Medtronic CEO Omar Ishrak took home $40 million for the fiscal year ended April 30, an increase of nearly 80%. His base salary is only $1.5 million, while some of the money was from bonuses like stock options.
Medtronic disclosed difficulties with almost 2,000 units of its latest model insulin pump, the MiniMed 640G, which had been distributed in 10 European countries, according to a recall notice just made by the FDA. This model had its European launch in January and is slated for a PMA submission later this year.
Becton Dickinson has opened the doors of a new facility in Andover, MA, that's dedicated to R&D and manufacturing for novel products to better address the needs of Type 1 and Type 2 diabetes patients. The center is part of a renewed effort for BD in diabetes, after it has suffered difficulties due to pricing erosion.
Medtronic launched the GenCut Core Biopsy system to collect lung cancer tissue from lesions deep inside the organ. The company says its blade design allows the device to collect larger and more intact samples, allowing enhanced pathology and cytology (microscopic imaging of cancerous cells), and ultimately improvements in personalized medicine of lung cancer.
Medtronic is paying $235 million to purchase RF Surgical Systems, which has a technology that's intended to make it easier to detect and prevent surgical items such as sponges, gauze or towels from being left behind in a patient.
A startup that's aiming to make the diagnosis of obstructive coronary artery disease part of a physician office visit has raised $5 million as it heads into a European launch of its CADence device. The company, Aum Cardiovascular--named after a Sanskrit syllable that means "to make a continuous low humming sound"--gained a CE mark for the device earlier this year.
In response to slower sales and increased competition, medical device makers are starting to offer hospitals and patients in the U.S. better guarantees on their products if they don't perform as promised.
Efforts to repeal the tax on medical devices that has helped fund the Affordable Care Act are gaining more traction in Congress following the U.S. Supreme Court's landmark decision supporting a key point of the law, The Wall Street Journal reports.
The latest data from Medtronic demonstrate just how wide its market reach extends. It found that a recently approved adhesive treatment for chronic venous insufficiency is comparable to radiofrequency ablation via a device that it also markets. That makes it seem like a win-win for the medical device giant, which now offers two equivalent, but distinct, treatment modalities.
Medtronic announced a large voluntary recall of its Shiley neonatal and pediatric tracheostomy tubes is underway due to a wider angle bend among affected models than in those manufactured after Nov. 29, 2012. It has suspended shipments of the faulty tubes.