medtronic (NYSE:MDT) announced that it completed its previously announced $1.1 billion acquisition of Intersect ENT (Nasdaq:XENT). Fridley, Minnesota-based Medtronic announced in August 2021 that it would acquire all outstanding shares of the Menlo Park, California-based sinus implant maker for $28.25 per share in an all-cash transaction. As a result of the transaction, Medtronic acquires Intersect […]
Medtronic must sell Intersect ENT subsidiary to satisfy FTC concerns
The Federal Trade Commission has issued a proposed order to require Medtronic (NYSE:MDT) to sell a subsidiary of Intersect ENT within 10 days of completing its $1.1 billion acquisition of Intersect ENT. The commission announced May 10 that it voted 4-0 to issue its complaint and accept the proposed consent order for public comment. Under […]
Intersect ENT CEO joins Orthofix board
Orthofix (NSDQ:OFIX) announced today that Intersect ENT (NSDQ:XENT) executive Thomas A. West has joined its board of directors. Lewisville, Texas-based Orthofix named West to its board and appointed him to its Compensation and Talent Development Committee. West currently serves as President, CEO & Director of Intersect ENT, which develops drug-delivery devices for ear, nose and […]
MedTech 100 roundup: Industry ticks up again
The medtech industry has been rising for weeks and the latest seven-day stretch was no exception as stocks ticked up again. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week (Aug. 6) at 119.41 points, marking a 0.5% rise from the previous week’s tally of 118.86 […]
Medtronic to acquire Intersect ENT in $1.1B deal
Medtronic (NYSE:MDT) today announced that it has entered a definitive agreement to acquire Intersect ENT (NSDQ:XENT) for $1.1 billion. Medtronic will acquire all outstanding shares of the Menlo Park, Calif.-based sinus implant maker for $28.25 per share in an all-cash transaction. The deal is expected to close toward the end of Medtronic’s 2021–22 fiscal year, subject to […]
Intersect ENT launches VenSure balloon sinus dilation system in U.S.
Intersect ENT (NSDQ:XENT) today announced that it has commercially launched its VenSure balloon sinus dilation system and Cube 4D navigation system in the U.S. Menlo Park, Calif.-based Intersect ENT designed the VenSure balloon and Cube 4D navigation system to be used in procedures that improve debilitating chronic rhinosinusitis (CRS) symptoms. Cube 4D has VirtuEye photo registration […]
Intersect ENT wins CE mark for Propel Contour sinus implant
Intersect ENT (NSDQ:XENT) announced today that it received CE mark approval for its Propel Contour sinus implant. Menlo Park, Calif.-based Intersect ENT designed its Propel Contour sinus implant to maintain patency and reduce inflammation while conforming to the sinus ostia (openings) through mechanical support and steroid delivery where needed to optimize sinus surgery outcomes. Propel […]
Intersect ENT appoints VP of sales
Intersect ENT (NSDQ:XENT) today said it has appointed Mark Alley as VP of sales, effective May 10. Alley most recently served as chief commercial officer at Levita Magnetics. He has more than 20 years of commercial and sales experience and has held numerous leadership roles at Stryker ENT, Spirox and Acclarent. “Mark has a reputation for […]
Intersect ENT posts mixed bag Q4
Intersect ENT (NSDQ:XENT) posted a mixed bag of results for the fourth quarter, topping consensus revenue estimates but missing on earnings. The Menlo Park, Calif.-based company posted losses of –$20.2 million, or –62¢ per share, on sales of $28.2 million for the three months ended Dec. 31, 2020, for a massive bottom-line slide from losses of […]
CMS consolidates coverage for Intersect ENT’s corticosteroid-eluting implant
Intersect ENT (NSDQ:XENT) announced today that it received consolidated Medicare coverage for its Sinuva sinus implant. Menlo Park, Calif.-based Intersect ENT said in a news release that CMS published an average selling price (ASP) for the Sinuva implant, providing predictability, transparency and confidence of reimbursement for providers and payers in the future. Get the full story […]
