Electromed (NSDQ:ELMD) CEO Robert Hansen said the company expects its sales and earnings numbers to slide for the 2nd quarter and 2nd half of 2012, after a sales force restructuring hit its top line.
"Management chose to improve its sales presence in several sales territories within the U.S. during the 2nd quarter. This resulted in the release, resignation, and planned replacement of several territory managers in the western and eastern regions," according to a press release. "As a result, the level of sales growth for the 2nd quarter has been affected. The company expects net earnings for the 2nd quarter will reflect the additional expenses and unrealized dales incurred in the transition."
"Personnel changes invite candor. Electromed Inc.’s decision to make sales staff adjustments in the 2nd quarter should strengthen its sales team. It also signals management’s commitment to strong sales and earnings for the 2nd half of fiscal year 2012," Hansen added in prepared remarks. "The company’s R&D programs remain a source of importance and encouragement."
Electromed posted 1st-quarter profits of $246,000, or 3 cents per share, on sales of $5.4 million for the three months ended Sept. 30 – up 119% and 29.1%, respectively.
ELMD shares fell 4.7% to $3.41 yesterday and dropped a further 1.7%, to $3.37, as of about 1:45 p.m. today.
Cambridge Heart drops Q4 prelims
Cambridge Heart (NSDQ:CAMH) reported strong preliminary sales results for the 4th quarter, saying it expects revenues to increase 16% to $550,000 compared to the 3rd quarter.
The heart test maker, which posted a net loss of $1.2 million during Q4 2010, also reported sales of 138 of its Microvolt T-Wave Alternans OEM modules, compared with 45 during Q3 2011. And its OEM marketing pact with Cardiac Science has been extended through the first quarter of 2012. Read more
Edwards CEO Mussallem sells $2.5M worth of EW stock
Michael Mussallem, chairman & CEO of Edwards Lifesciences (NYSE:EW), sold 35,000 shares of EW stock this month at an average price of $72.38 a share – or roughly $2.5 million. Read more
"ATRC has the only approved (left atrial appendage) product that is effective on the U.S. market and the only product we expect for at least three years," according to Barrington.
Last October, Canaccord Genuity analyst Jason Mills named AtriCure and four other medical device firms as likely acquisition targets: HeartWare International (NSDQ:HTWR) and arch-rival (and onetime suitor) Thoratec Corp. (NSDQ:THOR), Spectranetics (NSDQ:SPNC) and Volcano Corp. (NSDQ:VOLC). Read more
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