Abbott Stays Ahead Of Edwards In Transcatheter Mitral Valve Race With Tendyne CE Mark
Tendyne is indicated for the treatment of significant mitral regurgitation in patients who are not candidates for surgery. It complements Abbott’s MitraClip mitral valve repair device and is an important part of the company’s strategy to be the leading structural heart device company.
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The company recorded $925m in revenue in the second quarter of 2020, exceeding the top end of its previous guidance, and expects to return to growth by the end of the year.
Abbott’s medical device sales were down about 20% year-over-year in the second quarter of 2020, but diagnostics sales were up 7%. Procedure trends at the end of the second quarter suggest that demand for devices will soon recover to pre-pandemic levels.
A steady flow of venture capital into the medical device industry continued in the first half of 2020 despite the pandemic. Medtech start-ups raised more than $1.5bn with Medtech Insight tracking over 40 financial deals of $1m-and-over.