Minimally Invasive Surgery

Citi analyst: Covidien is the top stock pick for 2010

December 22, 2009 by MassDevice staff

Matthew Dodds of Citi Investment Research says Mansfield, Mass.-based medical device giant Covidien is the best stock pick of the coming year.

A spate of mid-tier acquisitions, culminating in the recent Aspect Medical Systems buyout, has Covidien (NYSE:COV) poised for big gains on Wall Street next year, according to a Citi Investment Research analyst who made the company's stock his top pick for 2010.

Analyst Matthew Dodds, who covers health care and equipment supplies for Citi, said he expects shares of Covidien stock to rise to around $56 per share, a 20 percent premium on yesterday's $47-per-share closing price.

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Hologic wins FDA nod for MammoSite ML radiation therapy system

September 1, 2009 by MassDevice staff

Bedford, Mass.-based women's health products maker gets 510(k) approval from the Food & Drug Administration for its latest oncological radiation device.

Hologic Inc. landed 510(k) approval from the Food & Drug Administration for its MammoSite ML radiation therapy system, saying it plans to bring the device to market during the first quarter of fiscal 2010, which begins in October.

The Bedford, Mass.-based women's health products maker said the device's multi-lumen design gives radiation oncologists the ability to shape the dose for breast cancer patients, delivering targeted radiation therapy directly to the area where cancer is most likely to recur.

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Covidien's Q3 sales slip but profits rise

July 30, 2009 by MassDevice staff

Poor foreign exchange rates hurt the Mansfield,Mass.-based medical product giant's third-quarter performance, but improved margins boost the bottom line.

Covidien saw its third-quarter profits rise 4 percent, largely due to a strong contribution from its U.S.-based medical device business units, which helped soften the blow dealt by weaker-performing segments.

Total net sales reached $2.5 billion for the three-months ended June 30, a 3 percent decline from the $2.6 billion the Mansfield-based device leviathan posted during the same period last year. Covidien attributed most of the slide to poor currency exchange rates.

But the company still managed to produce impressive margins, north of 54 percent, incrementally higher than last year's third-quarter margins.