Who will be the next Medtronic? What will be Minnesota's next breakthrough industry? James Walsh will provide the latest information and commentary on the people, companies and trends driving innovation in Minnesota. From visionary entrepreneurs to game changing technologies, this blog offers a window into the future of Minnesota's economy.
Posts about Minnesota newsmakers
Angeion tests out new strategy for New Leaf products
Posted by: Wendy Lee Updated: September 16, 2011 - 12:04 PM
Vadnais Heights-based Angeion Corp. said it is working on getting itself into better financial shape.
The medical diagnostic company, which reported an $81,000 net loss in the third quarter, is looking at tweaking its strategy for its New Leaf brand, which provides metabolic assessment data.
Angeion is engaged in a pilot program at fitness clubs in New York and San Francisco that changes the business model for New Leaf, said CEO Gregg Lehman in an interview with the Star Tribune.
The pilot program is testing whether Angeion should bring its own metabolic specialists and equipment into fitness clubs to handle the assessments, rather than train personnel inside the fitness clubs, after clubs purchase the equipment.
“We think this new system will allow us to scale and grow the business much quicker,” Lehman said.
Here’s how the entire process works: Angeion sends its own metabolic specialists with the company’s equipment into the fitness clubs. Angeion pays a referral fee to personal trainers to send their clients in for the assessment. Angeion gives the data back to the individual and their personal trainer. The trainer then develops a customized exercise program for that individual, Lehman said. The cost of an assessment could range from $150 to $250.
Fitness clubs will still have the option of purchasing the equipment, but it won’t be a requirement.
The success of the program will be determined by increased revenue, Lehman said. Angeion’s board will take a look at the results no later than the end of October, he said.
Angeion’s stock price was flat at $4.32 a share on Friday.
Check out the full interview with Angeion's CEO in this Sunday's business section.
Could Johnson and Johnson acquire Boston Scientific in the future?
Posted by: Wendy Lee Updated: September 14, 2011 - 5:02 PMCould Johnson and Johnson acquire Boston Scientific in the future?
Larry Biegelsen, senior analyst at Wells Fargo Securities, said he believes there could be more speculation on that topic, now that Boston Scientific plans to appoint a Johnson and Johnson executive as its CEO.
Both companies agreed to a plan that would allow Michael Mahoney, worldwide chairman of Johnson and Johnson’s medical device and diagnostics group, to become Boston Scientific’s president on Oct. 17, and later its CEO on Nov. 1, 2012.
“It strikes us as a friendly agreement between two companies that have been fierce rivals over recent years and have litigated against each other extensively in the stent space,” Biegelsen said in a note to investors. “Given JNJ (Johnson and Johnson’s) recent exit from the stent business, we think this announcement could fuel additional speculation about JNJ eventually acquiring (Boston Scientific).”
Johnson and Johnson said in June it plans to leave the drug-coated stent market later this year, due to “evolving market dynamics.” The company had been losing market share to competitors such as Boston Scientific and Abbott Laboratories.
Damien Conover, associate director at Morningstar, said there are some products such as pacemakers within Boston Scientific that could complement Johnson and Johnson’s divisions.
However, Conover said he doesn’t see a major acquisition happening anytime soon. Johnson and Johnson said earlier this year it will acquire Synthes, a manufacturer of orthopaedic devices, for $21.3 billion in 2012.
“I still think they are going to need time to digest the Synthes acquisition before doing anything major,” Conover said.
Johnson and Johnson and Boston Scientific said their companies do not comment on rumor or speculation.
Boston Scientific stock was selling at $6.55 a share, up 29 cents on Wednesday afternoon.
Paulsen corners Obama on FDA
Posted by: Updated: August 31, 2011 - 2:50 PMAs President Obama prepares to address Congress next Wednesday on jobs and the economy, one local Congressman already bent his ear at his appearance in Minneapolis Tuesday about the very same topic.
