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Recall may have knocked Philips out of sleep devices market for a year

Royal Philips (NYSE:PHG) is no longer taking orders of sleep therapy systems as it handles a serious recall involving millions of the devices.

“As a consequence of the prioritization of the repair or replace actions, we are currently not taking new orders for sleep therapy systems while masks and other consumables, of course, continue to be sold,” CEO Frans van Houten said during a July 26 earnings call, transcribed by Seeking Alpha.

Van Houten said it will take 12 months after regulatory approval to address problems with all the devices, which have a polyester-based polyurethane (PE-PUR) sound abatement foam that could potentially break down and enter a device’s air pathway.

The FDA recently designated the recall as Class I, noting that users of the Philips ventilator devices face a host of health problems and toxic carcinogenic effects. The agency said that there have been more than 1,200 complaints and more than 100 injuries.

“…

DTW Weekly Podcast – Digging Deeper into Cleerly Health $43 million round

In this week’s DeviceTalks Weekly Podcast, we talk with Dr. James Min, the founder and CEO of Cleerly Health, a potentially disruptive diagnostics company that raised $43 million last week. Dr. Min explains how Cleerly Health formed from his work at Weill Cornell Medicine. But, more importantly for entrepreneurs and executives, he walks listeners through the steps he took to prepare for the fund-raising. In our next episode we’ll talk with two VCs who invested in the company to hear why Cleerly’s pitch worked.

We also talk with Jeremy Maniak, the CEO of Minnetronix, which is celebrating its 25th year in business. Maniak shares why medtech is such a draw for quality engineers who want to work for a purpose and work with the top technology. He also takes us through the process that led to Minnetronix creating its own medical device. Maniak, an electrical engineer himself, says Minnetronix will partner with OEMs to sell the device.

Chris Newmarke…

Philips CPAP recall could be an opportunity for ResMed, analysts say

Baird analysts say that the recall of certain sleep and respiratory devices by Royal Philips (NYSE:PHG) may benefit ResMed (NYSE:RMD).

Earlier this month, Amsterdam-based Philips provided an update on the April 26 recall for some bi-level PAP and CPAP ventilator devices with a foam component problem, with the company expecting revenue headwinds in its sleep and respiratory care business to be compensated by the performances of its other businesses. It elected not to change financial guidances provided with the initial recall announcement.

Analysts at Baird, however, noted that there is an opportunity for ResMed to get a jump on Philips amid the recall with its respiratory products, although there is a high degree of difficulty as far “meaningfully capitalizing on this disruption,” and few clear answers exist right now.

ResMed, one of the top-performing stocks of 2020, saw a 4.6% rise from market open to market close on June 14, the day Philip…

Deadline looming for MedTech Color pitch competition

Medtech entrepreneurs of color hoping to secure a portion of more than $100,000 in cash and in-kind services have until Feb. 5 to apply to MedTech Color’s first pitch contest.

The organization launched the contest last month, inviting Black and Latinx founders in the healthcare space to pitch their ideas to investors and corporate sponsors. The entire contest will be run virtually.

Angelique Johnson, co-founder of MedTech Color and CEO of MEMstim, said the contest is looking broadly at entrepreneurs in the healthcare space. Entrepreneurs can be focused on traditional medical devices, software, healthcare apps and other technologies.

“Our top prize is $25,000 and that’s non-dilutive,” Johnson said in an interview in the current episode of the DeviceTalks Weekly Podcast. “It’s income for the company. No strings attached.”

Winners will also be eligible for assistance from sponsors including ResMed, Johnson & Johnson and other medical device comp…

Deadline looming for Medtech Color Pitch Competition

Medtech entrepreneurs of color hoping to secure a portion of more than $100,000 in cash and in-kind services have until Friday to apply to Medtech Color’s first pitch contest.

The organization launched the contest last month, inviting black and Latinx founders in the healthcare space to pitch their ideas to investors and corporate sponsors. The entire contest will be run virtually.

Angelique Johnson, co-founder of MedtechColor and CEO of MEMstim, said the contest is looking broadly at entrepreneurs in the healthcare space. Entrepreneurs can be focused on traditional medical devices, software, healthcare apps and other technologies.

“Our top prize is $25,000 and that’s non-dilutive,” Johnson said in an interview in the current episode of the DeviceTalks Weekly Podcast. “It’s income for the company. No strings attached.”

Winners will also be eligible for assistance from sponsors including ResMed, Johnson & Johnson and other medical device compan…

MedTech 100 roundup: January ends with a dip

After spending several weeks on the ascent, medtech stocks leveled out a bit to end January, ending a run of several new highs in 2021.

MassDevice‘s MedTech 100 index ended the week (Jan. 29) at 104.05 points, marking a -2.2% drop from the 106.4-point mark set at the end of the previous week (Jan. 22).

