Cantel Medical (NYSE:CMD) shares took a hit today despite fourth-quarter results that topped the consensus forecast. The Little Falls, N.J.-based infection prevention products and services company posted losses of -$2.3 million, or -5¢ per share, on sales of $233.4 million for the three months ended July 31, 2020, for a bottom-line slide into the red on […]
Moody’s sees higher earnings, increased demand for medical device companies
Moody’s Investors Service announced today that it is changing its outlook for the medical device industry to positive — up from stable. The COVID-19 pandemic previously caused a suspension of non-urgent medical care, but procedure numbers have bounced back, said Moody’s, which expects the positive trend to continue as a result of pent-up demand and […]
Hologic launches $950M private offering
Hologic (NSDQ:HOLX) announced today that it launched a private offering worth $950 million in senior notes due in 2029. Marlborough, Mass.-based Hologic said in a news release that it plans to use the proceeds collected from the offering, along with available cash, to refinance its existing 4.375% senior unsecured notes due in 2025, with current cash […]
MedTech 100 roundup: Stocks brought back down again
A week after topping pre-pandemic highs, the medtech industry’s stocks were brought back down to earth in quick fashion. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week at 89.03 (Sep. 11), marking a -0.3% dip from the 89.29 points registered at the end of the […]
Hologic ticks up on raised Q4 outlook
Hologic (NSDQ:HOLX) is up today after its financial outlook for the fourth quarter improved from projections in its third-quarter results from July. Shares of HOLX were up 3.8% at $62.22 per share in mid-morning trading today. After reporting a strong third quarter boosted by COVID-19 test sales, the company expected to log adjusted EPS of 95¢ […]
BofA bullish on medtech as surgeries increase
Bank of America analysts say that they are bullish over the medtech industry as surgical procedure recoveries in recent months bode well for the field. In an analysis published yesterday, BofA said medtech management teams are likely remaining cautiously optimistic amid recovery efforts brough on by the impact of COVID-19, but they are growing in […]
Pulmonx back on track for $86M IPO
Pulmonx last week filed a registration statement signaling its intent to raise $86 million in an IPO after withdrawing it earlier this year. Redwood City, Calif.-based Pulmonx filed the $86 million IPO in February but withdrew it in May after raising $66 million in a private financing round. Terms for pricing were not disclosed in […]
MedTech 100 roundup: Stocks top pre-pandemic high
After weeks of flirting with the heights hit before COVID-19 ravaged the markets, medtech stocks finally topped the pre-pandemic high last week. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — spiked up to 93.11 points on Sep. 2, nearly a full point ahead of the pre-pandemic high of […]
Stryker may sell certain assets to enable Wright Medical purchase
Stryker (NYSE:SYK) has proposed a plan to divest certain assets to Colfax (NYSE:CFX)/DJO Global in an effort to complete its acquisition of Wright Medical (NSDQ:WMGI). Kalamazoo, Mich.-based Stryker’s proposed divestitures of its STAR total ankle replacement product, plus related assets, and its finger joint replacement products, is in connection with the Federal Trade Commission’s review of the ongoing effort […]
Medtronic to save up to $475M a year from restructuring
Medtronic (NYSE:MDT) officials in the coming months will start a major restructuring of the world’s largest medical device company — with expected annual savings of $450 million to $475 million by 2023. The goal, according to a report Medtronic filed with the SEC yesterday, is to take the company’s current groups and reorganize them into “highly […]
FDA approves Medtronic MiniMed 770G insulin pump for young children
The FDA has approved the Medtronic (NYSE:MDT) MiniMed 770G hybrid closed loop-diabetes management system for Type 1 diabetes patients aged 2 to 6 years. The MiniMed 770G is the first-of-its-kind system that can automatically adjust insulin delivery based on continuous glucose monitor values for such young children, according to the agency. The FDA approved an earlier MiniMed […]
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