3M debuts long-wearing medical adhesive

3M (NYSE:MMM) said that it has added an extended-wear medical transfer adhesive to its lineup of advanced adhesives for medical devices.

Designed to laminate many substrates, 3M medical transfer adhesive 4075 features an extended-wear pressure sensitive-transfer adhesive and allows design engineers to use a variety of backings. The new adhesive also offers up to a 14-day wear time, depending on the backing material used.

Get the full story on our sister site, Medical Design & Outsourcing.

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3m settles dental crown case for $33m

#m's Lava Ultimate dental crown3M Cos. (NYSE:MMM) agreed to settle a proposed class-action lawsuit brought over alleged defects in its Lava Ultimate dental crown product.

The lawsuit, filed in May 2016 in the U.S. District Court for Minnesota by 39 dentists who used the Lava Ultimate crowns, alleged that they failed at rates that were “orders of magnitude higher than those seen in any other crown material.” More than 1 million Lava Ultimate crowns were sold before 3M pulled the crown indication from the market in June 2015, according to court documents.

“3M represented that its Lava Ultimate restorative product provided dentists and patients with a crown material that had a combination of aesthetics and durability that had previously been unavailable in restorations that were created ‘chairside’ – i.e., at the dentist’s office – during a single visit,” the suit alleged. “The shockingly high failure rates were due to an inherent defect in Lava Ultimate, which made the product inappropriate for the uses for which 3M had previously represented – in particular, Lava Ultimate’s use in dental crowns. All Lava Ultimate crowns contain this inherent defect.”

In March 2018 Judge Donovan Frank tossed claims brought under statutes in various states and struck the plaintiffs’ bid for punitive damages, but allowed other claims to be amended. Although the plaintiffs were seeking to amend the claims Donovan dismissed without prejudice and the case was in discovery, the parties agreed to hire retired Magistrate Judge Arthur Boylan as an outside mediator.

After “rigorous negotiations” over the course of five sessions produced a settlement agreement, earlier this week the plaintiffs asked Frank to approve a deal that would require 3m to create a $32.5 million settlement fund for dentists who experienced at least one de-bonding before June 15, 2020, according to the documents.

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10 women in medtech manufacturing you should know

Women-In-Medtech-2019Women account for nearly one-third of employees in the manufacturing industry, where men have historically held the majority of jobs, according to the U.S. Census Bureau.

The situation includes manufacturers and other outsourcers serving the medical device space.

The lack of diversity is even more apparent farther up the corporate leadership ladder. According to a report from the Centers for American Progress, women hold 52% of professional jobs in the U.S., but only 14.6% of CEOs are women.

The Equal Employment Opportunity Commission also reports that only a fifth of executives, senior officers and managers in the U.S. high-tech industries are women.

To close out Women’s History Month this year, here are 10 women in manufacturing you should know.

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3M rejiggers, names healthcare EVP

3M Cos.3M Cos. (NYSE:MMM) said yesterday that it’s slimming its corporate profile by folding its safety and industrial segments together and announced a slew of changes to its executive roster.

The Twin Cities conglomerate said it plans to start reporting the move from five to four divisions – healthcare, safety & industrial, transportation & electronics and consumer – with its second quarter results.

“We are continuing to advance 3M into the future, and today’s actions will strengthen our ability to meet the fast-moving needs of our customers,” CEO Mike Roman said in prepared remarks. “Our new alignment will leverage our business transformation progress, accelerate growth and deliver greater operational efficiencies.”

3M said its $7 billion healthcare business covers medical solutions, oral care, separation & purification sciences, health information systems, drug delivery systems and food safety. The company moved Mojdeh Poul from EVP of  safety & graphics to EVP for healthcare effective April 1, replacing Michael Vale, who is now EVP of safety & industrial. Other changes include the retirement of industrial EVP James Bauman and consumer EVP Joaquin Delgado, the company said.

“Throughout their distinguished careers, Jim and Joaquin have built and led businesses, developed others and created tremendous value for our customers. On behalf of all 3Mers, I thank Jim and Joaquin for their contributions, and wish them well in the future,” Roman said. “3M has a highly talented and diverse group of leaders, and today’s appointments position us well for the future. I have confidence in each of these leaders as they take on new and expanded roles, and look forward to working with them to create greater value for customers, shareholders and 3M.”

MMM shares closed up 0.2% at $208.49 apiece yesterday.

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3M names CEO Roman as board chair | Personnel Moves – February 7, 2019

3M CEO Roman

3M (NYSE:MMM) said yesterday that its board of directors nominated CEO Mike Roman as its new chairperson, with current exec chair Inge Thulin announcing their intention to retire.

The move is slated to take effect following the St. Paul, Minn.-based company’s annual meeting of shareholders on May 14.

“Under Inge’s leadership, 3M evolved into a more agile and competitive enterprise while generating tremendous value for customers and shareholders. Today’s decision underscores the Board’s confidence in Mike’s leadership and strong character to lead 3M into the future as both CEO and chairman of the board,” board independent lead director Mike Eskew said in a prepared statement.

