May 25, 2014 / 7:52 PM / 4 years ago

Sweden's Getinge postpones investor update after discussions with FDA

STOCKHOLM, May 25 (Reuters) - Swedish medical technology firm Getinge said on Sunday it would postpone its planned update to investors on May 27 due to discussions with the United States Food and Drug Administration.

The medical technology group issued its third profit warning in just over a year in March as it said it faced more than a year of heavy spending to improve controls following inspections by the U.S. FDA last year.

“Getinge Group will hold its capital markets day when it has more to report about these discussions, their potential financial impact on the company and the latest progress being made in strengthening Medical Systems’ quality management systems,” the company said in a statement.

Getinge repeated that improvements in the Medical Systems unit were expected to be completed in the second half of 2015 and costs expected to amount to around 800 million Swedish crowns, which was charged to the first quarter results this year.

In March, the company said it was reviewing controls at all manufacturing units within Medical Systems, which accounts for roughly half of group sales, and that consultants brought in to address the issues would cost about 125 million crowns per quarter for a period of six to seven quarters.

Reporting by Simon Johnson; Editing by Alison Williams

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