Baxter launches next-gen ICU bed

The Progressa+ ICU bed. [Image from Baxter/Hillrom]Baxter (NYSE: BAX) + announced today that it launched its new intensive care unit bed in the U.S.

The Hillrom Progressa+ bed offers new technology and features that make it easier for nurses to care for patients while supporting recovery. Deerfield, Illinois-based Baxter acquired Hillrom and offerings like the Progressa+ ICU bed for $12.5 billion in December 2021.

“Our new and improved Progressa+ is a ‘true ICU bed,’ designed for the realities of critical care, where patient needs are high and clinical staff can be stretched thin,” said Julie Brewer, president, Baxter patient support systems, global surgical solutions and care communications businesses. “We asked ICU care teams how we could make their jobs easier, and then designed the next generation of our leading ICU bed with features that help address challenges, such as reducing the strain on nursing resources, lesse…

Read more
  • 0

Baxter’s Volara lung therapy system recall is Class I

[Image from Hillrom’s website]The FDA issued a notice today labeling the recall of the Baxter (NYSE:BAX) Volara lung therapy system as Class I, the most serious kind.

Earlier this month, Baxter announced that it issued an urgent medical device correction for its Volara system for oscillation and lung expansion (OLE) therapy. To date, there has been one complaint and one injury, as well as two deaths associated with the use of the device.

Baxter initiated the recall on April 26, 2022. It affects devices distributed between May 28, 2020, and April 19, 2022, totaling 268 devices recalled in the U.S.

Volara, manufactured by Hillrom, which Baxter acquired for $12.5 billion last year, presents a possible risk of the decrease in oxygen levels (oxygen desaturation) that may result in lung tissue damage due to over-expansion (barotrauma) in the home care environment. Such events may occur while using Volara in line with a ventilator with the required Volara ve…

Read more
  • 0

Baxter completes $12.5B acquisition of Hillrom

Baxter (NYSE:BAX) announced today that it completed its previously announced $12.5 billion acquisition of Hillrom (NYSE:HRC).

Deerfield, Illinois-based Baxter paid $156 in cash for each outstanding share of Hillrom common stock, totaling a purchase price of $10.5 billion. Adding in the assumption of Hillrom’s outstanding debt obligations, the enterprise value of the transaction comes to approximately $12.5 billion.

That purchase price reflects a 26% premium to Hillrom’s closing stock price on July 27, 2021, the last trading day prior to media reports speculating on the potential transaction, as the companies had previously confirmed when the planned acquisition was announced in September. When Hillrom announced its fourth-quarter earnings results, the company said the merger remained on track to close in 2022, but the completion has come a few weeks before the new year.

 

Read: Medtech M&A: The industry’s…

Read more
  • 0

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…

Read more
  • 0

Medtech M&A: The industry’s biggest mergers and acquisitions of 2021

[Image from Jp Valery on Unsplash]Across 2021, medtech has seen a wide range of mergers and acquisitions covering several areas of devices, pharmaceuticals and more.

Some have gone off without a hitch, while others fell into serious scrutiny as mouthwatering financial figures were revealed and major technologies were acquired.

Here are the 10 biggest mergers and acquisitions in medtech in 2021:

Next>
Read more
  • 0

Medtech M&A: The industry’s biggest mergers and acquisitions of 2021

[Image from Jp Valery on Unsplash]

Across 2021, medtech has seen a wide range of mergers and acquisitions covering several areas of devices, pharmaceuticals and more.

Some have gone off without a hitch, while others fell into serious scrutiny as mouthwatering financial figures were revealed and major technologies were acquired.

Here are the 10 biggest mergers and acquisitions in medtech in 2021:

Next>>

Read more
  • 0

Hillrom posts Street-beating Q4 as Baxter merger remains on track

Hillrom (NYSE:HRC) shares were relatively unmoved on fourth-quarter results that finished well ahead of the consensus forecast.

The Chicago-based connected care technology developer posted profits of $53.4 million, or 80¢ per share, on sales of $797.9 million for the three months ended Sept. 30, 2021, for a 25.9% bottom-line gain on sales growth of 13.1%.

Adjusted to exclude one-time items, earnings per share were $1.67, 20¢ ahead of Wall Street, where analysts were looking for sales of $752.9 million.

