Johnson &Johnson’s (NYSE:JNJ) $21.3 billion bid to acquire Swiss orthopedic surgery firm Synthes (SWX:SYST.VX) failed to pique the interest of investors on Wall Street and in Switzerland.
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BD profits increase 5 percent on sales growth | Earnings roundup
MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
Here’s a quick rundown of a few releases over the past couple days:
The MassDevice Weekly Checkup: April 25, 2010
Our Weekly Checkup takes the temperature of the medical device industry’s three largest U.S. clusters: Massachusetts, California and Minnesota.
The MassDevice Indices are weighted according to market capitalization, based on the number of shares outstanding for each company and each Friday’s closing share price.
The Massachusetts index for the week ended April 22 closed at 5.87, down 0.8 percent compared with the prior week. Since Jan. 1, 2009, when we began tracking these companies, the index has risen 32.5 percent.
Masimo touts carbon monoxide screening study | Research roundup
Masimo Corp. (NSDQ:MASI) announced positive results from a study on its carbon monoxide (CO) poisoning screening technology.
The Irvine, Calif.-based company reported that an independent study demonstrated that noninvasive Masimo carboxyhemoglobin (SpCO) measurements provide an "effective means for screening at-risk populations for CO poisoning" with "acceptable bias and precision" compared to invasive blood gas analysis. The results were published in the April issue of Annals of Emergency Medicine.
Baxter’s back into the black after 12 percent sales bump | Earnings roundup
ev3 pays off big for Covidien
The flurry of moves Covidien plc (NYSE:COV) made in 2010 are starting to pay off for the Mansfield, Mass.-based medical products conglomerate.
New business from its $2.6 billion ev3 acquisition helped Covidien double its vascular unit’s sales during the three months ended March 25, posting revenues of $333 million, up 103 percent over the same period last year. And Covidien saw strong increases in sales of energy devices from the $250 million Somanetics buyout it consummated last July. That division reported a 17 percent increase over Q2 2010.
Boston Scientific rises on Q1 results
Boston Scientific Corp. (NYSE:BSX) CEO Ray Elliott said the embattled medical device maker has finally begun to turn the corner, telling analysts on a conference call that its on track to achieve double-digit earnings growth in the near term.
"The Boston Scientific turnaround has begun to show its face," Elliott proclaimed. "The heavy lifting will be done by the end of the year. BSC will be back stronger than ever."
Abiomed CEO Minogue reaps $3.2 million from stock sales
Abiomed Inc. (NSDQ:ABMD) CEO Michael Minogue rode the company’s hot stock performance this year to a $3.2 million payout, taking advantage of stock options in trades executed this month.
Is the medical device tax already driving medical device manufacturing out of high-cost areas?
The health care reform law and its excise tax on medical device sales is already driving companies to seek lower-cost areas to plant their flags in, according to Princeton, N.J.-based research firm The Boyd Co. Inc.
"The big trend is towards smaller, lower-cost cities and it’s because of Obamacare and its 2.3 percent tax on medical device sales,” principal John Boyd Jr. told MassDevice.
Duke establishes $20 million biomedical endowment
Duke University has established a new $20 million biomedical endowment to support a program that has had a knack for launching new medical companies, focusing in particular on medical technology.
The new endowment will allow the program to continue at Duke in perpetuity.
Duke was one of nine universities chosen by the Coulter Foundation in 2005 to accelerate technology transfer of university biomedical engineering projects into commercial products and clinical practices.
Edwards Lifesciences jumps on strong Q1 sales
Edwards Lifesciences Corp. (NYSE:EW) jump-started its day on Wall Street with strong first-quarter sales and earnings numbers and a boosted outlook for the rest of the year.