Buoyed by strong growth in the vision-care unit during its latest reporting period, The Cooper Companies Inc. (NYSE:COO) last night raised its earnings and revenue forecast for the rest of the year, sending the company’s stock on a tear when trading began this morning.
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INC Research taps new CFO | Personnel moves
INC Research Inc. hired a new CFO as the North Carolina-based clinical research organization charts course to make itself one of the biggest players in the CRO industry.
David Gill has been CFO at Morrisville, N.C.-based medical device company TransEnterix since 2009, and succeeds former INC CFO Dan Hartnett who recently retired.
Gill is no stranger to INC having served on the privately-held company’s board of directors since 2007.
Clinical Data shareholder sues over Forest Labs takeover
A Clinical Data Inc. (NSDQ:CLDA) investor is suing the company over its merger deal with Forest Laboratories Inc. (NYSE:FRX).
Shareholder Bradley Wojno filed a punative class action against the Newton, Mass.-based pharmaceutical maker in an attempt to stop its $1.2 billion acquisition by Forest Labs.
Kendle stock tumbles 15 percent on Q4 losses
Contract research organization Kendle International Inc. (NSDQ:KNDL) saw its stock plummet 15 percent a day after it announced a $9 million fourth-quarter loss.
Kendle’s stock closed at $10.28 after the Cincinnati-based CRO reported its fourth-quarter and full-year earnings after market close the prior day.
Kendle lost $9 million, or 62 cents per share, in the fourth quarter compared with net income of $2 million, or 16 cents per share, in the fourth quarter of 2009.
NeuroMetrix, Comerica Bank renew credit facility
Executives at NeuroMetrix Inc. (NSDQ:NURO) don’t appear to be in any rush to take on any new debt, but they could borrow up to $7.5 million after signing a one-year extension of a revolving credit facility with Comerica Bank.
Kendle’s Q4 drags 2010 into the red | 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:
Fourth-quarter profits not enough for some Psychemedics investors
Psychemedics Corp. (NYSE:PMD) shares are down about 2 percent, paring earlier losses after the drug-testing firm turning in smaller fourth-quarter profits despite a 19.7 percent jump in Q4 revenues.
ADP enters health IT market with AdvancedMD takeover | Acquisitions roundup
Human resources service provider Automatic Data Processing Inc. (NSDQ:ADP) jumped into the healthcare information technology market with the acquisition of AdvancedMD.
Salt Lake City-based AdvancedMD is a 200-employee company that provides cloud-based practice management and electronic medical record products. Its services are currently used by about 4,100 practices, according to ADP.
Thermo Fisher to expand manufacturing in China
Thermo Fisher Scientific Inc. (NYSE:TMO) yesterday revealed plans for its third expansion project in China within the last 12 months.
The company intends to open a laboratory instruments manufacturing plant in the Suzhou municipality in early 2012.
BSX shares climb on upgrade
Boston Scientific (NYSE:BSX) is getting a big boost this morning, climbing as much as 6 percent in early trading after RBC Capital Markets reportedly raised its rating for the medical device maker’s stock.
BSX shares touched $7.62 apiece early today, before backing down to its current range of about $7.50 per share. The stock last traded this high just one week ago, before sliding nearly 7 percent between Tuesday and Thursday’s close.
For Medtronic, a pattern of revenue growth after layoffs
Aside from the announcement last week that there will be between 1,500 and 2,000 Medtronic Inc. (NYSE:MDT) layoffs in the next three months, the Minneapolis-based medical device manufacturer has had at least three other major layoffs between 2007 and 2010.
The financial performance of the fiscal quarter following each of those announcements has been mixed. Revenue always increased, but profits were hurt either by recalls or by a mix of restructuring charges and a change in the company’s accounting framework.