The index had previously reached 107.4 points on Jan. 20, topping the all-time best of 106.81 points set on Jan. 8. That mark represents a 16% jump from the pre-pandemic high of 92.32 set on Feb. 19, 2020, and a 72.9% overall leap from the lowest point of 62.13 set on March 23, 2020.

However, the drop from that high point to medtech’s current position is approximately -3.1%, although the industry still remains well above its pre-pandemic high (12.7%) and its mid-pandemic low point (67.5%).

Here are some of the best-performing medtech stocks from 2020.

While medtech saw a slight decline from the previous week, both of the overall markets fared …

ResMed beats The Street on Q2 sales, disappoints on earnings

ResMed (NYSE:RMD) beat Wall Street analysts’ estimates for sales growth in its second quarter of 2021 but fell below their earnings projections.

The San Diego-based company posted profits of $179.5 million, or $1.23 per share, on sales of $800 million for the three months ended Dec. 31, 2020, for an 11.8% bottom-line gain on sales growth of 8.7%.

Adjusted to exclude one-time items, earnings per share were $1.24, -2¢ behind Wall Street, where analysts were looking for sales of $783.18 million.

“Our second-quarter results reflect continued solid performance and positive trends across our business resulting in top-line growth as well as double-digit improvement in operating income and earnings per share,” said ResMed CEO Mick Farrell in a news release. “In our core markets of sleep apnea, COPD, and asthma, we are seeing continued sequential improvement in new patient volume and ongoing adoption of our mask and accessories resupply programs. Our global…

These medtech stocks performed the best in 2020

(From Ishant Mishra on Unsplash)

While 2020 did not go as planned for anyone, with the twists and turns came opportunities for medtech companies to power forward.

Innovations came both as a result of the COVID-19 pandemic and perhaps in spite of the challenges brought on by the virus, highlighted by the increased efforts to produce vaccines and testing while pivoting to artificial-intelligence-based and remote care.

Companies like Moderna arose from nowhere, climbing from a share price of $19.52 to $104.47 over the course of the year as it established itself as a frontronner in the race to get a COVID-19 vaccine to the public, eventually becoming the second vaccine authorized in the U.S.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — has hit new heights over the course of 2020, indicating the upward trajectory of the industry. Over the course of the year, the index grew from a total of $86.8…

These medtech stocks performed the best in 2020

(From Ishant Mishra on Unsplash)

While 2020 did not go as planned for anyone, with the twists and turns came opportunities for medtech companies to power forward.

Innovations came both as a result of the COVID-19 pandemic and perhaps in spite of the challenges brought on by the virus, highlighted by the increased efforts to produce vaccines and testing while pivoting to artificial-intelligence-based and remote care.

Companies like Moderna arose from nowhere, climbing from a share price of $19.52 to $104.47 over the course of the year as it established itself as a frontronner in the race to get a COVID-19 vaccine to the public, eventually becoming the second vaccine authorized in the U.S.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — has hit new heights over the course of 2020, indicating the upward trajectory of the industry. Ove…

ResMed launches nasal mask designed for comfort

Image from ResMed

ResMed (NYSE:RMD) announced today that it launched its AirTouch N20 CPAP nasal mask with a memory foam cushion.

San Diego-based ResMed touts the AirTouch N20, its first CPAP (continuous positive airway pressure) nasal mask with a memory foam cushion, as “the softest nasal mask ever,” according to a news release.

AirTouch N20 uses patented UltraSoft memory foam cushion also found in the full-face AirTouch F20 mask launched in 2017. The masks both adapt to the curves and contours of each individual face, offering a personalized fit to increase comfort and CPAP adherence. The foam cushion also doesn’t require cleaning when replaced in an appropriate amount of time.

ResMed said in the release that AirTouch N20 is now available in the U.S., Canada and most of Europe. The company has Asia-Pacific launches planned for later this year.

“CPAP therapy should be …

Philips, Google, ResMed among companies joining digital therapeutics standards initiative

Major companies in the medtech space — including Philips, Google and ResMed — are among those joining the Consumer Technology Association’s new digital therapeutics standards initiative.

“With the COVID-19 pandemic, we are seeing faster innovation across all aspects of digital health including digital therapeutics,” said Gary Shapiro, CEO of the CTA.

“This field takes the application of technology beyond just wellness tracking. Companies are now developing solutions that can manage pain, allergies and even address mental health problems. As more people take control of their own health in the comfort and safety of their homes, we must understand what this technology means and how to advance its adoption,” Shapiro said in a news release posted yesterday.

Companies in the initiative include:

Activbody Akili Amalgam Rx Amptify AudioCardio Awarables Bose CareWear Doctor on Demand Ginger GlucoseZone by Fitscript Google Health HP Livongo MagicLeap Mi…