BD Archives - Page 2 of 19 - Medical Design Sourcing

BD limits executive severance after ‘golden parachute’ shareholder proposal overcomes board opposition

Becton, Dickinson and Co. (BD) will now need stockholder permission for cash severance payouts to executives above a newly set limit.

It’s the latest example of how executive compensation is being scrutinized in the medtech industry, where the world’s largest device manufacturers have collectively reduced headcount even as revenue hits record highs.

BD’s medical and interventional segments make it the world’s 11th-largest device company, according to Medical Design & Outsourcing‘s 2023 Medtech Big 100 ranking.

The new executive severance policy took effect on Nov. 21, 2023, BD said in a filing with the Securities and Exchange Commission.

The board adopted the policy after a BD shareholder proposed more extensive limits at the company’s January 2023 annual meeting. Despite opposition from the board, the proposal won nearly 62% of votes cast (excluding absentions and broker non-votes).

The shareholder p…

BD recalls more Alaris pumps due to compatibility issues with Cardinal Health syringes

The Alaris infusion system. [Image courtesy of BD]The FDA determined that another recall of BD (NYSE:BDX) + Alaris infusion pumps is Class I, the most serious kind.

In the latest Alaris recall, the company cites compatibility issues with Cardinal Health Monoject syringes. The issue mainly relates to changes made to the products by Cardinal Health. It affects more than 1 million total devices.

BD’s Alaris system has been much maligned over the past few years, going back to a Class I recall in early 2020. The recall, which centered around multiple system errors, software errors, and use-related errors, led to a long-term shipping hold on the pumps.

However, the company resumed Alaris distribution after receiving updated FDA clearance in July, seemingly putting those issues in the past.

An FDA notice distributed last week says the company recalled more Alaris pumps this time due to the syringe compatibili…

BD hires new chief medical officer from 3M Health Care

Dr. Ron Silverman is the next chief medical officer of Becton, Dickinson & Co. [Photo courtesy of BD]Becton, Dickinson & Co. (NYSE: BDX) + today named Dr. Ronald “Ron” Silverman as EVP and chief medical officer.

He replaces BD Chief Medical Officer Dr. William Sigmund, who announced plans to retire from BD earlier this year. The change takes effect Dec. 4, 2023.

Silverman comes from 3M Health Care, where he served as SVP and chief medical officer since 2021. He will lead BD’s medical affairs organization across BD’s business units, regions and central team.

Franklin Lakes, New Jersey-based BD said Silverman “will use medical insights and expertise to advance BD’s pipeline of clinically relevant, innovative solutions that align with evolving patient needs, while also contributing to the safety and compliance of BD’s in-market portfolio of products.”

Silv…

‘A safe pair of hands’ — Medtech’s investment in Ireland continues to grow

Killilagh, Ireland. [Image by Sean Whooley]Medtech established its presence in Ireland many years ago and still, companies continue to invest in the ever-growing country.

Boston Scientific established operations in Ireland in 1994, while Abbott has more than 70 years in the country. Medtronic, now officially headquartered in Dublin, has spent more than 40 years in Ireland and even hosted its 2023 annual meeting in the country.

Those companies, plus many more, continue to invest in Ireland, while more big names in medtech are coming to the table. Dexcom, for instance, earlier this year chose Athenry as its first European manufacturing location with a more than $325 million investment.

Speaking to MassDevice, Dexcom EVP of Global Operations, Barry Regan, explained what attracted the company to the growing medtech hub.

“One way I would describe Ireland when it comes to medtech operations and manufacturing is it’s a safe pair of hands,”…

BD stock plummets on mixed Q4 results

BD (NYSE: BDX) + shares took a hit this morning on fourth-quarter results that came in mixed compared to the consensus forecast.

Shares of BDX fell 9.2% at $232.29 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — fell slightly.

The Franklin Lakes, New Jersey-based company posted profits of $108 million. That equals 53¢ per share on sales of $5.09 billion for the three months ended Sept. 30, 2023. BD recorded a 59.2% bottom-line slide on sales growth of 6.8%.

Adjusted to exclude one-time items, earnings per share totaled $3.42, falling 1¢ behind Wall Street expectations. However, BD posted a sales beat as experts forecast $5.02 billion in revenue for the quarter.

The Medical and Interventional segments at BD led the way in the quarter with 7.5% and 9.7% growth, respectively. BD reported softness in Ch…

BD launches next-gen needle-free blood draw tech

[Image courtesy of BD]BD (NYSE: BDX) + announced today that it launched new, FDA-cleared needle-free blood draw technology.

The launch of the technology helps to further enable the company’s “One-Stick Hospital Stay” initiative. BD announced this initiative more than two years ago in an effort to transform the patient experience.

With FDA 510(k) clearance, BD can now offer its new PIVO Pro needle-free blood collection device. It features design improvements to achieve the first and only compatibility with integrated and long peripheral IV catheters. That includes the Nexiva closed IV catheter system with NearPort IV access, expanding on current compatibilities. PIVO has been available with traditional short peripheral IV catheters since 2017.

