Abbott (NYSE:ABT) shares ticked up today after the company reported a 3rd-quarter sales beat fueled by stronger demand from emerging markets for its generic drugs business, but sales dropped more than -7% for its medical device business compared with Q3 2015. Abbott posted profits of $580 million, or 38¢ per share, on sales of $5.15 billion […]
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St. Jude Medical’s Q3 earnings meet forecasts, sales miss
St. Jude Medical (NYSE:STJ) today beat expectations for its 3rd-quarter earnings despite missing top-line forecasts, the medical device company said today. Little Canada, Minn.-based St. Jude posted profits of $215 million, or 97¢ per share, on sales of $1.34 billion for the 3 months ended Oct. 3. That represents a -9.7% profit decline on a sales […]
AmSurg makes $5.3B bid to combine with TeamHealth
(Reuters) — AmSurg proposed a $5.3 billion merger with TeamHealth Holdings Inc as it looks to add heft to its business that provides doctors to hospitals and other healthcare services. AmSurg, which revealed on today that private merger talks with TeamHealth fell through in September, said it had gone public with the offer to persuade TeamHealth […]
Valeant closes $166m Synergetics buyout
Valeant Pharmaceuticals (NYSE:VRX, TSE:VRX) last week said it closed the $166 million acquisition of ophthalmic and neurosurgical device maker Synergetics. Valeant’s $6.50-per-share offer was a 48.1% premium over Synergetics stock’s closing price the day before the deal was announced last month. The buyout includes $1 per share in milestones, with a 50¢-per-share bonus tied to an annual sales […]
Getinge: Resolving FDA beef less costly than thought
(Reuters) — Getinge (PINK:GETI B) last week reported its biggest quarterly order intake increase for almost 2 years, saying costs to resolve U.S. regulatory problems would be lower than previously expected. The firm has seen its profit margins eroded in recent years by slower sales growth, price pressure and quality control problems in the U.S. Order intake was 7.4 […]
Osprey Medical dives on failed trial despite FDA wins
Australian investors, reacting today to news that Osprey Medical (ASX:OSP) failed to meet a key endpoint in a clinical trial, took OSP shares down by some -55% today. The plunge came despite news that the FDA approved expanded claims for Osprey’s Avert device, which is designed to reduce and monitor the amount of contrast agent injected […]
GE Healthcare’s Q3 sales, profits slide
Sales and profits both slid for GE Healthcare (NYSE:GE) during the 3rd quarter, as parent company General Electric saw its overall numbers slide amid its exit from the financial services business, but the industrial conglomerate still managed to top earnings expectations. GE Healthcare posted profits of $652 million on sales of $4.26 billion for the 3 months […]
Johnson & Johnson CFO Caruso: $10B share buyback doesn’t affect M&A appetite
The $10 billion share repurchasing program revealed yesterday by Johnson & Johnson (NYSE:JNJ) won’t affect the healthcare giant’s appetite for mergers & acquisitions, especially when it comes to bolstering the cardiovascular portfolio of its struggling medical device division, CFO Dominic Caruso said this week. For J&J, which announced the buyback Oct. 13 along with its 3rd-quarter numbers, […]
Smith & Nephew CEO Bohuon: M&A chatter is disruptive
The perennial chatter over the potential acquisition of Smith & Nephew (FTSE:SN, NYSE:SNN) is disruptive and unwelcome, CEO Olivier Bohuon said this week. “It has disrupted our sales force because every day they are with [competitors] who are saying, ‘By the way, we are going to buy you,’” Bohuon told the Financial Times. Bohuon has long […]
AtriCure closes $99m nContact buy
AtriCure (NSDQ:ATRC) said yesterday that it closed the $99 million cash-and-stock buyout of cardiac ablation device maker nContact. Morrisville, N.C.-based nContact makes a system that’s designed to combine vacuum suction, perfusion and radiofrequency ablation to improve contact between cardiac tissue and the device. The company is running a U.S. investigational device exemption trial, comparing its Convergent procedure using the […]
Strong dollar a drag on Johnson & Johnson’s 3rd-quarter medical device sales
The strong dollar put a -7.3% hurt on Johnson & Johnson‘s (NYSE:JNJ) medical device sales during the 3rd quarter, the company said today, reporting a -29.3% hit to the bottom line on an overall sales decline of -7.4% compared with Q3 2014. Medical device sales were $6.09 billion during the quarter, off -7.3% despite U.S. revenue growth […]