As earnings season concludes and the COVID-19 pandemic roars on, medtech companies continue to find new ways to make waves.
This week’s top five MassDevice stories showcase how companies are operating in the “new normal,” as they look toward the post-pandemic future, whenever that may arrive. Strong quarterly earnings, big funding rounds and new innovations in COVID-19 treatment comprise some of this week’s list.
Want to hear more about the week’s top news? Executive editor Chris Newmarker and Tom Salemi will discuss during our DeviceTalks Weekly podcast. Without further ado, here’s this week’s MassDevice Top Five:
5. Medtronic’s recovery ‘faster than expected’ during Q1
Medtronic (NYSE:MDT) shares ticked up after the medtech giant came in well ahead of Wall Street projections for both earnings and revenues while posting profits of $491 million. Read the full story.
4. FDA clears Pelvital pelvic floor device
Pelvital announced that it received FDA clearance for its Flyte device, which is a first-of-its-kind, non-invasive, intravaginal home-use device designed to strengthen the pelvic floor muscles, which can help women with stress urinary incontinence. Read the full story.
3. iRhythm closes $220M offering
iRhythm Technologies (NSDQ:IRTC) closed an underwritten public offering worth proceeds of approximately $220 million, which it plans to put toward funding growth initiatives, as well as for working capital and other general corporate purposes. The company develops AI-based screening, diagnosis and management technology for atrial fibrillation. Read the full story.
2. Boston Scientific, Abbott listed among best workplaces for innovators
Fast Company’s “Best Workplaces for Innovators” in 2020 included the likes of Boston Scientific (NYSE:BSX) and Abbott (NYSE:ABT) within the top 20 of its list of 100 companies. Over 850 companies applied across more than 24 countries around the world for a slot in the innovative workplace rankings. Read the full story.
1. Abbott wins EUA for COVID-19 test that runs off a card
Abbott (NYSE:ABT) announced that its BinaxNow COVID-19 Ag Card — a speedy antigen test for the virus that can be directly read off the testing card — received FDA emergency use authorization (EUA). Abbott plans to ship tens of millions of tests in September, ramping to 50 million tests a month at the start of October. Read the full story.