The U.S. Internal Revenue Service reportedly agreed to drastically slash the amount it claims Medtronic (NYSE:MDT) owes on loans between its subsidiaries, from a potential $1.36 billion to just $14 million. Last summer, a federal tax judge found for the Fridley, Minn.-based company in its lawsuit against the IRS over the dispute, which involves “transfer pricing” among the […]
Medtronic
Medtronic launches trial for Visualase MRI-Guided laser ablation device in epilepsy patients
Medtronic (NYSE:MDT) said today that the 1st procedure using the Visualase MRI-Guided laser ablation system has been performed in its SLATE clinical trial evaluating the device in patients with drug-resistant mesial temporal lobe epilepsy. The trial is slated to enroll 120 patients with MTLE, the most common form of epilepsy. Researchers will observe the patients […]
Medtronic wins CE Mark for 6F HawkOne PAD atherectomy system
Medtronic (NYSE:MDT) said today it won CE Mark approval in the European Union for a 6 French version of its HawkOne directional atherectomy device designed for treating peripheral artery disease. The Fridley, Minn.-based company’s device is designed as a treatment for PAD which can operate both above and below the knee. “Directional atherectomy is an established […]
Medtronic wins CE Mark for large-size CoreValve Evolut R replacement heart valve
Medtronic (NYSE:MDT) said today that it won CE Mark approval in the European Union for a 34 mm size of its CoreValve Evolut R replacement heart valve in intermediate-, high- or extreme-risk patients. Fridley, Minn.-based Medtronic said the approval opens the CoreValve Evolut R transcatheter aortic valve replacement as an option for some 20% to […]
Medtronic updates 2017 guidance
Medtronic (NYSE:MDT) today saw shares rise slightly as it released updates to its full year and 2nd half 2017 guidance, staying mostly in line with previous guidance. The Fridley, Minn.-based company said it expects to bring in an $225-250 million through Covidien synergies, in line with previous estimates for $850 million by fiscal year 2018. […]
Analyst: There’s a ‘mismatch’ between expectations and reality for Stryker’s Mako platform
A 51-physician Barclays survey of U.S. hip and knee surgeons today prompted analyst Matthew Taylor to question investors’ expectations for Stryker‘s (NYSE:SYK) Mako robot-assisted surgery platform. Some 22% of the docs surveyed reported using the Mako system, most for partial knee replacement procedures, with 25.5% saying they would use it more in the future, Taylor […]
Appeals court resuscitates Infuse lawsuit against Medtronic
A federal appeals court yesterday resuscitated a shareholders lawsuit accusing Medtronic (NYSE:MDT) of concealing for nearly 10 years the negative side effects of its Infuse bone growth protein. The U.S. Court of Appeals for the 8th Circuit said a lower court judge was wrong to find that the plaintiffs sued too late, by waiting more than 2 years after […]
Medtronic’s Ev3 wins 2nd appeal in ex-rep’s whistleblower lawsuit
A federal appeals court last week dismissed a whistleblower lawsuit filed by a former sales rep for Medtronic (NYSE:MDT) subsidiary Ev3, ruling that the allegations weren’t strong enough to sustain a False Claims Act suit. Whistleblower Jeffrey D’Agostino in October 2010 filed a qui tam lawsuit alleging that Ev3 violated the FCA by promoting its Onyx hydrogel […]
Medtronic supply chain snafu delays Aussie operations
Hospitals in Australia are reportedly running low on medical supplies such as sutures and staples due to a problem with Medtronic‘s (NYSE:MDT) supply chain system. A health department spokesman told The Mercury that some health providers were experiencing delays, but hospitals can share supplies thanks to Australia’s centralized ordering and surgical operations should be unaffected. Some health providers are on […]
J&J’s Ethicon seeks court ruling of non-infringement on Enseal
Johnson & Johnson‘s (NYSE:JNJ) Ethicon and Medtronic (NYSE:MDT) subsidiary Covidien took to court again this week, continuing an ongoing spat over patents related to surgical shears and sealers. Ethicon this week asked a federal judge in Massachusetts to find that its Enseal X1 surgical instrument doesn’t infringe a quintet of patents owned by Medtronic’s Covidien unit. The […]
DeviceTalks Q&A: Verb Surgical CEO Scott Huennekens
Few CEOs have been given the mandate Scott Huennekens was charged with as employee No. 1 at Verb Surgical, the robotics spinout backed by Google (NSDQ:GOOG) and Johnson & Johnson (NYSE:JNJ): Go forth and change the world. “Don’t worry about capital, don’t worry about funding,” Huennekens told MassDevice.com publisher Brian Johnson recently. “Just go out and change the world.” Many CEOs […]