Say hello to MassDevice +3, a bite-sized view of the top three medtech 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.
3. FDA: Medtronic’s Covidien Puritan Bennett recall is Class I
The FDA issued a recall notice for Medtronic‘s Covidien Puritan Bennett 980 ventilators due to an error that can cause air delivery volume to be lower than necessary.
The FDA has labeled the recall as a Class I, the most serious type of recall issued by the federal watchdog, which indicates “there is a reasonable probability that use of these products will cause serious adverse health consequences or death.” Read more
2. HeartWare plunges on Valtech Cardio buyout
Shares of HeartWare International plunged 20.8% after the company announced a buyout of Israeli replacement heart valve maker Valtech Cardio.
HTWR shares closed at $64.82 apiece yesterday as investors reacted to the highly dilutive terms of the deal, which was worth some $929 million based on HeartWare’s closing price the day before it was announced. It’s now worth about $736 million, based on yesterday’s closing price. Read more
1. Medtronic’s Q1 results beat expectations
Medtronic posted fiscal 1st-quarter sales and earnings that beat the consensus forecast on Wall Street, despite a bottom-line slide, as its mega-merger with Covidien continues to bear fruit.
Fridley, Minn.-based Medtronic reported profits of $820 million, or 57¢ per share, on sales of $7.27 billion for the 3 months ended July 31, representing a -5.9% profit slide on sales growth of 70.2% compared with the same quarter last year, which was shorter by 1 week. Read more
The post MassDevice.com +3 | The top 3 medtech stories for September 3, 2015 appeared first on MassDevice.
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