MedTech 100 roundup: Industry shatters all-time best with remarkable rise

The medtech industry’s steady growth provided optimism in recent weeks, but an unforeseen leap sees it hitting new heights now.

MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week (July 16) at 145.88 points, a remarkable 27.1% rise week-over-week, registering by far the greatest increase the index has seen since its inception.

Remarkably, the industry’s July 9 tally of 114.79 points a week prior had, at that point, been known to be the index’s all-time best to date. The new high set on Friday of last week totals an increase of 31.09 points.

Medtech’s performance continues to reflect an overall rebound from the struggles brought on by the COVID-19 pandemic, too, especially after this latest unpredictable rise. The industry has registered a 58% increase from the pre-pandemic high of 92.32 (set on Feb. 19, 2020), plus it has fully eclipsed 100% growth from the mid-pand…

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Court orders Hillrom to proceed with BardyDx acquisition

The Court of Chancery in the state of Delaware ordered Hillrom (NYSE:HRC) to complete its planned acquisition of BardyDx.

In March, Hillrom reversed course on the planned $375 million acquisition of Bardy Diagnostics and its Carnation Ambulatory Monitor, or CAM patch, claiming that closing conditions weren’t met.

Hillrom’s u-turn came in the wake of regional Medicare administrative contractor Novitas Solutions publishing significant rate cuts for external EKG monitoring, creating a setback for the technology, which could serve as an improvement over traditional Holter monitors.

The Delaware court’s opinion found that the Medicare rate cuts did not qualify as a material adverse event (MAE) that would allow Hillrom out of the deal. The opinion, given on July 9, noted that Hillrom did not prove that the new rates would not be changed.

Vice Chancellor Joseph Slights III ruled in favor of Bardy but did not order for Hillrom to provide…

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DTW Podcast: Can AI, advanced imaging and robotics “democratize” surgery?

A new generation of digital surgery systems will level the playing field for surgeons giving them artificial intelligence, robotic tools and other assistive technologies.

In three interviews in this week’s DeviceTalks Weekly Podcast, leaders form Asensus, ActivSurgical and Memic explain how their systems will improve surgeon performance, reduce errors, and deliver the “democratization” of surgical robotics.

Guests this week include

Anthony Fernando, CEO of Asensus Surgical (formerly Transenterix), outlines the company’s bid to push its Sehance system as a solution for laparoscopic procedures. Fernando, who took over as CEO in 2019, explains why the company’s stock crashed in 2019 and details the changes that he says has started the company’s turnaround. Senhance offers more responsive surgical tools along with data that will help with surgical training and scheduling.

Todd Usen, CEO of ActivSurgical, left a job he loved at Olympus to lead a compan…

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Hillrom execs change their minds on BardyDx acquisition

Hillrom (NYSE:HRC) says closing conditions have not been met when it comes to the company’s previously planned $375 million acquisition of Bardy Diagnostics and its Carnation Ambulatory Monitor, or CAM patch.

In response, BardyDx has sued Hillrom in the Delaware Court of Chancery, Hillrom said in a March 1 news release.

The move comes more than a month after the regional Medicare administrative contractor Novitas Solutions published significant rate cuts for external EKG monitoring — a setback for a technology that could prove an improvement over traditional Holter monitors.

Hillrom said in its news release: “As a result of the unexpected Novitas reimbursement rate reduction, Hillrom has asserted that a ‘company material adverse effect’ has occurred, and therefore the closing conditions have not been satisfied.”

Another major company in the external EKG monitoring space — iRhythm Technologies (NASDAQ: IRTC) — has been…

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MedTech 100 roundup: Another peak for the industry

Medtech has been on the rise in 2021 and the past week saw that trend continue, as the industry hit yet another all-time best mark.

MassDevice‘s MedTech 100 index reached 107.4 points on Jan. 20, topping the all-time best of 106.81 points set on Jan. 8. That mark represents a 16% jump from the pre-pandemic high of 92.32 set on Feb. 19, 2020, and a 72.9% overall leap from the lowest point of 62.13 set on March 23, 2020.

Here are some of the best-performing medtech stocks from 2020.

The high point could not be sustained, but the industry stayed strong, finishing at 106.4 to end the week on Jan. 22. Medtech’s finish to last week was enough to top the previous seven days, coming in 0.6% ahead of the 105.8-point mark set on Jan. 15.

While medtech saw slight growth from the previous week, one of the overall markets saw a larger jump, with the S&P 500 Index rising 1.9%. The Dow Jones Industrial Average fared identically to medtech, rising 0.6%.

