*Updated August 3, 2012, with a statement from Pomona Valley Hospital Medical Center.
Stryker
GOP unveils Obamacare killer | MassDevice.com On Call
MASSDEVICE ON CALL — House Republicans unveiled their latest strategy for striking down President Barack Obama’s Affordable Care Act, now that the Supreme Court has deemed the reform measure largely constitutional.
The strategy hinges on the Supreme Court’s ruling that the ACA is valid, but that is is also a tax.
As such, the bill violates Article I, Section 7, Clause 1 of the Constitution, which states that "All Bills for raising Revenue shall originate in the House of Representatives."
Stryker slides despite Q2 sales, profit increases
Stryker (NYSE:SYK) shares slipped about 3% on Wall Street this morning, despite strong 2nd-quarter numbers and reinforced guidance from the medical device maker.
The Kalamazoo, Mich.-based company posted profits of $325 million, or 85¢ per share, on sales of $2.11 billion for the 3 months ended June 30. That’s a bottom-line gain of 4.8% and a top-line addition of 2.9%.
Ortho outlook: Device makers gain as Biomet reports 7% increase in U.S. sales
Orthopedic device makers posted Wall Street gains today following the release of privately owned Biomet’s preliminary 4th quarter and full-year financial results.
Warsaw, Ind.-based Biomet, considered a beacon of larger trends in orthopedics, said it expects to report a 7% increase in U.S. sales and a 12% increase in international sales for the 4th quarter, although European sales declined 8%.
Medical device tax: Hatch’s bid to attach repeal to small business tax bill falls short in Senate
An effort to insert an amendment repealing the medical device tax into a Democrat-backed bill that would extend tax cuts to small business, fell short in the Senate Thursday, as GOP leaders stepped up efforts to sink the 2.3% levy ahead of its January 2013 implementation.
The amendment to S.2237, or the "Small Business Jobs & Tax Relief Act," sponsored by Sen. Orrin Hatch (R-Utah), did not survive as members of the upper house voted to end debate. GOP lawmakers later prevailed in blocking a vote on the entire bill.
MassDevice.com +7 | The top 7 med-tech stories for the week of July 2, 2012
Say hello to MassDevice +7, a bite-sized view of the top seven med-tech stories of the week. This latest feature of MassDevice.com’s coverage highlights our seven biggest and most influential stories from the week’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
If you read nothing else this weekend, make sure you’re still in the know with MassDevice +7.
FLASH: Stryker recalls pair of metal hip implants, halts global production
MassDevice.com +7 | The top 7 med-tech stories for the week of June 25, 2012
Say hello to MassDevice +7, a bite-sized view of the top seven med-tech stories of the week. This latest feature of MassDevice.com’s coverage highlights our seven biggest and most influential stories from the week’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
If you read nothing else this weekend, make sure you’re still in the know with MassDevice +7.
Did medical device companies avoid “worst case scenario” with SCOTUS ruling?
Uncertainty is bad for business, so in some respects the U.S. Supreme Court’s decision to uphold the the healthcare reform law yesterday morning carries a bit of a silver lining, despite the obvious negative that the excise tax on medical device makers will live on.
If you don’t believe me, ask Katherine Owen, Stryker Corp’s VP of strategy and investor relations, who said as much in an investor’s conference last week.
Medical Device Tax: SCOTUS ruling on healthcare reform a long-term boon for medical device companies
The U.S. Supreme Court’s decision to uphold the healthcare reform law – and therefore the medical device tax – could bode well for medical device companies over the long term, Wall Street analysts say.
Companies have already baked the impact of the 2.3% revenue tax into their assumptions, as have most med-tech investors, the analysts say. That likely means a short-term hit on The Street, as the upside of repeal evaporated this morning, but longer-term growth as 30 million to 40 million new patients gain health insurance.
MassDevice.com +3 | The top 3 med-tech stories for June 26, 2012
Say hello to MassDevice +3, a bite-sized view of the top three med-tech stories of the day. This feature of MassDevice.com’s coverage highlights our 3 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
If you read nothing else today, make sure you’re still in the know with MassDevice +3.