Sean Stewart, a former executive with JP Morgan and Perella Weinberg Partners who is accused of insider trading based on his work on several medical device transactions, lost his bid to have criminal charges dismissed from a federal court in New York. Federal prosecutors in May 2015 charged Stewart, his father Robert Stewart and a 3rd […]
Wall Street Beat
Layoffs ahead for ALR Technologies
ALR Technologies (OTC:ALRT) said last week that it’s reaching the limit on a line of credit it has with chairman & CEO Sidney Chan and plans to cut its U.S. sales & marketing program as a result. Richmond, Va.-based ALR, which makes a remote monitoring system for diabetes called Health-e-Connect, also said it plans to cut back on […]
J&J to cut up to 3000 jobs from medical device biz
Johnson & Johnson (NYSE:JNJ) said today that it plans to cut as many as 3,000 jobs from its medical device business, the world’s largest medtech operation. New Brunswick, N.J.-based J&J said the restructuring of its medical device segment means layoffs for about 2.5% of its 270,000 workforce, or 4% to 6% of its 60,000-worker medtech headcount. The […]
Prospects for proxy war heat up at HeartWare
HeartWare International (NSDQ:HTWR) is facing another potential proxy battle after a 2nd activist investor firm took out a stake in the implantable heart pump maker. Last month Engaged Capital, which owns about 1.3% of Framingham, Mass.-based HeartWare, said it’s prepared to launch a proxy war over the proposed acquisition of Israeli replacement heart valve maker Valtech Cardio. Engaged […]
Boston Scientific CMO Dawkins: Rivals spent $1.5B on 80 patients and half are dead
Medical device acquirers spent something in the neighborhood of $1.5 billion over the past few months on transcatheter mitral valve replacement acquisitions to treat just 80 patients, half of whom are now dead, Boston Scientific (NYSE:BSX) chief medical officer Dr. Keith Dawkins said today. “There’s been, really [since] a few months ago, $1.5 billion, roughly, spent […]
Hansen Medical seeks ‘strategic alternatives,’ shares soar then plunge
Share prices for Hansen Medical (NSDQ:HNSN) surged in pre-market trading this morning after the beleaguered robot-assisted surgery company said it’s seeking the proverbial “strategic alternatives.” Mountain View, Calif.-based Hansen, which makes the Magellan and Sensei surgical robots, said it formed a special committee of its independent board members to evaluate potential moves, including a sale of […]
Report: Pfizer mulls sale of Hospira infusion pump biz
Pfizer (NYSE:PFE) is reportedly mulling a sale of the infusion pump business it acquired along with Hospira last year, aiming to focus on its core branded pharmaceuticals business. Hospira makes generic versions of injectable drugs used in hospitals, pumps to deliver them and also sells biosimilars or copies of biotech drugs. New York City-based Pfizer closed the $15 […]
St. Jude Medical rejiggers sales reporting
St. Jude Medical (NYSE:STJ) said today that it plans to rejigger the way it reports its sales to better reflect its focus in managing the business, beginning this year. Little Canada, Minn.-based St. Jude, which saw its share price slide today after missing forecasts for its 4th-quarter sales, said it’s focus is shifting to 5 key key areas: Heart failure; atrial […]
Thoratec sales exceed forecast for St. Jude Medical
Share prices for St. Jude Medical (NYSE:STJ) slid today after the medical device company missed forecasts for its 4th-quarter sales, despite a higher-than-expected contribution from its newly acquired Thoratec implantable heart pump business, and raised the low end of its earnings outlook. Little Canada, Minn.-based St. Jude said it expects to post sales of $1.45 billion for the 3 months […]
Intuitive Surgical’s Q4 sales top expectations
Intuitive Surgical (NSDQ:ISRG) reported preliminary results for its 4th quarter that beat expectations on Wall Street, sending share prices up today. Sunnyvale, Calif.-based Intuitive said it expects to post sales of $677 million for the 3 months ended Dec. 31, 2015, topping the consensus outlook of $650.3 million. The news sent ISRG shares up 3.9% today to $563.01 apiece […]
Stryker shares tick up on raised earnings outlook
Stryker (NYSE:SYK) shares ticked up today after the medical device company yesterday raised the low end of its earnings outlook and reported 4th-quarter preliminary results that met expectations on Wall Street. Kalamazoo, Mich. based Stryker said it now expects to post adjusted earnings per share of $5.09 to $5.12, up from prior guidance of $5.07 […]