Former Stryker marketing executive escapes jail sentence | Medtech Wall Street news for the week of Apr. 21, 2014

Ex-Stryker exec dodges jail in insider trading scheme

April 17, 2014 by Brad Perriello

A former Stryker marketing executive escaped a jail sentence yesterday, instead drawing 6 months of home confinement and 2 years of probation for passing along inside information ahead of Stryker’s 2011 acquisition of Orthovita.

Last week a pair of traders were sentenced to jail for their parts in the scheme, after admitting to illegal stock trades based on tips relayed from Mark Foldy, a former marketing executive at Stryker. Read more

GE Healthcare's Q1 sales, profits slide

April 17, 2014 by Brad Perriello

GE Healthcare saw its sales and profits decline by single digits during the 1st quarter due to "market volatility.

GE Healthcare posted profits of $570 million on sales of $4.20 billion for the 3 months ended March 31, for a bottom-line decline of 4.2% and a top-line slide of 2.1% compared with the same period last year. Read more

Vital Therapies aims even lower with $12-per-share IPO | MassDevice.com On Call

April 18, 2014 by Arezu Sarvestani

MASSDEVICE ON CALL — California biotherapeutics company Vital Therapies dropped its per-share price even lower, opening today at $12 per share in the hopes of raising $54 million. Shares are slated to open today on the Nasdaq market under the symbol "VTL."

Vital Therapeutics plans to use the new funds to support upcoming clinical trial efforts, according to an SEC filing. The company plans use some of its existing cash and equivalents to make up the difference, should the IPO fail to bring in enough to cover costs. Read more

Baxter blows away Wall Street as renal sales surge in Q1

April 17, 2014 by Arezu Sarvestani

Illinois healthcare titan Baxter isn’t getting much Wall Street love today after posting Q1 adjusted per-share earnings that blew away expectations.

The company’s stock was down 0.6% to $72.97 as of about 12:05 p.m. EST following reports that Q1 adjusted EPS came in 9¢ higher than projected. The boost was reported alongside a 14.6% increase in sales and a modest 0.7% increase in profits for the 3 months ended March 31. Read more

Cardiac Dimensions closes $20M equity round

April 17, 2014 by Brad Perriello

Cardiac Dimensions said it raised $20 million from a syndicate of international investors for its Carillon mitral valve implant.

M.H. Carnegie & Co. and Lumira Capital led the round for Kirkland, Wash.-based Cardiac Dimensions, according to a press release. Investors in Australia, the U.S. and Canada also participated, the company said. Read more