3M Co. (NYSE:MMM) beat expectations for its 4th-quarter profits and affirmed its guidance for 2012, but Wall Street remained unmoved, with shares staying flat in this morning’s trading.
Shares of 3M Co. (NYSE:MMM) lost nearly 6 percent today after the conglomerate reported a 1.6 percent profit slide for the third quarter and slashed its sales and earnings guidance for 2011.
3M reported profits of $1.09 billion, or $1.52 per share, on sales of $7.53 billion. That’s a top-line increase of 9.6 percent compared with Q3 2010. Wall Street analysts expected $1.61 per share for the latest quarter.
MASSDEVICE ON CALL — Encision Inc. (PINK:ECIA) voluntarily recalled electrode tips used with its AEM surgical systems over concerns that the tips could break off as a result of "aggressive cleaning."
The Boulder, Colo.-based laparoscopic device maker said that a replacement instrument has been designed and is undergoing FDA review.
Stryker Corp. (NYSE:SYK) named a new international group president to take over as Andrew Fox-Smith resigned from the position to pursue other career opportunities.
Ramesh Subrahmanian takes the role, effective September 1, after having most recently served as senior VP and president, Asia Pacific, for Merck & Co. (NYSE:MRK).
Second-quarter sales and earnings may have slipped for Swedish medical device maker Getinge AB (STO:GETI B), but that hasn’t stopped it from issuing an ambitious plan to boost its profits.
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:
Encision Inc. (OTC:ECIA) posted third-quarter sales of $3.26 million for the three months ended Dec. 31, 2009, down 3.3 percent compared with $3.27 million during the same period last year. Net income fell 36.1 percent to $149,000, compared with $233,000 during Q3 2009: