Medtech in a Minute: Beware of the Layoff Reaper

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

Amanda Pedersen

March 10, 2023

2 Min Read
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Abbott's Long-Awaited Win in Diabetes

FDA has fianlly cleared Abbott's FreeStyle Libre 2 and FreeStyle Libre 3 integrated continuous monitoring sensors for integration with automated insulin delivery (AID) systems. The Abbott Park, IL-based company modified the sensors to enable integration with AID systems. The news also comes on the heels of Medicare coverage of continuous glucose monitoring (CGM) devices for all people with diabetes who use insulin.

The Layoff Reaper Hits J&J (Again)

Johnson & Johnson announced another round of restructuring that is expected to eliminate at least 1,000 jobs. The reorganization includes folding its Mitek sports medicine business into J&J’s trauma and extremities unit, and moving shoulder reconstruction to its joint reconstruction section.

A 3D-Printing Team Up

Evonik and BellaSeno are working together to commercialize 3D-printed scaffolds for bone regeneration, continuing a partnership that began in 2019 with scaffolds for chest wall and breast reconstruction. The bone scaffolds are made with Evonik’s Resomer polymers and are used for large and complex bone defects.

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

J&J Drops the Axe in Pennsylvania

Dozens of Greenfield, PA-based Johnson & Johnson factory workers will soon be looking for new jobs. The company is dropping the layoff axe at the plant in preparation for spinning off its consumer business, which will be named Kenvue. J&J began a joint venture with Merck to develop consumer health products at the site. But in 2011 J&J purchased Merck’s stake in the joint venture between the two companies.

ZimVie Stumbles in First Year

ZimVie, Zimmer Biomet's spine and dental spin out, is struggling to find its footing as a stand-alone company. On top of reporting fourth-quarter results that missed analyst expectations, and releasing full-year 2023 guidance below analyst expectations, ZimVie announced this week that it is pulling its spine business out of China, citing recent value-based procurement (VBP) regulations there. CEO Vafa Jamali highlighted the progress the company made in its first year post-spin, but that didn't stop analysts and investors from focusing on the miss. "There still is disruption in spine that we're living through. I think the first half of the year is going to be the toughest part," Jamali said during the company's fourth-quarter earnings call. "And I think you're going to see a much, much healthier spine business in the back-end of the year for ZimVie."

Fraudster Elizabeth Holmes Cites Birth of Second Baby in Court Filing

Elizabeth Holmes is back in the headlines this week after a court filing revealed she has had her second baby and is seeking to delay her 11-year prison sentence while she appeals her fraud conviction. U.S. District Judge Edward Davila sentenced Holmes to 11.25 years in prison (the low end of the sentencing guide range of 11.25 years to 14 years) plus three years of supervised release. The judge set a surrender date for April 27, intentionally allowing her to give birth before being incarcerated. Holmes is fighting to delay her sentence while she appeals her fraud conviction, a process that legal experts say could take years.

About the Author(s)

Amanda Pedersen

Amanda Pedersen is a veteran journalist and award-winning columnist with a passion for helping medical device professionals connect the dots between the medtech news of the day and the bigger picture. She has been covering the medtech industry since 2006.

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