Stryker Archives - Page 13 of 17 - Medical Design Sourcing

Stryker misses on Q1 results, but is more optimistic about 2021

Stryker (NYSE:SYK) today posted results that missed the Wall Street consensus, even as the company upped its earnings guidance for the full year.

The Kalamazoo, Mich.–based orthopedic device giant reported profits of $302 million, or $0.79 per share, on sales of $3.953 billion for the three months ended March 31, 2021, for a bottom-line decline of –38.7 % on sales growth of 10.2% compared with Q1 2020.

Adjusted to exclude one-time items, earnings per share were $1.93, 6¢ behind The Street, where analysts were looking for EPS of $1.99 on sales of $3.96 billion.

“We are pleased with our results, as business picked up meaningfully in the latter part of the first quarter,” Stryker CEO Kevin Lobo said in a news release out this evening. Lobo also noted that five months after closing the $4.7 billion purchase of Wright Medical, integration is pacing ahead of expectations.

Stryker expects adjusted net earnings per diluted share to be in the r…

DeviceTalks Weekly Podcast – iRhythm CEO Mike Coyle, New Podcast!

In this podcast, iRhythm CEO Mike Coyle discusses his decision to join the digital health leader in January.

Coyle’s had to hit the ground running as iRhythm manages some challenging decisions from regional Medicare payors but he also sees great opportunity for the company’s ZIO platform across the healthcare spectrum.

In this conversation, Coyle discusses

How he came to join the Medtech industry. The potential for its ZIO cardiac monitoring technology How the company is dealing with a disappointing reimbursement How the company will pursue the large asymptomatic market What’s expected to come from the company’s partnership with Verily

We also introduce the newest member of our DeviceTalks Podcast family! Catch an excerpt of the first episode in this week’s podcast. Subscribe to hear future episodes.

Caffeine-fueled Chris Newmarker, executive editor of life sciences at Mass Device, takes a break from earnings week to roll out a powerful #newmark…

The 10 largest orthopedic device companies in the world

[Image from Pixaby]Pent-up demand could make orthopedic devices a hot space in 2021.

The COVID-19 pandemic was especially brutal for the orthopedic device industry. Many of the largest companies in the space saw double-digit percentage declines in revenue in 2020. Health providers delayed or canceled elective procedures to focus on the pandemic, and patients stayed away in droves.

It’s a new year now, though, and vaccines are rolling out. People don’t want to live with a bad knee or hip or back forever. Growth will eventually return for the industry, and orthopedic device companies are positioning themselves to be ready.

Rather than hunkering down during the pandemic, many ortho device companies chose shop for new technologies and major M&A deals. They’re reorganizing and launching new products ranging from surgical robots to smart implants.

Read on and discover the latest about the world’s 10 largest orthopedic device companies.

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The 10 largest orthopedic device companies in the world

[Image from Pixaby]

Pent-up demand could make orthopedic devices a hot space in 2021.

The COVID-19 pandemic was especially brutal for the orthopedic device industry. Many of the largest companies in the space saw double-digit percentage declines in revenue in 2020. Health providers delayed or canceled elective procedures to focus on the pandemic, and patients stayed away in droves.

It’s a new year now, though, and vaccines are rolling out. People don’t want to live with a bad knee or hip or back forever. Growth will eventually return for the industry, and orthopedic device companies are positioning themselves to be ready.

Rather than hunkering down during the pandemic, many ortho device companies chose shop for new technologies and major M&A deals. They’re reorganizing and launching new products ranging from surgical robots to smart implants.

Read on and discover the latest about the w…

8 medical device companies that beat the COVID-19 pandemic and prospered

[Image from unsplash.com]Some medical device businesses not only survived the COVID-19 pandemic but actually thrived — with many producing the medtech needed to fight the coronavirus’s spread.

Medical Design & Outsourcing recently analyzed financials for 20 of the largest medical device businesses in the world. Not only was revenue only slightly down for the 20 during 2020, but it was actually up for eight of the 20 companies.

For many of the eight companies that saw sales increase, there was a common theme: They pivoted their focus to the diagnostics imaging and personal protective equipment needed to against COVID-19.

“We had different kinds of companies that were able to benefit on some level from COVID and shutdowns,” Richard Newitter, senior research analyst at SVB Leerink, told MDO.

Overall, medtech sales declined in Q1 and Q2 but then bounced back in a V-shaped recovery for the rest of the year, according to Newitter “It plateaued and actu…

8 medical device companies that beat the COVID-19 pandemic and prospered

[Image from unsplash.com]

Some medical device businesses not only survived the COVID-19 pandemic but actually thrived — with many producing the medtech needed to fight the coronavirus’s spread.

Medical Design & Outsourcing recently analyzed financials for 20 of the largest medical device businesses in the world. Not only was revenue only slightly down for the 20 during 2020, but it was actually up for eight of the 20 companies.

For many of the eight companies that saw sales increase, there was a common theme: They pivoted their focus to the diagnostics imaging and personal protective equipment needed to against COVID-19.

“We had different kinds of companies that were able to benefit on some level from COVID and shutdowns,” Richard Newitter, senior research analyst at SVB Leerink, told MDO.

Overall, medtech sales declined in Q1 and Q2 but then bounced back in a V-shaped recovery fo…

How big medtech fared during a year of COVID-19

[Image from Unsplash]Despite numerous challenges, the medtech industry showed itself to be fairly recession-proof in 2020, according to a Medical Design & Outsourcing/MassDevice analysis of financials.