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Hillrom to buy Bardy Diagnostics for $375M

Hillrom (NYSE:HRC) has agreed to spend $375 million to acquire Bardy Diagnostics and its Carnation Ambulatory Monitor, or CAM patch.

Analysts at Baird described the CAM patch as a long-term Holter wearable biosensor. Hillrom said in a news release out today that the BardyDx purchase complements Hillrom’s present cardiology portfolio of cardiac stress exercise, Holter and resting electrocardiography devices.

“This acquisition provides Hillrom with a highly strategic and differentiated diagnostic cardiology platform aligned with our vision of advancing connected care, as well as an attractive recurring, high-growth revenue stream and gross margin profile,” said Hillrom CEO John Groetelaars. “BardyDx brings a talented team with significant commercial, clinical and scientific expertise, and dedicated independent diagnostic testing facilities. We look forward to welcoming the 230 employees who will join us in our mission of enhancing outcomes…

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Ambu, Boston Sci execs see domination for single-use scopes

Hospital closures connected to COVID-19 have cut into the sales of many medical device companies, but executives at rival makers of single-use scopes say pandemic has only heightened existing concerns about contamination, exposure and cost.

In interviews in this week’s DeviceTalks Weekly Podcast, executives from Ambu A/S  and Boston Scientific (NYSE:BSX)  said improved technology make single-use scopes as effective as reusable scopes without carrying the price tag or risk of infection traditional scopes require.

Steve Block, president of Ambu US, projected that over the next decade disposable scopes will account for a majority of devices sold, saying they’ll perform better than traditional devices, cost less, and eliminate the risk of infection. “There is just no reason to use a reusable product,” he said. He said Ambu has sold single-use scopes into 96% of the Top 500 hospitals in the US performing bronchoscopies.

Block appeared on the podcast alongside…

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The top 5 MassDevice stories of the week — September 11, 2020

From the Theranos case to wearable medical devices, it’s been another busy news week for the medical device industry.

Want to hear more about the week’s top news? Executive editor Chris Newmarker and Tom Salemi will discuss the week’s “Newmarker’s Newsmakers” during our DeviceTalks Weekly podcast. Without further ado, here’s this week’s MassDevice Top Five:

5. Bardy Diagnostics names new CEO

Kevin Hykes— who over the years has led companies including Relievant Medical Systems, Metavention and Cameron Health — will take over the corner office at Bardy Diagnostics. Bardy has developed the CAM (Carnation ambulatory monitor) for monitoring cardiac rhythms. Read the full story.

4. Drug companies say they won’t release COVID-19 vaccine until it’s ready

Executives from nine different drug companies announced a pledge to ensure safety with a potential COVID-19 vaccine. “We believe this pledge will help ensure public confidence in the rigorous scienti…

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Bardy Diagnostics names new CEO

BardyDx Carnation Ambulatory Monitor (CAM™) – P-wave centric™ ambulatory cardiac patch monitoring and arrhythmia detection

Bardy Diagnostics announced that it appointed Kevin Hykes as its new president, CEO and member of its board effective Aug. 31, 2020.

Hykes has more than 28 years of experience in the medical device industry, having served as president and CEO of Relievant Medical Systems, Metavention and Cameron Health. Additionally, Hykes held roles as an operating partner at Revival Healthcare Capital and Versant Ventures, having previously held leadership positions at Medtronic, too.

His role includes responsibilities for leading the development and execution of short-term and long-term business and financial strategies while managing the overall operations of Bardy, according to a news release.

“I’m very excited and pleased to have Kevin join our executive team as Pr…

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Bardy Diagnostics lands CE Mark for cardiac monitor patch

Bardy Diagnostics this week said it received CE mark certification for its 14-day version of the Carnation Ambulatory Monitor patch.

The patch is a P=wave centric ambulatory cardiac patch monitor and arrhythmia detection device. It gives clinicians more flexibility to monitor patients over a longer period of time while expanding the portfolio of the company’s existing 2-day and 7-day CAM patches.

“CE marking of the 14-Day CAM patch is a significant corporate milestone and a testament to the quality of the CAM patch and BardyDx’s compliance with all applicable European health, safety, performance and environmental requirements,” chief operating officer Ed Vertatschitsch said.

Bardy Diagnostics said that the patch gives clinicians the opportunity to detect less frequently occurring arrhythmias to make it better informed decisions. In one study, the BardyDx CAM Patch could identify 40% more arrhythmias and resulted in better, more in…

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