Cano Health gets another billet-doux from the NYSE. Spoiling the confetti and champagne, tech-based primary care provider Cano Health was notified on 29 December that it faced delisting from the NYSE, this time not for the share price (which is above $1 at $5.23) but for its total market capitalization. The NYSE has a pesky rule (Section 802.01B) that a company’s total market capitalization must be above $50 million over a 30 trading-day period and its stockholders’ equity must be above $50 million. The timeline: Cano has 10 business days from the 29th to respond to the NYSE to state... Continue Reading
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Breaking: ban on sale of Apple Watches 9 and Ultra 2 stayed by federal appeals court Wed 27 December
Apple Watch 9, Ultra 2 available again for sale–at least well into January, as appeals court decides. It should come as no surprise that Apple quickly appealed the US International Trade Commission (ITC) ruling of 26 October that prohibited Apple from importing either model and won a temporary stay of enforcement. The ITC ruling found that Apple in the Series 6 and later violated Masimo’s patents on pulse oximetry (SpO2) sensors and software. ITC rulings are sent to the US president in a 60-day process that ended in no presidential veto and thus final approval on 25 December. Apple, anticipating... Continue Reading
TTA is off for the holidays–and wishes our Readers a holly, jolly!
Like most of our Readers, TTA will give the keyboard a needed rest and be off from Friday 22 December till Tuesday 2 January. Alert emails will be sent to subscribers (become one here, it’s free) on Friday, Saturday, and Wednesday (skipping Christmas Monday and Boxing Day Tuesday). Breaking news, comments, or holiday messages may be sent to Editor Donna. Editor Emeritus Steve and Donna send our very best wishes for a Happy (or Merry) Christmas and a Happy, Healthy, Peaceful, and Prosperous New Year!... Continue Reading
Short takes: ransomware op BlackCat busted by FBI, websites shut–for now; health systems lay off IT staffers; retailers collecting way too much PII including health
...affiliates, you could ransomware anything, anywhere (hospitals and nuclear plants cited!) except those located in Russia and the CIS. Given ransomware, hacking, cybersecurity threats, and maintaining/upgrading operations, you’d think hospitals would be hiring, not firing, IT workers. But noooooo. Becker’s listed seven health systems that are either pinkslipping IT staff or transferring them to outsourced companies. They are Kaiser–115 nationwide; Novant Health–unknown due to ‘changing up their IT system’; Tower Health (Reading PA)–outsourced staff to a vendor; Mass General Brigham–staff reduction via voluntary buyouts in effect 22 November; Bon Secours Mercy Health–layoffs plus eliminating open roles; Care New England–outsourced staff... Continue Reading
News roundup: Apple Watch flagships cease sale due to Masimo ITC ruling (updated); Noom, WW enter GLP-1 telehealth business; Oracle sees health side up despite Cerner drag; Cigna has multiple bidders for MA business
Apple Watch Series 9 and Ultra 2 going off sale in the US this week, upholding the ITC patent ruling favoring medical device developer Masimo. On 26 October, the International Trade Commission (ITC) ruled that Apple in the Series 6 and later violated Masimo’s patents on pulse oximetry (SpO2) sensors and software. [TTA 27 Oct] While this is awaiting presidential approval in the 60-day review period which ends on Christmas Day, Apple proactively restricted US sales of its flagship Series 9 and Ultra 2 watches which contain the blood oxygen sensors. (The SE model does not and continues to be... Continue Reading
DOJ and FTC finalize Merger Guidelines, deliver coal for holiday stockings and the New Year (updated)
...It’s not hard to guess that the imminent publication of the Guidelines nudged the termination of the Cigna-Humana deal. Hospital and health system mergers will continue to find nothing but discouragement. Watch for an acceleration of existing company failures in 2024 and disruption in the current funding structure. Smaller healthcare companies, fattened on the investment binge of 2020-21, but now betting on a buyout from a near competitor, are either going to stick it out on their own or run out of runway. VC and PE companies investing not strategically, but for the purpose of a 18-24 month exit or... Continue Reading
News roundup: with chronic conditions peaking, Twin Health’s metabolic AI gains $50M, Talkspace and Evernow partner for women’s mental health
...therapy offered by Talkspace has a $100 discount. Talkspace members also have discounted access to Evernow programs, with a three-month plan for $129 or a 12-month plan for $348. They are also bundling their programs together for enterprises and employers. Evernow is also moving into AI capabilities through the Early Access Partnership with Hippocratic AI, a generative AI company developing safety-focused large language models for healthcare. Talkspace recently won a $26 million three-year contract with New York City’s Department of Health and Mental Hygiene for NYC Teenspace, a free therapy program for those aged 13 to 17. Release, Mobihealthnews, MedCityNews... Continue Reading
Signs of the next phase in 2024? Veradigm CEO, CFO booted (updated); SmileDirectClub fails, TeleDentists steps up; FruitStreet sues Sharecare for $25M; Walgreens’ former CEO Roz Brewer’s platinum parachute
...to their announcement, the management changes resulted from “the Audit Committee’s previously disclosed, ongoing independent investigation, which is being conducted by legal counsel and relates to the Company’s financial reporting and internal controls over financial reporting and disclosure controls”. Reading it, Job #1 for the new team appears to be reviewing the fiscal 2023 guidance that was released on 18 September and regaining compliance with the Nasdaq Listing Rule. Veradigm also reiterated that they will have a 2020-22 revenue reduction “relating to certain revenue recognition practices.” Additional board changes include the chairman, Greg Garrison, as executive chairman and the appointment... Continue Reading
News roundup: ONC recommends ‘nutrition labeling’ for healthcare AI apps but Google moves forward; CVS’ health services rebranding as Healthspire (updated); Clover Health repots out of ACO REACH
...trust, safety, and efficacy, but the conundrum is to disclose what is needed for proper and cautious use without providing an entreé to IP. Wall Street Journal, Becker’s, ATA release and AI principles Google, predictably, damns the torpedoes, full speed ahead with healthcare AI. And intends to write the rules. They’ve deployed AI tools already with Mayo Clinic and HCA Healthcare–Mayo for medical records and research papers, HCA for clinical notes. EHR Meditech is using Google’s AI for clinical documentation and to summarize patient histories. Bayer is also working with Google. Their products include a licensed algorithm for breast and... Continue Reading
Stayin’ alive–or trying. Bright Health Texas plan seized for liquidation; Cano Health reverse splits, up for sale
...seems to be the inevitable. Becker’s, Cano Health is also trying to stay alive until it gets sold. The board and shareholders on 2 November (release) accepted a 1 for 100 reverse share split, exchanging 100 old shares of Class A and B stock for one Class A share. This is to regain compliance with the New York Stock Exchange’s (NYSE) listing rules. Cano is currently trading at $8.95 (5 Dec @ 13.33pm). As previously reported, Cano lost $497 million in Q3. Some results showed improvement, with capitated revenue of $770.3 million increasing 23% and 7% PMPM (per member per... Continue Reading
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