Medtronic Archives - Page 33 of 59 - Medical Design Sourcing

The pandemic tested Medtronic’s mettle: Its CFO explains how

CFO Karen Parkhill discusses leadership, innovation and restructuring Medtronic — the largest organization in medtech.

“When the pandemic hit, we didn’t know how bad, how long it was going to affect us,” Medtronic CFO Karen Parkhill told MDO and MassDevice in a recent interview. [Image courtesy of Medtronic]

Karen Parkhill drew on her experience in the banking industry to offer Medtronic a prognosis as the COVID-19 pandemic started rippling across the globe.

Parkhill, Medtronic’s CFO and EVP, was CFO of JPMorgan Chase’s commercial banking business during and after the 2007-2008 financial crisis, and then served as CFO at Comerica before joining Medtronic in 2016 under former CEO Omar Ishrak.

“When the pandemic hit, we didn’t know how bad, how long it was going to affect us,” Parkhill said in an interview with Medical Design & Outsourcing. “We need…

12 of medtech’s biggest personnel changes in 2021

As medtech companies continued to drive innovation throughout the past 12 months, a number of high-level executives led the way.

Some of those companies and those executives opted for major changes over the course of 2021, though, with some high-profile moves from medtech giant to medtech giant.

Here are some of the biggest personnel moves in the medtech space in 2021:

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

Medtech’s biggest personnel changes in 2021

As medtech companies continued to drive innovation throughout the past 12 months, a number of high-level executives led the way.

Some of those companies and those executives opted for major changes over the course of 2021, though, with some high-profile moves from medtech giant to medtech giant.

Here are some of the biggest personnel moves in the medtech space in 2021:

1. Medtronic’s internal shuffle causes movement in every direction

At the end of 2020, Medtronic (NYSE:MDT) confirmed that it would reorganize its corporate structure, creating 20 operating units and expecting annual savings of up to $475 million in connection with the changes.

Amid all the change, a number of personnel moves both in and out of the company came over the course of 2021. Among the changes was the big move of Medtronic’s former President of Pelvic Health and Gastric Therapies Brooke Story, who departed to become the worldwide president of BD’s Integra…

Wells Fargo downgrades Medtronic stock

According to reports, Wells Fargo downgraded Medtronic’s (NYSE:MDT) stock after the company received an FDA warning letter.

Yesterday, the company confirmed that it received an FDA warning letter after an inspection of its Diabetes Business, with the regulatory body reporting inadequacy of specific medical device quality system requirements at the Northridge, California, facility, with the areas of risk assessment, corrective and preventive action, complaint handling, device recalls and the reporting of adverse events all under scrutiny.

Shares of MDT closed yesterday down 6% in total at $104.94 per share on the back of the news around the FDA warning letter.

SeekingAlpha reported today that Wells Fargo had upgraded Medtronic to “Overweight” in June after determining that growth would pick up on the back of the company’s pipeline, but today downgraded the stock to “Equal Weight” following setbacks within that pipeline,…

Medtronic makes changes to its executive committee

Medtronic (NYSE:MDT) announced today that it made changes to its executive committee as two senior figures confirmed their retirement.

General Counsel & Secretary Brad Lerman and CMO & CSO Dr. Rick Kuntz both plan to retire in 2022. Lerman will retire at the end of January and Kuntz intends to retire in April upon the conclusion of Medtronic’s fiscal year.

According to a news release, both Lerman and Kutz will retire in line with the company’s mandatory executive officer retirement age of 65 years old.

Ivan Fong will succeed Lerman at the end of January, assuming the official title of EVP, General Counsel & Secretary for Medtronic.

Fong joins Medtronic from 3M, having served as the St. Paul, Minnesota-based company’s Chief Legal & Policy Officer & Secretary. Previous roles include General Counsel for the U.S. Dept. of Homeland Security and Chief Legal Officer & Secretary for Cardinal Health. He will offici…

Medtronic Diabetes receives FDA warning over quality system requirement inadequacies

Medtronic (NYSE:MDT) announced today that it received an FDA warning letter after an inspection of its Diabetes Business.

The company received the letter on Dec. 9 for its Northridge, California facility — the Medtronic Diabetes Business headquarters — following an inspection that concluded in July 2021.

Shares of MDT were down 6.3% at $104.62 per share in early-morning trading today on the back of the news of the FDA letter.

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

Medtronic cerebral/somatic oximetry system wins FDA clearance

[Image from Medtronic]Medtronic (NYSE:MDT) announced today that it received FDA 510(k) clearance for its INVOS 7100 cerebral/somatic oximetry system.

