Medtronic Archives - Page 14 of 59 - 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…

11 of the biggest medtech earnings stories from Q4 2022

(From Ishant Mishra on Unsplash) Layoffs, growth and more — the biggest medtech companies in the world experienced a range of outcomes in the fourth quarter of 2022.

Over the past two months, many of the largest medtech companies across the globe reported their financial results for the three months ended Dec. 31, 2022 (with a handful of exceptions due to different operating calendars).

Some companies offered reasons to feel good about the direction of the medtech industry. Others went in the opposite direction, enforcing workforce reductions and cost-cutting efforts. MassDevice compiled a list of layoffs across the industry, which have now affected more than 19,000 workers.

As layoff news mounted across the industry over the past month, MassDevice‘s MedTech 100 Index declined 2.6%. That was slightly worse than the S&P 500, which was down 2%.

Here are some of the biggest stories from the most recent quarter, all coming from companies within the…

The biggest medical device VC deals of 2022

Enable Injections, which makes the enFuse device, raised $215 million in January 2022. [Photo courtesy of Enable Injections]

Last year was definitely a slower year for medical device VC deals than the year before.

Biofourmis was the only medical device developer in the 10 largest healthcare VC deals of 2022, according to a ranking provided to Medical Design & Outsourcing by Silicon Valley Bank (SVB).

Because we love devices at Medical Design & Outsourcing, we asked SVB for a ranking of 2022’s largest medical device VC deals after Biofourmis, which raised $325 million in its 2022 series D round. (The year before that, CMR Surgical’s $600 million Series D financing round was the largest medical device VC deal of 2021.)

SVB obliged, once again drawing upon its own proprietary information and data from Pitchbook. The dealmakers include device developers with innovative methods for …

Proprio’s OR navigation system could improve orthopedic surgeries

Proprio designed its Paradigm system to help surgeons better visualize spinal surgeries. [Photo courtesy of Proprio]

Proprio is rolling its AI-powered surgical navigation system into operating rooms to collect data that will ultimately help surgeons improve how they perform procedures.

The Seattle-based startup said it has placed its Paradigm system in several U.S. operating rooms to capture surgical data that will useful for accelerating the system’s development.

“Our data-informed platform allows all members of the surgical team access to the right information, at the right time, in the right environment,” Proprio co-founder and CEO Gabriel Jones said in a statement. “By passively capturing data in the background of surgery, we understand and quantify surgery better and are positioned to create the most data-rich platform for surgeons.”

For now, the system’s s…

The biggest cardiology tech stories from ACC.23

Medtronic, Abbott, iRhythm and more presented new data at a major cardiology conference, ACC.23. [Images courtesy of Medtronic, Abbott and iRhythm] Major medtech players presented a range of intriguing studies at a gathering of some of the biggest names in the cardiology tech space.

Some of the hottest topics were covered this past week at the American College of Cardiology’s Annual Scientific Session Together With the World Congress of Cardiology (ACC.23/WCC) in New Orleans.

Ablation, cardiac implants, monitors and imaging technology represented a handful of the technologies on display. Medtronic, Abbott, Boston Scientific, Edwards and more offered new data on their innovative technologies in these areas.

Here are some of the biggest stories that came out of the cardiology conference.

Excitement builds around using pulsed-field ablation to treat AFib

Medtronic, Boston Scientific and Johnson & Johnson MedTech’s Biosense Webster all released new…

Medtronic touts 3-year data for Evolut TAVR

The CoreValve Evolut TAVR implant. [Image courtesy of Medtronic]Medtronic (NYSE:MDT) announced three-year data supporting its Evolut transcatheter aortic valve replacement (TAVR) system.

Findings from the Evolut Low-Risk trial demonstrated numerically better clinical outcomes for the Evolut TAVR system. It also showed significantly better hemodynamic valve performance compared to surgical aortic valve replacement (SAVR). The study evaluated a low-risk aortic stenosis (AS) patient population.

Medtronic presented data at the American College of Cardiology’s 72nd Annual Scientific Session Together with World Heart Federation’s World Congress of Cardiology. Results were published simultaneously in the Journal of the American College of Cardiology.

In a news release, Dr. John Forrest of the Yale School of Medicine called the need to understand the durability of TAVR “critical.”

“With an increasing number of younger, low-risk patients undergoin…

Medtronic pulsed-field ablation system exceeds safety goal in study

The PulseSelect for pulsed-field ablation. [Image courtesy of MedtronicMedtronic (NYSE:MDT) announced today that its PulseSelect pulsed-field ablation (PFA) system exceeded its safety performance goal in a clinical trial.

PulseSelect registered an adverse event rate of 0.7%. Medtronic said that marks one of the lowest adverse event rates of any previous FDA investigational device exemption (IDE) trial for AFib ablation or any multi-center PFA study.

The Pulsed AF trial exceeded the threshold for its efficacy performance goal, too. It demonstrated further clinical success through freedom from recurrence of any symptomatic atrial arrhythmias. That totaled at least 80% for each patient cohort.

