George LeMaitre, chairman & CEO of the vascular device firm that bears his name, told analysts on a conference call that LeMaitre Vascular (NSDQ:LMAT) has two new products it expects to launch during the fourth quarter.
The Burlington, Mass.-based company is in the last stages of post-approval trials for the devices – the UnBalloon and an over-the-wire device used to excise heart valves – LeMaitre said during a call to discuss LMAT’s third-quarter numbers.
The UnBalloon is a modeling catheter designed to tack down the ends of aortic stent grafts after the grants are implanted, he said, adding that LeMaitre Vascular is also planning to launch the sixth generation of its flagship valvulotome, this iteration designed to travel over a catheter guidewire.
"We have our regulatory approvals for both devices in the U.S., as well as Europe. We are halfway through our post-approval data trials for both products and we are anticipating launches in Q4 2011 or Q1 2012 for one or both devices," LeMaitre said. "Assuming these two data trials continue to go well, these launches could prove to be commercially significant."
LeMaitre Vascular added 6.6 percent to its top line during the third quarter, reporting sales of $14.5 million, compared to $13.6 million during the same period last year.
But profits dropped 19 to $1.2 million, or 8 cents per share, compared to $1.5 million, or 9 cents per share, in Q3 2010.
"Q3 2011 sales were in line with our expectation at $14.6 million, a 7 increase over the prior year. Geographically, the Americas increased 8 percent, Japan was up 25 percent and Europe increased 2 percent," CFO J.J. Pellegrino said during the call. "We expect Q4 2011 sales of $14.2 million, up 9 percent organically versus Q4 2010, and reported operating income of $1.2 million. We also expect 2012 full-year sales of $59 million, up 8 percent organically versus 2011, and reported operating income of $6 million, up 50 percent versus 2011."
- UBS boosts Varian Medical target
Analysts at UBS raised their price target for Varian Medical Systems (NYSE:VAR) to $62 but kept their "neutral" rating.
- Rodman & Renshaw, TheStreet.com downgrade NuVasive
Rodman & Renshaw downgraded NuVasive (NSDQ:NUVA) from "market outperform" to "market perform," followed by TheStreet.com, which cut its rating on the stock from "hold" to "sell." That’s not all – see below for more news on revent moves in NUVA’s share price.
- Abbott rises in the eyes of Deutsche Bank, UBS and Morgan Keenan
Analysts at Deutsche Bank raised their price target on Abbott Laboratories (NYSE:ABT) shares to $58, while their Wall Street colleagues at Morgan Stanley and Morgan Keegan reiterated their "overweight" ratings and UBS analysts boosted their target to $60 and slapped a "buy" rating on the stock.
- Deutsche Bank boosts Stryker
Deutsche Bank also reinforced its "buy" rating on shares of Stryker Corp. (NYSE:SYK) with a price target of $64.
New highs & lows
- ISRG announces share repurchase, stock hits new 52-week high
Intuitive Surgical (NSDQ:ISRG) hit a new 52-week high Oct. 28, rising to $443 after it announced a $500 million share repurchasing program. ISRG has been riding high since crushing Wall Street earnings estimates during the third quarter on its way to posting significant top- and bottom-line boosts. Even Mad Money’s Jim Cramer is on board: “I like this company. I think it goes higher.”
- Integra hits a new low
Shares of Integra LifeSciences Holdings Corp. (NSDQ:IART) plunged to a 52-week low today after the company boosted third-quarter earnings but booted net income, which plunged 31.8 percent during the three months ended Sept. 30. IART shares hit $30.04 at about 3 p.m. today, down 6.3 percent on the day.
- NuVasive does too
NUVA shares also hit a new 52-week low today, clocking $14.20 before clawing back up to $14.26 as of about 3, down 3.8 percent on the day.
Sectra AB (STO:SECTB) wants its shareholders to approve a 2-for-1 stock split aimed at returning about 76 cents (SEK 5) per share to each stockowner.
The Swedish medical device maker wants to put the move to a vote at a special shareholders’ meeting Nov. 22. The proposal would repay a total of roughly $27.8 million (SEKM 184.2 million) to shareholders, according to the firm.
"Sectra’s financial position for this financial year was significantly strengthened due to the divestment of the operation for the development, production and marketing of the Sectra MicroDose Mammography modality," according to a press release. "Sectra’s financial target is that the equity/assets ratio shall amount to not less than 30 percent, which will be achieved with ample margin even following a decision about the redemption process pursuant to the board’s proposal."
"We believe that Sectra’s continued expansion will be attained using existing liquidity and the cash flow generated in the operation. Sectra’s financial position is and will remain favorable even following a decision to repay SEK 184 million to shareholders," added chairman Carl-Erik Ridderstråle.