Covidien (NYSE:COV) beat Wall Street’s earnings expectations for both its fourth quarter and 2011 fiscal year, sending shares up 1.8 percent today.
The Mansfield, Mass.-based health care giant’s medical device segment once again led the charge, posting an 18 percent sales increase for Q4 and 17 percent for the full year.
Biomet Inc.’s first-quarter losses widened significantly despite nearly 4 percent top-line growth during the three months ended August 31.
The privately owned orthopedics giant posted losses of $39 million on sales of $665 million during the quarter, up 120.2 percent and 3.7 percent, respectively, over Q1 2011.
Cambridge Heart Inc. (OTC:CAMH) took a hit during the first quarter, as last year’s acquisition of partner Cardiac Science helped drive sales down 3.2 percent, even as it prepped an offering to raise enough cash to keep going after the end of this year.
The share of healthcare investment dollars going to early stage deals dropped sharply in the first quarter of this year to its lowest level in five quarters.
In the first quarter of 2011, just 1 percent of healthcare venture deals involved seed-stage companies, according to a report from New York research firm CB Insights.
That compares with 6 percent of the deals the prior quarter and 3 percent in last year’s first quarter.
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:
Dynatronics Corp. (NSDQ:DYNT) has another six months to prevent its stock from being de-listed from the NASDAQ stock market.
The exchange gave the Salt Lake City-based orthopedic device maker until June 13, 2011, to raise its share price above $1 in order to meet NASDAQ’s per share minimum bid rule.
Cardica surges to Q1 profits
Cardica Inc. (NSDQ:CRDC) posted profits of $6.2 million, or 25 cents per share, on sales of $10.0 million during the three months ended Sept. 30. That compares with losses of $2.7 million, or 17 cents per diluted share, on sales of $947,000 during the same period last year.
Dynatronics Corp. (NSDQ:DYNT) posted second-quarter sales of $8.5 million for the three months ended Dec. 31, 2009, down 2.5 percent compared with $8.7 million during the same period last year. Net income rose 2.5 percent to $188,000, compared with $55,000 during Q2 2009: