Australia's Saluda Medical hits record low on voluntary device field action

Saluda Medical

Wed 24:44

    ** Shares of Australia's Saluda Medical  SLD.AX  fall as
much as 17.9% to a record low of A$0.275
    ** Stock on track for its weakest session since August 28,
if trends hold
    ** The medical device maker initiates a voluntary field
action for certain Evoke Closed Loop Stimulator devices
following identification of a low-incidence issue linked to a
third-party manufacturing process change
    ** Evoke Closed Loop Stimulator is an implanted spinal cord
stimulation system 
    ** Company says devices manufactured after implementation of
corrective actions are unaffected by the issue
    ** Saluda says it does not expect the field action to
disrupt product supply or its ability to meet customer demand
    ** Company is engaging with the US FDA and other regulators
regarding the action and its classification
    ** YTD, stock down 77.9%, including the session's moves
    

    (Reporting by Paridhi Minda in Bengaluru)
 ((Paridhi.minda@thomsonreuters.com;))