Baxter International Inc. wasted no time in tackling its New Year’s resolution to trim down the business. On Friday morning, the company revealed details around the divestitures it foreshadowed in its third quarter 2022 earnings call with the announcement that it planned a tax-free spin off its Renal Care and Acute Therapies businesses into an independent, publicly traded company within the next 12 to 18 months.

The success of new year’s resolutions for 2023 won’t be known for months to come, but from the vantage point of December, it is easy to see that many large med-tech companies resolved to shed excess weight in 2022 – and did so in dramatic fashion. Some big-name players decided that they would be more agile, and better rewarded by shareholders, with a trimmer portfolio, while others saw value in setting internal operating units free as new companies. As part of our year in review, BioWorld looks at the big deals, the new companies and the impact of all these actions on 2023.

It’s a little early for St. Patrick’s Day, but the green is surely flowing for Acutus Medical Inc. as the company achieved its second milestone under the terms of its asset purchase agreement with Medtronic plc and triggered a $17 million payment.

Medtronic plc guided investors’ expectations lower for the balance of its fiscal year, citing pummeling from foreign exchange rates, continued delays in elective procedures and ongoing supply chain issues. In response, the stock (NYSE:MDT) dropped from its close at $82.43 on Monday to open at $76.91 Tuesday. The company reported $7.59 billion in revenue for the first half of its fiscal 2023. That represented a 3% drop on a year-over-year basis, missing consensus expectations of $7.7 billion, in part because of a $457 million foreign currency hit.

Medtronic plc’s new Extended infusion set shows the advantages of tending to details. Tubing doesn’t get much respect, but the changes Medtronic made to its set will substantially reduce the burden of disease management for patients with diabetes who use insulin pumps. The Medtronic Extended infusion set can be used for up to seven days, more than doubling the time between changes. The changes also sharply reduced insulin loss, resulting in a 25% reduction in waste of the increasingly expensive medication.

The 2022 Vascular Interventional Advances (VIVA) medical meeting, which concluded on Nov. 3 in Las Vegas, focused on advances in interventional cardiology and devices to improve vascular health with the expected studies comparing drug-eluting balloons, new stents and less invasive procedures. One Boston Scientific Corp. presentation put the rest into context, however, with one of the most critical advances in cardiology, enrollment in the Drug-Eluting Registry: Real World Treatment of Lesions in the Peripheral Vasculature (ELEGANCE) registry.

Medtronic plc reported six-month results from the full cohort of its Spyral HTN-ON MED study, showing a statistically significant reduction in office-based blood pressure, a key secondary endpoint. However, the trial missed its primary efficacy endpoint of a reduction in 24-hour systolic blood pressure, compared with a sham procedure.

Just as the U.S. FDA gathered industry leaders to address the issues posed by pulse oximeters that provide inaccurate measurements for individuals with darker skin, Biointellisense Inc. released its own FDA-cleared technology that provides accurate readings regardless of skin tone. The challenge of inaccurate readings for people with darker skin came to the fore with the COVID-19 pandemic as fingertip pulse oximeters emerged as a convenient method of monitoring for hypoxia at home and in clinics, but frequently overreported oxygen levels in the blood of people of color, leading to delayed treatment.