The company remains on track to complete its $12.4 billion merger with Baxter, which is expected to close in 2022. Hillrom President & CEO John Groetelaars said in a news release that he and the company “remain enthusiastic” about the pending combination as the companies continue to make progress with integration planning and regulatory approvals.

“We delivered yet another strong quarter to conclude a very successful year for H…

Read more
  • 0

Hillrom’s business outlook is better-than-expected as Baxter prepares to acquire

Analysts are pleased with Hillrom’s (NYSE:HRC) position following a proxy statement last week as the company nears its merger with Baxter (NYSE:BAX).

Baxter announced last month that it agreed to buy Hillrom for approximately $12.4 billion, with Hillrom shareholders set to receive $156 per common stock share as the company will survive the merger as a direct, wholly-owned subsidiary of Baxter.

Hillrom last week posted a proxy statement confirming a special meeting of its shareholders to vote on the proposal to approve the merger agreement. The company said in the statement that the merger can’t be completed unless the shareholders approve, with the company’s board of directors unanimously approving the agreement and unanimously recommending that shareholders vote for it to go through.

Baird analyst Mike Polark said that the $156-per share price target set by the analysts is consistent with Baxter’s offer and they don’t expec…

Read more
  • 0

Baxter to acquire Hillrom for $12.4B

Baxter (NYSE:BAX) announced today that it entered into a definitive agreement to acquire Hillrom (NYSE:HRC) for approximately $12.4 billion.

Earlier this week, rumblings of a potential deal surfaced, leading to a massive rise for Hillrom’s stock. The expectation was that the companies would reach a deal by midweek so long as talks didn’t fall apart. Those reports saw Hillrom valued at about $150 per share, with estimates of a $10 billion deal.

Get the full story at our sister site, MassDevice.

Read more
  • 0

Baxter to acquire Hillrom for $12.4B

Baxter (NYSE:BAX) announced today that it entered into a definitive agreement to acquire Hillrom Hillrom (NYSE:HRC) for approximately $12.4 billion.

Earlier this week, rumblings of a potential deal surfaced, leading to a massive rise for Hillrom’s stock. The expectation was that a deal would be reached by midweek so long as talks didn’t fall apart. Those reports saw Hillrom valued at about $150 per share, with estimates of a $10 billion deal.

According to a news release, Baxter agreed to acquire Hillrom at $156 per share in cash for a total equity value of approximately $10.5 billion, with the purchase reaching a total enterprise value of approximately $12.4 billion, including the assumption of debt. The purchase price represents a 26% premium to Hillrom’s closing stock price on July 27, 2021, the last trading day prior to media reports speculating on the potential transaction.

Baxter anticipates approximately $250 million in annual pre…

Read more
  • 0

Hillrom stock skyrockets amid reports of Baxter acquiring company for $10B

Baxter (NYSE:BAX) is reportedly in advanced talks to acquire Hillrom (NYSE:HRC) for approximately $10 billion.

The Wall Street Journal reported yesterday that the talks were ongoing at an advanced stage, having earlier reported on rumblings of a potential deal last month. Hillrom’s stock shot up when that report came out and is rising again today, ticking up 10.8% at $147.20 per share.

Reportedly, the takeover deal could value Hillrom at about $150 per share, with expectations of a deal being reached by midweek as long as talks don’t fall apart in that space of time.

When talks of a deal first surfaced, Needham & Co. senior research analyst Mike Matson said that a deal would make some sense considering the two companies have little product ove…

Read more
  • 0

MedTech 100 roundup: Industry climbs with earnings season in full swing

The medtech industry remains on the upswing as companies see their stocks rising with quarterly earnings providing a boost.

MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week (July 30) at 118.86 points. Two weeks ago aside — when the index shot up to 145.88 points and quickly tumbled down — this mark would be the index’s all-time best.

The total at the end of last week represents a 2.9% rise from the 115.54-point tally posted by the index at the end of last week (July 23).

Medtech’s performance continues to reflect an overall rebound from the struggles brought on by the COVID-19 pandemic, too. The industry has registered a 28.7% increase from the pre-pandemic high of 92.32 (set on Feb. 19, 2020). Moreover, it remains well ahead of the mid-pandemic low of 62.13 (March 23, 2020) as well, totaling a 91.3% ascent above that point.

The industry’s performance had no cor…

Read more
  • 0