Conceptus CFO says 2011 EBIDTA could reach $14M
Conceptus (NSDQ:CPTS) CFO Gregory Lichtwardt told the attendees of a Dec. 16 investor meeting that the women’s health firm expects earnings before interest, debt, taxes and amortization to be between $13 million and $14 million, adjusted for one-time items, according to a regulatory filing.
In a separate filing, Conceptus said it canceled its $50 million revolving credit line with Wells Fargo Bank because it’s not certain it can meet "certain financial covenants" in the revolver’s agreement. CPTS never tapped the revolver, according to the filing.
Earlier this month, the company parted ways with CEO Mark Sieczkarek and lowered its sales guidance for the coming year. Sieczkarek’s replacement, Keith Grossman, will receive an annual base salary of $525,000 and get a shot at a bonus worth 90% of that, according to a regulatory filing. Read more
China’s Golden Meditech buys back shares
Golden Meditech Holdings Ltd. (HKG:0801) bought back more than 9.9 million shares of its own stock this month, roughly half a percent of its outstanding shares, for an average of about 11 cents (HK$0.84) apiece.
Chairman & CEO Kam Yuen said Golden made the move because it believes the volatility of the global capital market has undervalued its shares.
"We will continue to monitor our share price and undertake appropriate actions to repurchase shares when appropriate in consideration to the benefit of our shareholders," Kam said. "As the founding shareholder of the company, my family and I have been accumulating the company’s shares from the market and now own 21.64%. I believe that once the market stabilizes, the intrinsic value of the company’s will be better reflected in its share price.” Read more
Abbott, Amgen hit 52-week highs
Shares of Abbott (NYSE:ABT) hit $55.85 yesterday, a high-water mark for the past 52 weeks, the same day it announced a European clinical trial of its Esprit drug-eluting bioresorbable vascular scaffold to treat leg pain associated with peripheral artery disease.
Amgen (NSDQ:AMGN) also hit a 52-week high, logging $63.85 today. Read more
- Abiomed (NSDQ:ABMD): Rodman & Renshaw downgrades to "market underperform," sets price target at $13.
- Baxter (NYSE:BAX): TheStreet Ratings downgrades from from "buy" to "hold."
- C.R. Bard (NYSE:BCR): J.P. Morgan lowers price target to $92; Leerink Swann maintains "market perform" rating, lowers 2012 EPS estimate to $6.60 from $6.98; CL King downgrades from “buy” to “neutral,” maintains $99 price target.