INVOS 7100, which Medtronic designed to pick up key signals to inform time-critical decisions by pediatric clinicians, received clearance for children from birth through age 18. The signals it picks up are related to hemodynamic management, ventilation and resuscitation for premature infants, neonates, children and other patients treated by pediatric clinicians.

The INVOS near-infrared spectroscopy monitoring system previously garnered clearance for adult patients. The real-time measures of tissue perfusion and oxygenation provided by INVOS 7100 provide early alerts to changes in perfusion before other vital sign measurements, according to a news release.

Medtronic designed INVOS 7100 with unique algorithms for measuring acute alterations in hemodynamics, regional oxygen saturation and oxygen metabolism. The p…

Medtronic says study results show alternative spine procedures could reduce opioid use

Medtronic’s Kyphon balloon kyphoplasty is a minimally invasive procedure in which cannulas smaller than drinking straws deliver balloons that lift fractured spine bone and return it to the correct position. A special cement fills the resulting cavity after balloon deflation. [Illustration courtesy of Medtronic]Medtronic (NYSE: MDT) says a study shows its balloon kyphoplasty (BKP) and vertebroplasty (VP) technology could eliminate opioid use among many with spinal fractures.

The medical device giant sponsored a retrospective claims analysis of a large, nationally representative insurance claims database. The results — recently published in Osteoporosis International — found that among the thousands of patients prescribed opioids, 48.7% stopped using after a BKP or VP procedure.

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

Former pediatric endocrinologist joins Medtronic’s diabetes business as medical affairs director

Medtronic (NYSE:MDT) announced this week that former pediatric endocrinologist Dr. Jennifer McVean has joined its diabetes business.

McVean, a former pediatric endocrinologist for the University of Minnesota Physicians and an associate professor in the pediatrics department at the University of Minnesota Medical School, will take up a role aimed at augmenting Medtronic’s commitment to providing a full product portfolio and education and support tools to make living with diabetes easier for pediatric patients and their families.

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

Medtronic’s Covidien recall of some Puritan Bennett ventilators is Class I

The Puritan Bennett 980 ventilator [Image from Medtronic]The FDA confirmed that the recall of Medtronic’s (NYSE:MDT) Covidien unit’s Puritan Bennett ventilator is Class I, the most serious kind.

Class I designations, the FDA’s most serious classification, are used when there is a reasonable probability that product use could cause serious adverse health consequences or death.

Medtronic’s North Haven, Connecticut-based Covidien unit initiated the recall for the Puritan Bennett 980 Series Ventilator (980A1ENNISB) on Nov. 4, 2021. There were a total of 278 devices in commerce.

The reason for the recall was a manufacturing assembly error in which a capacitor within the ventilator was assembled incorrectly, which could cause the device to become inoperable during use, according to an FDA database.

In response to the issue, the firm began to notify customers of the device defect on Nov. 4. Medtronic said users should remove the affected v…

Medtronic’s Hugo wins Health Canada license to expand robotic-assisted surgery

Medtronic’s Hugo robot-assisted surgery system [Image courtesy of Medtronic]Medtronic (NYSE:MDT) announced today that it received a Health Canada license for use of the Hugo robotic-assisted surgery system.

The company’s Brampton, Ontario-based Medtronic Canada subsidiary received the Health Canada license for use of Hugo in urologic and gynecologic laparoscopic surgical procedures.

According to a news release, those procedures make up about half of all robotic surgery procedures performed today.

“This license ushers in a new opportunity for healthcare in Canada, bringing the benefits of robotic-assisted surgery to more patients by addressing the historic cost and utilization barriers that have stifled robotic surgery adoption for two decades,” President of Medtronic’s Surgical Robotics Business Megan Rosengarten said in the release. “We’re beginning to see what the Hugo RAS system can do in the hands of clinicians in L…

MedtronicTalks: Why Symplicity Spyral trials are complicated, but worth it

Medtronic’s campaign to secure FDA approval – Symplicity Spyral – has been anything but simple.

But in this episode of the MedtronicTalks podcast, Jason Weidman, senior vice president and president of Coronary & Renal Denervation, explains why the company has refused to give up the fight to develop the renal denervation tool to lower hypertension.

Weidman explains why the company couldn’t share updated clinical data this fall as it hoped and he gives a new timeframe for the next milestone.

MedtronicTalks · Weidman walks the long road to get Symplicity Spiral ready to help patients with hypertension