Medtech in a Minute: Medtronic Sets a New Pace, and More

Medtronic Sets a New Pace

With 40% more battery life, most patients who receive one of Medtronic's next-generation leadless pacemakers are not likely to ever need a replacement device. The Micra AV2 and Micra VR2 are also the world's smallest pacemakers (comparable in size to a multivitamin), the company said.

ResMed to Philips: Game On

The big unknown in the sleep apnea device market continues to be when Philips will re-enter the market. An April FDA notice suggests that Philips' product recall impacting the market for CPAP and BiPAP ventilators and other respiratory devices is far from over. One thing that is clear, however, is that ResMed is more than capable of meeting demand now, and if CEO Mick Farrell is at all afraid of Philips' potential return to the market, he's not showing it. In fact, he seems to be leaning into it.

ZimVie Eliminates 5% of Workforce

ZimVie, the dental and spine company that spun out of Zimmer Biomet last year, is cutting its global workforce by 5% (roughly 135 employees), in addition to reductions in discretionary spending. The company said the restructuring actions are expected to generate between $17 million and $20 million in annualized net savings by 2024. The restructuring actions align with the plan laid out at the time of the spin, so, it was not entirely unexpected.

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

A Shocking M&A Rumor

Rumor has it Boston Scientific has been exploring a potential acquisition of Shockwave Medical. Boston Scientific executives had an opportunity to squash the rumor this week during its quarterly earnings call, but instead they declined to discuss the report at all, seemingly leaving the door open for the deal.

Quest Searches for MRD in Haystack

Quest Diagnostics might not have found a needle in a haystack, but the company has found a worthy acquisition target in Haystack Oncology. Quest has agreed to pay $300 million in cash at closing and up to an additional $150 million in milestone payments. Haystack is developing minimal residual disease (MRD) testing technology. MRD testing is a specific category of liquid biopsy that identifies circulating tumor DNA (ctDNA) in the bloodstream of patients following surgery and treatment for cancer.