The U.S. Food and Drug Administration (FDA) remains unsatisfied with the status of a product recall by healthcare technology company Philips , the regulator said in an update. Philips has recalled millions of sleep apnea and respiratory devices since 2021. In the update...
The U.S. Food and Drug Administration remains unsatisfied with the status of a product recall by healthcare technology company Philips , the regulator said in an update.In the update published overnight, the FDA said it believed Amsterdam-headquartered Philips should conduct additional testing on the risk posed to people who used recalled devices."This is negative news," analysts from Bernstein said in a note.
The long-running recall wiped out more than two-thirds of Philips' market valuation in 2021-2022, but it has staged a modest recovery in 2023.
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Philips shares dive as FDA calls for more testing on recalled devicesSteven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: MKTWgoldstein.
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