3m Archives - Page 9 of 9 - Medical Design Sourcing

3M appoints Patolawala as new CFO

3M (NYSE:MMM) announced today that it appointed Monish Patolawala as its new senior VP and chief financial officer, effective July 1.

Patolawala is set to succeed Nick Gangestad, who announced that he is retiring, but will stay on through July 31 in an effort to ensure an orderly transition. Gangestad spent 35 years with 3M, according to a news release.

Currently the CFO at General Electric Healthcare (NYSE:GE), Patolawala has been with GE since 1994, also recently serving as VP of operational transformation at the company.

“I am pleased to welcome Monish to our leadership team,” 3M chairman & CEO Mike Roman said in the news release. “His deep and extensive experience in leading the financial operations of industrial and healthcare businesses – as well as driving operational changes – will make an immediate impact as we manage through the current economic challenges and continue to position 3M for the future. I am confident Monish will provide strong…

Steris wins second EUA to decontaminate up to 30m respirators per day

Steris (NYSE:STE) has won an FDA emergency use authorization (EUA) for a new steam sterilization method to decontaminate used N95 respirators.

The EUA covers the new Steris Steam Decon cycle to decontaminate 3M 1860, 3M 1860S, and 3M 1804 NIOSH-approved N95 respirators that are or might be contaminated with SARS-CoV-2 and other pathogenic microorganisms. The FDA authorized the cycle for use on Steris’ Amsco medium-heat sterilizers, which the agency previously cleared.

The Dublin, Ireland-based company estimated that the new method could decontaminate more than 30 million respirators per day if all of its compatible U.S.-based sterilizers are fully employed.

Compatible N95 respirators will be individually pouched using sterilization pouches that are FDA-cleared for steam sterilization. They may be decontaminated by this process up to 10 times and be reusable only by the original users, according to the EUA.

This is the second EUA for Steris t…

NFL looking at modified facemasks for helmets

NFL Players Association medical director Thom Mayer told ESPN that the league is developing facemasks to protect players from COVID-19.

Speaking to ESPN reporter Adam Schefter on The Adam Schefter Podcast, Mayer said the league and Oakley are testing prototypes of helmets with a modified facemask that could contain surgical material or even the material used in the 3M (NYSE:MMM) N95 respirator masks that have seen heightened demand during the coronavirus pandemic.

“They’ve got some prototypes,” Mayer said on the podcast. “Some of them, when you first look at them, you think, ‘Gosh, no’ because you’re not used to seeing it. You’re just not used to seeing it. But they’re looking at every issue you can imagine, including when it fogs up. What do we do with that? But these guys are used to dealing with this stuff.”

In another exchange in the podcast, Schefter asked Mayer if it’s realistic to think that players could have fully covered facemasks. Despit…

Report: 3M settles respirator price-gouging case

N95 respirator [Image from the FDA]

3M (NYSE:MMM) has settled one of several price-gouging lawsuits it filed recently over its N95 respirators, according to a report by Law360.

The lawsuit, filed April 30 in federal court in Tallahassee, Fla., had accused Atlanta, Ga.-based 1 Ignite Capital LLC, Institutional Financial Sales LLC, and Auta Lopes of attempting to sell 10 million N95 respirators to the Florida Division of Emergency Management at nearly 460% over list prices, and for falsely claiming that they were working with 3M.

In a filing on Friday, Maplewood, Minn.-based 3M said it had reached a settlement with the company to end the lawsuit, Law360 reported. Terms were not disclosed.

The company filed a total of 10 such lawsuits in April and said it will donate any damages recovered to COVID-19-related nonprofit organizations.

3M did not immediately respond to a request for comment on Fri…

Medtech 100 roundup: Stocks dip slightly after strong start to month

Medtech stocks ticked down over the course of last week as the COVID-19 pandemic continues to bear economic ramifications.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 82.4 points at the end of last week (May 15). That total represents a -1.9% decline from the 83.98-point total at the same time a week prior (May 8).

The lowest point during the pandemic remains at 62.13 on March 23. Since then, medtech stocks have experienced 32.6% growth in total. However, they are still down -10.7% since the index’s pre-pandemic crash high point of 92.32 on Feb. 19.

Compared to the S&P 500 Index, which experienced a -2.2% increase from May 8 to May 15, the medtech index took a similarly small dip. The Dow Jones Index suffered even more with a -2.6% decline over the same period of time.

More often than not, recent earnings reports are revealing negative results in large part due to COVID-19. E…

What medtech’s top CEOs are saying about COVID-19

The COVID-19 pandemic is drying up sales for many large medical device companies, but there’s hope for a recovery later this year.

That’s the big message from medtech’s top CEOs as they issue financial predictions and engage in earnings calls with analysts.

Governments around the world are calling on medical device companies to make the supplies that health providers need to manage the virus: respirator masks, ventilators, infusion pumps, virus and antibody tests, and more.

At the same time, the same companies are taking a hit related to the devices and products used in elective procedures — and even procedures that people actually need — as hospitals focus on saving people with COVID-19.

It’s little wonder then that MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — remains down about 10% from its pre-pandemic Feb. 19 high point. (It’s still in better shape than the Dow Jones Industrial Averag…