“I am proud of 3M, our people, and what we’ve accomplished together. I’ve known and worked very closely with Mike, including since his appointment as CEO. I’m very confident that 3M’s best days are ahead and Mike will do a fantastic job leading 3M into the future,” Thulin said in a press release.

“It’s an honor to be nominated to the additional role of chairman of the board. I thank Inge for his leadership and partnership throughout my career, especially over the past year in his role as executive chairman,” Roman said in prepared remarks.

 VentureMed names former NxThera prez Paulson as CEO

VentureMed said on Tuesday that it named former NxThera prez & CEO J. Robert Paulson, Jr. as its new prez & chief executive, effective January 1.

Paulson will replace Gary Smith, who the Toledo, Ohio-based company said will continue to serve as a member of the leadership team.

Prior to joining VentureMed, Paulson served as prez, CEO and board director of NxThera from 2009 until the company’s acquisition by Boston Scientific (NYSE:BSX) last year.

Before joining NxThera, Paulson also held president and CEO positions with Restore Medical, which was acquired by Medtronic (NYSE:MDT) in 2008.

“Bob brings tremendous knowledge and experience to the VentureMed Group, together with a strong track record of building successful teams and commercializing compelling new medical technologies. We look forward to Bob’s contributions and leadership during this next phase of the company’s growth. On behalf of the board of directors, I would like to thank Gary for his significant contributions, which have created a solid foundation for the future success of the VentureMed Group,” board member and Endeavour Vision partner Alexander Schmitz said in a press release.

“I am thrilled to be working with our team and physician partners to expand adoption of our Flex VP System, to improve the treatment of peripheral arterial disease, and AV fistulas and grafts, in millions of patients around the world,” Paulson said in a prepared statement.

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 Repro-Med Systems lifts prez & CCO Petigrew to the corner office

Repro-Med Systems said on Monday that its reconstituted board of directors promoted prez & CCO Don Petigrew to the position of CEO.

Petigrew will replace interim CEO and chair Dan Goldberger, who is assuming the position of exec board chair, the Chester, N.Y.-based company said.

“As an industry leader in the home infusion market, RMS delivers invaluable medical and lifestyle solutions to patients who rely on our products. My vision as CEO is to innovate and improve our products such as the FREEDOM system, partner with the medical community to identify new patient needs and expand our reach in the US and abroad. Achieving these goals is a win-win for patients, providers and shareholders alike,” prez & CEO Petigrew said in a prepared statement.

“Don’s presence since joining the company has been immediately accretive. His experience in the infusion industry has uniquely positioned him to build upon the company’s successful foundation. I look forward to working with Don and the team at RMS and our newly reconstituted Board of Directors in my role as Executive Chairman to help the company achieve its potential and execute on our strategy,” exec chair Goldberger said in a press release.

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 Myomo taps Henry as CFO

Myomo said yesterday that it named David Henry as its new CFO, taking over for current chief financial officer Ralph Goldwasser, who is retiring effective February 18.

The Cambridge, Mass.-based company said that Goldwasser will stay on to help in the transition for an anticipated three months.

Prior to joining Myomo, Henry served as chief financial officer of Eos Energy Storage, and has also held CFO positions with American Semiconductor Corp and AMI Semiconductor.

“I would like to thank Ralph, who has worked with me at Myomo for the past eight years, first as a consulting CFO and later as our chief financial officer, enabling us to raise growth capital, including leading our June 2017 IPO and listing on the NYSE American exchange and our follow-on equity financing in December of 2017. We wish Ralph the best in his retirement. We are pleased to have David Henry join Myomo’s executive team as chief financial officer. David has extensive experience to support our efforts to grow the company,” chair & CEO Paul Gudonis said in a press release.

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 Amazon, Berkshire Hathaway & JP Morgan venture snags Kutan as CTO

The joint healthcare venture between Amazon (NSDQ:AMZN), Berkshire Hathaway and J.P. Morgan Chase has picked up former tech chief at digital healthcare startup ZocDoc Serkan Kutan as its new chief technology officer, according to a recent CNBC report.

The move was confirmed as official by the new health venture, according to the report.

“I am thrilled to now announced that I am serving as CTO of this new venture,” Kutan wrote in a LinkedIn posting, according to CNBC.

During his time at ZocDoc, Kutan was tasked with building technology allowing consumers to book doctors appoints digitally, according to the report.

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3M closes $1B M*Modal buy

3m M*Modal

3M (NYSE:MMM) said today that it closed its approximately $1 billion acquisition of health information tech developer M*Modal.

Franklin, Tenn.-based M*Modal develops cloud-based, conversational artificial intelligence-powered software platforms. The company’s products are intended to allow physicians “capture and improve the patient narrative,” to allow them to gain more face time with the patient and improve quality of care, St. Paul, Minn.-based 3M said.

Annual revenue for M*Modal’s tech business is estimated at approximately $200 million, 3M said in a press release. The company added that it plans to integrate the newly acquired tech into its health information systems.

3M said that the financial impact of the buy was included in its recently reported full-year 2019 guidance.

Shares in 3M have dropped 1.3% today, at $196.53 as of 10:55 a.m. EST.

