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Medtech in a Minute: Edwards Wows Analysts, Abbott's Portfolio Resiliency, and More

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Pressed for time? Here's the medtech news you need most, in one minute or less.

Edwards Wows Analysts with Q3 Results

The TAVR pioneer reported tglobal TAVR sales of $745 million, an increase of 6% over the third quarter last year. CEO Mike Mussallem said the company expects to return to double-digit growth in 2021, but he stopped short of offering a more specific range. "Overall, Q3 results wowed us, though some may nitpick Q4 guidance or look for a more specific range on double-digit TAVR growth in 2021," Marie Thibault, a medtech analyst at BTIG, wrote in a report published Wednesday. "We anticipate more detail at the Dec. 10 annual investor day."

Abbott's Portfolio Shows Strength and Resiliency

Abbott Laboratories' medical device segment returned to growth in the third-quarter (3.4% year-over-year), complimented by an extraordinary beat on the diagnostics side, driven by $881 million in COVID-19 sales. While the medical device beat is partially a reflection of how quickly procedure volumes have bounced back across the industry, it's also a testament to the strength and resiliency of Abbott's medical device portfolio. CEO Robert Ford said Abbott has over 100 new products in the pipeline across its four businesses that are expected to launch over the next couple of years.

COVID-19 Testing Drives Significant Growth for Thermo Fisher

COVID-19-related tests helped push Thermo Fisher Scientific’s 3Q20 growth. The company brought in about $8.5 billion in revenue for the quarter, which was a 36% increase year-over-year. Thermo Fisher's involvement in the pandemic includes providing both COVID-19 diagnostic test kits as well as reagents used for laboratory-developed tests, along with sample collection products and instrumentation.

And in case you missed last week's Medtech in a Minute ...

Meet the New Medtronic

Medtronic is becoming a more compeititve and nimble organization under the leadership of Geoff Martha, who took over as CEO in April. Last week analysts and investors got a closer look at some of the structural changes that are intended to shift more resources and decision-making power to the operational level, enabling those businesses to compete more nimbly while still leveraging the breadth of a large company. In advance of the company's analyst day, MD+DI got a sneak peek at these changes in this exclusive interview.

DOD Gets Behind Cue Health

After raising a sizable financing in June, Cue Health now has the support of a $481M award from the Department of Defense to expand production capacity of its COVID-19 test. The DOD investment will allow Cue Health to expand its U.S.-based production capacity and deploy 6 million molecular, point-of-care Cue COVID-19 tests by March 2021. Cue's cartridge-based COVID-19 molecular test is capable of producing results in about 20 minutes.

BD's New COVID-19 Test Assesses Immune Function

Becton Dickinson and Company (BD) has been awarded CE mark for a product that can assess immune function in COVID-19 patients. The Franklin Lakes, NJ-based company said the BD Multitest 6-Color TBNK Reagent with BD Trucount goes beyond the complete blood count and looks at the T-cell subtypes in COVID-19 patients. BD’s test has been used for years to assess immune function in HIV patients.

Abbott Continues Its Fast and Furious Pace with COVID-19 Tests

The company was awarded emergency use authorization for the AdviseDx SARS-CoV-2 IgM serology test. This makes the seventh test Abbott has received EUA for since the pandemic began. The impetus behind the new test is to give a more complete picture of where patients are in the recovery process. Abbott said data about the AdviseDx serology diagnostic shows test results with 99.6% specificity and 95% sensitivity for patients tested 15 days after symptom onset.

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