Philips shares got a huge boost today despite first-quarter results that fell shy of the consensus forecast on Wall Street. Investors appeared to react positively to recent updates on the company’s long-running Respironics recall. Shares of PHG rose more than 35% to $28.50 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes […]
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Philips gets judge’s OK to settle Respironics recall economic losses
Philips will pay at least $613 million to settle economic lawsuits related to its recall of millions of CPAPs and other respiratory devices. U.S. District Court Judge Joy Flowers Conti, who has been overseeing the multidistrict litigation out of her court in Western Pennsylvania, approved the final settlement yesterday. “The amount of value created and […]
Philips receives FDA warning letter over imaging systems manufactured in China
The FDA published a warning letter that it sent to Philips that outlines issues around imaging technology manufacturing practices. During an inspection of a manufacturing facility in Suzhou, China, the FDA determined that the devices are “adultered.” The inspection took place from Oct. 23, 2023, through Oct. 26, 2023. Philips received the letter outlining violations […]
Philips comes to consent decree agreement with DOJ, FDA over Respironics recall
Philips today announced a final agreement on a consent decree with the FDA and U.S. Dept. of Justice (DOJ). The consent decree primarily focuses on its Philips’ Pennsylvania-based Respironics business — the subject of a major recall over the past several years. That includes manufacturing facilities in Murrysville and New Kensington, a service center in […]
Philips, AWS expand partnership on digital pathology in the cloud
Philips today announced an expanded partnership with Amazon Web Services (AWS) based around digital pathology in the cloud. The two initially linked up about a year ago, inking a deal to develop generative AI applications. This partnership centered around Philips’ imaging archiving and communications system. It wasn’t the first time a medtech giant linked up […]
Philips, SyntheticMR partner on AI-based brain imaging
Philips announced today that it launched its Smart Quant Neuro 3D for brain disorder diagnosis and therapy. The company unveiled the system at ECR2024 in partnership with Swedish MRI software solutions company SyntheticMR. Smart Quant Neuro 3D provides objective decision support for disorders like multiple sclerosis (MS), traumatic brain injury (TBI), and dementia. According to […]
Philips taps Stryker controller as next CFO
Philips announced today that it proposes to appoint Charlotte Hanneman as a member of its management board as chief financial officer (CFO). The Dutch medtech giant proposed to make the appointment effective on Oct. 1, 2024. It must submit its proposal to the annual general meeting of shareholders scheduled for May 7, 2024. Philips expects […]
Philips launches new Azurion neuro biplane system for neurovascular interventions
Philips announced today that it made major enhancements to its Azurion image-guided therapy system with a new launch. The Amsterdam-based medtech giant unveiled its new Azurion neuro biplane system at ECR 2024. It designed the system to streamline neurovascular procedures and help care teams make the right decisions and do so faster. This enables the […]
Philips unveils radiation-free imaging tech that uses light instead of X-ray
Philips announced the introduction of its new LumiGuide imaging technology that uses light to help navigate blood vessels. The company has now made LumiGuide — first used in late 2023 to treat patients in the Netherlands — available to major aortic centers that perform complex aortic repairs in the U.S. and Europe. LumiGuide offers radiation-free […]
How GLP-1s tanked and reshaped the medtech stock market in 2023
Analysts weigh in on how the GLP-1 craze caused one of the biggest swings in the medtech stock market in recent years.
In a tumultuous year for the medtech industry, the combination of strong sales growth and promising clinical trial results from glucagon-like peptide 1 agonists (GLP-1s) created a seismic shift in the medtech stock market, triggering one of the largest dips in market value that analysts have seen in years. While analysts said the medtech stock market […]
Philips wins FDA nod for latest IntelliVue patient monitor software including Sounds alarm package
Philips announced today that it received FDA 510(k) clearance for its latest IntelliVue patient monitor software. The latest IntelliVue technology includes several new solutions, including the Philips Sounds alarm package. This clearance means the alarm package now has availability in the U.S. and more than 200 countries worldwide. Philips worked with clinicians and sound experts […]