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Philips plans to reduce global workforce by another 6,000

Philips (NYSE:PHG) reported fourth-quarter results that felt the impact of its massive Respironics recall and supply chain issues.

The company also said it is cutting 6,000 jobs worldwide. The layoff comes on top of a workforce reduction of 4,000 that Philips announced in October. The Dutch medtech giant continues to work through a recall involving millions of CPAPs and other respiratory devices. (Here is a full timeline of the recall.)

Half the cuts will take place this year. The remainder will be done by 2025. The layoffs represent about 13% of Philips’ global workforce.

“Right now, it is very important to lead with realism. I am also a great believer in knowing where I want to go and having a clear plan to get there, a plan that people can understand and have confidence in,” CEO Roy Jakobs said during the company’s earning’s call.

Despite its struggles, Jakobs said he embraced the challenges and that he he was exci…

Philips seeks new superconducting materials for helium-free MRI scanners

The Philips Ingenia Ambition 1.5T MRI scanner with BlueSeal technology [Image courtesy of Philips]

Royal Philips and superconducting magnetics researchers will seek ways to develop magnetic resonance imaging (MRI) scanners without helium cooling through a new partnership agreement.

Their findings could make MRI scanners smaller, lighter and less expensive to manufacture and operate, increasing patient accessibility. With the world’s limited amount of helium dwindling, suppliers are rationing while medical researchers and healthcare providers hope for long-term solutions.

Philips and other imaging tech manufacturers like GE and Siemens have developed scanning devices that use less helium. New semiconducting materials could eliminate the need for helium in MRI machines.

Through its newly announced deal with MagCorp, Philips will tap the expertise of materials scientists at Florida State Univer…

GE HealthCare, Philips promote role of AI in imaging

The ROCC interface. [Image from Philips]GE HealthCare and Philips (NYSE:PHG) recently announced developments in the area of AI-powered imaging technology.

SIGNA Experience, a GE HealthCare platform including four technologies, helps users through their diagnostic journey. It aims to ensure the smoothest MRI scanning experience for physicians, technologists and patients.

The platform features an intuitive user interface for high-quality MRI, according to a news release. Its deep-learning AI algorithms, including AIR Recon DL, seek to improve signal-to-noise ratio. They also offer improved image sharpness and a shorter scan time, GE HealthCare said.

Automated intelligent workflow technologies and AIR coils offer further improvements in the MRI experience. SIGNA’s workflow allows technologists to keep track of progress at a glance. Its visually-assisted highlighted fields guide them step-by-step and intelligent automation highlights the most likely actio…

New Philips CEO says he is ‘deeply sorry’ over Respironics recall

Roy Jakobs is slated to become Philips’ president and CEO, effective October 15. [Image courtesy of Royal Philips]Royal Philips’ new CEO Roy Jakobs has apologized for the company’s ongoing massive Respironics recalls.

Since April 2021, the FDA has received more than 69,000 medical device reports, including 168 reports of death, related to sound abatement foam breaking down in CPAP and BiPAP ventilators and other respiratory devices. (Note: The FDA’s MDR system is a passive system with limitations.)

In a recent statement to stakeholders, Jakobs recognized the serious recalls, which involve millions of devices. He said the Dutch medtech giant is taking steps to realign itself with its “people-centered” ideology.

“Delivering on this is what matters most, and that will require us to double down on what we do best, continuing to innovate, but also urgently fixing things where we have disappointed patients and customers. …

The 10 largest medtech employers — and what their employees really think

Employees of the 10 largest medtech employers are happy to be a part of a company that is having a positive impact on patient populations.

That was one major takeaway as MassDevice compiled some current and former employee reviews posted on Glassdoor.

Medtronic, Philips and Johnson & Johnson MedTech top the list of largest medtech employers. The 10 companies we looked at were the largest employers in Medical Design & Outsourcing‘s newest Big 100 report on the largest medical device companies.

Company Employees Medtronic 95,000 Philips 78,189 Johnson & Johnson MedTech 75,000

As with most companies, there are some qualms with corporate bureaucracy and reorganizations creating frustration for employees.

Employment in the medtech industry is on the rise, according to a recent analysis of our Medtech Big 100 data. There were 1,268,924 employees among the 100 largest companies that report human capital in their annual repor…

Philips names Roy Jakobs as CEO amid ventilator, CPAP recalls

Roy Jakobs is slated to become Philips’s president and CEO, effective October 15. [Image courtesy of Royal Philips]Philips‘ (NYSE:PHG) today announced that Roy Jakobs is proposed to success Frans van Houten as president and CEO, effective October 15.

The Amsterdam-based company’s supervisory board and CEO van Houten have agreed that it is time for a change in leadership as his third term in the corner office comes to an end. The board unanimously decided to propose Jakobs succeed van Houten.

“On behalf of the entire Supervisory Board, I would like to thank Frans for his transformational leadership of Philips over the last nearly 12 years,” said Feike Sijbesma, chairperson of the supervisory board of Royal Philips. “Guided by his vision and the execution of the strategic roadmap, he has successfully led the company’s transformation from a diversified industrial conglomerate into a focused, global solutions leader in health technology. Building on …

Shares dip as supply chain, COVID-19 issues hamper Philips in Q2

Philips (NYSE:PHG) shares took a hit this morning on second-quarter earnings that were adversely affected by supply chain headwinds.

