Thieves heisted a lot of Covidien's surgical stapler reloads before they were sterilized, and the FDA said the criminals have put the devices up for sale, possibly putting patients in danger of infection after surgery.
Covidien unveiled its forecast for Mallinckrodt, the drug unit it plans to set free later this year. Percentage-wise, the expectations are strong: For the fiscal year ending on September 27, Covidien predicts sales growth of 7% to 11% compared with 2012.
Covidien is ready to pull the trigger on its long-planned pharmaceutical spinoff, planning to jettison its Mallinckrodt business June 28, and the company is amending its financials to prepare for a drug-free future.
Last month, Covidien launched a recall of battery packs used with its Newport HT70 ventilators, and now the FDA has assigned its most serious designation to the problem, warning that the malfunctioning batteries could lead to injury or death.
Covidien hauled in $3.1 billion in sales last quarter, good for a 5% increase over the previous year, but a spike in restructuring costs slashed net profit by 12% as the company pares down to become more efficient.
Covidien is recalling certain battery packs used with its Newport HT70 ventilators, warning that they may fail to charge or revert to emergency backups, putting patients at risk for adverse events.
Purdue's original patent on the superpotent and often abused painkiller OyxContin expires tomorrow, and drugmakers are jockeying for a piece of its $2.8 billion market share. But the FDA is under increasing pressure to require generic drugmakers to make their formulations tamper-resistant.
On FierceMedicalDevices ' list of 2012's 10 highest-paid med tech CEOs, half are serving in their first full year on the job or are new in the position as of this year. Read the full report >>
Covidien is planning to shut down its Argyle, NY, plant in 2014, doing away with 183 jobs in its catheter business.
How relentless can medical device industry patent lawsuits become? Consider Covidien's battle against J&J/Ethicon over its Harmonic line of ultrasonic surgical devices and tools. Covidien sued all the way back in 2004, and now a federal court has sided with the device giant, ordering its defeated rival to fork over $176.5 million.