The Burlington, Mass.-based medical device company won exclusive distribution rights for XenoSure in 2009, according to a press release, booking revenues of $2.8 million during fiscal 2010 and $4.5 million in FY2011 from sales of the patch.
“Following the manufacturing transfer, we expect our XenoSure gross margin will improve from approximately 50% to 65%. In addition, this option exercise will enable us to extend and enhance the product line,” LeMaitre president David Roberts said in prepared remarks.
Cambridge Heart preps for debt default, halves CFO’s pay
Cambridge Heart (NSDQ:CAMH) said it’s preparing to default on about $3.8 million worth of debt and only has enough cash on hand to make it through October. The company also said CFO Vincenzo LiCausi agreed to cut his salary in half.
BCG: Medtech makers costs’ "unsustainable"
Medical device companies must adjust their business models in the face of "relentless pricing pressures" as their customer base shifts, according to a report from the Boston Consulting Group.
- Boston Scientific (NYSE:BSX): J.P. Morgan maintains “neutral” rating.
- Globus Medical (NYSE:GMED): Piper Jaffray reiterates Overweight rating, raises price target from $18 to $21.
- Intuitive Surgical (NSDQ:ISRG): Raymond James maintains “outperform” rating
- Medtronic (NYSE:MDT): Wells Fargo maintains “outperform” rating
- Sunshine Heart (ASX:SHC): Canaccord Genuity reiterates Buy rating, raises price target from $11 to $12.50.