Philips' Ventilator Device Recall Faces FDA's Continued Discontent Pressure
Portfolio Pulse from Vandana Singh
The FDA has expressed ongoing concerns about the potential health risks from Philips' Respironics' June 2021 recall of certain CPAP, BiPAP, and ventilator devices. The FDA remains unsatisfied with the recall status and believes Philips' testing to date is inadequate. Philips has agreed to conduct additional testing as requested by the FDA. Philips' market valuation declined by over 66% due to the recall, but the company has begun to experience a gradual resurgence in 2023. PHG shares are down 10.30% at $17.68 during the premarket session on the last check Friday.
October 06, 2023 | 1:01 pm
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Philips' handling of the device recall has not satisfied the FDA, leading to a decline in the company's market valuation and a drop in its share price.
The FDA's dissatisfaction with Philips' handling of the device recall and the demand for additional testing could negatively impact investor confidence, leading to a drop in the company's share price.
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