Late last month, 3M reported flat fourth quarter profits for its healthcare business, but saw them rise overall for the year as it posted consensus-topping earnings for its last quarter and full 2018 year.

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3M beats expectations, cuts outlook

Profits for the healthcare business at 3M Cos. (NYSE:MMM) were flat during the fourth quarter but up for the year, as the industrial conglomerate topped the consensus forecast today on a soaring bottom line.

St. Paul, Minn.-based 3M said its healthcare division put up operating income of $458.0 million on sales of $1.52 billion for the three months ended Dec. 31, 2018, down -0.4% and up 2.4%, respectively, compared with Q4 2017. Full-year operating income rose 2.0% to $1.80 billion on sales growth of 2.9% to $6.02 billion, compared with the prior year.

The company cited increased food safety, HIT system, medical solutions and oral care sales, offset by declines for its drug-delivery business.

3M’s overall Q4 profits rocketed 157.6% to $1.35 billion, or $2.27 per share despite flat sales of $7.95 billion, down -0.6% compared with the same period in 2017. Adjusted to exclude one-time items – including a $1.25-per-share charge on last year’s Tax Cuts & Jobs Act – earnings per share were $2.31, 3¢ ahead of Wall Street, where analysts were looking for sales of $7.87 billion.

Full-year profits rose 10.1% to $5.35 billion, or $9.09 per share, on sales growth of 3.5% to $32.77 billion. Adjusted EPS were $10.46, more than a half-dollar ahead of the consensus $9.95 view on The Street, where analysts were looking for sales of $32.72 billion.

“3M executed well in the fourth quarter, with results that were in line with our expectations,” CEO Mike Roman said in prepared remarks. “We delivered organic growth of 3% – which included growth across all business groups and geographic areas – along with strong cash flow and earnings. The fourth quarter capped an important year for 3M, as we posted good results and continued to take actions to strengthen our company for the future.

“Going forward, our team remains focused on executing our four priorities – portfolio, transformation, innovation and people & culture – which are keys to growth and value creation,” Roman added. “We are positioned for a successful 2019 and are focused on delivering for our customers and shareholders.”

3M cut its 2019 earnings outlook based on “the current external environment” and a 10¢-per-share hit from its M*Modal buyout, saying it now expects EPS of $10.45 to $10.90, down from $10.60 to $11.05 previously. Full-year sales growth, on an organic, constant-currency basis, is pegged at 1% to 4%, compared with 2% to 4% previously.

MMM shares were up 3.1% to $199.25 apiece today in mid-morning trading.

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3M touts new tape that sticks to moist skin, tubes and itself

(Image courtesy of 3M)

3M said its new Durapore advanced surgical tape outperformed competitors’ products and an earlier version of its own surgical tape in tests of three key securement areas.

The tests measured adhesion to tubing, adhesion to skin after moisture occurs and edge lift.  In another company study of the force needed to pull a tube from sweaty, moist skin, Durapore required 44%  more force on average than other tapes, 3M noted.

Get the full story on our sister site, Medical Design & Outsourcing.

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3M slides on Q3 misses; sales, income down for healthcare business

3M Cos. (NYSE:MMM) shares took a hit today after the industrial conglomerate posted third-quarter results that missed the consensus forecast by wide margin and slashed its outlook for the rest of the year.

The Twin Cities titan reported profits of $1.54 billion, or $2.58 per share, on sales of $8.15 billion for the three months ended Sept. 30, for an 8.0% bottom-line gain on flat sales compared with Q3 2017. Analysts on Wall Street were looking for EPS of $2.70 on sales of $8.39 billion.

“In the third quarter, 3M delivered a double-digit increase in cash flow and earnings-per-share, along with strong margins despite slower growth,” CEO Mike Roman said in prepared remarks. “We also continued to deploy capital to invest in our future and return cash to our shareholders.”

3M cut its outlook for its full-year results, saying it now expects to report adjusted EPS of $9.90 to $10.00, down from $10.20 to $10.45 previously. Organic constant-currency sales growth for 2018 is now pegged at 3%, compared with 3% to 4% previously.

The news sent MMM shares down -7.3% to $186.59 apiece today in late-morning trading.

Operating income for 3M’s healthcare business were off by 4.5% to $446 million during the quarter, on a -2.7% sales slide to $1.45 billion. Top-line gains for its food safety, health information and oral care segments were offset by a decline in drug delivery. Sales grew in the Asia-Pacific, Latin American and Canadian markets but were off in the U.S. and Europe, the Middle East and Africa, 3M said.

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How’d they do that? 7 innovations from medical device contract manufacturers

[Image from Rohan Makhecha on Unsplash]

Charles Darwin wrote, “In the long history of humankind (and animal kind, too) those who learned to collaborate and improvise most effectively have prevailed.”

Medical device manufacturers get the credit for many innovations, but many need the ingenuity and commitment of contract manufacturers who design and produce the components that make those big splashes possible. The end result of such collaborations may improve or even save lives.

Here are some examples of recent advances out of contract manufacturers that are enabling medical device innovation.

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