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iCad soars on Medicare reimbursement nod | Wall Street Beat

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MassDevice.com Wall Street Beat

iCad (NSDQ:ICAD) shares nearly doubled their value on Wall Street today after the medical device company said the Centers for Medicare & Medicaid approved a big increase in the reimbursement rate for its Xoft Axxent brachytherapy device.

Nashua, N.H.-based iCad said the Medicare agency issued "an improved payment policy" for intraoperative radiation therapy, more than doubling the rate CMS proposed last summer, according to a press release.

The news sent ICAD shares up some 36.0% to $2.92 as of about noon today.

"The decision by CMS to unpackage IORT payments and increase reimbursement rates underscores the cost-effectiveness of this potentially life-saving radiation therapy option that can dramatically reduce treatment times, while providing more convenient and aesthetically desirable outcomes for women with early-stage breast cancer," president & CEO Ken Ferry said in prepared remarks. "We believe this ruling will provide greater access to IORT and accelerate the growing adoption of our technology by radiation oncologists and breast surgeons nationwide. It is noteworthy that IORT reimbursement was substantially improved in light of the overall streamlining of payments for radiation oncology services."

 Report: Orders for Abbott bonds top $20M
Orders for the multi-billion, 4-part bond offering for Abbott (NYSE:ABT) spinout AbbVie hit $20 billion by mid-morning in New York, Dow Jones Newswire reported.

Citing "2 investors who spoke with bankers working on the transaction," the newswire said the offering is now likely to be significantly larger than the $16 billion expected by Wall Street.
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 Medtronic donates $250k to Hurricane Sandy relief

Medtronic (NYSE:MDT) donated $250,000 to the American Red Cross for the Hurricane Sandy relief effort and granted its employees 5 days of paid leave to assist with the recovery.
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 NeuroMetrix inks Sensus distribution deal
NeuroMetrix (NSDQ:NURO) signed a distribution deal for its Sensus pain management device with OneSource Medical Group.
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 Baxter posts another 52-week high

Baxter (NYSE:BAX) shares hit another 52-week high today, reaching $65.07. BAX shares were trading at $64.85 as of about 12:40 p.m. today.

 InspireMD’s sales plunge, losses soar as it reels in $2M

InspireMD (OTC:NSPR) reeled in $1.8 million from a single investor the same day it said "stocking and selling disruptions" from a realignment ahead of TCT 2012 pushed sales down 74.4% to $509,000 and widened losses by 429%, to $7.5 million, or 11¢ per share.
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 Deals Roundup

 Analysts’ ups and downs

  • Becton Dickinson & Co. (NYSE:BDX): Goldman Sachs reissues neutral rating, $73 price target.
  • (NSDQ:DXCM): Jefferies & Co. reiterates Buy rating, lowers price target from $18 to $16.50.
  • LeMaitre Vascular (NSDQ:LMAT): Barrington Research initiates coverage with Outperform rating, $7.50 price target.

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