President Donald Trump yesterday invoked the Defense Production Act to reduce supply-chain problems for certain manufacturers to produce ventilators. In the executive order, the president gave the secretaries of the departments of Health & Human Services and Homeland Security the power to secure materials for General Electric (NYSE:GE), Hillrom (NYSE:HRC) , Medtronic (NYSE:MDT), ResMed (NYSE:RMD), Philips (NYSE:PHG) and Vyaire Medical. Ventilator […]
Elon Musk criticized for donating sleep apnea ventilators
Tesla co-founder & CEO Elon Musk is receiving criticism after the more than 1,000 ventilators he donated for COVID-19 relief were reportedly not the specific kind for use in intensive care units. According to a report in the Financial Times, among the 1,255 donated FDA-approved ventilators from ResMed (NYSE:RMD), Philips (NYSE:PHG) and Medtronic (NYSE:MDT) that were part […]
U.S. ventilator manufacturing is rapidly expanding: Here’s how
Amid a shortage of life-saving ventilators due to the coronavirus pandemic, medical device companies are rapidly expanding production, trade group AdvaMed reported today. Respiratory device companies that belong to AdvaMed have boosted ventilators production to 2,000–3,000 per week — and expect to soon reach 5,000–7,000 ventilators per week. Last year, the same companies were making […]
Elon Musk says he delivered more than 1,000 ventilators to U.S.
Tesla co-founder & CEO Elon Musk confirmed on Twitter that he orchestrated the delivery of more than 1,000 ventilators to the U.S. California Governor Gavin Newsom initially announced last night that Musk delivered 1,000 ventilators to the state. After some back-and-forth discussion on the social media platform regarding where Musk got the devices, the entrepreneur […]
7 ways the coronavirus is affecting medtech
Medtech companies face some tough times as the deadly coronavirus pandemic gains steam. But could this be the medical device industry’s Dunkirk, too? Just days ago, MassMEDIC president Brian Johnson made a call-out on LinkedIn for people to send ideas about how Massachusetts medical device companies could help fight COVID-19. He drew an analogy to […]
ResMed ventilators recall is Class I
FDA today designated a ResMed (NYSE:RMD) recall of certain Stellar non-invasive and invasive ventilators as Class I — the agency’s most serious level. The sound alarm on the ventilators may not work if the device has a failed electronic part, is stored without AC power for more than 36 hours, and powers on automatically when connected […]
ResMed part of $28m fundraise for Nyxoah and its neuromod sleep disorder tech
Nyxoah has raised €25 million (nearly $28 million) in its latest fundraising round, with CPAP maker ResMed (NYSE:RMD) joining as a new shareholder. Nyxoah is a Mont-Saint-Guibert, Belgium–based company with a battery-free, leadless and minimally invasive neurostimulator to treat obstructive sleep apnea. It gained a CE Mark for its Genio system last year. Cochlear (ASX:COH) and several […]
ResMed posts strong 2Q growth
ResMed (NYSE:RMD) shares crept up today on second-quarter results that soundly beat the consensus forecast. The San Diego–based respiratory treatment device maker posted profits of $160.6 million, or $1.10 per share, on sales of $736.2 million for the three months ended Dec. 31, 2019, for a 28.9% bottom-line gain on sales growth of 13.1%. Adjusted to […]
ResMed settles kickback allegations for $37.5 million
This article has been updated with comments from ResMed. ResMed (NYSE:RMD) has agreed to pay more than $37.5 million to settle five whistleblower lawsuits claiming the company paid kickbacks to doctors, sleep labs and medical equipment suppliers to obtain customer referrals, according to the U.S. Department of Justice. Federal prosecutors alleged that San Diego-based ResMed: […]
Federal appeals court dismisses appeal in Resmed, Fisher & Paykel patent case
A federal appeals court in Washington, D.C. has dismissed a Fisher & Paykel Healthcare (NZE:FPH) appeal of a breathing masks patent decision involving ResMed (NYSE:RMD). The two companies already settled all outstanding patent infringement disputes worldwide in a deal announced in February, with Resmed then seeking to dismiss Fisher & Paykel’s appeal of the U.S. Patent […]
ResMed surges on fiscal Q1 beats
ResMed (NYSE:RMD) shares surged in premarket trading today after the respiratory company posted fiscal first-quarter numbers that topped the consensus forecast. San Diego-based ResMed posted profits of $120.1 million, or 83¢ per share, on sales of $681.1 million for the three months ended Sept. 30, for a 13.6% bottom-line gain on sales growth of 15.8%. Adjusted […]
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