Standard & Poor’s Ratings Services affirmed Medtronic’s (NYSE:MDT) long-term debt’s “A+” rating yesterday, after the med-tech titan announced another debt offering.
The rating agency said its view of Medtronic’s senior unsecured notes and its stable rating outlook “reflect the company’s ‘strong’ business risk profile and ‘modest’ financial risk profile.”
The world’s largest pure-play medical device maker yesterday announced a $1.07 billion offering of $675 million in 3.125% senior notes due 2022 and $400 million of 4.5% senior notes due 2042.
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“Contributing to Medtronic’s strong business risk profile is its significant scale (over $16 billion revenues) and product diversity,” according to the S&P research note. “Geography is also diverse – in 2011, 45% of sales were generated outside the U.S. We
expect near-term revenue growth to be in the low-single-digit area.
Stabilization in CRDM and spinal sales could stem the drag on total revenue
growth, and provide better-than-expected performance.”
Medtronic reported $8.25 billion in long-term debt and $14.74 billion in total liabilities as of Jan. 27 in its most recent earnings report.
ICU Medical to re-state financials
ICU Medical (NSDQ:ICUI) said it will be late in filing its 2011 financial report with the SEC, as it needs more time to adjust its sales and profits for 2009 and 2010.
The San Clemente, Calif.-based medical connector maker said it expects rebate reserve adjustments to lower its ’09 sales by $2.5 million and reduce profits by $1.6 million. For 2010, the adjustment is expected to lower sales by $1.6 million and earnings by $1.0 million. Read more
Zynex details NeuroDyne buyout terms
Zynex Neurodiagnostics (OTC:ZYXI) revealed the details of its buyout of NeuroDyne Medical last week.
The Lone Tree, Colo.-based electrotherapy and stroke rehabilitation device maker said it paid out $100,000 in cash and more than 266,000 shares of ZYXI stock when it closed the deal March 9 – a stake worth nearly $187,000 at its 70¢ March 9 closing price. Zynex is slated to shell out another $100,000 and the same number of shares May 8. The deal also calls for contingent payments based on revenue percentages through 2018. Read more
GI Dynamics slides on huge volume
Shares of GI Dynamics (ASX:GID) slid 3.1% yesterday in heavy trading, with investors Down Under exchanging nearly 44.5% of the company’s total shares.
GID shares began the day at $1.02 (A$0.98) but closed at 99¢ (A$0.95), with 25.0 million of 56.2 million shares changing hands.
The EndoBarrier weight loss and diabetes device maker yesterday released interim data from a study involving patients with Type II diabetes who ranked low on the body mass index scale, finding that those implanted with the the EndoBarrier gastrointestinal liner experienced positive results effects as far as weight loss, glycemic control and other metabolic benefits, according to a press release. Read more
Report: JPMorgan testing the waters for Kai Medical IPO
JPMorgan Chase & Co. (NYSE:JPM) is said to be testing the IPO waters for Australian patient and respiration monitor maker Kai Medical. Read more
Delcath inks French training deal for Chemosat device
Delcath Systems (NSDQ:DCTH) said it inked a deal with a French cancer center in Villejuif, the Institut Gustave Roussy, to establish a training program for its Chemosat cancer treatment device. Read more
Misonix signs Asian distribution deal
Misonix (NSDQ:MSON) signed a 3-year exclusive distribution deal with Humedical Pte. Ltd. for its SonaStar ultrasonic surgical aspirator and BoneScalpel ultrasonic bone cutter in Malaysia and Singapore. Read more
GPOs: Premier inks urological device deals
The Premier healthcare alliance said it inked deals for specialty urological products with C.R. Bard (NYSE:BCR), Boston Scientific (NYSE:BSX), Gyrus ACMI and Cook Medical. Read more
- MedMinder raises $850k
- Titan Medical closes $3M private placement
Analysts’ ups and downs