Medtronic presented findings from Pulsed AF today at the American College of Cardiology’s Annual Scientific Session Together with the World Congress of Cardiology (ACC.23/WCC). It simultaneously published results in Circulation.

The Pulsed AF trial evaluates…

Medtech jobs: The world’s largest medical device companies are hiring

Medical device companies are trying to fill thousand of medtech jobs. [Photo by ijeab – stock.adobe.com]

The world’s largest medical device companies are still hiring for medtech jobs despite layoffs in tech and other industries.

Medtech developers — and medtech jobs — are resilient, with the industry’s COVID-19 pandemic performance only bolstering its recession-proof reputation.

That’s not to say there haven’t been job cuts in medtech, led by thousands of layoffs at Philips as it struggles with a massive recall of deadly respiratory devices. But most medical device manufacturers are still hiring, and in some cases they can’t attract enough candidates to fill every vacancy in a tight labor market.

Stryker, for example, grew to approximately 51,000 employees as of the end of 2022, increasing its headcount by nearly 11 percent last year. Boston Scientific reported nearl…

Data backs durability of Medtronic CoreValve Evolut TAVR

The CoreValve Evolut TAVR implant. [Image courtesy of Medtronic]Medtronic (NYSE:MDT) today announced five-year data that supports its CoreValve Evolut transcatheter aortic valve replacement (TAVR) implant.

Dr. Steven Yakubov presented findings at the 2023 annual meeting of Cardiovascular Research Technologies (CRT 2023). The data showed significantly better valve performance and durability compared to surgical aortic valve replacement (SAVR). Medtronic’s study evaluated bioprosthetic valve dysfunction (BVD) with TAVR at five years.

CoreValve and the next-generation Evolut TAVR systems offer a valve replacement procedure that is less invasive than traditional open-heart surgery for patients with severe aortic stenosis.

Yakubov, who serves as system chief of structural heart disease at the Ohio Health, Riverside Methodist Hospital, said the results add further proof of the benefits of TAVR compared to surgery.

“With valve durability becoming mor…

Study backs Medtronic next-gen MiniMed 780G insulin pump for type 1 diabetes

The MiniMed 780G system. [Image courtesy of Medtronic]Medtronic (NYSE:MDT) announced today that one-year data backs the use of its next-generation MiniMed 780G automated insulin pump.

The ADAPT study compared MiniMed 780 G against multiple daily injections of insulin with an intermittently scanned CGM. ADAPT, which included 82 subjects, marks the first multi-national, randomized controlled study comparing these methods. The study evaluated adults (18 years of age and older) not meeting glycemic targets.

Six-month data published last year demonstrated a 27.6% absolute increase in time in range and a 1.4% reduction in HbA1C for MiniMed 780G users. The data also demonstrated an overnight time in range increase of 30.2%. At the close of the six-month period, all participants in the multiple daily injection/CGM group crossed over to MiniMed 780G.

Medtronic said today that crossover study subjects reproduced these improvements and those in the original MiniMed gr…

Medtronic relaunches Harmony transcatheter pulmonary valve system

The Harmony TPV [Image courtesy of Medtronic]Medtronic (NYSE:MDT) announced today that it relaunched its Harmony transcatheter pulmonary valve (TPV) system.

The non-surgical heart valve for treating severe pulmonary valve regurgitation first received FDA clearance in March 2021. It treats congenital heart disease patients with native or surgically repaired right ventricular outflow tract (RVOT). Harmony provides a minimally invasive alternative for patients with RVOT anomalies.

However, in April 2022, FDA designated a Class I recall for the system. Medtronic recalled the system because of issues with the delivery catheter. It determined that the bond holding the capsule at the end of the delivery catheter could break during the TPV placement procedure.

The voluntary recall came after Medtronic received reports of six cases of this issue, according to a news release. Medtronic said it worked collaboratively with the FDA to remediate the issue and earn approv…

Medtronic TAVR, Micra and spine tech drive Q3 earnings beat

Medtronic (NYSE: MDT) today announced Street-beating third-quarter results, upping its full-year guidance amid continued momentum.

The medtech giant’s next-gen Evolut FX TAVR system, fully launched in the U.S. in September 2022, helped drive growth. In addition, the Spine business saw its second quarter in a row of double-digit implant growth. Its spine technology ecosystem called Aible fueled the momentum. Medtronic unveiled the Able offering last year.

Also, the launch of the Micra AV in China provided the company a boost.

Medtronic earned $1.22 billion, or 92¢ per share, off $7.73 billion in revenue for the quarter ended Jan. 27, 2023. The results represented a bottom-line slide of 17% compared with the same quarter a year go. Sales were up slightly.

Adjusted to exclude one-time items, Medtronic had an EPS of $1.30. The result was 3¢ ahead of the consensus among Wall Street analysts, who expected EPS of $1.27 and sales of $7.53 billion. Read more