(Reuters) — Toshiba (TYO:6502) booked a net loss for the past financial year and pledged a bold restructuring, raising hopes it was finally moving beyond a $1.3-billion accounting scandal. The submission of its books, twice postponed due to its accounting woes, helped to allay concerns among some investors that the laptops-to-nuclear power conglomerate risked a delisting if […]
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Cambridge Endo files for Chapter 11 bankruptcy
Cambridge Endoscopic Devices yesterday filed for Chapter 11 bankruptcy protection, saying it owes creditors $17 million but has assets of only $3 million. The Framingham, Mass.-based medical device company, which made medical devices used for single-incision laparoscopy procedures, closed a debt-and-options offering worth $2.9 million in January 2014. A Chapter 11 bankruptcy allows the organization to re-form after settling its current […]
Vital Therapies to lay off 32, slash expenses, eyes clinical reboot
Vital Therapies (NSDQ:VTL) yesterday said it plans to lay of 32 employees, or about 30% of its workforce, and slash expenses as it looks to reboot its clinical program after the failure its Elad device in a trial last month. San Diego-based Vital Therapies halted a Phase III clinical trial of the Elad cell-based treatment for liver failure after […]
Medtronic’s Q1 results beat expectations
Medtronic (NYSE:MDT) posted fiscal 1st-quarter sales and earnings today that beat the consensus forecast on Wall Street, despite a bottom-line slide, as its mega-merger with Covidien continues to bear fruit. Fridley, Minn.-based Medtronic reported profits of $820 million, or 57¢ per share, on sales of $7.27 billion for the 3 months ended July 31, representing a […]
Globus names ex-Boston Scientific CEO Tobin to board | Personnel Moves
Globus Medical (NYSE:GMED) said it named former Boston CEO James R. Tobin to its board. As president & CEO of Boston Scientific from March 1999 to July 2009, Tobin oversaw the $26 million Guidant acquisition. “We are excited to welcome Jim to our board of directors,” chairman & CEO David Paul said in prepared remarks. “Jim […]
Bayer rebrands material science biz as Covestro
Bayer (ETR:BAYN) said the re-branding of its material sciences business as Covestro is complete, with a separate legal and economic structure for the Pittsburgh-based subsidiary ahead of a planned IPO next year. “Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly,” Covestro CEO Patrick Thomas said in […]
Unilife to examine ‘strategic alternatives’
Unilife (NSDQ:UNIS) said today that interest from acquirers prompted it to tap Morgan Stanley & Co. as an advisor on potential “strategic alternatives” – financial code for seeking a buyer. “In keeping with the board’s commitment to act in the best interests of all shareholders, we have determined at this time that it is prudent to […]
Getinge unveils major overhaul
Getinge (STO:GETI-B) said today that it’s planning a major overhaul that will see its 3 divisions merged into 1 by the beginning of next year, as it targets organic sales growth of 2% to 4% over the next few years. The Swedish medical device giant said it expects the moves to generate annual EBITA gains […]
HeartWare inks $929m deal for Valtech Cardio’s mitral and tricuspid valves
HeartWare International (NSDQ:HTWR) said yesterday that it agreed to put roughly $929 million on the table for Israeli replacement heart valve maker Valtech Cardio. Terms of the deal call for an up-front payment of 4.4 million shares of HeartWare stock, which would be worth about $360 million at yesterday’s closing price of $81.81. The buyout also […]
Report: Senate to take up medical device tax repeal this year
The U.S. Senate will reportedly take up a bill to repeal the medical device tax before the end of the year, following a U.S. House vote earlier this year to do away with the 2.3% excise tax enacted as part of Obamacare. The Senate’s repeal bid, sponsored by Sen. Orrin Hatch (R-Utah), is S. 149 or […]
NuVasive looks to boost manufacturing footprint
NuVasive Inc. (NSDQ:NUVA) said today that it’s planning a significant boost to its manufacturing footprint, scouting locations around the world for a planned, 130,000-square-foot plant. San Diego-based NuVasive said the plant is expected to employ about 300 workers. A decision on where to site the plant is slated to be made by the end of the year; […]