Top Device Companies

Boston Scientific Warns Doctors Of Defects In Three Defibrillator Models

Boston Scientific warned the health-care community that three of its implantable defibrillators may not work properly because of a defect in a magnetic switch. The company said the problem applied to its Contak Renewal 2, Contak Renewal 4 and Vitality HE ICD models produced in 2006, 2007. Boston Sci said 34,000 of the devices are implanted in patients and have a higher rate of switch failure than other debibrillators. Physicians were advised of what to watch for and now to deal with the problem. (Click here for more – a subscription may be required)

“Boston Scientific Issues Advisory On Defibrillators” – Wall Street Journal (7/23/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Scientific Quarterly Report Shows Defib Problem Survival

Boston Scientific, expected to be hurt severely by its defibrillator problems, reported quarterly earnings that beat expectations. One analyst said the report shows the company is recovering better than expected from a month-long freeze on marketing the devices. The company reported a global sales decline of $75 million for its implantable defibrillators during the quarter just ended as a result of paperwork violations that caused a suspension of sales for a month. Those sales levels beat analyst expectations, although those expectations were low as a result of the freeze. (Click here for more)

“Boston Scientific Profit Falls, But ICDs Rebound” – Reuters (7/20/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Scientific Board Duo Sells Millions Of Shares As Value Declines

Boston Scientific Chairman Pete Nicholas and another board member are selling millions of their shares in the company they helped found more than 30 years ago. Member John Abele said banks have urged the move because of the arrangement in which their stock is held. The shares are held as collateral in brokerage accounts, and Abele said the two are selling them because banks have become leery of that process. He acknowledged that selling that Nicholas 5.2 million shares and his 1.75 million does not make the company look good given the current economic climate. Both began the selling process in mid-March. (Click here for more – a subscription may be required)

“As Stock Wanes, Boston Scientific Officials Sell Shares” – Wall Street Journal (7/16/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Sci, Medtronic, Baxter, Stryker Rely On European Device Sales

Boston Scientific, Medtronic, Baxter International and other major device makers depended during the previous quarter on the effect of Europe’s recession. Those three and Stryker are large exporters of medical devices to Europe and were expected to report quarterly earnings largely affected by those foreign sales. Boston Sci and Medtronic also were expected to be affected by the former’s problems with implantable defibrillators and Medtronic’s efforts to fill the sales gap after the Boston Sci devices were recalled. (Click here for more – a subscription may be required)

“Earnings Preview: For U.S. Medical Device Companies, Focus Is Europe” – Wall Street Journal (7/14/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

J&J To Buy Micrus For $480 Million In Race With Covidien, ev3

Johnson & Johnson plans to buy Micrus Endovascular and its devices for preventing stroke for $480 million. The purchase is seen as an effort by J&J to remain a strong competitor of Covidien in the neurovascular sector of the market. Covidien said the previous week it would buy ev3 for $2.6 billion to obtain the same type of products.Boston Scientific also is a significant player in the sector and could take advantage of the increased interest as it undergoes a restructuring effort. (Click here for more – a subscription may be required)

“J&J To Acquire Micrus To Bolster Stroke Lineup” – Wall Street Journal (7/13/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Scientific Begins Trial Process For New Defibrillator Version

Boston Scientific has begun enrolling participants for a cinical trial of a new version of cardiac defibrillator, a device that has caused the firm problems. The latest product is the Cognis version relying on the firm’s Latitude patient-management system to allow the device to communicate with a physician. Boston Scientific had to stop producing and recall unimplanted defibrillators earlier this year after acknowledging to the FDA it failed to follow proper reporting procedures. (Click here for more)

“Boston Scientific Starts Cognis Clinical Trial” – MedCity News (7/8/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Sci, Medtronic, St. Jude May Face Loss Of Favored Sales Targets

Boston Scientific, St. Jude Medical and Medtronic are expected to be affected along with small device makers as hospitals and their medical staffs change the way they interact. Moody’s Investor Service said device makers could face a tougher challenge in attempting to sell their wares directly to physicians. Medtronic and the other major device makers produce stents, defibrillators and other implants considered “physician-preference items,” so sales representatives attempt to deal directly with surgeons. But Moody’s says hospitals and doctors are beginning to create financial alliances that could make that approach harder even for the large device makers. (Click here for more)

“Report: Medical Device Makers May Face Pressure” – Bloomberg (AP) (6/24/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Scientific Cleared For Trials Of Rechargeable SCS Device

Boston Scientific received FDA clearance to begin clinical trials of what the firm calls the world’s first rechargeable spinal cord stimulation device. Separately, an analyst said the neurostimulation market is expected to more than triple in size by 2013. Boston Sci could get a large chunk of that larger market if it gets its Precision Plus SCS device to market. The device is designed to manage chronic pain in the trunk, back and limbs, and Boston Sci is testing it against additional operations in patients who failed to get relief from previous surgery. (Click here for more)

“Boston Scientific Enhances Spinal Cord Stimulation Device” – Mass Device (6/24/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Sci Agrees To $55 Million Investment In Quincy, Mass., Facilities

Boston Scientific, subject to Massachusetts approval, is set to take advantage of an offer for tax breaks, and invest about $55 million to expand its facility in Quincy. The deal calls for Boston Sci to spend at least $30 million on the building and $25 million in new equipment, producing construction jobs and five new Boston Sci positions at the plant. Tax breaks could reach $1.4 million in 2018 under the agreement. The company told city officials it expects to surpass the agreed investment by $10 million. (Click here for more)

“With Tax Break, Boston Scientific To Invest In Quincy Site” – Boston Globe (6/24/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!

Boston Sci Rearranges Credit To Pay Off Abbott, Other Debts

Boston Scientific plans to repay its $900 million debt to Abbott Laboratories through a $3 billion, three-year loan it arranged to extend a now-expired $1.75 billion line of credit. In addition to paying Abbott, Boston Sci expects to use the extra cash to pay off $850 million worth of other notes due next year. Like most of the medical device industry, the company is drawing on new credit arrangements to carry it through a period of declining sales until the economy improves. Boston Sci had the additional problem of a month-long freeze on selling its implantable defibrillators. (Click here for more – a subscription may be required)

“Boston Scientific Gets $3 Billion Loan, Credit Line To Repay Debt” – Wall Street Journal (6/23/10)

Medical device manufacturers facing many challenges: from the rising clout of group purchasing organizations (GPOs) to payment bundling and physicians' growing allegiance with hospitals in product price negotiations. Get all the answers now in new Medtech Insight's new 24-page Special Report: Medical Device Landscape: How regulatory changes and cost control measures are reshaping the industry. Available for purchase now!