The cardiac rhythm management market is "about as bad as it has ever been," according to an analyst with Gabelli & Co., due in part to headwinds from a federal probe and a negative journal article.
Wall Street Beat
MassDevice.com +3 | The top 3 med-tech stories for March 20, 2012.
Say hello to MassDevice +3, a bite-sized view of the top three med-tech stories of the day. This feature of MassDevice.com’s coverage highlights our 3 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
If you read nothing else today, make sure you’re still in the know with MassDevice +3.
Covidien touts 510(k) win for Nellcor respiration rate software
Covidien (NYSE:COV) landed an FDA win for its Nellcor respiration system with version 1.0 software and adult respiratory sensor.
The Mansfield, Mass.-based med-tech titan is preparing a limited market release in the U.S. next month, allowing select hospitals to use the Nellcor system, according to a press release.
Delcath jumps 12% on Euro sales news
Delcath Systems (NSDQ:DCTH) won a lot of Wall Street love today on news that it landed the 1st commercial order for its organ-targeting chemotherapy system, the ChemoSat device.
MassDevice.com +3 | The top 3 med-tech stories for March 19, 2012.
Say hello to MassDevice +3, a bite-sized view of the top three med-tech stories of the day. This feature of MassDevice.com’s coverage highlights our 3 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
If you read nothing else today, make sure you’re still in the know with MassDevice +3.
Report: J&J set for EU OK on Synthes buyout | Wall Street Beat
European Union regulators are poised to give the OK to Johnson & Johnson‘s (NYSE:JNJ) $21.3 billion acquisition of Swiss orthopedic giant Synthes, according to Reuters.
Ex-Stryker CEO MacMillan earned $9.5M in 2011 | Personnel Moves
Stryker’s (NYSE:SYK) former CEO, Stephen MacMillan, walked away from a pay package worth more than $9.5 million last year, SEC filings show.
MacMillan’s pay included more than $1.3 million in salary, $3.6 million in stock awards and $3.1 million in option awards in 2011, doubling the $4.7 million he received in 2010.
Philips, B.D., Schein, Coloplast make the list for world’s most ethical | MassDevice.com On Call
MASSDEVICE ON CALL — The 2012 list of the world’s most ethical companies included a handful of medical device makers and group purchasing organizations, according to the research-based Ethisphere Institute.
Covidien confirms superDimension buyout
Covidien (NYSE:COV) confirmed that it’s agreed to acquire medical device maker superDimension, saying it will pay about $300 million plus possible earnouts in a deal expected to close during the 2nd quarter.
The Mansfield, Mass.-based medical products giant said it plans to integrate superDimension, which makes the i-Logic pulmonology device, into its medical device segment’s endomechanical portfolio.
Sorin’s 2011 sales stay flat, profits soar | Earnings Roundup
Sorin Group (BIT:SRN) reported flat sales but strong profit growth for 2011, saying it raised earnings by 48.3% and revealing that the cardiac rhythm management slump has made its way across the pond.
The Italian medical device maker posted net income of €58.0 million (~$75.2 million) on sales of €743.4 million (~$963.4 million) for the year ended Dec. 31, 2011. That compares with profits of €39.1 million (~$50.7 million) on sales of €745.8 million (~$966.5 million) during 2010.
Standard & Poor’s gives Medtronic an A+ | Wall Street Beat
Standard & Poor’s Ratings Services affirmed Medtronic’s (NYSE:MDT) long-term debt’s “A+” rating yesterday, after the med-tech titan announced another debt offering.
The rating agency said its view of Medtronic’s senior unsecured notes and its stable rating outlook “reflect the company’s ‘strong’ business risk profile and ‘modest’ financial risk profile.”