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Medtech in a Minute: ITC Judge Rules Against Apple, Cue Layoffs, and More

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Catch up on the latest medtech news in one minute or less.

ITC Judge: Apple Infringed on AliveCor Patents

An administrative judge from the International Trade Commission (ITC) has ruled that Apple has infringed on AliveCor’s electrocardiogram technology. Now the full ITC will preside over the issue. The ITC has scheduled its final determination for October 26. The spat between the two companies began in December 2020 when AliveCor filed a federal lawsuit regarding the patent infringement. In April 2021, AliveCor said it wanted to block the importation of all the Apple Watches in the United States, and filed a patent infringement complaint with the ITC.

Cue the COVID-19 Testing Layoffs

Citing economic challenges and a drop in government funding for COVID-19 testing, Cue Health slashed its manufacturing workforce by 170 people. The White House is reportedly diverting more than $10 billion it had planned to spend on testing and personal protective equipment to buy new vaccines and treatments. A Cue spokesperson told MD+DI in an email that the company is confident in its long-term strategy as it continues to broaden its customer base and advance its menue of future care offerings.

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

ResMed Makes Use of All That Extra Cash

Philip’s massive recall on ventilators and sleep apnea devices last year was ResMed's gain as it created “unlimited demand” for ResMed’s sleep apnea machines. Now the company is putting some of that extra capital into a $1 billion M&A. The company plans to acquire Medifox Dan, a fast-growing German healthcare software company. The deal is expected to expand ResMed’s SaaS business portfolio outside the United States and strengthen its position in healthcare software solutions for lower-cost and lower-acuity care.

Boston Scientific Strikes a Deal

After an acquisitive 2021, Boston Scientific has been relatively quiet this year on the M&A front. However, the Marlborough, MA-based company just announced an agreement to buy a majority stake (about 64%) in M.I. Tech. The deal is valued at about $230 million at current exchange rates. Based in Korea, M.I. Tech makes medical devices for endoscopic and urologic procedures. The company also developed the Hanarostent technology, a family of conformable, non-vascular, self-expanding metal stents, which Boston Scientific has distributed in Japan since 2015.

OrthoPediatrics Deal Pegged As Defensive Acquisition

OrthoPediatrics, a company recently identified as one of the 25 most attractive medtech M&A targets, has inked a $33 million deal to acquire Pega Medical. Both companies are focused on developing orthopedic solutions for pediatric patients. Ryan Zimmerman, a medtech analyst at BTIG, said the deal would not only bolster OrthoPediatrics' growth, but would serve as a defensive acquisition that prevents others in the space from gaining scale. The deal, which is expected to close within the next few weeks, would be comprised of $31 million in cash and $2 million in stock.

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