Shares of Intuitive Surgical (NSDQ:ISRG) hit an all-time high yesterday of $529.70 and beat it today, as investors sent the shares to $531.35 apiece this morning.
The spikes followed an upgrade by analysts at Lazard Capital, who raised their price target on the stock to $575 from $525 and reinforced their “buy” rating.
The 2.3% tax on revenues slated to go into effect next year for medical device makers could top $650 million for the med-tech companies covered by Moody’s Investor Services, according to a report by the ratings agency.
The tax will help slow EBIDTA growth rates for the med-tech sector to between 1% and 4% over the next year to 18 months, according to Moody’s, with organic growth rates of between 2% and 3% during that period.
HeartWare International (NSDQ:HTWR) reported strong sales growth amid widening losses for the 4th quarter and 2011, and Wall Street showed some love.
The Framingham, Mass.-based heart pump maker raked in $82.8 million for the year ended Dec. 31, 2011, a 50% bump from $55.2 million in 2010. Losses, however, widened to $55.1 million, or $3.94 per diluted share. Analysts had forecast a loss of $3.17 per diluted share for 2011.
Stryker Corp. (NYSE:SYK) chairman, president & CEO Stephen MacMillan walked away from one of the most successful medical device companies in the world on Wednesday, citing family reasons for an abrupt departure.
Mela Sciences (NSDQ:MELA) added five new members to its board of directors this month, looking to tap their expertise in advance of a planned launch in the U.S. and Germany in the first quarter of 2012.
The Irvington, N.Y.-based company named the new directors on the heels of two regulatory wins granting its flagship skin cancer detection device MelaFind market access in the U.S. and Europe.
Shares of Becton Dickinson (NYSE:BDX) slipped 4.4 percent today after the company announced a 24.4 percent profit slide and missed Wall Street’s expectations for its Q4 earnings.
BD posted profits of $300.0 million, or $1.36 per share, on sales of $2.05 billion for the three months ended Sept. 30. That compares with profits of $396.7 million, or $1.68 per share, on sales of $1.87 billion during the same period last year.
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Medical device maker DJO Global, Inc. announced that its executive vice president of U.S. commercial operations, Andrew Holman, will leave the company “to pursue other opportunities.”
Newly minted DJO president & CEO Mike Mogul will assume responsibility for the San Diego, Calif.-based company’s U.S. commercial activities.
SAN DIEGO–(BUSINESS WIRE)–DJO Global, Inc., (“DJO” or the “Company”) a leading provider of medical device solutions for musculoskeletal health, vascular health and pain management, today announced that Andrew Holman, executive vice president, U.S. commercial operations, is leaving DJO to pursue other opportunities. In connection with this transition and for the immediate future, DJO president and chief executive officer, Mike Mogul, will assume direct responsibility for DJO’s commercial activities in the United States.
Coloplast AS (CPH:COLO B) reported a strong third quarter, with boosts in sales and earnings for the three months ended June 30.
The quarter’s sales grew 6 percent to $503 million, compared to $475 million during the same period last year.
One of the potential bidders for Kinetic Concepts Inc. (NYSE:KCI) is the Blackstone Group, a private equity firm with a massive $16 billion buyout fund and a past history of making big bets in med-tech.
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