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Medtech in a Minute: Layoffs Happening All Around Us

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

Layoffs Abound in Medtech (and Beyond)

Medtech has not been immune from the macroeconomic headwinds that have forced some companies into a difficult corner, resulting in mass layoffs. Last week, Illumina said it would trim its global workforce by 5% “to realign its operating expenses. Illumina employs about 9,200 workers worldwide — 5,650 full-time employees in the Americas, 2,240 in Asia, and 1,250 in Europe. Pear Therapeutics a prescription digital therapeutics company, also announced its second round of layoffs. Pear said  would cut about 22% of its staff — impacting 59 employees. This round of layoffs comes just four months after Pear's previous round of layoffs, announced in July. At the time the company said it would lay off 9% of its staff, or 25 employees.

Insulet Has a Problem with Omnipod 5 Controller

Insulet has received reports that heat generated by a poor connection between the Omnipod 5 cable and port has caused them to melt, deform, or discolor. The Omnipod 5 tubeless automated insulin delivery system is integrated with a continuous glucose monitor to manage blood sugar with no multiple daily injections, zero fingersticks, and is fully controlled by a compatible personal smartphone. Insulet launched the Omnipod 5 system in early August, after gaining FDA clearance in January and executing a limited launch of the system.

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

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.

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