CareFusion (NYSE:CFN) said it’s done with most of its review of the accounting for its Pyxis medication dispensing line, which delayed the filing of its 4th-quarter and annual reports and prompted a warning from the New York Stock Exchange.
The medical device company said the accounting change shouldn’t affect its past financial statements and that it hopes to make the filings before Feb. 11, 2013.
"While restatement will continue to be a possibility until our analysis is complete, we have not identified any information that would lead us to conclude that our previously issued financial statements should no longer be relied upon or that the financial guidance we provided for fiscal 2013 should be changed," CFO James Hinrichs said in prepared remarks. "If at any time we determine a material misstatement exists, we would file a Form 8-K shortly thereafter announcing a restatement is required. At this point, our goal is to become current in all filings by our next deadline on Feb. 11, 2013. Clearly, we are working diligently to file sooner, if possible."
In September, the NYSE warned CareFusion that it risked a delisting from the exchange unless it rectified the filing problem within 6 months. Two months later the company said it was still trying to resolve the issue as it issued preliminary Q1 numbers.
Volcano details Crux buyout
Volcano (NSDQ:VOLC) said it paid out $3.1 million on top of the $36 million in cash it dropped on Crux Biomedical earlier this month to cover Crux’s expenses.
The San Diego-based medical device company also said it’s reserved some $3.9 million in escrow from the original payment "to indemnify Volcano and related indemnities for certain matters, including breaches of representations and warranties and covenants made by Crux in the merger agreement," according to a regulatory filing.
Volcano will shell out a $3 million milestone payment should the FDA grant 510(k) clearance for the Crux inferior vena cava filters for treatment of pulmonary embolisms before June 30, 2013. Additional payments over the ensuing 4 years are also possible, "based on commercial sales of Crux products (measured on a product-by-product basis) following commercial launch of the applicable product if such commercial launch occurs on or before Jan. 1, 2016 (for certain Crux products) or July 1, 2017 (for one of the Crux products and subject to extension in certain circumstances)," according to the filing.
"In the event that Volcano has not achieved the applicable commercial launch for one of the Crux products by June 30, 2016, (which date may be extended upon a specified payment by Volcano to June 30, 2017), Volcano will license back to the former Crux stockholders certain intellectual property rights relating to that product," Volcano said.
Dynatronics announces 1-5 reverse split
Dynatronics (NSDQ:DYNT) said its shareholders approved a reverse split of its common stake, in which each 5 shares of stock convert into a single share, effective today.
"When we sought shareholder approval to complete such a move, we said that we would only pursue it if the market conditions were right, and a stock split would allow us to list on a national exchange. While listing on such an exchange remains a high priority, we believe the focus by our shareholders on a reverse split has contributed to a sharp decline in the price of our stock, despite the significant progress we have made in our clinical programs. We hope that by removing the reverse split from consideration at this time that investors will again focus on the potential of our technology and the promising results we have had in the clinic to date," chairman & CEO Gary Rabin said in prepared remarks.
Computer Vision Systems raises $20M in debt offering
Computer Vision Systems (OTC:CVSL) landed $20 million in cash from Richmont Capital Partners in return for a convertible subordinated unsecured promissory note.