MassDevice Archives - Page 131 of 587 - Medical Design Sourcing

Bioventus divests wound business to LifeNet Health

Bioventus (Nasdaq:BVS) announced today that it signed a definitive agreement to sell its wound business to LifeNet Health.

Durham, North Carolina-based Bioventus’ sale includes its skin substitutes, TheraSkin and TheraGenesis. The transaction includes a total cash consideration of $85 million. That features $35 million at close, $5 million deferred 18 months and $45 million in potential earn-out payments.

At the time of closing, Bioventus expects to net approximately $30 million after fees and expenses. It intends to use that cash to repay existing debt.

The two companies also signed a sales agent agreement. This grants LifeNet exclusive rights to sell SonicOne ultrasonic would debridement products in the U.S. and Canada.

Bioventus said its divestiture reduces its annual revenue by approximately $40 million and its adjusted EBITDA by about $5 million. It expects the transaction to close in approximately one week.

Jefferei…

Telepresence technology is accelerating medical device development while broadening and deepening relationships between medtech and customers

An expanding customer base, rapidly advancing technology and intense cost pressures are driving medtech companies to use surgical telepresence to cost effectively meet customer needs, enhance customer relationships, develop new products faster and empower healthcare providers to raise the standard of care.

By Daniel Hawkins, Avail Medsystems

The Avail Medsystems console brings remote experts into the operating room virtually. [Photo courtesy of Avail Medsystems]The medical technology medtech industry is relentlessly challenged to efficiently maintain growth, fund innovation, and provide an appropriate return to shareholders. Over the last decade, this has become increasingly difficult due to myriad challenges resulting from rapid expansion in the number of sites of service, declining reimbursement, relentless pricing pressures and increasing technical complexity across the industry.

Throughout my 30-year medtech career, I have touched every aspect of the product …

Micron Biomedical raises $17M for needle-free drug delivery tech

[Image from Micron Biomedical website]Micron Biomedical announced today that it added $3 million to its Series A, bringing the total funding to $17 million.

Atlanta-based Micron develops dissolvable, microarray-based products to simplify the delivery of drugs and vaccines. J2 Ventures provided the additional $3 million. J2 Ventures Partner Dr. Matt Goldman joins Micron’s board as an observer following the financing. Goldman previously served as chief medical officer for the Defense Innovation Unit of the U.S. Defense Dept.

The company initially announced the Series A funding, led by Global Health Investment Corporation and LTS Lohmann, in November 2022. GRA Venture Fund also participated.

Get the full story at our sister site, Drug Delivery Business News.

Siemens Healthineers is cutting back on surgical robotics program

The CorPath system. [Image from Siemens Healthineers Endovascular Robotics/Corindus]Siemens Healthineers said today that it plans to discontinue the use of its Corindus surgical robotics for cardiology procedures.

On the company’s first-quarter earnings call, first reported by Reuters, CFO Jochen Schmitz confirmed the strategy shift. He said the “use of Corindus robots for cardiology operations did not fulfill our expectations.” Schmitz reportedly added that the timeline for robots for neurological operations to reach the market constitutes “several years.”

In 2019, Siemens Healthineers bought out Corindus for $1.1 billion. Corindus develops the CorPath robot-assisted device for coronary and peripheral vascular procedures.

The business arm aims to provide innovative, image-guided robotic solutions. Its CorPath GRX system supports endovascular procedures.

It officially rebranded to “Siemens Healthineers Endovascular Robot…

Masimo beats the Street in Q1 ahead of proxy fight

Masimo (Nasdaq: MASI) reported Street-beating first-quarter results and maintained its full-year 2023 guidance ahead of a proxy battle at the annual meeting of shareholders.

Investors reacted by sending MASI shares up 1% to $186.50 apiece in after-hours trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.

The Irvine, California–based company earned $21.3 million, or 39¢ per diluted share, off of $565.0 million in revenue for the quarter that ended March 31, 2023.

Adjusted to exclude one-time items, Masimo had a Q1 EPS of 87¢. The result came in 4¢ ahead of the predictions of Wall Street analysts, who expected earnings per share of 83¢ and $557.85 million in revenue.

“Our strong performance this quarter reflects our long track record of innovation in our professional healthcare business, our thoughtful stewardship of our established luxury and prem…

Senseonics stock rises after hours on Street-beating Q1

Senseonics (NYSE:SENS) shares ticked up after hours on first-quarter results that topped the consensus forecast.

Shares of SENS rose 1.9% at 66¢ apiece after the market closed today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down 0.4%.

The Germantown, Maryland-based company posted profits of $1.3 million. Earnings per share broke even at $0.00 on sales of $4.1 million for the three months ended March 31, 2023.

Earnings per share topped Wall Street estimates by 3¢. Sales also came out ahead of expectations of $3.4 million.

Get the full story at our sister site, Drug Delivery Business News.

Former Insulet exec named DermTech president and CEO

Bret Christensen. [Image from Insulet]DermTech (Nasdaq:DMTK) announced today that it appointed Bret Christensen as president, CEO and a member of the board.

