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3M Company (NYSE: MMM) delivers cutting-edge materials science solutions across safety, transportation, and consumer markets. This news hub provides investors and industry professionals with centralized access to official corporate developments and market-moving updates.
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On April 27, 2023, 3M Health Care announced that its 3M™ Veraflo™ Therapy received the first FDA clearance for hydromechanical removal of infectious materials, reducing the need for surgical debridements. This innovative therapy promotes healing by creating an optimal environment for granulation tissue formation.
The FDA clearance is an important milestone, enabling clinicians to provide more effective wound care while potentially reducing healthcare costs. According to 3M, approximately 40% of wounds become infected, which complicates healing and increases costs for health systems. Veraflo Therapy is designed to lower surgical intervention rates and expedite patient recovery.
With the increasing complexity of wound care due to rising patient comorbidities, Veraflo Therapy is positioned as a solution that may improve both patient outcomes and cost efficiency.
3M (NYSE: MMM) reported Q1 2023 results showing GAAP earnings per share of $1.76, down from $2.26 in Q1 2022, and adjusted earnings per share of $1.97, compared to $2.63 the previous year. Total sales fell 9.0% year-on-year to $8.0 billion, with an organic decline of 4.9%. Operating cash flow increased by 26% to $1.3 billion. The company announced a restructuring plan affecting 6,000 positions, expected to yield annual pre-tax savings of $700 million to $900 million. Full-year 2023 guidance remains at adjusted earnings per share of $8.50 to $9.00, with projected adjusted total sales growth of -6% to -2%.
3M has announced significant changes in its senior management team as part of its strategy to enhance profitability and growth. Effective immediately, Michael Vale has been appointed Group President and Chief Business and Country Officer, overseeing three major business groups: Safety and Industrial, Transportation and Electronics, and Consumer. Other key appointments include Karina Chavez and Chris Goralski as Group Presidents for Consumer and Safety and Industrial Businesses, respectively. The company is also expanding the roles of Monish Patolawala and John Banovetz in finance and technology. The announcement comes with forward-looking statements highlighting potential risks including economic conditions, regulatory challenges, and ongoing legal matters concerning the company’s PFAS products.
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