Medtronic’s Irish profits rise 119% | Wall Street Beat

MassDevice.com Wall Street Beat

One of the largest employers on the Emerald Isle, Medtronic (NYSE:MDT), saw its Irish subsidiary’s pre-tax profits surge 119% during its last fiscal year, on sales growth of 43%.

The Fridley, Minn.-based medical device company reported profits of €328.9 million (about $430 million) on sales of €1.18 billion (~$1.54 billion) during the 12 months ended April 27, 2012, the Irish Times reported.

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

Medtronic Vascular Galway also boosted its head count last year by 3.1%, from 1,826 to 1,882 employees, according to the newspaper.

 Morningstar: Don’t by BSX bonds
Morningstar added Boston Scientific (NYSE:BSX) to its list of bonds to avoid, joining a roster of companies the investment firm believes could have problems repaying long-term debt.
Read more

 EndoGastric Solutions raises $10M
EndoGastric Solutions said it raised $10 million from 15 unnamed investors. The Redwood City, Calif.-based company is developing natural orifice products for gastrointestinal disease.
Read more

 St. Jude Medical boosts dividend

St. Jude Medical (NYSE:STJ)
said it raised its dividend by 9%, to 25¢ per share, for an annual dividend worth $1 per share (up from 92¢). The dividend is payable April 30 to shareholders of record as of March 29.
Read more

 Cardiovascular Systems converts $YYM in debt
Cardiovascular Systems (NSDQ:CSII) said it converted about $3.5 million worth of debt into equity issued to Partners for Growth III, and revealed a $YY million funding round.

The St. Paul, Minn.-based medical device company said it issued an aggregate of about 185,000 shares to Partners for Growth in return for a $3.5 million loan, according to a regulatory filing.

Cardiovascular Systems said it’s drawn down some $11.5 million since April 2010 from the loan agreement with Partners.
Read more

 Analysts’ ups and downs

  • Abbott (NYSE:ABT): Barclays Capital reaffirms "equal weight" rating, $35 price target; Stifel Nicolaus initiates with "buy" rating, $40 price target; TheStreet Ratings reiterates "hold" rating, "C" ratings score.
  • Amgen (NSDQ:AMGN): Bank of America reiterates "neutral" rating, raises price target from $97 to $99.
  • Becton Dickinson & Co. (NYSE:BDX): Argus raises price target from $87 to $95, "buy" rating; Zacks reaffirms "neutral" rating, $93 price target.
  • Bruker Corp. (NSDQ:BRKR): Bank of America/Merrill Lynch upgrades to "neutral" from "underperform" rating, raises price target from $15 to $19.50.; UBS raises price target to $21, boosts estimates, "buy" rating.
  • C.R. Bard (NYSE:BCR): Goldman Sachs downgrades from "neutral" to Sell, lowers price target to $95 from $99.
  • (NSDQ:DXCM): Leerink Swann maintains “market perform” rating, raises price target to $14.50 from $14; Oppenheimer reiterates "perform" rating, raises price target from $14 to $15.
  • Endo Health (NSDQ:ENDP): Piper Jaffray downgrades from "neutral" to "underweight" rating, lowers price target from $28 to $22.
  • Insulet (NSDQ:PODD): Canaccord Genuity reiterates "buy" rating, lowers price target from $29 to $28; J.P. Morgan reiterates "overweight" rating, $26 price target; Jefferies reiterates "buy" rating, raises price target from $43 to $46.
  • Intuitive Surgical (NSDQ:ISRG): Goldman Sachs upgrades from "neutral" to "buy" rating, raises price target from $591 to $715; SunTrust restates "buy" rating, $649 price target.
  • McKesson (NYSE:MCK): JP Morgan reiterates "overweight" rating, raises price target from $111 to $112.
  • Medtronic (NYSE:MDT): BMO Capital Markets raises price target from $50 to $52, maintains "outperform" rating; JPMorgan Chase ups price target from $44 to $50, "neutral" rating; Leerink Swann reiterates "market perform" rating, $48 price target; Mizuho raises price target from $49 to $52; "buy" rating; RBC Capital raises price target from $41 to $47, maintains "sector perform" rating.
  • NuVasive Inc. (NSDQ:NUVA): JP Morgan maintains "neutral" rating, raises price target from $17 to $20.
  • NxStage Medical (NSDQ:NXTM): Zacks cuts from "outperform" to "neutral" rating, $14 price target.
  • Orthofix (NSDQ:OFIX): Piper Jaffray reiterates "neutral" rating, lowers price target from $47 to $43.
  • Shire (NSDQ:SHPGY): Deutsche Bank reiterates "buy" rating, lowers price target from $110 to $108; Jefferies reiterates "buy" rating, lowers price target from $117 to $112.
  • Sirona Dental Systems (NSDQ:SIRO): Robert Baird downgrades from "outperform" to "neutral" rating, $76 price target.
  • Smith & Nephew (FTSE:SN, NYSE:SNN): Galvan Research maintains “buy” rating
  • Solta Medical (NSDQ:SLTM): Ascendiant Capital lowers price target from $3.75 to $3.50, maintains “strong buy” rating; Leerink Swann maintains "outperform" rating, lowers price target to $4.10 from $4.70.
  • St. Jude Medical (NYSE:STJ): Cowen & Co. downgrades to "underperform" rating.
  • Teleflex (NYSE:TFX): Barclays Capital raises price target from $76 to $82; “equal weight” rating; Jefferies reiterates "hold" rating, raises price target from $64 to $82; Leerink Swann maintains "market perform" rating, increases price target from $72 to ~$85; Morgan Stanley reiterates "overweight" rating, $95 price target.
  • Tornier (NSDQ:TRNX): BMO Capital Markets reiterates “outperform” rating, lowers price target from $23 to $22.
  • Volcano (NSDQ:VOLC):" BMO Capital Markets reiterates “market perform” rating, lowers price target from $28 to $26; Goldman Sachs downgrades from "buy" to "neutral" rating, cuts from "conviction list." $25 price target; Jefferies reiterates "buy" rating, lowers price target from $32 to $28; Leerink Swann maintains "outperform" rating, lowers price target to $30 from $32; William Blair downgrades to "market perform" rating.
  • Wright Medical (NSDQ:WMGI): Leerink Swann upgrades to “outperform” from “market perform” rating, raises price target to $26-$27 from $22.

