Medtech in a Minute: Medtronic's Renal Denervation Let Down, and More

Medtronic Swings and Misses in Renal Denervation

History repeated itself last week as Medtronic reported that its Symplicity Spyral Renal Denervation trial missed its primary efficacy endpoint. The disappointing data was presented this week as late-breaking clinical science at the American Heart Association (AHA) Scientific Sessions 2022. Nevertheless, Medtronic has submitted the final module for Symplicity Spyral premarket approval package to FDA for review.

Siemens Healthineers Signals Drastic Overhaul of Diagnostics Business

Citing external headwinds that are outweighing operational improvements in its diagnostics business, Siemens Healthineers plan to restructure the division. The overhaul is expected to save around 300 million euros each year by 2025, with one-time costs anticipated. Following the launch of its Atellica CI 1900 system, the company plans to simplify the portfolio by taking older systems off the market. That means a reduction of the diagnostic platforms by more than 50% over time.

Zimmer Biomet Proposes 'Operational Changes' at Ohio Plant

Zimmer Biomet officials met with union leaders and employees in Dover, Ohio this week to discuss "operational changes" to the company's facility there. Union leaders say those changes include a proposed move to Costa Rica.

And in case you missed our last Medtech in a Minute report...

Johnson & Johnson Revs up Its M&A Engine

Johnson & Johnson rocked the medtech world last week when it revealed its plans to acquire Abiomed. The proposed deal is valued at about $16.6 billion ($380 a share), which includes cash acquired. Abiomed shareholders will also receive a non-tradeable contingent value right to receive up to $35 a share in cash if certain commercial and clinical milestones are achieved. The size of the deal caught most medtech analysts offguard, however Abiomed is expected to fit well within J&J's business and culture.

Medtronic Wins Regulatory Nod in Canada for MiniMed 780G 

Medtronic kicked off Diabetes Awareness Month with news that its MiniMed 780G system for people living with type 1 diabetes has received a regulatory license from Health Canada. The company touts that the MiniMed 780G is the only insulin pump system in Canada that automatically adjusts and corrects sugars every five minutes — some user interaction is required, however. The regulatory milestone comes during a year of significant progress in diabetes tech.