A federal appeals court yesterday shot down a U.S. Tax Court decision in a longrunning transfer prcing dispute between Medtronic (NYSE:MDT) and the Internal Revenue Service. The IRS maintains that Fridley, Minn.-based Medtronic owes $1.4 billion in back taxes for transfer pricing arrangements among the company’s various units during the tax years 2005 and 2006. In transfer pricing, income is […]
Insulet slides on Q2 revenue miss
Insulet (NSDQ:PODD) shares took a hit today after the company reported second-quarter revenues that missed the consensus forecast and cut its outlook for the rest of the year. Billerica, Mass.-based Insulet reported losses of -$1.7 million, or -3¢ per share, on sales of $124.3 million for the three months ended June 30, amounting to a -78.2% reduction […]
Cantel Medical pays $17m for Stericycle’s clean room biz
Cantel Medical (NYSE:CMN) said today that it paid $17 million in cash to buy the clean room maintenance business from Stericycle (NSDQ:SRCL). The controlled environmental solutions business consists of the B&V Testing and Certco services, which provide testing & certification, environmental monitoring and decontamination services for clean rooms and other controlled environments. The CES business put up […]
Nevro’s Q2 losses exceed expectations
Although it pared its second-quarter losses on strong revenue growth, Nevro Corp. (NYSE:NVRO) missed the consensus earnings forecast yesterday due to increased labor costs and a legal battle with spinal cord stimulation rival Boston Scientific (NYSE:BSX). Redwood City, Calif.-based Nevro posted losses of -$10.7 million, or -35¢ per share, on sales of $96.1 million for the three […]
Boston Scientific closes $270m Claret Medical buy
Boston Scientific (NYSE:BSX) said yesterday that it closed the $270 million buyout of Claret Medical and its Sentinel device, including a $50 million earnout pegged to a reimbursement win that just came in. Claret’s Sentinel device is designed to trap and remove debris dislodged during transcatheter aortic valve replacements to prevent stroke and other neurological damage. The deal, announced […]
Globus Medical whales on Wall Street’s Q2 expectations
Globus Medical (NYSE:GMED) today whaled on the consensus expecation with its second-quarter results and raised its outlook for the rest of the year. Audubon, Pa.-based Globus posted profits of $45.0 million, or 44¢ per share, on sales of $173.4 million for the three months ended June 30, for a bottom-line gain of 56.9% on sales growth […]
Canada approves Medtronic’s Intellis spinal cord stimulator
Medtronic (NYSE:MDT) said today that Health Canada approved its Intellis spinal cord stimulator, touting it as the smallest such device on the market today. The device is designed to deliver mild electrical stimulation to nerves in the epidural space to treat chronic pain. The FDA approved Intellis in September 2017 and the system won CE […]
Hologic drops $85m on Faxitron Bioptics
Hologic (NSDQ:HOLX) said yesterday that it dropped $85 million on Faxitron Bioptics and its line of breast health offerings. Tucson, Ariz.-based Faxitron, which makes digital specimen radiography, breast lesion localization and sentinel lymph node biopsy products, posted sales of roughly $27 million during its last fiscal year. “Faxitron, like Hologic, has built a strong brand focused on improving the […]
LivaNova beats Q2 expectations
LivaNova (NSDQ:LIVN) handily topped the consensus forecast for its second-quarter results despite a huge bottom-line slide. Formed by the $2.7 billion merger of Italy’s Sorin and Cyberonics in October 2015, in April the company closed the $190 million sale of its cardiac rhythm management business to China’s MicroPort Scientific (HK:00853) and paid $250 million to acquire TandemLife and its cardiopulmonary temporary support […]
Thermedical wins FDA nod for Durablate catheter trial
Thermedical said today that it won an investigational device exemption from the FDA for a clinical trial of its Durablate catheter for treating ventricular tachycardia. The Durablate catheter is designed to simultaneously inject hot saline and use radiofrequency energy to effect the ablation; the Thermedical claims that the method is 20 times more effective than conventional RF […]
Merit Medical closes $217m offering
Merit Medical (NSDQ:MMSI) said yesterday that it closed a stock offering worth more than $217 million after the underwriters picked up their option. South Jordan, Utah-based Merit floated 3.5 million shares at $54 apiece and sold another 525,000 shares in the underwriter’s allotment, for gross proceeds of $217.4 million. The net proceeds of roughly $204.9 million […]
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