Say hello to MassDevice +3, a bite-sized view of the top three medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 3 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
3. Volcano adds 20 to U.S. sales force
Volcano said it’s added 20 positions to its U.S. sales force, capping a reorganization and expansion plan aimed at driving organic growth.
Volcano, which late last year sought to mollify dissatisfied investors with a $200 million share buyback and a more cautious approach to acquisitions, gained YY% today after reporting 1st-quarter results roughly in line with expectations and affirming its 2014 guidance. Read more
2. Intuitive Surgical to buy back $1B in shares from Goldman Sachs
California robot-assisted surgical systems maker Intuitive Surgical plans to buy back $1 billion worth of its common stock from Goldman Sachs under a new accelerated share repurchase program.
The company hopes the buyback will help reset the company’s valuation as its stock continues to slide. ISRG shares enjoyed a brief return to the mid $500s earlier this month, but have largely traded below $450 since last July. News of the repurchase sent shares up 1.2% today to $363.59 as of about 4 p.m. EST. Read more
1. Morgan Stanley: Medtech underperformed in April
The medical device sector under-performed the S&P 500 index in April after a sharp swing over-performance during the 1st quarter, according to analysts at Morgan Stanley.
The 30 medtech stocks Morgan Stanley covers collectively under-performed the S&P by 4.1%, after besting the index by 4.9% during the 1st quarter. Read more
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