Intersect ENT Archives - Medical Design Sourcing

Medtronic offered early retirements as medtech industry layoffs mount
Employees in supply chain, cybersecurity and other specific roles were excluded from the offer.

Medtronic (NYSE:MDT) offered early retirement incentives in recent weeks as the world’s largest medical device company seeks to cut costs before the end of its fiscal year in April.

The medical device developer and manufacturer has said little about potential job cuts among its ranks, which it reported as more than 95,000 people worldwide at the end of the company’s last fiscal year.

Fridley, Minnesota–based Medtronic has promised “significant expense reductions” in the final quarter of its fiscal year, which ends April 28, 2023. Meanwhile, MassDevice has reported on more than 19,000 medtech workers let go across the industry since mid-2022. (If you have information to share on or off the record, get in touch with me by email or LinkedIn.)

“Medtronic continually evaluates its operations to ensure a competitive business model aimed at long-term growth aligned to the needs of our customers,” the company said in a…

Medtronic completes Intersect ENT acquisition

Medtronic (NYSE:MDT) announced that it completed its previously announced $1.1 billion acquisition of Intersect ENT (Nasdaq:XENT).

Fridley, Minnesota-based Medtronic announced in August 2021 that it would acquire all outstanding shares of the Menlo Park, Calif.-based sinus implant maker for $28.25 per share in an all-cash transaction.

As a result of the transaction, Medtronic acquires Intersect ENT’s Propel and Sinuva drug-eluting sinus implant product lines and technology, intellectual property and the company’s Menlo Park facility. Intersect ENT’s employees also will join Medtronic, according to a news release.

Medtronic said that former Intersect ENT brand Fiagon was divested simultaneously at close, with its Cube and VenSure products not included in the acquisition. Earlier this week, the Federal Trade Commission (FTC) issued a proposed order to require Medtronic to sell a subsidiary of Intersect ENT within 10 days of the transactio…

Medtronic must sell Intersect ENT subsidiary to satisfy FTC concerns

The Federal Trade Commission has issued a proposed order to require Medtronic (NYSE:MDT) to sell a subsidiary of Intersect ENT within 10 days of completing its $1.1 billion acquisition of Intersect ENT.

The commission announced May 10 that it voted 4-0 to issue its complaint and accept the proposed consent order for public comment.

Under the consent order, Hemostasis (White Bear Lake, Minnesota) would acquire Intersect ENT’s Fiagon business from Medtronic. Fiagon makes balloon sinus dilation products and ear, nose and throat navigation systems.

“Today’s action by the FTC is part of our efforts to combat the problem of rising healthcare costs,” Holly Vedova, director of the FTC’s Bureau of Competition, said in a news release.

“These are already concentrated markets for critical medical instruments,” she said. “Medtronic is the top provider of ear, nose, and throat navigation systems. We are requiring Medtronic to divest Fiag…

Intersect ENT CEO joins Orthofix board

Orthofix (NSDQ:OFIX) announced today that Intersect ENT (NSDQ:XENT) executive Thomas A. West has joined its board of directors.

Lewisville, Texas-based Orthofix named West to its board and appointed him to its Compensation and Talent Development Committee.

West currently serves as President, CEO & Director of Intersect ENT, which develops drug-delivery devices for ear, nose and throat procedures. He has navigated the company through its recently announced $1.1 billion acquisition by Medtronic.

Before Intersect ENT, West was Division President of Diagnosis Solutions at Hologic. Before that, he had a 23-year stint at Johnson & Johnson in various domestic and international roles. West’s most recent position was Worldwide VP of Strategy & Business Development a Diabetes Solutions Companies.

“Tom joins the Orthofix Board of Directors with more than 30 years of global experience in the medical device industry,” Orthofix Chair of the Bo…

MedTech 100 roundup: Industry ticks up again

The medtech industry has been rising for weeks and the latest seven-day stretch was no exception as stocks ticked up again.

MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week (Aug. 6) at 119.41 points, marking a 0.5% rise from the previous week’s tally of 118.86 points (July 30). Not including the the week in which the index shot up to 145.88 points and quickly tumbled down, the latest marks would represent the index’s all-time best.

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 29.3% 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 92.2% ascent above that point.

The industry’s performance did not correlate with the overall markets this past week as t…

Medtronic acquires Intersect ENT in $1.1B deal

Medtronic (NYSE:MDT) today announced that it has entered a definitive agreement to acquire Intersect ENT (NSDQ:XENT) for $1.1 billion.

Medtronic will acquire all outstanding shares of Menlo Park, Calif.-based Intersect ENT for $28.25 per share in an all-cash transaction for an enterprise value of approximately $1.1 billion.

