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Florida Becoming Hospitable for Medtech Manufacturers
While Florida may not be home to many of the medical device giants, the Sunshine State is becoming a very hospitable environment for device manufacturers. At the Florida Medical Manufacturers Consortium, industry players celebrated a recently-passed sales tax exemption for certain types of manufacturing equipment.
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Medtronic Receives FDA Approval for Evera and Viva Cardiac Implants
Medtronic (Minneapolis, MN) received FDA approval for its Evera and Viva next-generation cardiac implants. Evera is a cardioverter-defibrillator that features the company’s proprietary SmartShock technology. SmartShock delivers inappropriate shocks at a rate of two percent after 12 months. This rate is significantly lower than other similar devices.
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Thoratec Shares Drop Following Lackluster Q1
Thoratec Corporation (Pleasanton, CA) released a less-than-stellar first quarter earnings report. Following its Q1 earnings release, shares of Thoratec dropped from $36.50 on Friday to $32.87 on Monday morning.
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New Brain Implant Predicts Epilepsy Seizures
A specialized implant by NeuroVista (Seattle, WA) may hold promise as a tool for predicting epilepsy seizures in drug-resistant adults. In a proof-of-concept study published in The Lancet Neurology, researchers provided further details on how EEG data can be interpreted to predict an individual’s risk of epilepsy seizures.
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Haemonetics Cuts Domestic Jobs, Moves Manufacturing Overseas
Haemonetics (Braintree, MA) will close one of its manufacturing plants located near its headquarters. In the process, the company will shed 320 jobs over the next year and a half. However, the company will also be expanding its manufacturing operations in Asia and Mexico.
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Zimmer Purchases Knee Creations
Zimmer Holdings (Warsaw, IN) purchased Knee Creations (West Chester, PA) for an undisclosed amount. With the acqusition of Knee Creations' next-generation knee treatment surgical procedure, Zimmer has boosted its position in the implant and surgical product business.
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Medtronic Cuts 230 Domestic and Overseas Jobs
Medtronic (Minneapolis, MN) in undergoing significant restructuring in its spinal business. As revenues at the company continue to falter, Medtronic will cut 230 jobs. In other unwelcome news, FDA regulators issued Class I recall status for the company’s deep-brain electrical stimulation systems.
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Delcath's Stock Plummets after Negative FDA Panel Vote
Delcath Systems (Queensbury, NY) faces the ire of investors following a vote by an FDA regulatory panel. In the FDA panel, regulators voted 16-0 that Delcath Systems’ medical device / pharmaceutical for the treatment of cancer carried risks that outweigh any potential benefits.
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Cynosure Releases Poor Q1 Earnings Report
Cynosure (Westford, MA) released a poor first quarter earnings report, despite growth of 19 percent. Following missed Wall Street expectations, shares of the company dropped 2.2 percent. In total, Cynosure posted a profit of $1.2 million (7 cents per share) on $40.7 million in sales. This represents a profit growth of 51.3 percent.
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Abiomed Releases Positive Earnings for Fiscal Year
Abiomed (Danvers, MA) released a positive earnings report for the 2013 fiscal year. Following release of the company’s earnings, shares of Abiomed’s stock rose seven percent Thursday morning. In total, the company reported profits of $15 million (38 cents per share) for the 2013 fiscal year. These profits are based on total sales of $157.6 million. This represents a bottom-line gain of 904.3 percent on top of the company’s top-line growth of 25.8 percent.
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