Cantel Medical Corp. Archives - Medical Design Sourcing

Baxter, 3M, Abbott near the top of Newsweeks’ most reponsible companies list

Several medtech, healthcare and life sciences companies, including big names like Abbott (NYSE:ABT), 3M (NYSE:MMM) and Baxter (NYSE:BAX), are among the 500 “most responsible,” according to Newsweek.

The outlet published its “America’s Most Responsible Companies 2022” list, marking the third installment of the compilation (in partnership with Statista), this time expanded to include 500 of the largest public corporations around. Companies were judged with an overall score out of 100 that combined environmental, social and corporate governance performance assessments.

Baxter, 3M, Abbott and BD (NYSE:BDX) were among the highest-ranking big-name medical device makers. Cancer diagnostic company Illumina was the highest-ranking company under the healthcare and life sciences umbrella, sitting in second behind HP.

In sixth sat Baxter, registering an overall score of 89.5 points, with its highest performance coming in environmental i…

Steris beats The Street, announces leadership change

Steris (NYSE:STE) beat The Street on both sales and profits in its fiscal third quarter and announced that CEO Walt Rosebrough will step down July 29, 2021.

The Dublin, Ireland-based sterilization and surgical products company posted profits of $114.5 million or $1.33 per share, on sales of $808.9 million for the three months ended Dec. 31, 2020, for a 9% bottom-line gain on a sales boost of 4.5%.

Adjusted to exclude one-time items, earnings per share were $1.73, 19¢ ahead of Wall Street, where analysts were looking for sales of $793 million.

Get the full story on our sister site, Medical Design & Outsourcing.

Medtechs can’t set digital strategies aside – DTW Podcast

Digital connectivity no longer belongs in the final slides of a medtech company’s pitch deck.

In the latest DeviceTalks Weekly podcast, three leaders pushing for connected medical devices explain the need to incorporate data collection and monitoring functionality in new devices.

Scott Huennekens, who advanced the “digital surgery” strategy when he helped launch Verb Surgical, says new medtech tools must be connected to provide maximum benefit.

“If you’re making a device, you have to understand and build into it how it will be connected for that episode of care as as well as how it fits into the continuum of care,” Huennekens said in an interview with the DeviceTalks Weekly Podcast. “It just has to be part of the way you’re thinking.”

Verb Surgical, of course, is now part of Johnson & Johnson’s surgical robot product line, Ottava, which the company unveiled last year.

In a separate interview on the podcast, Mark Toland, the former CEO o…

MedTech 100 roundup: Finally a dip as industry stays relatively strong

After three consecutive weeks of record-breaking numbers, medtech industry stocks finally fell backward over the past seven days.

MassDevice‘s MedTech 100 index finished last week at 105.8 (Jan. 15), marking a -0.95% drop from the 106.81 points (the highest ever total for the index) registered at the end of the week prior (Jan. 8). Medtech’s stock performance appeared to mirror overall markets as the S&P 500 Index saw a -1.5% loss, while the Dow Jones Industrial Average fared almost identically to medtech, falling by -0.91%.

The index still remains more than 13 points ahead of its pre-pandemic high of 92.32 on Feb. 19, 2020. Medtech’s lowest point during the COVID-19 pandemic remains at 62.13 on March 23. Since then, the industry’s stocks have experienced 70.3% growth in total, as of the end of last week. (Here are some of the best-performing medtech stocks from 2020.)

The industry continues to plug along and businesses continue to operate thro…

BREAKING: Steris to acquire Cantel Medical in $4.6B deal

Steris (NYSE:STE) announced today that it will acquire Cantel Medical (NYSE:CMD) for $4.6 billion — a major merger in the infection prevention space.

The deal is expected to close by June 30, pending customary closing conditions, regulatory approvals and an OK by Cantel shareholders. News of the merger comes a month and a half after Steris closed on its $850 million purchase of Key Surgical.

Get the full story on our sister site Medical Design & Outsourcing.

Cantel Medical names new president

Cantel Medical (NYSE:CMD) today said it has appointed Peter Clifford as president and chief operating officer.

Clifford previously served as executive VP of the company and will continue to report to CEO George Fotiades under his new role.

“Over the past sixteen months, Peter has distinguished himself as executive VP and COO. He has demonstrated exceptional leadership of our actions to address the impact of the COVID crisis and has been an invaluable partner to me in setting the direction for Cantel 2.0 and its growth programs. This promotion not only recognizes his record of accomplishment but his passion for the company and advocacy of our core values,” Fotiades said in a news release.

Clifford has more than 25 years of manufacturing and industrial experience. Prior to joining Cantel, he served as VP of operations, finance and information technology of IDEX and has held a number of leadership roles at General Electric.

MedTech 100 roundup: Stocks stand pat in June’s first week

While the markets experienced some growth over the past week, stocks in the medtech industry remained practically unchanged over seven days.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 87.15 points at the end of last week (June 5). That total represents just a -0.02-point decrease from the 87.17-point total at the same time a week prior (May 29), which represented the industry’s highest point since before the COVID-19 pandemic took hold of the markets.

Meanwhile, the S&P 500 Index experienced a 3.14% increase from May 29 to June 5 and the Dow Jones Index fared even better with a 6.81% increase over the same period of time. The market surge came on the back of the White House announcement that 2.5 million jobs were added in May and unemployment rose to 13.3% when a surge to nearly 20% was expected, according to Yahoo Finance.

The lowest point for medtech during the COVID-19 pand…

Cantel Medical up on Street-beating Q3

Cantel Medical (NYSE:CMD) shares ticked up today on third-quarter financial results that came in ahead of the consensus forecast.

The Little Falls, N.J.-based company posted profits of $15.8 million, or 37¢ per share, on sales of $236.9 million for the three months ended April 30, 2020, for a 93.1% bottom-line gain on sales growth of 3.7%.

Adjusted to exclude one-time items, earnings per share were 16¢, 4¢ ahead of Wall Street, where analysts were looking for sales of $235.4 million.

Cantel Medical said in a news release that a decline in organic sales came as a result of the reduction of elective procedures caused by the COVID-19 pandemic, which mostly affected the last five weeks of the third quarter. Adjusted earnings per share dropped from 55¢ in the third quarter of 2019 in a trend that was driven by the effects of the pandemic.

The company said its medical and dental segments were primarily impacted, although most impacts were offset by a fa…

Cantel Medical pulls in $28m

Cantel Medical (NYSE:CMD) announced today that it sold $28 million in aggregate principal amount of convertible senior notes.

The 3.25% convertible senior notes due in 2025 are pursuant to the full exercise by the initial purchasers of their option to purchase additional notes.

Cantel Medical has issued a total of $168 million in aggregate principal amount of the notes after announcing its intent to offer a private placement worth $150 million last week. In that announcement, Cantel Medical said the unsecured notes will be unsubordinated obligations of the company, with semi-annually payable accrued interest in arrears. They will mature on May 15, 2025. The notes will be redeemable for cash at the company’s option at any time on or after May 17, 2023, in certain circumstances.

The company said in a news release that the net proceeds from the sale announced today reached approximately $27.2 million after deductions and before the cost of offering expenses…