Boston Scientific’s Irish ops pulled down $1.4B last year | Wall Street Beat Wall Street Beat

Boston Scientific (NYSE:BSX) posted pre-tax profits of $1.4 billion from its Irish unit and other foreign subsidiaries last year, according to the Irish Times.

Marlborough, Mass.-based medical device company Boston Scientific is 1 of the Emerald Isle’s largest employers, with a 4,500-employee workforce there.

BSX’s Irish operations reported revenues of $5.37 billion for the 12 months ended Dec. 31, according to the newspaper, up 2% compared with 2011. The pre-tax profit increase represents 272% growth over the prior year, the Times reported.

Sign up to get our free newsletters delivered straight to your inbox

BSX logged a net loss of $725 million, or 52¢ per share, on sales of $1.74 billion for the 3 months ended Sept. 30. That represents a 7.4% top-line slide. Adjusted EPS were 16¢, just topping the 15¢ consensus on Wall Street.

 PE owner seeks $10B for Bausch & Lomb
The private equity owner of Bausch & Lomb is looking to sell the eye-care giant for $10 billion, according to BusinessWeek.

Warburg Pincus tapped Goldman Sachs to broker the deal, according to the magazine, citing "2 two people with knowledge of the matter."

Warburg Pincus bought the Rochester, N.Y.-based company for $3.7 billion in September 2007 after a damaging recall of 1 of its contact lens solutions.

Sanofi (NYSE:SNY), GlaxoSmithKline (NYSE:GSK) and Merck (NYSE:MRK) are said to be in the running, with others including Abbott (NYSE:ABT) waiting in the wings.

Rumors surfaced over the summer that Warburg might seek to take B&L public. That could still happen if a private buyer can’t be found, according to BusinessWeek.
Read more

 Harvard Bioscience gains 15% on subsidiary’s spinout
Harvard Bioscience shares are up more than 15% today after the company announced the planned spinout of its Harvard Apparatus Regenerative Technology unit.

HBIO shares were trading at $4.34 apiece as of about 1:50 p.m. today, up 14.6%.
Read more

 sBioMed seeks $5M in private placement

SBioMed, the sterilization product maker led by former Stryker CEO Stephen MacMillan, is seeking to raise $5 million in a private placement, MacMillan told in an email.

MacMillan said the placement includes "many" current investors and "strong interest" from other backers in the medical industry.

"The opportunities in front of us are almost endless, from both a product and market perspective, so a clear short-term goal is prioritizing sales and product development needs. The near-term sales opportunities are very large just within hospital and healthcare facilities generally, but we’re also seeing a big opportunity within pharmaceutical and clean room manufacturing, as Steriplex is stronger and much ‘greener’ and less toxic than currently available products. A sporicidal disinfectant without [volatile organic compounds] is a clear winner," he told us.

 Funding Roundup

 Analysts’ ups and downs

  • Abbott (NYSE:ABT): JP Morgan reiterates “neutral” rating, $72 price target; Morgan Stanley reiterates "equal-weight" rating.
  • Align Technology (NSDQ:ALGN): Goldman Sachs initiates coverage at “neutral” rating, $28 price target.
  • Baxter (NYSE:BAX): Leerink Swann reiterates "outperform" rating, $74 price target.
  • Cynosure (NSDQ:CYNO): Leerink Swann maintains "outperform" rating, $31 price target.
  • Edwards Lifesciences (NYSE:EW): Leerink Swann reiterates “outperform” rating, $100 price target.
  • Hill-Rom (NYSE:HRC): Goldman Sachs upgrades from “neutral” to “buy” rating, raises price target from $30 to $39.
  • Hospira (NYSE:HSP): Goldman Sachs downgrades from “neutral” to “sell” rating.
  • Intuitive Surgical (NSDQ:ISRG): Cantor Fitzgerald maintains “hold” rating, raises price target from $475 to $525.
  • NuVasive Inc. (NSDQ:NUVA): Leerink Swann maintains "market perform" rating, $16 price target.
  • Smith & Nephew (FTSE:SN, NYSE:SNN): Investec raises from “hold” to “buy” rating.
  • Spectranetics (NSDQ:SPNC): Benchmark Co. reiterates "buy" rating, $7 price target.
  • Stryker (NYSE:SYK): Bank of America Merrill Lynch reiterates "buy" rating, raises price target from $57 to $67; Goldman Sachs raises from "neutral" to "buy" rating, raises price target from $55 to $68.
  • Teleflex (NYSE:TFX): Leerink Swann maintains "market perform" rating, ~$72 price target.
  • Varian Medical (NYSE:VAR): Cantor Fitzgerald reiterates "hold" rating, raises price target from $63 to $70.
  • Volcano (NSDQ:VOLC): Credit Suisse Group downgrades from "outperform" to "neutral" rating, lowers price target from $32 to $27; Leerink Swann reiterates "outperform" rating, $32 price target.
  • Zimmer (NYSE:ZMH): Goldman Sachs upgrades from “sell” to “neutral” rating, raises price target from $58 to $70.