RSS From Medical Design & Outsourcing

  • GlobTek presents its latest level VI AC/DC adapter and connverter
    T-43086-WWVV-X.X-Q Model is an addition to GlobTek’s Level VI compliant GT-43086 family and represents GlobTek’s 6 Watt wall plug-in series of AC/DC adapters (power supplies and chargers) with International Interchangeable blades. GlobTek’s changeable input blade system with individual field replaceable input plugs, including: North America and Japan NEMA 1-15P, Australian, UK BS 1363, European CEE […]
  • Sanmina’s familiarity with FDA gets skin treatment product to market fast
    The medical market for cosmetic devices is booming. However, quickly launching new products to meet demand is becoming more challenging because device manufactures face increased regulatory scrutiny. To help meet regulatory requirements, aesthetic and other medical-device OEMs are partnering with electronics manufacturing services (EMS) companies that also offer expertise with the FDA filings necessary to […]
  • Fluid connectors and quick disconnects for IVD equipment from CPC
    Colder Products Company (CPC) offers thousands of tubing connectors, quick disconnects and fittings for smart fluid handling in IVD and analytical equipment. Non-spill connectors speed testing throughput by eliminating drips, preventing air inclusion and increasing operator safety. Panel mount connectors can be added to existing equipment or bottle caps to provide secure, leak-free connections. Puncture […]
  • 310 Watt desktop medical power supply meets efficiency level VI requirements
    Power Partners releases a new 310 Watt medical grade desktop power supply from their PEAMD Series of AC and DC adapters. The 310 Watt unit is packed for ideal performance inside a compact case measuring 7.8 x 4 x 2 in. with a weight of only 3 lbs. The PEAMD310 Series is approved to the latest […]
  • Saelig introduces Multiple Instrument System MIS4 universal test system
    Saelig Company has introduced the ABI Electronics’ Multiple Instrument Station MIS4, an all-in-one testing tool that provides all commonly required test instruments in one compact programmable hardware module, mounted in a compact case or installed in a PC-drive bay. Controlled by ABI’s sophisticated SYSTEM 8 Ultimate PC software with a simple yet programmable operator interface, […]
  • AssurX announces document management software update for small to mid-size companies in FDA regulated industries
    AssurX, an enterprise quality management, risk and regulatory compliance solution provider, announces the release of the latest update to their AssurX document management software. The document management solution provides a cost-effective solution for small to medium sized companies faced with streamlined operations and is fully compliant for FDA regulated industries. Ideal solution for small to […]
  • Saelig presents new Amplicon Impact-R 1100F series computer
    Saelig Company announces the Amplicon Impact-R 1100F series, a fanless system powered by the Intel ATOM D2550 processor. Configured with a high performance 2.5 in. MLC Solid State Drive (SSD), the Impact-R 1100F series is a silent controller system. With options for multiple serial communication ports, the Impact-R 1100F can offer up seven DB9 connections […]
  • Gerresheimer to acquire Centor
    Gerresheimer AG, a partner to the global pharmacy and healthcare industry, will further extend its pharmaceutical packaging business with the acquisition of Centor. Gerresheimer has reached an agreement with Nemera Development S.A. to acquire 100% of the share capital of Centor US Holding. “Centor is the highly profitable market leader for plastic vials and closures in […]
  • Methods Machine Tools presents the new Nakamura-Tome NTRX-300
    Methods Machine Tools, a developer of precision machine tools and automation, has introduced the new Nakamura-Tome NTRX-300, a multitasking turning center featuring complete parts machining in one operation, with a built-in load and unload automation system and advanced operator recognition management software. The NTRX-300 features true opposing twin spindles: an 8 in. A2-6 25 HP or […]
  • MSC Apex Diamond Python and Smart Midsurface speeds modeling to validation
    MSC Software announced a new release of MSC Apex, the company’s award-winning next generation Computer Aided Engineering (CAE) platform. The MSC Apex Diamond Python release introduces: · The fourth release of MSC Apex Modeler is a CAE Specific direct modeling and meshing solution that streamlines CAD clean-up, simplification and meshing workflow. New in this release is […]
  • Quality Metrics: FDA’s plan for a key set of measurements to help ensure manufacturers are producing quality medications
    Editor’s Note: This article is written by Ashley Boam and Mary Malarkey from the “FDA Voice” blog. Boam is an FDA’s acting Director of the Office of Policy for Pharmaceutical Quality, the Office of Pharmaceutical Quality and the Center for Drug Evaluation and Research. Malarkey is an FDA’s Director if the Office of Compliance and Biologics Quality […]

Leave a Reply