iCad soars on Medicare reimbursement nod | Wall Street Beat

November 5, 2012 By MassDevice staff Leave a Comment

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.
Dexcom Inc. (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.

West Pharmaceutical Services appoints VP, GM of Asia Pacific
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Quest International increases breathing equipment services amid coronavirus pandemic
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Harting increases cable assembly supplies in response to COVID-19 pandemic
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FDA relaxes rules around ECMO devices during pandemic
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Carbon partners with Adidas, Resolution Medical on COVID-19 response
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German automotive supplier shifts production to face masks to battle COVID-19
Automotive supplier Wrapping Solutions (Rosengarten, Germany) is partnering with Optima Life Science to produce face masks to help fight the coronavirus pandemic. Wrapping Solutions specializes in producing interior fittings for cars — but has transitioned to sewing 24,000 masks per day at 20 workplaces since March 23. Over the long term, the company plans to… […]
Qosina touts single-use bioprocessing components for coronavirus response
With the bioprocess industry mobilizing to support the development of tests, vaccines and treatments for COVID-19, medtech distributor Qosina said that its supply of single-use bioprocessing components can offer significantly reduced time to clinic and market over multi-use systems during situations like the coronavirus pandemic. Ronkokoma, N.Y.-based Qosina said it also provides 3D CAD models… […]
Could these DIY ventilators stop coronavirus from killing people?
Amid the global crisis caused by the coronavirus pandemic, hospitals and healthcare facilities are reporting shortages of vital equipment that not only keeps the patients safe, but the staffers, too. One important device for which demand has ramped up is ventilators for patients who need assistance with their breathing due to the respiratory effects of… […]
How medtech manufacturers are bringing the fight to coronavirus
As the coronavirus pandemic spreads across the world, contract manufacturers and OEMs continue pivoting to meet the needs of front-line healthcare providers. Here are some of the latest examples: Stryker Stryker (NYSE:SYK) recently announced that it has developed a low-cost, limited-release emergency response bed for use in hospital emergency departments, triage and pop-up areas of… […]
DeviceTalks Weekly: Ep.4 — What does Medtronic’s Puritan reveal mean for medtech?
What does Medtronic’s Puritan reveal mean for medtech? Medtronic earned plaudits and praise for sharing the design specifications for its Puritan Bennett 560 (PB560) ventilators. But will the gesture actually lead to more ventilators being manufactured? In this episode of DeviceTalks Weekly, we’ll talk with experts who will tell us what the plans do and… […]