Philips (NYSE:PHG) announced that it launched the Philips CT 3500, a new high-throughput CT system powered by artificial intelligence (AI). Amsterdam-based Philips designed the new CT system to target the needs of routine radiology and high-volume screening programs. It features a range of image-reconstruction and workflow-enhancing features to deliver consistency, speed and first-time-right image quality. […]
Royal Philips
Philips shareholders vote against relieving management of liability
Royal Philips shareholders voiced their displeasure with management’s handling of the company’s massive respiratory device recall at the annual meeting this week. Shareholders voted down a proposal to relieve the board of management of liability, keeping the potential for investor lawsuits related to the Philips Respironics recall on the table. “This follows the voting guidance […]
Philips launches new image-guided therapy system
Philips (NYSE:PHG) announced today that it launched its image-guided therapy mobile C-arm system 1000, called Zenition 10. The latest edition to the Zenition mobile C-arm series helps to expand patient access to routine surgical care and minimally invasive procedures. Now commercially available, the Zenition 10 utilizes Philips’ state-of-the-art flat panel detector technology for cost-effective, high-quality […]
Philips stock rises on Q1 results, recall litigation provision news
Philips reported first-quarter sales growth, plus a litigation update around its ongoing Respironics recall. Shares of PHG ticked up 14% at $21.70 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 0.1%. Sales for the Dutch medtech giant increased by 6% year […]
Philips plans to reduce global workforce by another 6,000
Philips (NYSE:PHG) reported fourth-quarter results that felt the impact of its massive Respironics recall and supply chain issues. The company also said it is cutting 6,000 jobs worldwide. The layoff comes on top of a workforce reduction of 4,000 that Philips announced in October. The Dutch medtech giant continues to work through a recall involving […]
GE HealthCare, Philips promote role of AI in imaging
GE HealthCare and Philips (NYSE:PHG) recently announced developments in AI-powered imaging technology. SIGNA Experience, a GE HealthCare platform including four technologies, helps users through their diagnostic journey. It aims to ensure the smoothest MRI scanning experience for physicians, technologists and patients. According to a news release, the platform features an intuitive user interface for high-quality […]
New Philips CEO says he is ‘deeply sorry’ over Respironics recall
Royal Philips’ new CEO Roy Jakobs has apologized for the company’s ongoing massive Respironics recalls. Since April 2021, the FDA has received more than 69,000 medical device reports, including 168 reports of death, related to sound abatement foam breaking down in CPAP and BiPAP ventilators and other respiratory devices. (Note: The FDA’s MDR system is […]
The 10 largest medtech employers — and what their employees really think
Employees of the 10 largest medtech employers are happy to be a part of companies having a positive impact on patient populations. That was one major takeaway as MassDevice compiled some current and former employee reviews posted on Glassdoor. Medtronic, Philips and Johnson & Johnson MedTech top the list of largest medtech employers. The 10 […]
Philips names Roy Jakobs as CEO amid ventilator, CPAP recalls
Philips (NYSE:PHG) today announced that it plans for Roy Jakobs to succeed Frans van Houten as president and CEO, effective October 15. The Amsterdam-based company’s supervisory board and CEO van Houten have agreed that it is time for a change in leadership as his third term in the corner office ends. The board unanimously decided to […]
Philips stock down on news of supply chain woes, consent decree talks with DOJ
Philips (NYSE:PHG) shares took a hit today on second-quarter earnings that were adversely affected by supply chain headwinds. CEO Frans van Houten also broke the news during today’s earnings call that the U.S. Department of Justice, acting on behalf of FDA, provided a proposed consent decree on July 18 following inspection of the Dutch medtech […]
Philips updates on testing results for recalled ventilators
Royal Philips (NYSE:PHG) says only a small portion of returned respiratory devices displayed the sound abatement foam degradation that sparked a massive recall. Repeated ozone cleaning may have made the problem worse. Those were some of the major takeaways from an update Philips provided today on a comprehensive test and research program it implemented after […]