The Medical Device Business Journal — Medical Device News & Articles | MassDevice
Government stimulus spending intended to jumpstart the global economy could eventually pump an extra $200 million — or possibly more — of new revenue into Bruker Corp.‘s coffers, company executives predicted Wednesday.
With scores of existing and potential Bruker clients angling for government-sponsored grants and program funds, Bruker CEO Frank Laukien said the company anticipates a sizable increase in future sales, once stimulus recipients start buying new scientific equipment.
Smith & Nephew Inc. is suing Osteologic Inc. for hiring one of its of its former sales reps in alleged violation of a non-competition agreement, the Memphis Daily News reported.
Trevor Larson, the former salesman, took a job last month with the Stryker Corp. distributor after six years covering Smith & Nephew’s territories in Minnesota and Wisconsin.
The lawsuit accuses Osteologic and Larson of knowingly violating a non-competition clause and seeks damages of at least $6 million.
Boston Scientific Corp. and Stryker Corp. each expanded their boards of directors, adding members with legal and industry expertise (BSC) and financial research chops (Stryker).
Natick, Mass.-based Boston Scientific tapped Katharine Bartlett, former law dean at Duke University, and Procter & Gamble veteran Bruce Byrnes as directors, increasing the numberr of seats at its board to 13.
Echoing the optimism at Thermo Fisher Scientific and Cynosure Inc., Aspect Medical Systems Inc. said its second-quarter results suggest signs of improvement ahead.
Boosted by several recent acquisitions, Inverness Medical Innovations Inc. rode a 15 percent jump in revenues to nearly break even during the second quarter.
Revenues for the Waltham, Mass.-based diagnostics maker rose to $460.4 million during the three months ended June 30, up 14.8 percent compared with $401.1 million during the year-ago period. Acquisitions — including 10 deals during 2008 worth $1.1 billion in cash and stock — lifted quarterly sales by $48.7 million, company officials said.
Thermo Fisher Scientific Inc. took it on the chin again during the second quarter, as profits dropped by about 16 percent compared to the same period last year.
But the Waltham, Mass.-based laboratory instruments maker still increased its revenue guidance for the year, citing signs of better days ahead. Overall, the company is expecting revenues in the range of $9.8 billion to $10.1 billion in 2009.
A pair of local firms, PerkinElmer Inc. and Cambridge Consultants, announced management promotions.
PerkinElmer, the Waltham, Mass.-based medical devices giant, tapped Lapo Paladini for its newly created chief marketing officer post.
Hologic Inc. said 1 million women have undergone its NovaSure global endometrial ablation treatment.
The system is used to treat menorrhagia, or heavy menstrual bleeding, using a 90-second burst of low-frequency radio energy in a roughly 5-minute outpatient procedure.
The Bedford, Mass.-based women’s health products maker said U.S. physicians performed about 312,000 GEA procedures last year, about 205,000 using the NovaSure device, making Hologic’s market share roughly 66 percent.
Zoll Medical Corp. inked a licensing deal with Inovise Medical Inc. to integrate the Portland, Ore.-based firm’s acoustic cardiology technology into Zoll’s resuscitation devices.
Inovise’s Audicor system is a wearable heart sound recorder used to assess heart failure and co-morbidities.
Zoll said the multi-year deal will see it incorporate the technology into some of its resuscitation devices.
The NASDAQ stock exchange hammered another nail into Biopure Corp.‘s coffin, officially de-listing the Cambridge, Mass.-based blood substitue maker as it descends into Chapter 11 bankruptcy.
Biopure stock will no longer be offered on the exchange once trading opens August 7. Bids for the company’s assets are due a week later, ahead of an August 20 asset sale.
Cynosure Inc. slid into the red during the second quarter, as revenues for the Westford, Mass.-based cosmetic laser device maker plunged 47 percent to $20.8 million, compared with $39.2 million during the same period last year.
And after posting net income of $4.7 million during the 2008 second quarter, Cynosure logged a more than $2.3 million net loss for the three months ended June 30.
The company cited the global economic downturn’s impact on discretionary spending and the ongoing credit crunch, which has decimated large capital expenditures, for the dismal results. But it noted that sales rose more than 40 percent compared with first-quarter revenues of $14.8 million.
