"You’ve got something that really works and it doesn’t have side effects, and en masse, the experts are truly excited about this," Ishrak told Reuters this week. "Part of the issue is that it is such a new technology that it is not a conventional plug into the healthcare system. We don’t have reach and access to the general practitioners."
The "game changer" device is still 2-3 years from winning U.S. approval, Ishrak said, according to the wire service.
Medtronic is running studies to demonstrate the economic and clinical value of the technology, the CEO told Reuters.
"This care pathway for managing the patient is still being created," he said. "The fundamental value is there. It’s a matter of getting different administrators to decide how it fits."
Healthcare PE shop raises $805M fund
Houston-based Capital Royalty, a private equity shop focused on healthcare, raised an $805 million round, its 2nd. Capital Royalty invests in medtech that’s already regulatory approval.
Milestone Scientific swings to Q1 black
Milestone Scientific (OTC:MLSS) hit a 52-week high today after reporting a swing to 1st-quarter profits. The Livingston, N.J.-based medical device company posted profits of $151,000, or 1¢ per share, on sales of $2.5 million, for top-line growth of 29.6%. The results pushed MLSS shares up 7.3% today to $1.18 apiece, a yearlong high.
Smith & Nephew drops $3M on share buyback
Smith & Nephew (FTSE:SN, NYSE:SNN) made use of its $300 million stock repurchasing program with a buyback of some 250,000 shares, at an average price of £7.53 per share , or about $11.63 apiece, for a total spend of £1.9 million ($2.9 million).
- Becton Dickinson & Co. (NYSE:BDX): Canaccord Genuity raises target price from $88 to $91, "hold" rating.
- Boston Scientific (NYSE:BSX): Barclays Capital increases price target from $8 to $9.
- Edwards Lifesciences (NYSE:EW): JP Morgan Cazenove lowers price target from $68 to $64, "neutral" rating.
- Endo Health (NSDQ:ENDP): Jefferies reiterates "buy" rating, raises price target from $44 to $47.
- Hansen Medical (NSDQ:HNSN): Piper Jaffray downgrades from "overweight" to "neutral" rating, lowers price target from $3 to $1.50.
- Hologic (NSDQ:HOLX): Canaccord Genuity lowers price target from $27 to $26, "buy" rating; Raymond James lowers from "strong-buy" to "outperform" rating, lowers price target to $23 from $27.
- ICU Medical (NSDQ:ICUI): Benchmark Co. downgrades from "buy" to "hold" rating, reiterates $69 price target.
- Insulet (NSDQ:PODD): Barrington Research downgrades from "outperform" to "market perform" rating; Northland Securities downgrades from "outperform" to "market perform" rating.
- Mako Surgical (NSDQ:MAKO): Leerink Swann maintains "market perform" rating, lowers price target to ~$12 from ~$14.
- McKesson (NYSE:MCK): Credit Suisse reiterates "outperform" rating, raises price target from $122 to $123.
- Merit Medical (NSDQ:MMSI): Benchmark Co. initiates coverage with "hold" rating, $10 price target.
- Mindray (NYSE:MR): Bank of America downgrades from “buy” to “neutral” rating.
- Smith & Nephew (FTSE:SN, NYSE:SNN): Investec reiterates "add" rating; JP Morgan Cazenove restates "neutral" rating.