BD said the new solution combines the clinical benefits shown with integrated systems. That includes longer dwell times and reduced catheter complications. I…

BD enrolls first patient in study of stent graft for treating portal hypertension

BD (NYSE:BDX) announced today that it completed the enrollment of the first patient in a trial of its Liverty TIPS stent graft.

Franklin Lakes, New Jersey-based BD’s ARCH FDA investigational device exemption (IDE) study evaluates the safety and effectiveness of Liverty. The global, prospective, multi-center, single-arm clinical study looks at the investigational device in the treatment of complications from portal hypertension.

It will include 175 patients across up to 40 clinical study sites in the U.S. and Europe. The study includes follow-up for all treated patients at various points after treatment, starting at one month and ending at 24 months.

Get the full story at our sister site, Medical Tubing & Extrusion.

Embecta increases 2023 guidance, reports closed-loop insulin delivery tech progress

Embecta (Nasdaq:EMBC) shares rose this morning as it increased its full-year guidance and shared an update on its automated insulin delivery technology.

The company also reported third-quarter results that came in ahead of the consensus forecast.

Shares of EMBC ticked up 3.1% at $22.27 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — remained unchanged.

Since its spinoff from BD last year, Embecta says it continues to make progress on the development of a closed-loop insulin delivery system for type 2 diabetes. The system utilizes its proprietary patch pump system, which holds FDA breakthrough device designation.

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

BD posts Street-beating Q3 driven by Medical, Interventional segments

BD (NYSE: BDX) + shares fell slightly this morning on third-quarter results that topped the consensus forecast.

Shares of BDX dipped 0.7% at $274.35 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — fell 0.8%.

The Franklin Lakes, New Jersey-based medtech company posted profits of $392 million in the quarter. That equals $1.36 per share on sales of $4.88 billion for the three months ended June 30, 2023.

BD recorded a 16% bottom-line gain on sales growth of 5.1%.

Adjusted to exclude one-time items, earnings per share totaled $2.96. That landed 5¢ ahead of Wall Street projections. Sales also beat expectations as analysts forecasted $4.84 billion in revenues.

Breaking down the Q3 results for BD

BD saw sales growth in both its Medical (11.1%) and Interventional (6.7%) segments. The company attribute…

Steris completes acquisition of surgical instrumentation assets from BD

Steris (NYSE:STE) announced today that it completed its acquisition of surgical instrumentation assets from BD (NYSE: BD) + .

The companies announced in June that they agreed on a deal for the assets worth $540 million. BD’s divestiture includes V. Mueller, Snowden-Pencer and Genesis branded products. BD reports its surgical instrumentation platform as part of its Surgery unit within its Interventional segment.

Steris said the assets range across surgical instrumentation, laparoscopic instrumentation and sterilization containers.

In the deal, the company also received three manufacturing facilities in St. Louis, Cleveland, and Tuttlingen, Germany. The acquisition includes approximately 360 employees across the unit set to transfer to Steris.

According to the companies, the projected annual revenue for the acquired businesses totals approximately $170 million. Adjusted earnings before interest and tax…

FDA clears BD combo test for COVID-19, flu, RSV

The BD Max system. [Image courtesy of BD]BD (NYSE: BDX) + announced today that the FDA granted 510(k) clearance for its respiratory viral panel (RVP).

Franklin Lakes, New Jersey-based BD designed the RVP for its BD Max system as a single molecular diagnostic that identifies a number of viruses. It distinguishes SARS-CoV-2, influenza A, influenza B and respiratory syncytial virus (RSV) in approximately two hours.

The FDA granted the test emergency use authorization (EUA) in February. It uses a single nasal swab or single nasopharyngeal swab sample to determine if a patient has COVID-19, the flu or RSV. BD says its RVP test helps to eliminate the need for multiple individual tests or doctor visits. It can also help clinicians implement the right treatment plan in a fast and efficient manner.

Co-testing also helps to increase testing capacity during the busy flu season and speed up diagnosis time, BD added.

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BD adds former J&J chief medical officer to its board

Dr. Joanne Waldstreicher. [Image courtesy of BD]BD (NYSE: BDX) + announced that it appointed medtech veteran Dr. Joanne Waldstreicher to its board of directors.

Waldstreicher most recently served as chief medical officer at Johnson & Johnson (NYSE: JNJ) + . She held that position from 2012 until her retirement in 2023. As CMO, she provided strategic and operational leadership with responsibility for safety, epidemiology, regulatory and clinical operations. She also oversaw bioethics and late-stage pipeline programs.

Before taking on that role, she served as CMO for Janssen Pharmaceutical R&D, a J&J division, from 2009 to 2012. Prior to that, Waldstreicher was SVP of global drug development from 2002 to 2009. Over her time at J&J, she held responsibilities for clinical research, biostatistics, regulatory affairs and Asia Pacific R&D and medical affairs.

P…