5 Top Medical Device News Stories of 2018

In 2018, the medical device space offered investors a variety of stories on the growth and catalysts available to companies in this sector.

As the year ends, the Investing News Network is sharing a recap of our five top medical device news stories based on readership.

Investors looking to catch up on what made news last year can check out our five top stories from 2017.

1. Neovasc Reducer Implanted in First US Patient, Share Price Spikes

In June, Neovasc (TSX:NVCN,NASDAQ:NVCN) gave its first US-based patient a Neovasc Reducer, a device designed for the treatment of refractory angina, a chronic heart pain disease.

“The Reducer continues to gain attention from medical professionals around the world as the number of patient cases have increased with the scaling of our commercial activities,” Fred Colen, Neovasc’s president and CEO, said in a statement to shareholders.

Shares of Neovasc jumped following confirmation of the implementation of its device, rising over 10 percent in Toronto and nearly 20 percent in New York.

2. Titan Medical Aims to Attract Institutional Investors on NASDAQ

After reaching the NASDAQ exchange, David McNally, CEO of Titan Medical (TSX:TMD,NASDAQ:TMDI), told the Investing News Network in July that the company’s pursuit of the senior exchange was due to the types of investors it is hoping to reach.

“These are institutional investors that are focused on the medical device industry as well as retail investors in the US,” said McNally. “These are the types of investors that look at the long view with respect to medical device commercialization.”

Since launching its on the NASDAQ on June 27, Titan’s share price has dropped 78 percent.

3. Medtronic Faces Major Device Recall

In June, Medtronic (NYSE:MDT) suffered a recall from the US Food and Drug Administration for a variety of its cardiac medical devices.

The company acknowledged the need for a recall to patients with the devices in question, indicating that a defect in the manufacturing process was causing an unplanned “gas mixture inside the device.”

“The delay or inability to deliver a shock to a patient in cardiac arrest or pace a patient’s heart whose heartbeat is too slow could result in serious injury and/or death,” said the company at the time.

4. Titan Medical Applies to Uplist on the NASDAQ

The medical device company unveiled its application to join the NASDAQ exchange in early June.

“We believe that dual listing our common stock on both the TSX and Nasdaq presents the opportunity to expand awareness of the company among US-based investors, and potentially provides avenues for additional sources of funding as we work to complete the development of the SPORT Surgical System,” McNally said in a company announcement.

5. Sleep Apnea Device Market to Reach $9 Billion by 2024, Report Says

A report from Global Market Insights in March stated that medical devices treating sleep apnea are set to see a compound annual growth rate of 7.4 percent up to 2024.

“Rising awareness regarding sleep apnea diseases among people and favourable reimbursement scenario will improve adoption rate of devices,” the report indicated.

The study highlights that sleep apnea is increasing “with age and obesity level among people.”

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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.