Royal Philips (NYSE:PHG) announced today that it initiated repair and replacement programs for its recalled sleep therapy devices. Amsterdam-based Philips in June issued an urgent medical device recall for its DreamStation continuous positive airway pressure (CPAP) devices, with the FDA classifying the recall as Class I, the most serious kind, in July. The recall has […]
Philips
MedTech 100 roundup: Industry reaches another high point
The medtech industry is continuing its massive 2021 boom, with the past week marking yet another record in the markets. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week (Aug. 27) at 121.05 points, representing a 1.2% rise from the 119.63-point mark set a week before. […]
Philips faces lawsuits, congressional scrutiny over serious sleep devices recall
Royal Philips (NYSE:PHG) is facing scrutiny and legal action amid a serious recall involving millions of its sleep therapy devices. A number of plaintiffs across the U.S. and Canada have filed class-action lawsuits and personal injury claims in response to the recall, which FDA last month designated the as Class I — the most serious […]
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 […]
ResMed hits supply chain constraints as it responds to major Philips recall
ResMed (NYSE: RMD) saw a dramatic surge in demand for its sleep and respiratory care products after a serious recall knocked competitor Philips out of the market for a year, according to CEO Mick Farrell. But Farrell also explained during ResMed’s Q4 earnings call yesterday evening that the San Diego–based company is running into supply […]
BREAKING: Philips hit with another Class I-level respiratory devices recall
FDA today announced today another serious recall involving Royal Philips (NYSE:PHG) respiratory devices. The recall — which Philips Respironics announced in an “Urgent Field Safety Notice” letter on June 18 — involves thousands of V60 Plus ventilators and all V60 ventilators upgraded to enable high flow therapy (software version 3.00 and 3.10). If the oxygen […]
MedTech 100 roundup: Industry climbs with earnings season in full swing
Better-than-expected quarterly earnings are providing a further boost to medtech industry stocks. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week (July 30) at 118.86 points. Two weeks ago aside — when the index shot up to 145.88 points and quickly tumbled down — this mark […]
Recall may have knocked Philips out of sleep devices market for a year
Royal Philips (NYSE:PHG) is no longer taking orders of sleep therapy systems as it handles a serious recall involving millions of the devices. “As a consequence of the prioritization of the repair or replace actions, we are currently not taking new orders for sleep therapy systems while masks and other consumables, of course, continue to […]
Philips CPAP recall is Class I
FDA today designated a Philips recall of certain sleep and respiratory devices as Class I, its most serious level. Devices in the recall number in the millions, according to FDA’s database. There have been more than 1,200 complaints and more than 100 injuries involving polyester-based polyurethane (PE-PUR) sound abatement foam breaking down. The foam has […]
Philips wins breakthrough nod for laser-assisted IVC filter removal device
Royal Philips (NYSE:PHG) announced today that it received FDA breakthrough device designation for its laser-assisted IVC filter removal device. Amsterdam-based Philips designed its laser-assisted inferior vena cava (IVC) filter removal device to ablate tissue to remove an IVC filter when previous methods of removal have failed, according to a news release. IVC filters are used […]
Philips enters partnership for stroke tech, enrolls first patient in stroke study
Royal Philips (NYSE:PHG) announced a strategic partnership and a clinical trial milestone for its expanded stroke treatment capabilities. Amsterdam-based Philips yesterday confirmed a strategic partnership with medtech stroke care company Nico.Lab that will use Philips’ Azurion image-guided therapy system to advance stroke treatment. Additionally, the company announced the enrollment of the first patient in a […]
