Johnson & Johnson (NYSE:JNJ) subsidiary Ethicon could be facing a steeper-than-expected tab when it comes to settling the more than 46,000 product liability lawsuits brought over its pelvic mesh products, after details about 1 settlement became public in a legal filing. J&J agreed to pay $5 million to settle plaintiff Pamela Wicker’s lawsuit alleging that […]
Wall Street Beat
Medtronic still unfazed by new inversion rules
Medtronic (NYSE:MDT) remains unfazed by the U.S. Treasury Dept.’s push to rein in so-called “inversion” mergers, which allow American companies to re-organized under foreign jurisdictions, after the agency issued new rules on the deals this week. The U.S. government has grappled with a wave of inversions in recent years, including last year’s $50 billion union of Medtronic and Covidien, […]
Stryker closes $1.3B Physio-Control deal
Stryker (NYSE:SYK) said today that it closed the $1.28 billion acquisition of automated external defibrillator maker Physio-Control from Bain Capital. Medtronic (NYSE:MDT) sold Physio-Control to Bain for $478 million in January 2012. The all-cash deal is expected to add slightly to Stryker’s adjusted earnings per share this year, the Kalamazoo, Mich.-based company said when the deal was announced in […]
Edwards Lifesciences hits all-time high on Sapien 3 study
Shares in Edwards Lifesciences (NYSE:EW) hit an all-time high yesterday after the company reported strong 1-year data for its Sapien 3 replacement heart valve over the weekend. Results from the Partner II trial from 1,077 intermediate-risk patients showed that the Sapien 3 beat surgical valve replacement across a variety of safety endpoints, Irvine, Calif.-based Edwards said at […]
ConforMIS yanks FDA clearance bid for iTotal hip, shares slide
ConforMIS (NSDQ:CFMS) shares slid today after the medical device company said it’s withdrawing its bid for FDA clearance for the iTotal personalized hip replacement after the federal safety watchdog raised questions about the bid. Bedford, Mass.-based ConforMIS said the FDA raised “a number” of questions about its 510(k) clearance application – too many for the company to […]
Hansen Medical slides on re-stated financials
Hansen Medical (NSDQ:HNSN) shares slid today after the robot-assisted surgery company re-stated its financials for last year due to a $15.3 million accounting error. The Mountain View, Calif.-based company said the error stems from a $35 million private placement last year, for 53,846 shares of its Series A convertible preferred stock at $650 each. “The accounting error […]
Titan Medical closes $12m offering
Titan Medical (CVE:TMD) said it grossed about $11.5 million (C$15.1 million) in a public offering of shares and warrants that closed yesterday. The Toronto-based robot-assisted surgery company said it sold nearly 15.1 million unit at 76¢ (C$1) apiece. Each unit consisted of a common share and a 5-year warrant priced at 92¢ (C$1.20). The offering included the sale of 191,000 units to […]
Cardiovascular Systems to lay off 8%, reports preliminary Q3 sales beat
Cardiovascular Systems (NSDQ:CSII) said yesterday that it’s planning to lay of 8% of its workforce even as it reported preliminary fiscal 3rd-quarter sales numbers that beat both its own forecast and the consensus expectation on Wall Street. The company said it expects to post sales of $43.5 million to $44 million for the 3 months ended yesterday, roughly […]
Stryker takes its time with Mako’s Triathlon total knee
Stryker (NYSE:SYK) is taking its time getting the Mako robot-assisted Triathlon total knee device on the market, despite having won FDA approval last August. Admitting that the integration of Mako after the $1.7 billion acquisition in December 2013 was “messy,” CEO Kevin Lobo said Stryker isn’t planning to launch the total knee offering until 2017. […]
Biotech investor Steve Burrill to pay $6m, banned from trading
Once-prominent biotech investor Stephen Burrill is barred from the securities industry and will pay nearly $6 million to settle SEC charges that he looted investment funds to cover losses in other businesses and pay for his lavish lifestyle. Burrill and his firm Burrill Capital Management agreed to disgorge the $4.785 million prosecutors said Burrill siphoned off for personal […]
Neovasc gains on Q4, 2015 results
Neovasc (NSDQ:NVCN) shares are up today after the replacement heart valve maker posted its 4th-quarter and 2015 results yesterday, despite wider Q4 losses on a nearly -25% sales decline. Vancouver-based Neovasc, which is looking to be the 1st to market with a transcatheter mitral valve implant, put up losses of -$7.4 million, or -11 per share, on sales […]