After weeks of flirting with the heights hit before COVID-19 ravaged the markets, medtech stocks finally topped the pre-pandemic high last week. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — spiked up to 93.11 points on Sep. 2, nearly a full point ahead of the pre-pandemic high of […]
Medtronic
The top 5 MassDevice stories of the week — September 4, 2020
Medtronic (NYSE:MDT) and a major development involving medtech reimbursement dominated medical device industry news over the past week. As the week closes out, there’s also a trending story on MassDevice that includes good news: Abbott (NYSE:ABT) is reportedly hiring 2,000 new employees in Illinois to increase manufacturing for its rapid COVID-19 test. Want to hear more about […]
Medtronic touts cryoablation therapy study results
Medtronic (NYSE:MDT) touted results demonstrating the superiority of two of its cryoablation therapy technologies. Fridley, Minn.-based Medtronic said in a news release that trials showed the superiority of the Arctic Front advance cardiac cryoballoon and the Freezor max cardiac cryoablation catheter for the first-line treatment (before drug therapy) of recurrent symptomatic paroxysmal atrial fibrillation (PAF) when […]
Medtronic to save up to $475M a year from restructuring
Medtronic (NYSE:MDT) officials in the coming months will start a major restructuring of the world’s largest medical device company — with expected annual savings of $450 million to $475 million by 2023. The goal, according to a report Medtronic filed with the SEC yesterday, is to take the company’s current groups and reorganize them into “highly […]
FDA approves Medtronic MiniMed 770G insulin pump for young children
The FDA has approved the Medtronic (NYSE:MDT) MiniMed 770G hybrid closed loop-diabetes management system for Type 1 diabetes patients aged 2 to 6 years. The MiniMed 770G is the first-of-its-kind system that can automatically adjust insulin delivery based on continuous glucose monitor values for such young children, according to the agency. The FDA approved an earlier MiniMed […]
MedTech 100 roundup: Industry reaches new heights again
The past month has seen a resurgence from medtech companies in the markets and last week saw the best performance yet. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 90.78 points at the end of last week (Aug. 28). Overall, medtech stocks saw a 1.3% increase […]
CMS agrees to cover ‘breakthrough’ medical devices
Medicare patients will have coverage for medical devices the FDA designates as breakthrough technology under a proposed rule released this morning. Once the Medicare Coverage of Innovative Technology (MCIT) final rule goes into effect, national Medicare coverage will begin on the date a breakthrough device’s FDA market authorization would begin and continue for 4 years. […]
DTW Podcast: Truist’s Kaila Krum says Medtronic prepping for growth
In an interview with DeviceTalks Weekly Podcast, Truist Securities managing director Kaila Krum says Medtronic executives are retooling the company to keep pace with smaller, more focused competitors. Breaking down the company’s Q1 call, Krum says Medtronic is seen as a company that’s too big to grow market share quickly. On the call, new CEO […]
The top 5 MassDevice stories of the week — August 28, 2020
As earnings season concludes and the COVID-19 pandemic roars on, medtech companies continue to find new ways to make waves. This week’s top five MassDevice stories showcase how companies are operating in the “new normal,” as they look toward the post-pandemic future, whenever that may arrive. Strong quarterly earnings, big funding rounds and new innovations in […]
7 technologies to make a ‘new Medtronic’ even more powerful
It’s been four months since Geoff Martha took over the corner office at Medtronic (NYSE:MDT), and it’s becoming clear that he has ambitious plans for the world’s largest medical device company. During the company’s Q1 earnings call on Aug. 25, Martha said management in the coming weeks plans to outline plans for a “new Medtronic” that […]
Medtronic’s recovery ‘faster than expected’ during its Q1
Medtronic (NYSE:MDT) shares ticked up today on first-quarter results that came in ahead of the consensus forecast. The Fridley, Minn.-based company posted profits of $491 million, or 36¢ per share, on sales of $6.5 billion for the three months ended July 31, 2020, for a -44% bottom-line slide on a sales decline of -13.2%. Adjusted to […]