RSS From Medical Design & Outsourcing

  • Athermal laser machining cuts bioabsorbable polymers and more
    A the recent MD&M East trade show in New York, Norman Noble, discussed the capability of athermal laser manufacturer. The company has developed the Noble S.T.E.A.L.T.H. (System To Enable Ablation Laser Technology Haz-free). The athermal laser machining process was developed to create precise features in any material, including bioabsorbable polymers, shape memory metals and other […]
  • Exciting possibilities for metallic glass in the medical device world
    Researchers are exploring the potential of metallic glass as a versatile, pliable material that is stronger than steel, with a bevy of possible medical device applications. Yale University engineers have discovered a unique method for designing metallic glass nanostructures across a wide range of chemicals, a technique that could have applications for everything from watch […]
  • Strong Precision Technologies’ medical divisions to unify under MedTorque brand
    Strong Precision Technologies announced on July 2, 2015, that its two medical divisions will now go to market under a single brand, MedTorque. The move reflects the increasing integration of the division formerly known as Inland Midwest with MedTorque, its sister division in Kenosha, WI. “We will continue providing our customers with the personalized level of service […]
  • Olympus offers next-day product replacement guarantee for medical devices
    Olympus, a medical and surgical procedures solutions company, announced that it is guaranteeing next-day replacements for surgical equipment at no additional charge. Olympus is the first surgical product manufacturer to offer this type of guarantee. The service became available to customers with an Olympus Full Service Agreement earlier this year. “Canceled procedures can be costly for healthcare facilities […]
  • More accurate prediction on prognosis in multiple myeloma from SkylineDx
    SkylineDx, a biotechnology company specializing in the development and commercialization of genetic tests, is launching its MMprofiler assay. This test enables clinicians to more accurately predict the prognosis of patients with multiple myeloma (bone marrow cancer) than traditional methods. The MMprofiler measures the activity of 92 genes which are directly or indirectly related to the […]
  • Flint Mobile swaps card reader for camera, accept mobile payments anywhere
    Flint Mobile, the swipe-free mobile payments app, has significantly expanded its payment management and loyalty capabilities for small, service-centric businesses, like the ones run by on-the-go medical equipment professionals. The toggle-free mobile technology makes the process quite simple for both parties, as all transactions are conducted through the mobile device’s camera without the need of any external […]
  • Should scientists be allowed to genetically alter human embryos?
    Scientists have at their disposal, a way to explore the possible prevention of genetic diseases before birth. But should they? Currently, the most promising path forward involves editing the genes of human embryos, a procedure threaded with controversy. An article in “Chemical & Engineering News” (C&EN), the weekly newsmagazine of the American Chemical Society (ACS), parses […]
  • Tackling chronic sinusitis by addressing underlying factors
    The stuffy noses and sinus pressure of head colds are uncomfortable, but for most people, they go away within days. For those with chronic sinusitis, however, those symptoms and others drag on for weeks. Now scientists are onto a potential new therapy that could address one of the underlying factors associated with the condition. They […]
  • Implantable “artificial pancreas” could help diabetes patients control their blood sugar
    Living with Type 1 diabetes requires constant monitoring of blood sugar levels and injecting insulin daily. Now scientists are reporting in the American Chemical Society (ACS) journal, “Industrial & Engineering Chemistry Research,” the development of an implantable “artificial pancreas” that continuously measures a person’s blood sugar or glucose level and can automatically release insulin as […]
  • Drug Deactivation program roll out to all facilities for safe disposal of unused prescription medications
    Verde Technologies announced that New Brighton-based Meridian Behavioral Health, the largest for-profit substance abuse and addiction treatment group in Minnesota, has become its most recent partner in the deactivation and safe disposal of prescription medications including methadone. Meridian is the first behavioral health group to roll out the Deterra Drug Deactivation System to all 17 […]
  • Lophius Biosciences introduces T-activated ImmunoScan Cocktail
    Lophius Biosciences announced the commercial launch of T-Track ImmunoScan and T-activated ImmunoScan Cocktail. Based on a proprietary and very specific cocktail of stimulants in combination with the Company’s T-activation technology, T-Track ImmunoScan and T-activated ImmunoScan Cocktail specifically target different cell types involved in both the adaptive and innate immune system. T-Track ImmunoScan and the T-activated […]

Leave a Reply