U.S. Markets closed
  • S&P 500

    3,901.36
    +0.57 (+0.01%)
     
  • Dow 30

    31,261.90
    +8.77 (+0.03%)
     
  • Nasdaq

    11,354.62
    -33.88 (-0.30%)
     
  • Russell 2000

    1,773.27
    -2.96 (-0.17%)
     
  • Crude Oil

    110.35
    +0.46 (+0.42%)
     
  • Gold

    1,845.10
    +3.90 (+0.21%)
     
  • Silver

    21.87
    -0.03 (-0.13%)
     
  • EUR/USD

    1.0562
    -0.0026 (-0.2429%)
     
  • 10-Yr Bond

    2.7870
    -0.0680 (-2.38%)
     
  • Vix

    29.43
    +0.08 (+0.27%)
     
  • GBP/USD

    1.2495
    +0.0020 (+0.1587%)
     
  • USD/JPY

    127.8500
    +0.0560 (+0.0438%)
     
  • BTC-USD

    29,301.70
    -742.16 (-2.47%)
     
  • CMC Crypto 200

    650.34
    -23.03 (-3.42%)
     
  • FTSE 100

    7,389.98
    +87.24 (+1.19%)
     
  • Nikkei 225

    26,739.03
    +336.19 (+1.27%)
     

Medtronic Shares Fall After FDA Warning Letter To Its Diabetes Business

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Medtronic Plc (NYSE: MDT) received a warning letter from the FDA highlighting certain concerns related to medical device quality requirements at the Company's diabetes business headquarters.

  • The Company said that the letter focused on inadequacies in risk assessment, complaint handling, and device recalls at Medtronic's facility in Northridge, California.

  • Medtronic said the letter was issued following an inspection in July 2021 related to recalls of MiniMed 600 insulin infusion pumps and a remote controller device for certain other pumps.

  • The Company had later said it would replace all pumps with clear retainer rings with another design, regardless of whether they were damaged or not.

  • Related Link: Medtronic To Face Class Action Suit From Canadian Users Of MiniMed Insulin Pumps.

  • Last week, Medtronic's Covidien unit initiated a recall of Puritan Bennet 980 series ventilators due to a manufacturing error.

  • The recall was initiated due to a "manufacturing assembly error where a capacitor within the ventilator was assembled incorrectly, which may cause the device to become inoperable during use," according to an entry in the FDA recall database.

  • The recall, which was initiated on November 4, affects 278 units.

  • Price Action: MDT shares are down 4.56% at $106.60 during the premarket session on the last check Wednesday.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.