Medtronic Puts Spine Business Under Close Evaluation
This article was originally published in The Gray Sheet
Medtronic may need to reassess the "strategy and approach” for its spine business if performance doesn't improve, CEO Omar Ishrak said last week. Ishrak did not take a divestiture off the table, but put more emphasis on the potential for internal restructuring.
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The March 26 special fraud alert reiterates the HHS watchdog’s “longstanding position that the opportunity for a referring physician to earn a profit, including through an investment in an entity for which he or she generates business, could constitute illegal remuneration under the anti-kickback statute.”
Spine revenues of $782 million, for instance, declined 5% on a constant currency basis, while coronary revenues rose by 19% to $429 million, driven by global sales of the firm’s Resolute Integrity zotarolimus-eluting stent.
Recently inked partnerships with Aetna and a regional Italian government are focused on improving the economic data that Medtronic has at its disposal in support of its devices.