Shares of PHG were down 7.6% at $20.46 per share as the market opened today.

The Amsterdam-based company posted sales of $4.3 billion (Є4.2 billion), representing a 7% decline year-over-year. Philips attributed the revenue dip to continued supply shortages and prolonged lockdowns in China, while inflationary pressures and the Russian-Ukraine war also impacted results.

Profits came in at $11.3 million (Є11 million) for a bottom-line slide of 87.1% from this time last year.

The company’s connected care business saw a 13% sales decrease, mainly as a result of its Respironics recall and the impact of supply chain headwinds. In connection with the recall of CPAP, BiPAP and mechanical ventilators, Philips Respironics has produced 3 million replacement devices and repair kits to date.

Additionally, the company …

Philips updates on testing results for recalled ventilators

Royal Philips (NYSE:PHG) today provided an update on the test and research program implemented after its major ventilator recall.

In June 2021, Philips Respironics recalled millions of certain ventilators, bi-level positive airway pressure (BiPAP) and continuous positive airway pressure (CPAP) machines due to potential health risks caused by polyester-based polyurethane (PE-PUR) sound abatement foam breaking down. Foam particles could enter a device’s air pathway, causing a range of potential health problems and toxic, carcinogenic effects for the user.

Philips said last year that it wasn’t taking orders for sleep therapy systems as it dealt with the Class I recall that knocked it out of the market for a year. In March, the FDA issued a notification order alerting Philips that its notification efforts on the recall of its ventilators had been inadequate to that point.

In April, the Amsterdam-based company revealed a Department of Justice subpoena f…

Philips names Willem Appelo as chief operations officer

Willem Appelo [Image courtesy of Philips]Royal Philips (NYSE:PHG) today announced that it has named Willem Appelo as chief operations officer, effective October 1.

Appelo is slated to join the Amsterdam-based company’s executive committee on July 18. He will succeed Sophie Bechu as chief operations officer, who will continue to work on project-based initiatives until her retirement in January 2023.

Appelo previously worked as the interim supply chain officer and has worked with private equity firms in the medtech industry. Prior to that, he was the VP of supply chain strategy, innovation and development and VP of supply chain medical devices at Johnson & Johnson.

“I am very pleased that Wim Appelo will be joining Philips as our new Chief Operations Officer,” CEO Frans van Houten said in a news release. “Wim brings a wealth of relevant experience to Philips, adding in-depth knowledge and understanding of medical technology and informatics supply ch…

FDA says Philips ventilator recall produced over 21,000 device reports, 124 deaths

The FDA updated its communications on Philips‘ (NYSE:PHG) major ventilator recall with new data on device reports and patient deaths.

In June 2021, Philips Respironics recalled millions of certain ventilators, bi-level positive airway pressure (BiPAP) and continuous positive airway pressure (CPAP) machines due to potential health risks caused by polyester-based polyurethane (PE-PUR) sound abatement foam breaking down. Foam particles could enter a device’s air pathway, causing a range of potential health problems and toxic, carcinogenic effects for the user.

According to the FDA’s notice, the agency received more than 21,000 medical device reports (MDRs), including 124 reports of death, associated with the PE-PUR foam breakdown or suspected foam breakdown in Philips Respironics’ ventilator devices between April 2021 and April 30, 2022.

Within the MDRs received by FDA — both mandatory reports from Philips and voluntary reports from health…

FDA clears Philips’ MR 7700 imaging system

[Image from Philips]Philips (NYSE:PHG) announced today that it received FDA 510(k) clearance for its new MR 7700 3.0T MR imaging system.

Amsterdam-based Philips designed the MR 7700 system to provide high accuracy to support clinical diagnostics through high-quality diffusion imaging and advanced neuroscience.

The company said in a news release that MR 7700 expands scanning capabilities with a fully integrated multi-nuclei imaging and spectroscopy solution for exploring new clinical pathways without sacrificing clinical imaging workflow or wide-bore patient comfort.

Philips’ MR 7700 has an easy-to-use interface that allows scientists and clinicians to access the scanner without compromising workflow, offering radiologists a way to image six different clinically relevant nuclei across all anatomies. The platform’s AI-driven smart connected imaging increases diagnostic confidence and adds important metabolic information to MR exams.

The com…

Fresenius Medical Care hires replacement for longtime CEO

Carla Kriwet will become CEO of Fresenius Medical Care [Photo courtesy of Fresenius]Fresenius Medical Care (NYSE: FMS) has hired Carla Kriwet as its next CEO effective Jan. 1, 2023.

Kriwet will replace Rice Powell, who will step down on Dec. 31 after hitting the company’s age limit. Powell is 66. Kriwet is 51.

“I fully identify with the vision of making the lives of the patients who have put their trust in us a little more worth living every day,” Kriwet said in a news release yesterday. “And I’m convinced that bringing ever better medicine to ever more people goes hand in hand with economic success.”

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