Annual reports recently released by 20 of the world’s largest medical device companies showed only a slight dip in revenue during 2020 — a year in which medtech held the front lines against the COVID-19 pandemic. Employment was also up slightly amongst the top earners, while R&D spending held its own.

The 20 companies included in the MDO analysis include 3M Healthcare, Abbott (medical device segment), Alcon, Align Technology, Baxter, Boston Scientific, Danaher (life sciences and diagnostics segment), Dentsply Sirona, Edwards Lifesciences, GE Healthcare, Henry Schein, Intuitive Surgical, Johnson & Johnson (medical device segment), Medline Industries, Owens & Minor, Royal Philips, Smith+Nephew, Stryker, Teleflex and Zimmer Biomet.

Get the full s…

How big medtech fared during a year of COVID-19

[Photo from Unsplash]

Despite numerous challenges, the medtech industry showed itself to be fairly recession-proof in 2020, according to a Medical Design & Outsourcing analysis of financials.

Annual reports recently released by 20 of the world’s largest medical device companies showed only a slight dip in revenue during 2020 — a year in which medtech held the front lines against the COVID-19 pandemic. Employment was also up slightly amongst the top earners, while R&D spending held its own.

The 20 companies included in the MDO analysis include 3M Healthcare, Abbott (medical device segment), Alcon, Align Technology, Baxter, Boston Scientific, Danaher (life sciences and diagnostics segment), Dentsply Sirona, Edwards Lifesciences, GE Healthcare, Henry Schein, Intuitive Surgical, Johnson & Johnson (medical device segment), Medline Industries, Owens & Minor, Royal Philips, Smith+Nephew, …

DTW Podcast: McEvoy gives edge to J&J’s second-mover strategy in digital surgery

Johnson & Johnson may have left the gate than some digital surgery competitors but Ashley McEvoy, executive vice president, worldwide chairman, medical devices, says the company has the technology and the team to win the race.

In an interview with DeviceTalks Weekly Podcast, McEvoy said robotic and digital surgery systems currently on the market have only been adopted by a small percentage of providers, leaving the field open for new competitors like J&J.

“Surgery is a slow adoption business,” McEvoy said,

While offering “huge respect” for the first movers. McEvoy said J&J enjoys market leadership right now in surgery. Its size and reach will open doors for its three digital surgery systems – Velys, Monarch and Ottava.

“We’re going to have a differentiated value proposition doing so in a broad-based healthcare, J&J fashion, not just like a standalone med tech company,” she said.

McEvoy pointed to the team J&J as as…

J&J leader McEvoy lays out future for medtech giant; Stryker’s Murray talks 3Dprinting

J&J’s Ashley McEvoy talks COVID-19, Digital Surgery, Innovation and the future of Vision Care.

In this week’s DeviceTalks Weekly Podcast, the 50th of the series, Ashley McEvoy, Executive Vice President, Worldwide Chairman, Medical Devices, Johnson & Johnson, makes her DeviceTalks Weekly debut.

In this update, McEvoy delivers great insights on several areas of interest including:

COVID-19’s impact on J&J in the past, and what changes may remain in the future. J&J’s far-ranging digital surgery portfolio could bolster many of its specialties. How the company uses its innovation network to accelerate development Why she’s bullish on the future of eye care. How the company will prepare for future challenges.

We also talk with Naomi Murray, Director of Advanced Operations-Additive Technology at Stryker about her almost predestined path to join the orthopedics leader.

She’ll be leading the March 23 discuss…

FDA warns plastic component could break in all of Stryker’s Star ankles

The FDA today issued a warning regarding the STAR Ankle made by Stryker (NYSE:SYK) and the potential for a fracture of the plastic component.

According to an FDA news release, there is a higher-than-expected risk of the polyethylene (plastic) component of the device breaking as early as three to four years after implantation of the STAR Ankle device, which can lead to surgery to repair or replace it.

The FDA’s analysis of post-approval studies and adverse event reports observed that the risk applies to all STAR Ankle devices, regardless of the date of manufacture or distribution.

However, the FDA noted that the implant remains appropriate for certain patient populations, such as older patients with lower activity levels. Those with more active lifestyles, osteoarthritis or those aged younger than 55 years may have a higher risk of the plastic component breaking.

Patients considering a STAR Ankle implant should discuss all treatment options f…

DTW Podcast: Can AI, advanced imaging and robotics “democratize” surgery?

A new generation of digital surgery systems will level the playing field for surgeons giving them artificial intelligence, robotic tools and other assistive technologies.

In three interviews in this week’s DeviceTalks Weekly Podcast, leaders form Asensus, ActivSurgical and Memic explain how their systems will improve surgeon performance, reduce errors, and deliver the “democratization” of surgical robotics.

Guests this week include

Anthony Fernando, CEO of Asensus Surgical (formerly Transenterix), outlines the company’s bid to push its Sehance system as a solution for laparoscopic procedures. Fernando, who took over as CEO in 2019, explains why the company’s stock crashed in 2019 and details the changes that he says has started the company’s turnaround. Senhance offers more responsive surgical tools along with data that will help with surgical training and scheduling.

Todd Usen, CEO of ActivSurgical, left a job he loved at Olympus to lead a compan…