Electromed (NSDQ:ELMD) CEO Robert Hansen said the company expects its sales and earnings numbers to slide for the 2nd quarter and 2nd half of 2012, after a sales force restructuring hit its top line.
Stryker
Feds drop charges against former Stryker Biotech rep
Federal prosecutors dropped all charges against 1 of the former Stryker Biotech sales managers charged with illegally promoting the off-label use of two bone growth products and of lying to the FDA.
Former Stryker Biotech president Mark Philip was named alongside sales managers David Ard, Jeff Whitaker and William Heppner, in a grand jury indictment on charges of wire fraud and conspiracy in 2009. Stryker Corp.’s (NYSE:SYK) biotech arm and Philip were also charged with making false statements to the FDA.
Bard sues AngioDynamics, Smiths Medical over access port patents | Legal News
Feds open up case against Stryker Biotech
The federal trial against Stryker Biotech and 3 former sales managers began in Boston on Thursday, with prosecutors saying that the company put patients at risk by illegally marketing a combination of its bone-healing products without FDA approval.
Assistant U.S. Attorney Susan Winkler told a jury that the Hopkinton, Mass.-based division of Stryker Corp. (NYSE:SYK) never studied the mixture of the products clinically, yet still promoted it to surgeons.
China’s med-tech market to grow 17% in 2012 | MassDevice.com On Call
MASSDEVICE ON CALL —China’s medical device market is set to grow 17% in 2012, according to a Citigroup hospital survey.
Major medical equipment in the Chinese market include medical monitors and life support, diagnostic imaging, in vitro diagnostics and therapeutic systems.
MassDevice.com +3 | BSX aims for double-digit EPS growth, St. Jude’s Libra helps Parkinson’s patients, Judge grants ex-Stryker Biotech exec’s request to sever charges in fraud case
Say hello to MassDevice +3, a bite-sized view of the top three med-tech stories of the day. This latest feature of MassDevice.com’s coverage highlights our three 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.
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Stryker predicts double-digit earnings growth in 2012
Stryker Corp. (NYSE:SYK) said sales jumped 13.5% in 2011, a feat officials say they are unlikely to accomplish in 2012 even as they are predicting strong earnings growth.
In a preliminary earnings report, the Kalamazoo, Mich.-based orthopedic giant reported $8.3 billion in sales during 2011, compared to $7.3 billion during the same period last year.
For the 3-month period ended Dec. 31, 2011, Stryker said sales were $2.2 billion, an 11% increase from the $2.0 billion for the same period last year.
Judge grants ex-Stryker Biotech exec’s request to sever charges in fraud case
A Massachusetts federal judge has granted a request by former Stryker Biotech president Mark Philip to sever charges against him in an ongoing government case that alleges the company, along with former executives, committed conspiracy to defraud the FDA, conspiracy to commit wire fraud and wire fraud.
The decision by U.S. District Judge George O’Toole Jr. means Philip will be able to use communications he had with Stryker Biotech lawyers, which would otherwise fall under attorney-client privilege, in his defense.
GPOs: Novation and Premier tout new supply contracts
Group purchasing organizations Novation and Premier inked 8 new supply contracts for OR integration and automation systems, dialysis equipment and patient monitoring equipment.
MassDevice.com +7 | Synthes goes after Stryker, Oridion shares drop after import ban, FDA aims at reused med-tech, Accuray and Siemens amend ties, SNN spins out biologics unit, FDA releases December recalls and St. Jude expands in Plymouth
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.
GPOs: Premier rolls out 6 new supply contracts
Group purchasing organization goliath Premier health care alliance inked 6 new supply deals for surgical endoscopy, video and MRI compatible equipment.
Premier signed 3 new agreements for surgical endoscopy and video equipment with Olympus America (TYO:7733), Gyrus ACMI and Kalamazoo, Mich.-based med-tech titan Stryker Corp. (NYSE:SYK) .