Hurricane Recovery Costs Vary For Medtech Firms, Q3 Reports Show
While several device companies said they expected only minimal financial impact from the destruction of Hurricane Maria in Puerto Rico (as well as from Hurricanes Harvey and Irma in Texas and Florida) some firms, including Baxter and Integra, anticipate losses of tens of millions of dollars, according to Q3 earnings reports.
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The September hurricane destroyed Puerto Rican medical device plants, causing a shortage of several key products that's still being felt. FDA Commissioner Scott Gottlieb said Monday that the agency is allowing more imports and considering other tactics to ease the shortage.
Recovery from the hurricane, which devastated four Medtronic facilities located on Puerto Rico, is projected to cost $50m to $60m, according to a preliminary second-quarter earnings estimate from the firm. Last month, the company suggested costs could be as high as $250m.
Lantheus Holdings, Becton Dickinson are among manufacturers to say in recent financial reports that the hurricane has ongoing impacts for the companies.