Rep. Erik Paulsen said he spent the two-minute photo opp accorded to each member of the state’s congressional delegation with the Commander in Chief to express concern about the current state of the Food and Drug Administration and how it’s negatively affecting the local med-tech economy.
Minnesota is home to hundreds of med-tech companies, including the world’s largest, Medtronic Inc., and Paulsen’s western suburban district is home to many of these firms.
“I said, ‘I know jobs are on your mind, and jobs are on my mind, too.’ " Paulsen, a Republican, recalled. Impending changes at the FDA could affect the way medical devices are regulated, an issue that is important to the state’s economy and to patient care, he added.
“This is a bi-partisan issue,” Paulsen said, noting he’s worked with his Democratic brethren on the issue.
And Obama’s response? The president is apparently aware of the issues associated with the FDA and promised to get back in touch with Paulsen once Congress is in session next week.
Janet Moore covers medical technology for the Star Tribune.
Heart foundation names new CEO
Posted by: Updated: August 26, 2011 - 11:39 AMThe Minneapolis Heart Institute Foundation, which had done a ton of high-profile research over the years on the causes and treatment of heart disease, recently named Ann Bentdahl its president and CEO.
Bentdahl has more than 20 years of financial industry experience, and currently serves as the foundation’s vice chair. She succeeds James Toscano, 74, who will continue non-profit consulting. She’s the first woman to lead the foundation.
A former senior vice president of Excel Bank and present of the bank’s foundation, Bentdahl also serves on the boards of Ronald McDonald House Charities for the upper-Midwest, the Ann Bancroft Foundation and the Edina Community Foundation. She’s a member of the Hamline University Board of Trustees and the School of Business advisory board.
“I am honored to serve this extraordinary organization, which has been a priority for my family since its founding in 1982,” Bentdahl said.
“My father had been treated by one of the 13 cardiologists who had an interest in starting the Foundation, and he joined with these doctors and others in the mission of creating a world without heart disease. Today, the Minneapolis Heart Institute Foundation is one of the top ten cardiovascular research and education centers in the country and a big source of pride for our region.”
She begins her new job Oct. 3, just before the foundation’s big annual gala on Oct. 29.
Janet Moore covers medical technology for the Star Tribune.
What should Medtronic employees focus on?
Posted by: Updated: August 24, 2011 - 3:23 PMWhen given the opportunity following Medtronic’s conference call Tuesday morning to ask new CEO Omar Ishrak a question, I asked him what employees should take away from the 75-minute conference call with analysts (assuming they listened in).
Here’s what he said:
“First of all growth is important. We need to return this company to growth. People say we’re growing, and we are, but we need to improve. That’s fundamental to our long-term success.
“And, there are opportunities for growth. There’s no reason why we shouldn’t grow. We need to match the technology to the opportunity.
“The other thing is this whole concept of the economic value proposition. We really have to think, in everything that we do, what’s the real value? That will improve our overall productivity.
“Better execution from everybody. That means more rigor, more follow-through. People work hard enough, I don’t think that’s an issue. It’s just more rigor, more consistency and commitment and then delivery.
“Also, globalization. In other words employees at Medtronic have to become global citizens to a large degree. They must become interested in emerging markets, experts in emerging markets and help reach those emerging markets with the management team. It’s a common charge we must all be unified (behind) as we extend Medtronic’s mission around the world.”
When asked how Medtronic is different from his previous company, General Electric, Ishrak responded:
“(Medtronic is) so focused on health care and its singular sense of purpose. GE is a more of broad multi-national.
“It was so apparent when I came here that employees not only know the mission, but they believe in it. We’re here because of it, and we’re inspired by it. That’s huge. It’s a big motivational factor for me, personally. “
That mission statement -- which in part calls for the company to "alleviate pain, restore health and extend life" -- has been intact for more than 50 years.
Janet Moore covers medical technology for the Star Tribune.
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