Losses for Biomet Inc., a bellwether for the U.S. orthopedic market, soared during the fourth quarter and fiscal 2011, largely due to a nearly $1 billion writedown related to its re-assessment of the European market.
AngioDynamics Inc. (NSDQ:ANGO) announced the resignation, effective immediately, of president & CEO Jan Keltjens after the company reported fourth quarter sales that missed the mark.
Keltjens will also no longer serve on the board of directors for the company.
The Latham, N.Y.-based medical device company reported $56.4 million in fourth quarter net sales, compared to $60.3 million during the same quarter last year.
MASSDEVICE ON CALL — Despite an electoral setback, Republicans aren’t backing down on their controversial plan to overhaul Medicare.
New York’s traditionally Republican district elected Democrat Kathy Hochul to the U.S. House. Republicans responded by vowing to renew their ardor for Medicare reform.
The Republican plan, authored by Rep. Paul Ryan (R.-Wis.), would transform Medicare into a voucher system for those under 55 years old.
Shawn McCarthy traded his vice president role at AngioDynamics Inc. (NSDQ:ANGO) for the corner office at Tryton Medical Inc., assuming the president and CEO spot at the Durham, N.C.-based stent maker.
McCarthy was senior vice president and general manager of AngioDynamics’ vascular and oncology surgery business units. AngioDynamics reported $12.3 million in net income on $216 million in sales last year. Tryton is a much smaller operation, posting $1.7 million to the top line in 2010.
MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
Here’s a quick rundown of a few releases over the past couple days:
The Food & Drug Administration warned AngioDynamics Inc. (NSDQ:ANGO) for some allegedly over-zealous marketing of its NanoKnife system.
The FDA accused the Latham, N.Y.-based company of making statements on its website promoting the use of the device beyond its approved indications.
Neogen profits jump 33 percent
Neogen Corp. (NSDQ:NEOG) posted profits of $6.1 million, or 26 cents per diluted share, on sales of $43.9 million during the three months ended Nov. 30. That compares with profits of $4.6 million, or 20 cents per diluted share, on sales of $35.3 million during the same period last year.
The safety of AngioDynamics Inc.’s (NSDQ:ANGO) NanoKnife cancer-treatment device is being questioned by surgeons.
The NanoKnife technology, which was developed at the University of California, Berkeley, and licensed to AngioDynamics acquisition Oncobionics, was given FDA 510(k) clearance in 2008 for the treatment of heart ailments. Although it’s legal for physicians to use the device to treat other conditions, some doctors are questioning the risks associated with using the NanoKnife to treat cancer.
Guide Flow LLC filed a lawsuit against six other firms, accusing them of infringing its patent for a "Catheter Guidewire and Flushing Apparatus and Method of Insertion."
The Newport Beach, Calif.-based firm accused C.R. Bard Inc. (NYSE:BCR), AngioDynamics Inc. (NSDQ:ANGO), Becton, Dickinson & Co. (NYSE:BDX), Medical Components Inc., Navilyst Medical Inc. and Smiths Medical ASD Inc. of violating the patent in a suit filed in the U.S. District Court for Utah.