Medical Device Industry News

Cardiac Science Q2 losses soar on recall costs

July 30, 2010 by MassDevice staff

Cardiac Science Corp. earnings take big dip due to an $11 million recall charge

Cardiac Science Corp.'s (NSDQ:CSCX) $11 million in "corrective action costs" from a defibrillator recall hit the company hard during the second quarter.

The Bothell, Wash.-based company reported a net loss of $18.5 million, or 78 cents per diluted share, on sales of $36.1 million during the three months ended June 30, compared with a net loss of $2.1 million, or 9 cents per diluted share, on sales of $36.1 million during Q2 2009.

Wall Street punishes Thoratec for lofty aspirations

July 30, 2010 by MassDevice staff

Shares plunge by double digit percentages despite solid quarter where the Pleasenton, Calif. heart pump maker boosts bottom line 765 percent.

Was it something they said?

Shares of Thoratec Corp. (NSDQ:THOR) plunged on Wall Street Friday, despite solid second quarter earnings results that saw the company boost its bottom line by 765 percent.

Plunging Taxus sales continue to put the hurt on Angiotech

July 30, 2010 by MassDevice staff

Earnings at Angiotech Pharmaceuticals Inc. show that royalty revenues derived from sales of Boston Scientific Corp.'s Taxus drug-eluting stent continue dropped by 50 percent during Q2.

Angiotech Pharmaceuticals Inc. (NSDQ:ANPI) is once again feeling the effects of sluggish sales of Boston Scientific Corp,'s (NYSE:BSX) Taxus coronary stent systems.

The Vancouver-based company makes paclitaxel, the drug used in the stent's coating that is designed to reduce restenosis or the re-narrowing of blood vessels after stents are implanted. Angiotech reaps around 6 percent of the net sales of Taxus stents worldwide in royalties for BSX's use of its product.

Covidien wins reversal of Becton Dickinson needle patents suit

July 30, 2010 by MassDevice staff

A federal appeals court tosses a trial judge's $58 million damage award for Becton, Dickinson & Co. in the lastest round of a patent battle with Covidien Plc. over safety syringes.

Covidien Plc. (NYSE:COV) won an appeal of a trial judge's decision to back Becton Dickinson and Company's (NYSE:BDX) patent infringement claim.

The U.S. Court of Appeals for the Federal Circuit in Washington on Thursday tossed the $58 million damage award against the Mansfield, Mass. based medical products conglomerate, formerly Tyco Healthcare, over safety syringes.

Mass. Life Sciences Center adds Taligen Therapeutics CEO to board

July 30, 2010 by MassDevice staff

Massachusetts Governor Deval Patrick appoints Taligen Therapeutics CEO Abbie Celniker to the Mass. Life Sciences Center board of directors.

Abbie Celniker, the CEO of Cambridge, Mass.-based Taligen Therapeutics, is the newest member on the board of directors at the Massachusetts Life Sciences Center.

Massachusetts Governor Deval Patrick made his appointment of the former Novartis Global Head of Biologics final on June 29.

CRL spikes $1.6 billion WuXi merger over shareholder concerns

July 30, 2010 by MassDevice staff

Charles River Laboratories Inc. says it has terminated the merger agreement with WuXi PharmaTech (Cayman) Inc. over shareholder objections; Will pay $30 million break up fee.

Charles River Laboratories International Inc. (NYSE: CRL) will leave WuXi PharmaTech (Cayman) Inc. (NYSE:WX) at the alter and is bringing its $1.6 billion dowry with it, after failing to convince shareholders that the union was in the best interest of the company.

The Wilmington, Mass.-based contract research organization said it has agreed to terminate the proposed deal and will pay a $30 break-up fee.

Insulet Corp. records 57% jump in 2Q revenues

July 30, 2010 by MassDevice staff

Tubeless insulin-infusion device manufacturer Insulet Corp. racks up $22.9 million in second-quarter revenues, $8.2 million higher than year-ago sales, but profits remain a distant goal

Insulet Corp. (Nasdaq:PODD) is moving into its second decade as a business looking at new markets for its OmniPod insulin infusion device, improving sales, better terms on its long-term debt and a little extra cash.

But it's still fighting a problem that's as old as the company: Net losses typically running out to eight digits.

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Medical Device Industry News

Cardiac Science Q2 losses soar on recall costs

July 30, 2010 by MassDevice staff

Wall Street punishes Thoratec for lofty aspirations

July 30, 2010 by MassDevice staff

Plunging Taxus sales continue to put the hurt on Angiotech

July 30, 2010 by MassDevice staff

Covidien wins reversal of Becton Dickinson needle patents suit

July 30, 2010 by MassDevice staff

Mass. Life Sciences Center adds Taligen Therapeutics CEO to board

July 30, 2010 by MassDevice staff

CRL spikes $1.6 billion WuXi merger over shareholder concerns

July 30, 2010 by MassDevice staff

Insulet Corp. records 57% jump in 2Q revenues

July 30, 2010 by MassDevice staff

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