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Home » Covidien restates Q2 financials ahead of pharma spinout | Wall Street Beat

Covidien restates Q2 financials ahead of pharma spinout | Wall Street Beat

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MassDevice.com Wall Street Beat

Covidien (NYSE:COV) re-stated its financial results for the fiscal 3rd quarter ended March 29, in anticipation of the planned spinout of its Mallinckrodt pharmaceuticals business next month.

Covidien said the new numbers reflect the pharma unit as a discontinued operation, with COV shareholders slated to receive a tax-free distribution, according to a regulatory filing.

The Mansfield, Mass.-based medical device company previously reported profits of $439 million, or 92¢ per share, on sales of $3.10 billion for the 3 months ended March 29. Profits were down 11.7% compared with Q2 2012, despite sales growth 5.3%.

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Covidien said its Q2 books now reflect profits of $439 million, or 93¢ per share, on sales of $2.53 billion, according to the filing.

 Digirad proxy war heats up
Digirad Corp. (NSDQ:DRAD) said a dissident investor group led by the Red Oak Fund is looking to set aside the results of the medical device company’s annual stockholders meeting in an effort to get its own nominees on the Digirad board.
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 Siemens details Osram lighting semi-spinout
Siemens (NYSE:SI) said it plans to keep a stake in its Osram lighting subsidiary even after it’s spun out of the German healthcare and industrial giant, retaining a 17.0% share outright and keeping another 2.5% for the Siemens Pension Trust.
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 PositiveID raises $5M in private placement
IBC Funds agreed to buy a $5 million stake in PositiveID (OTC:PSID) over the next 3 years in return for debt financing.
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 Analysts’ ups and downs

  • Abbott (NYSE:ABT): Goldman Sachs upgrades to "buy" from "neutral" rating, raises price target to $44 from $38.
  • Boston Scientific (NYSE:BSX): Wells Fargo upgrades to “outperform” rating.
  • Endologix (NSDQ:ELGX): Canaccord Genuity reiterates "buy" rating, $1.50 price target.
  • Globus Medical (NYSE:GMED): WallachBeth Capital initiates Globus Medical at "buy" rating, $19 price target.
  • Medtronic (NYSE:MDT): Citigroup raises price target to $57; Mizuho increases price target from $52 to $55, "buy" rating.
  • NeuroMetrix (NSDQ:NURO): Zacks cuts to "neutral" rating, $2.10 price target.
  • NuVasive Inc. (NSDQ:NUVA): WallachBeth Capital initiates at "buy" rating, $27 price target.
  • Optos plc (LON:OPTS): Jefferies Group trims price target from £2.80 ($4.30) to £2.40 ($3.69), "buy" rating.
  • Spectranetics (NSDQ:SPNC): Northland Capital Partners downgrades from “outperform” to “market perform” rating; Northland Securities downgrades from an "outperform" to "market perform" rating.
  • Stryker (NYSE:SYK): SunTrust lowers to "neutral" rating, $56 price target; Zacks retains "neutral" rating.
  • Thoratec (NSDQ:THOR): Goldman Sachs downgrades from "buy" to "neutral" rating, lowers price target from $42 to $37.
  • Tornier (NSDQ:TRNX): RBC Capital upgrades from “sector perform” to “outperform” rating.
  • Zimmer (NYSE:ZMH): SunTrust lowers to "neutral" rating, $65 price target.

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