The acquisition will expand Medtronic’s portfolio of ear, nose and throat medical devices. Intersect ENT makes the Propel and Sinuva sinus implants that open sinus passageways to deliver an anti-inflammatory steroid to aid in healing.

Intersect ENT launched its VenSure balloon sinus dilation system in the U.S. in late July and won regulatory approvals for its Propel Contour sinus implant in May.

“This acquisition directly aligns with our commitment to delivering continuous innovation that helps ENT patients,” Vince Racano, president of Medtronic’s ENT business, said in a news release. “Intersect EN…

Intersect ENT launches VenSure balloon sinus dilation system in U.S.

Intersect ENT (NSDQ:XENT) today announced that it has commercially launched its VenSure balloon sinus dilation system and Cube 4D navigation system in the U.S.

Menlo Park, Calif.-based Intersect ENT designed the VenSure balloon and Cube 4D navigation system to be used in procedures that improve debilitating chronic rhinosinusitis (CRS) symptoms. Cube 4D has VirtuEye photo registration that allows for easy 3D facial registration, pinpoint accuracy and improved workflow efficiency for balloon sinus dilation (BSD) procedures and other ENT-related skull-based surgeries, according to the company.

Get the full story on our sister site, Medical Tubing + Extrusion.

Intersect ENT wins CE mark for Propel Contour sinus implant

Intersect ENT (NSDQ:XENT) announced today that it received CE mark approval for its Propel Contour sinus implant.

Menlo Park, Calif.-based Intersect ENT designed its Propel Contour sinus implant to maintain patency and reduce inflammation while conforming to the sinus ostia (openings) through mechanical support and steroid delivery where needed to optimize sinus surgery outcomes.

Propel Contour represents the third localized drug delivery implant in Intersect ENT’s Propel family of drug-eluting, bioabsorbable implants available in Europe, according to a news release.

The implant features an hourglass shape designed for placement in the frontal sinuses after sinus surgery to treat people with chronic rhinosinusitis. It also contains a low-profile, flexible delivery system to make it easier to access areas of the frontal sinus ostia.

Approval comes on the back of positive data from the Propel Contour cohort of a U.S. clinical study of 80 patie…

Intersect ENT appoints VP of sales

Intersect ENT (NSDQ:XENT) today said it has appointed Mark Alley as VP of sales, effective May 10.

Alley most recently served as chief commercial officer at Levita Magnetics. He has more than 20 years of commercial and sales experience and has held numerous leadership roles at Stryker ENT, Spirox and Acclarent.

“Mark has a reputation for building and developing strong teams that achieve consistent commercial success,” president and CEO Thomas West said in a news release. “He is passionate and knowledgeable about the ENT market offering the promise of a rapid assimilation into our company. We are excited to have Mark join our team and look forward to his contributions toward our increasing momentum.”

Intersect ENT posts mixed bag Q4

Intersect ENT (NSDQ:XENT) posted a mixed bag of results for the fourth quarter, topping consensus revenue estimates but missing on earnings.

The Menlo Park, Calif.-based company posted losses of -$20.2 million, or -62¢ per share, on sales of $28.2 million for the three months ended Dec. 31, 2020, for a massive bottom-line slide from losses of about -$8 million this time last year on a sales decline of -11.1%.

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

CMS consolidates coverage for Intersect ENT’s corticosteroid-eluting implant

Intersect ENT (NSDQ:XENT) announced today that it received consolidated Medicare coverage for its Sinuva sinus implant.

Menlo Park, Calif.-based Intersect ENT said in a news release that CMS published an average selling price (ASP) for the Sinuva implant, providing predictability, transparency and confidence of reimbursement for providers and payers in the future.

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

Intersect ENT launches Mini sinus implant

Intersect ENT today announced that it has launched its Straight Delivery System with its Propel Mini Sinus Implant.

The combination packaging originally received FDA premarket approval in July 2020. The Straight Delivery System (SDS) is an extension of Intersect ENT’s Propel family of implants that is engineered for precise, consistent and easy delivery of the Propel Mini Implant into the ethmoid sinus for maximum tissue apposition.

Intersect ENT’s original curved delivery system will continue to be available with the Propel Mini.

“Intersect ENT is pleased to provide our physicians with a complete package of PROPEL Mini and the Straight Delivery System,” president and CEO Thomas West said. “We are dedicated to responding to our customers’ feedback and providing them with the best combination of products to advance care for chronic sinusitis patients in various centers of care.”

“The combination of the PROPEL Mini and the Straight Deliv…