The honeymoon is over for healthcare stocks as investors move one from their 4-year fling. In addition to the slide of biotech stocks that began last month after high-profile headlines about drug pricing, investors have been dumping shares of everything from medical devices to hospitals to traditional pharmaceutical companies and insurers in recent weeks. Since […]
Wall Street Beat
House votes – again – to repeal medical device tax
The U.S. House of Representatives today passed the Restoring Americans’ Healthcare Freedom Reconciliation Act, including a provision that would repeal the medical device tax enacted as part of Obamacare. The legislation included the Protect Medical Innovation Act which eliminates the 2.3% excise tax on the sale of medical devices. The 2.3% levy on U.S. sales […]
Bard raises outlook after strong Q3 tops forecasts
C.R. Bard (NYSE:BCR) beat expectations with its 3rd-quarter results and raised its earnings outlook for the rest of 2015 yesterday, despite a swing to red ink. Murray Hill, N.J.-based Bard posted losses of -$86 million, or -$1.16 per share, on sales of $865.7 million for the 3 months ended Sept. 30. Although sales grew 4.3% compared […]
Stryker’s Q3 earnings soar, top expectations
Stryker (NYSE:SYK) beat expectations as its 3rd-quarter earnings soared nearly 430% and raised the low end of its outlook for the rest of the year. Kalamazoo, Mich.-based Stryker posted profits of $301 million, or 79¢ per share, on sales of $2.42 billion for the 3 months ended Sept. 30. That amounts to bottom-line growth of 428.1% […]
Baxter adds Boston Scientific CEO Mahoney to board | Personnel Moves
Baxter (NYSE:BAX) said today that it named Boston Scientific (NYSE:BSX) CEO Mike Mahoney to its board of directors. Mahoney, who engineered a significant turnaround at Boston Scientific, was tapped to serve on Baxter’s governance and compensation committees. “Mike’s significant knowledge of the global medical products business and his track record of leadership will make a significant contribution […]
Abbott ticks up on Q3 beat, despite slumping device sales
Abbott (NYSE:ABT) shares ticked up today after the company reported a 3rd-quarter sales beat fueled by stronger demand from emerging markets for its generic drugs business, but sales dropped more than -7% for its medical device business compared with Q3 2015. Abbott posted profits of $580 million, or 38¢ per share, on sales of $5.15 billion […]
St. Jude Medical’s Q3 earnings meet forecasts, sales miss
St. Jude Medical (NYSE:STJ) today beat expectations for its 3rd-quarter earnings despite missing top-line forecasts, the medical device company said today. Little Canada, Minn.-based St. Jude posted profits of $215 million, or 97¢ per share, on sales of $1.34 billion for the 3 months ended Oct. 3. That represents a -9.7% profit decline on a sales […]
AmSurg makes $5.3B bid to combine with TeamHealth
(Reuters) — AmSurg proposed a $5.3 billion merger with TeamHealth Holdings Inc as it looks to add heft to its business that provides doctors to hospitals and other healthcare services. AmSurg, which revealed on today that private merger talks with TeamHealth fell through in September, said it had gone public with the offer to persuade TeamHealth […]
Valeant closes $166m Synergetics buyout
Valeant Pharmaceuticals (NYSE:VRX, TSE:VRX) last week said it closed the $166 million acquisition of ophthalmic and neurosurgical device maker Synergetics. Valeant’s $6.50-per-share offer was a 48.1% premium over Synergetics stock’s closing price the day before the deal was announced last month. The buyout includes $1 per share in milestones, with a 50¢-per-share bonus tied to an annual sales […]
Getinge: Resolving FDA beef less costly than thought
(Reuters) — Getinge (PINK:GETI B) last week reported its biggest quarterly order intake increase for almost 2 years, saying costs to resolve U.S. regulatory problems would be lower than previously expected. The firm has seen its profit margins eroded in recent years by slower sales growth, price pressure and quality control problems in the U.S. Order intake was 7.4 […]
Osprey Medical dives on failed trial despite FDA wins
Australian investors, reacting today to news that Osprey Medical (ASX:OSP) failed to meet a key endpoint in a clinical trial, took OSP shares down by some -55% today. The plunge came despite news that the FDA approved expanded claims for Osprey’s Avert device, which is designed to reduce and monitor the amount of contrast agent injected […]