3M plans 6,000 layoffs as hospital staffing woes continue to curb procedures

Manufacturing and supply chain “headwinds” hurt operating margins in the first quarter, the company said.

By Peter Green • April 27, 2023

Baxter restructures, kidney care spinoff still planned for 2024

CEO José Almeida also said the company is exploring strategic alternatives for its biopharma solutions unit.

By Elise Reuter • April 27, 2023

Edwards Q1 revenue boosted by growth at TAVR unit, surgical structural heart business

The company also said it benefited from improved hospital staffing levels that led to a rebound in procedures.

By Nick Paul Taylor • April 27, 2023

Boston Scientific Q1 sales top expectations on ‘healthy’ market demand

As medical procedures pick up pace after the COVID slowdown, the company said it is taking market share in all of its business units.

By Susan Kelly • April 26, 2023

Thermo Fisher reports 9% drop in Q1 revenue, shares slip

The drop in revenue accompanied a 41% decline in net income, with Life Sciences Solutions and Specialty Diagnostics revenue declining by double digits. 

By Peter Green • April 26, 2023

Illumina, under pressure from Icahn, outlines plan to reduce more expenses

The company outlined in its first-quarter earnings call a second set of cost cuts aimed at accelerating margin improvement.

By Nick Paul Taylor • April 26, 2023

Labcorp posts Q1 net decline, says Fortrea spinoff on track for mid-year

The company’s first quarter results in its base operations were boosted by a partnership to manage hospital laboratories for Ascension.

By Susan Kelly • April 25, 2023

Philips says revenue rises 6%, sees €575M in recall-related legal costs

CEO Roy Jakobs expressed confidence in the company’s outlook for the year ahead and said setting aside the funds to resolve a U.S. class action lawsuit was “an important step.”

By Susan Kelly • April 24, 2023

Alphatec buys robotic spine navigation system for $55M

The spine surgery specialist expects the robotic platform to begin generating revenue in 2025.

By Susan Kelly • Updated April 21, 2023

Abbott boosts organic sales outlook as device demand accelerates

A rebound in surgical procedure volumes as hospital staffing improved at the start of the year partially offset a steep drop in COVID-19 testing sales.

By Susan Kelly • April 19, 2023

Intuitive posted 26% jump in robotic procedures in Q1 as hospitals chipped away at backlog

The company experienced “some backlog effect from patients generally returning to more normalized healthcare routines, given the effect of the pandemic over several years.”

By Nick Paul Taylor • April 19, 2023

J&J raises forecast as medtech procedures recover

The company’s medical device business grew by more than 7% in the first quarter.

By Elise Reuter • April 18, 2023

LivaNova CEO quits as firm announces higher-than-expected preliminary earnings

Analysts from Needham and Stifel had opposite takes on how McDonald’s departure will affect the company, which has struggled in recent years to bring new products to market. 

By Peter Green • April 17, 2023

Breast cancer AI company iCAD lays off workers, names new CEO

The company, which reported a net loss on Tuesday, is also exploring strategic alternatives for its Xoft therapy business.

By Susan Kelly • March 29, 2023

Pear, tight on cash, considers strategic alternatives

The digital therapeutics firm is considering a sale, merger, divestiture, licensing, or seeking additional financing. 

By Elise Reuter • March 17, 2023

Senseonics grows sales in Q4 despite ‘softer demand’ for CGM implant in US and Germany

Demand in the U.S. was affected by “a little bit of ambiguity on pricing” ahead of a change to Medicare.

By Nick Paul Taylor • March 17, 2023

iRhythm beats Q4 expectations, shares rise on Zio XT account openings

Progress on addressing operational issues, along with increased Zio sales, drove revenue growth, analysts said.

By Susan Kelly • Feb. 24, 2023

Insulet exceeds sales forecast amid signs Omnipod 5 is winning share in diabetes pump market

The pump will be a “share taker for some time to come,” as patients switch from rival devices, said Insulet’s CFO.

By Nick Paul Taylor • Feb. 24, 2023

Tandem sees growth in new product launches after $95M loss on decline in pump placements

Craig Hallum analysts said 2022 was a “tough year” for Tandem but noted the company’s 2023 forecast should “properly” set expectations.

By Elise Reuter • Feb. 23, 2023

Globus’ full-year sales top $1B as analysts continue to question wisdom of NuVasive takeover

Analysts raised concerns about Globus’ planned $3.1 billion takeover of spine specialist NuVasive, asking about the company’s “flexibility and willingness to close the deal.” 

By Nick Paul Taylor • Feb. 23, 2023

Smith+Nephew posted underlying sales growth in Q4; profit slides

The company has made progress with product availability even as it still faces supply chain issues with semiconductors, resins and sterilization capacity.

By Nick Paul Taylor • Feb. 23, 2023

Medtronic boosts full-year outlook as supply challenges subside

The medical device maker said its cardiovascular and neuroscience units helped drive quarterly revenue growth.

By Susan Kelly • Feb. 21, 2023

Henry Schein Q4 profit drops, hurt by falling sales of COVID test kits, PPE

Flu and COVID-19 cases increased appointment cancellations and added to staffing shortages in the quarter.

By Nick Paul Taylor • Feb. 17, 2023

Labcorp expects 2023 revenue growth, helped by Ascension testing agreement

The company’s business model is shifting as the diagnostics firm prepares to spin off its drug development business and expands management of hospital testing labs.

By Elise Reuter • Feb. 16, 2023

Embecta raises 2023 earnings forecast after better-than-expected start

Almost a year after the company spun off from Becton Dickinson, CEO Dev Kurdikar said Embecta’s quarterly results “exceeded our initial expectations” in a challenging market.

By Elise Reuter • Feb. 15, 2023