Stryker Corp. (NYSE: SYK ) spent more than 58 percent of its cash reserves during the first quarter on its $1.45 billion buyout of Boston Scientific’s (NYSE:BSX) neurovascular business.
Wall Street Beat
Johnson & Johnson CFO: Synthes deal doesn’t mean we’re done
Johnson & Johnson (NYSE:JNJ) may have just dropped a cool $21.3 billion to acquire Synthes (SWX:SYST.VX), but it doesn’t mean the health products giant is done shopping for deals.
“Although we just did a pretty significant deal, it doesn’t preclude us from doing another one,,” CFO Dominic Caruso told an investor’s conference in Boston. “We want to be able to act.”
Zimmer’s hips swing in Q1
Zimmer Holdings Inc. (NYSE:ZMH) flexed its muscles in the hip business, riding strong sales in one of its key markets to a 5 percent jump in overall sales during the first quarter.
The Warsaw, Ind.-based orthopedic maker posted a $209 million profit on $1.11 billion in sales during the three months ended March 31, a 2 percent increase over the $205 million in net income on $1.06 billion in sales posted during the same period last year.
The MassDevice Weekly Checkup: April 25, 2010
Our Weekly Checkup takes the temperature of the medical device industry’s three largest U.S. clusters: Massachusetts, California and Minnesota.
The MassDevice Indices are weighted according to market capitalization, based on the number of shares outstanding for each company and each Friday’s closing share price.
The Massachusetts index for the week ended April 22 closed at 5.87, down 0.8 percent compared with the prior week. Since Jan. 1, 2009, when we began tracking these companies, the index has risen 32.5 percent.
ev3 pays off big for Covidien
The flurry of moves Covidien plc (NYSE:COV) made in 2010 are starting to pay off for the Mansfield, Mass.-based medical products conglomerate.
New business from its $2.6 billion ev3 acquisition helped Covidien double its vascular unit’s sales during the three months ended March 25, posting revenues of $333 million, up 103 percent over the same period last year. And Covidien saw strong increases in sales of energy devices from the $250 million Somanetics buyout it consummated last July. That division reported a 17 percent increase over Q2 2010.
Boston Scientific rises on Q1 results
Boston Scientific Corp. (NYSE:BSX) CEO Ray Elliott said the embattled medical device maker has finally begun to turn the corner, telling analysts on a conference call that its on track to achieve double-digit earnings growth in the near term.
"The Boston Scientific turnaround has begun to show its face," Elliott proclaimed. "The heavy lifting will be done by the end of the year. BSC will be back stronger than ever."
Abiomed CEO Minogue reaps $3.2 million from stock sales
Abiomed Inc. (NSDQ:ABMD) CEO Michael Minogue rode the company’s hot stock performance this year to a $3.2 million payout, taking advantage of stock options in trades executed this month.
Boston Scientific posts $20 million Q1 profit
Boston Scientific Corp. (NYSE:BSX) started off 2011 with a $20 million profit, reversing the $1.6 billion loss it posited during the same period last year.
International sales pace Abbott’s medical device unit in Q1
International sales carried the day for the medical device business of Abbott Laboratories (NYSE:ABT), as U.S. sales fell nearly 5 percent during the first quarter of 2011.
The Chicago-area medical products conglomerate pulled in $1.2 billion in sales from its medical device unit, which makes a suite of stents, optics and diagnostics. The unit’s Q1 total was an 11 percent increase over sales during the same period last year, paced by international revenues, which rose 27 percent to $679 million.
St. Jude Medical rises on Q1 results, Trifecta valve approval
St. Jude Medical Inc. (NYSE:STJ) shares rose today on news of its first-quarter sales and earnings and of FDA approval of its aortic valve replacement system, the Trifecta.
STJ shares were up 2.7 percent to $52.37 as of about 10:40 this morning, after the St. Paul, Minn.-based medical device maker reported profits of $233.4 million, or 71 cents per diluted share, on sales of $1.38 billion for the three months ended April 2 — a 9.0 percent top-line increase compared with Q1 2010.
NMT Medical begins liquidation procedures
NMT Medical Inc. (PINK:NMTI) began liquidating its assets in an attempt to repay its creditors.
Officials at the Boston, Mass.-based company said it entered into an Assignment for the Benefit of Creditors, effective immediately. The legal maneuver is an alternative to formal bankruptcy that transfers all of NMT’s assets to a designated party, which can then liquidate assets and distribute the proceeds to creditors.