Christensen previously served as chief commercial officer at automated insulin delivery technology developer Insulet. He departed last week as part of a handful of executive changes at the company.

The new CEO success Dr. John Dobak, who stepped down from his positions as president, CEO and board director.

“I am excited to be leading the DermTech team,” Christensen said. “DermTech has an opportunity to transform dermatology with its revolutionary technology, strong demand and building momentum with commercial payers. Importantly, I am confident that we can improve lives and integrate our test into the melanoma care pathway. I look forward to working closely with the board and the DermTech team to drive our average selling price, grow revenue and scale our business.”

About DermTech and it…

Study backs Fitterfly digital therapeutic for diabetes management

[Image courtesy of Fitterfly/JMIR Diabetes]New research published in JMIR Diabetes demonstrated the real-world effectiveness of the Fitterfly Diabetes digital therapeutic program.

The Fitterfly Diabetes CGM digital therapeutic aims to help in the management of glycemic control for people with type 2 diabetes. Led by Shilpa Joshi, Arbinder Singal, and colleagues, the study demonstrated significant improvements in blood glucose levels and weight management. It evaluated participants throughout a 90-day program.

Delivered through the Fitterfly mobile app, the program couples with continuous glucose monitoring (CGM) technology. It offers tailored recommendations on nutrition-based, personalized glycemic response data, exercise and behavior modifications. The program aims to give individuals the tools they need to manage their condition and make long-term lifestyle changes to support health.

Get the full story at our sister site, Drug…

Ascensia expands payment program for Senseonics Eversense E3 CGM

The Eversense E3 system. [Image from Ascensia/Senseonics]Ascensia Diabetes Care announced today that it expanded the Eversense PASS program for the Senseonics (NYSE:SENS) Eversense E3 CGM.

Eversense PASS, a payment assistance and simple savings program, aims to enhance affordability and access to Eversense E3. Ascensia serves as the global commercial partner for Senseonics. The Senseonics continuous glucose monitor (CGM), a 180-day implantable CGM, received FDA approval in February of last year.

It features a third-generation sensor with SBA technology that enhances sensor longevity. This makes it — according to Senseonics — the longest-lasting CGM system. The fully implantable sensor requires just two insertion and removal procedures per year.

Get the full story at our sister site, Drug Delivery Business News.

Cue Health submits RSV molecular test to FDA for de novo clearance

Cue Health (Nasdaq:HLTH) announced today that it made a de novo submission to the FDA for clearance of its RSV molecular test.

The submission aims to garner full clearance of the test for at-home and point-of-care use. According to Cue Health, no respiratory syncytial virus (RSV) tests exist on the market for home use. Pending FDA clearance, the test could provide a first at-home molecular RSV test for use on people of all ages.

Cue’s RSV molecular test cartridge uses a lower nasal swab. It features compatibility with the Cue Reader, which communicates results digitally via Bluetooth. It can communicate these results in approximately 25 minutes.

“Both young children and older adults are at high risk for severe RSV infection, which includes symptoms similar to the flu, COVID-19, and the common cold, but has a distinct plan for managing care,” said Dr. David Tsay, chief medical officer for Cue Health. “This makes early detection of the virus even mor…

Baxter CFO leaves for same role at GE HealthCare

Jay Saccaro. [Image from Baxter]Baxter (NYSE:BAX) announced today that its chief financial officer Jay Saccaro will depart for the same role at GE HealthCare (Nasdaq:GEHC).

Saccaro leaves Baxter at the end of May after 21 years at the company, including the past eight as CFO. He takes up the title of SVP and CFO and GE HealthCare, effective June 1, 2023.

Baxter named Brian Stevens acting CFO as it conducts a search to fill the role. Stevens joined in 2018 as SVP, chief accounting officer and controller. He continues to undertake responsibilities for those roles while acting as CFO.

“Jay has been an invaluable member of Baxter’s leadership team throughout his career,” said José (Joe) E. Almeida, Baxter chair, president, and CEO. “He’s been a true partner as CFO as we’ve worked to reposition and refocus our business. We thank Jay for all he has contributed and wish him the very best in his next role.” Read more

Soterix begins enrollment for trial of neurostim that treats depression

Parcel-guided rTMS. [Image courtesy of Soterix Medical]Soterix Medical announced today that it began patient recruitment for a trial of its treatment-resistant depression treatment.

The company intends to enroll individuals who received but did not adequately respond to repetitive Transcranial Magnetic Stimulation (rTMS).

Woodbridge, New Jersey-based Soterix, with technology licensed from Columbia University, develops a cloud-based targeting software. The system, based on parcel-guided rTMS, leverages anatomical MRI, machine learning and data. It aims to enable optimized, personalized rTMS therapy.

“Parcel-guided rTMS represents a major technical advance in rTMS therapy by combining three unique [Soterix] technologies,” said Dr. Abishek Datta, CEO and CTO of Soterix. “One, Soterix Medical provides the unique FDA-cleared navigation system, not interrupted by line-of-site issues. Two, Soterix Medical has developed seamless cloud-based system…