Texas medical device maker Greatbatch (NYSE:GB) raised its 2013 per-share earnings guidance as it announced new efforts to reorganize some of its business practices and reduce costs as it shifts from a components and sub-assemblies company to a developer of full medical devices.
Greatbatch will merge its sales & marketing and operations with its subsidiary Electrochem Solution in hopes of saving between $7-$7.7 million per year once the plan is fully realized. The company raised its 2013 adjusted EPS expectations from $1.90-$2.00 per share to $2.00-$2.05 on the news, excluding the costs of restructuring.
Greatbatch and its Electrochem subsidiary will merge sales & marketing and operations, rather than maintaining separate teams, resulting in some intra-company promotions and jobs-shifting and costing the company between $4.2-$5 million in restructuring charges, according to a regulatory filing.
Greatbatch didn’t suggest any upcoming layoffs, but did mention that its restructuring charges include $2.9-$3.2 million in severance and termination benefits.
A company spokesman did not immediately return calls for comment.
Report: Kinetic Concepts aim to refinance $2.25B loan
Wound-care devices maker Kinetic Concepts is reportedly looking to refinance a $2.25 billion loan to a lower rate, according to an anonymous source cited by Bloomberg Businessweek.
Baxter raises $3.5B to help fund Gambro purchase
Healthcare giant Baxter (NYSE:BAX) issued $5.3 billion in debt, about $3 billion of which will go toward funding the $2.8 billion buyout of Swedish dialysis giant Gambro. Read more
Cali approves Imaging3’s bankruptcy plan
Imaging devices maker
Imaging3 (OTC:IMGG) won approval from a California bankruptcy court to move ahead with a Chapter II plan that the company hopes will help it get back on track. Read more
NeuroMetrix issues $5M in preferred stock to a single investor
Diabetes devices maker NeuroMetrix (NSDQ:NURO) agreed to issue $5 million shares of Series A-1 and Series A-2 convertible preferred stock to a single institutional investor.
- Baxter (NYSE:BAX): Leerink Swann reiterates "outperform" rating, raises price target from $78 to $80
- Becton Dickinson & Co. (NYSE:BDX): CL King reiterates “buy” rating with $110 price target
- Boston Scientific (NYSE:BSX): RBC Capital raised the price target to $11
- C.R. Bard (NYSE:BCR): Leerink Swann maintains "market perform" rating, $107-$110 price target
- C.R. Bard (NYSE:BCR): Zacks maintains "neutral" rating
- Edwards Lifesciences (NYSE:EW)
: Goldman Sachs reiterates "buy" rating, $84 price target
- Haemonetics (NYSE:HAE): Goldman Sachs initiates coverage with "neutral" rating, $47 price target
- Hologic (NSDQ:HOLX): Bank of America reaffirms “neutral” rating
- Hospira (NYSE:HSP): UBS raises price target to $37
- Intuitive Surgical (NSDQ:ISRG): SunTrust reiterates $647 price target, "positive" rating
- LeMaitre Vascular (NSDQ:LMAT): Zacks lowered rating from "outperform" to "neutral" with $6.90 price target
- Medtronic (NYSE:MDT): Wedbush initiates coverage with "neutral" rating
- Nanosphere (NSDQ:NSPH: Jefferies initiates coverage with "buy" rating, $3.50-$5.50 price target
- Optos plc (LON:OPTS): Canaccord Genuity reaffirms “buy” rating
- Optos plc (LON:OPTS): Canaccord Genuity reiterates "buy" rating, GBX 248 ($3.76) price target
- OraSure Technologies (NSDQ:OSUR): Jefferies initiates coverage with "buy" rating, lowers price target from $12 to $8
- Shire (NSDQ:SHPGY): Deutsche Bank raises price target from $101 to $109, maintains "buy" rating
- Smith & Nephew (FTSE:SN, NYSE:SNN): Jefferies Group affirms "buy" rating, GBX 850 ($12.90) price target
- St. Jude Medical (NYSE:STJ): Wedbush initiates coverage with "outperform" rating and $57 price target
- Unilife (NSDQ:UNIS): Leerink Swann reiterates $5-$6 price target, “outperform” rating
- Wright Medical (NSDQ:WMGI): Leerink Swann raises price target from $27 to $29, maintains "outperform" rating
DeviceTalks Minnesota's leadership track is designed to provide attendees with insights on topics such as:
Use code SAVE15 to save 15%!