Baxter International Inc.’s fourth quarter earnings per share came in well below consensus and the company lowered expectations for 2023’s first quarter and full-year performance citing “ongoing macroeconomic challenges and supply chain headwinds.” Topline results that beat expectations provided cold comfort to investors who saw the stock price drop 12% following the release of the quarterly report. Baxter also provided additional details on the restructuring including limited layoffs along with the quarterly update.
Globus Medical Inc. entered into a definitive agreement to buy Nuvasive Inc. in an all-stock transaction that will combine two leaders in the musculoskeletal industry into one of the largest companies in the spinal surgery market. While there are many companies in the spine market, the acquisition may still set off an alarm among regulators concerned about consolidation in the field. Both boards unanimously approved the deal.
Woebot Labs Inc. posted uplifting news for women who have suffered from baby blues and their big brother, post-partum depression. The company recently enrolled the first patient in its pivotal trial of WB001, a digital therapeutic for post-partum depression (PPD). WB001 received U.S. FDA breakthrough device designation in 2021, indicating the acute need for accessible treatment for the common condition.
Venus Concept Inc. is undergoing a bit of nip and tuck in efforts to improve the company’s cash flow position and obtain long-term stability. As part of the reconfiguration, the company plans to shed 18% of its workforce with layoffs starting on Feb. 6. In Israel and North America. The executive leadership team also experienced some plumping and extraction.
Varian’s Halcyon and Ethos radiotherapy systems received two regulatory nods in short succession, with both U.S. FDA 510(k) clearance and CE marking. In addition, the company reported that the first patient in the world underwent treatment with a Halcyon system with Hypersight last week.
Dxcover Ltd. raised $9.25 million (£7.5 million) in a series A fundraising round and received a grant of $2.7 million (£2.2 million) from the European Innovation Council to support development of the company’s liquid biopsy platform for the detection of multiple early-stage cancers. Existing investors Eos Advisory LLP, Mercia Asset Management plc, Scottish Enterprise, University of Strathclyde, SIS Ventures and Norcliffe Capital led the round, which was also joined by Mark Banforth of Thairm Bio.
Precisedx Inc.’s digital artificial intelligence (AI) platform better predicts the recurrence of early-stage breast cancer within six years than traditional testing, a study published in Breast Cancer Research found. Understanding which patients with early-stage disease face significant risk of their cancer returning is important for guiding selection of treatment. The system reduces the variability inherent in histological characterization and grading of breast cancer (BC) today, thereby improving prognostic accuracy.
Aktiia SA’s wrist-worn, continuous blood pressure monitor, which has been in use in the EU since 2021, could soon be coming to the U.S. The Aktiia bracelet uses photoplethysmography, the technology perhaps best known for providing blood oxygenation readings via pulse oximeters, and an algorithm based on thousands of readings to estimate blood pressure as wearers go about their daily activities.
Royal Philips NV revealed plans to cut a further 6,000 jobs on top of the 4,000 announced in October as it sought to stabilize the business and improve its operational performance going into 2023. In total, the company will reduce its workforce by about 13%. Philip’s fourth quarter results came in ahead of consensus expectations, but the company still posted a loss of €105 million (US$108.2 million).
