Kinetic Concepts Inc. (NYSE:KCI) is likely to spurn a $6.3 billion offer from rival ConvaTec unless that firm can guarantee financial backing, according to “people familiar with the matter” quoted in the Wall Street Journal.
Wall Street Beat
New Medtronic CEO shakes things up in quest for efficiency
Updated August 23, 2011, at 10:00 a.m.
Profits for Medtronic Inc. (NYSE:MDT) ticked down during its fiscal first quarter, as new CEO Omar Ishrak makes his first substantial moves to reshape the company.
The Fridley, Minn.-based medical device giant reported profits of $821 million, or 77 cents per share, on sales of $4.05 billion for the three months ended July 29. That compares with income of $830 million, or 76 cents per share, on sales of $3.77 billion during the same period last year.
Diabetes pump maker rounds up $12 million while device undergoes FDA review | Funding Roundup
Tandem Diabetes Care Inc. raised $12 million of a $13.7 million funding round spread across eight investors.
Meanwhile, its flagship t:slim insulin pump is under 510(k) review with the FDA as an option for people with Type I diabetes, according to VentureWire.
The current offering, which opened last week, is a mixture of debt and options, according to regulatory filings. The investors were not named.
Medtronic’s Q1 profits slip despite top-line gain
Profits for Medtronic Inc. (NYSE:MDT) ticked down during its fiscal first quarter, as new CEO Omar Ishrak makes his first substantial moves to reshape the company.
The Fridley, Minn.-based medical device giant reported profits of $821 million, or 77 cents per share, on sales of $4.05 billion for the three months ended July 29. That compares with income of $830 million, or 76 cents per share, on sales of $3.77 billion during the same period last year.
New Medtronic CEO gets global
Medtronic downgraded to “hold” by TheStreet ahead of tomorrow’s Q1 earnings report
Medtronic Inc. (NYSE:MDT) stock was downgraded to "hold" from "buy" by digital financial media company TheStreet, brain-child of CNBC’s Mad Money host Jim Cramer.
"Despite its growing revenue, the company underperformed as compared with the industry," according to the report, which cited revenue growth and expanding profit margins and strengths and deteriorating net income and disappointing stock performance as weaknesses.
Diabetes and weight-loss device maker GI Dynamics eyes $102 million in a rough market
GI Dynamics is optimistic that it can raise at least $86 million through its initial public offering in Australia, which is set to close this week.
The Lexington, Mass.-based obesity and Type II diabetes treatment company is aiming for between $80 to $95 million AUS according to regulatory filings, which is about $86 million to $102 million USD.
Report: ConvaTec trumps Apax Partners in bid for KCI
Apax Partners may have a rival for its sweetheart, Kinetic Concepts Inc. (NYSE:KCI), after news broke that KCI rival ConvaTec Inc. trumped the private equity player’s $6.3 billion bid for the wound care giant.
The news sent KCI shares up more than 2 percent overnight, after a Bloomberg report yesterday that ConvaTec, owned by PE firms Nordic Capital and Avista Capital Partners LLC, topped Apax’s $68.50-per-share offer.
Former MDT CEO Hawkins in-depth, patent spats, hedge fund love, postmarket surveillance, FDA guidances, the CRM slump and Sen. Scott Brown at Covidien made headlines this week | MassDevice.com +7
Say hello to MassDevice +7, a bite-sized view of the top seven med-tech stories of the week. This latest feature of MassDevice.com’s coverage highlights our seven biggest and most influential stories from the week’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 this weekend, make sure you’re still in the know with Massdevice +7.
Insulin pump hacker catches Congress’ eye, Stryker gets some hedge fund love, WaveRx goes down | MassDevice.com +3
Say hello to MassDevice +3, a bite-sized view of the top three med-tech stories of the day. This latest feature of MassDevice.com’s coverage highlights our three 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.
Fresenius sees sales and earnings rise in Q2 | Earnings Roundup
Fresenius Medical Care AG (NYSE:FMS) posted a healthy quarter with growth in sales and earnings driven by a 26 percent bump in international sales.
"We are particularly pleased with the success of our international region, given a persistently challenging business environment with the current debt crisis worldwide and the successful expansion of our clinic network in Asia-Pacific and Europe," CEO Dr. Ben Lipps said in prepared remarks.