The market for hip and knee implants is stable but mired in a low-growth stage, according to analysts who attended the American Academy of Orthopedic Surgeons conference in San Francisco last week.
Although the abrupt departure of Stryker CEO Steve MacMillan drew the lion’s share of attention at the AAOS event, analysts from Barclays Capital and Leerink Swann agreed that the sector’s outlook calls for low-single-digit growth.
Wall Street investors drove Insulet (NSDQ:PODD) shares up nearly 4% today ahead of the insulin management company’s 4th-quarter and full-year earnings statement.
Bedford, Mass.-based Insulet posted losses of $14.3 million, or 30 cents per share, on sales of $47.2 million for the 3 months ended Dec. 31, 2011, adding 70% to the top line and shaving 31.3 percent off of its losses, compared with the same period in 2010.
Financial projections from AngioDynamics (NSDQ:ANGO) about its $372 million deal to acquire Navilyst Medical show that it expects to reap some significant rewards from the merger over the short and long terms.
Cardica (NSDQ:CRDC) shares fell more than 20% today after the company said it halted enrollment in a European clinical trial of its MicroCutter XPress 30 because the device "did not perform satisfactorily in thicker tissue" in a small number of cases.
There were no adverse events associated with the problem, but Cardica will have to modify the device, according to a press release.
Cardica Inc. (NSDQ:CRDC) drew the final $2 million of a $4 million secured note purchase through Century Medical Inc. after reaching a milestone with its MicroCutter laparoscopic stapling device.
The distribution agreement with Century Medical allowed the Redwood City, Calif.-based med-tech company to draw the remaining $2 million of its loan commitment.
Greatbatch Inc. (NYSE:GB) shares are up today after the med-tech giant’s third-quarter earnings beat analysts’ expectations.
Clarance, N.Y.-based Greatbatch said third-quarter profits were $6.99 million, or 30 cents a share, on sales of $131 million for the three months ending Sept. 30, up 17.2 percent and 3.3 percent, respectively, compared with the same period last year.
Electromed Inc. (NSDQ:ELMD) promoted Jeremy Brock to the position of chief financial officer, effective immediately.
Brock just joined the New Prague, Minn.-based company as its financial controller in August, 2011.
Cambridge Heart Inc. (OTC:CAMH) plans to bring its HearTwave II Microvolt T-Wave Alternans (MTWA) test for sudden cardiac arrest to Singapore through an exclusive distribution deal with EO Medical Pte Ltd.
The deal hinges on the MTWA device winning regulatory approval in Singapore, which the Tewksbury, Mass.-based company expects within the next 6 to 9 months.