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General Electric looks to revolutionize the devices market

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It seems that $17 billion a year in MRI equipment just isn’t enough to satiate GE Healthcare.

The massive Fairfield, Conn.-based conglomerate is moving into a new line of business, shifting away from large equipment to a line of about 50 smaller — and much cheaper — medical devices.

Last week, the company announced details of its “Healthymagination” program, a $3 billion initiative (complete with flashy website) to develop products and service innovations over the next six years. The goal is to lower costs and increase access to quality healthcare by 15 percent.

Abiomed posts strong Q4, fiscal 2009 sales

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Strong sales of a catheter-based cardiac assist device helped Abiomed Inc. narrow its losses by nearly 25 percent for fiscal 2009.

Sales rose 12 percent to $19.6 million during the fourth quarter of 2009, compared with $17.5 million for the same period last year, according to a filing with the federal Securities and Exchange Commission. Net losses narrowed to $8.5 million on the quarter, compared with $15 million for the same period during fiscal 2008.

Full-year sales were $72.5 million, a 24 percent jump compared to $58.3 million during fiscal 2008. Net losses narrowed to $31.6 million, compared to $41 million for the prior year.

Boston Scientific’s new defibrillator leads approved and implanted in Europe

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Boston Scientific Corp. landed CE Mark approval from the European Union for its new Endotak Reliance 4-Site defibrillation lead system and announced the first human implants of the device in Europe.

The leads, which are insulated wires connecting an implantable defibrillator with the heart, are part of a suite of products the Natick devices giant acquired in its disastrous, $27 billion buyout of Guidant Corp.

Palomar inks distribution deal with European tattoo removal laser maker.

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Palomar Medical Technologies Inc. inked a distribution deal with Quantel SA to distribute the European cosmetic laser maker’s tattoo removal system in the United States and Canada.

The Burlington-based cosmetic laser treatment device manufacturer will sell Quantel’s SINON Q-switched ruby laser system for tattoo removal (once made by WaveLight Aesthetic GmbH). The European company’s Bozeman, Mont.-based Quantel Derma USA division will handle installation and technical support.

Boston Scientific shares take a dive, even after positive trial results

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Boston Scientific Corp. can’t seem to catch a break.

Despite the publication of results from vairous clinical trials that show the superiority of drug-eluting stents — and, in one study, the superiority of the Natick device goliath’s DES over its competitors’ — its share price took a more than 2 percent dive today.

Boston Scientific’s looming debt a major concern

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Nearly half of Boston Scientific Corp.‘s massive $6 billion-plus debt will come due in April 2011.

The company’s total tab is $6.25 billion, with an average interest rate of 5.84 percent. At the end of 2008, the company owed more than $6.78 billion, but has paid down about $500 million since January, at least some of it on the backs of Peter Nicholas and John Abele.

The BSC co-founders sold an enormous amount of personal stock in the company over the past six months.

Evogen enters the race for swine flu diagnostic

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A few days back, we wondered if Inverness Medical Innovations‘ BinaxNOW diagnostic kit would win approval from the Centers for Disease Control for detecting swine flu.

Now Kansas City-based Evogen Inc. is entering the race, asking the Food & Drug Administration to approve its molecular PCR diagnostic test for the H1N1 virus.

The test “is capable of rapidly and specifically detecting H1N1 pandemic Influenza,” according to a company press release.

Covidien to lay out $440 million for vascular device maker VNUS Medical Technologies

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Covidien agreed to pay $440 million, or $29 per share, for vascular device maker VNUS Medical Technologies Inc.

That’s a 56 percent premium on the San Jose, Calif.-based company’s $18.57 52-week per-share rolling price average and a 36 percent premium on its $21.32 closing price yesterday.

VNUS, which makes medical devices for minimally invasive treatment of venous reflux disease, posted first-quarter sales of $24.7 million, up 30.9 percent compared with $18.9 million during the same period last year.

NxStage boosts revenues and inks distribution deal to juice its U.K. sales

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NxStage Medical Inc. posted solid first-quarter sales growth, pared its losses and inked a distribution deal for its home dialysis products with a British distributor.

The Lawrence-based device maker’s U.S. sales reached $33.7 million, up 9 percent over the $31 million it posted during same period last year. Net losses narrowed to $12.2 million for the quarter, down 8.2 percent compared to $13.9 million during the first quarter of 2008.

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