Medtronic (NYSE:MDT), which earlier this week closed on the $1.1 billion buyout of implantable cardiac pump maker HeartWare, plans to cover HeartWare’s cash burn by cutting other heart failure R&D programs, the company executives said yesterday. HeartWare’s implantable left ventricular assist devices are designed for end-stage heart failure patients, either as a destination therapy until death or […]
HeartWare International Inc.
Medtronic closes $1B HeartWare buyout
Medtronic (NYSE:MDT) said today that it’s closed the $1.1 billion acquisition of implantable cardiac pump maker HeartWare International(NSDQ:HTWR). The $58-per-share deal clears the field of the 2 major cardiac assist device makers, after Medtronic’s cross-town rival, St. Jude Medical (NYSE:STJ), paid $3 billion for Thoratec in October 2015 (St. Jude is now being acquired by Abbott (NYSE:ABT) for $25 […]
HeartWare recalls some HVAD implantable heart pumps on electrical fault risk
HeartWare International (NSDQ:HTWR) this week recalled some of its HVAD implantable heart pumps on the risk of electrical faults from driveline contamination. The recall affects an unspecified number of the left ventricular assist devices, according to an August 15 letter the Framingham, Mass.-based company sent to physicians who implant the pump. Connector contamination of the […]
Heartware Q2 sees losses shrink, beats the street
HeartWare International (NSDQ:HTWR) today released 2nd quarter earnings that beat the Street alongside shrinking losses as the company is slated to be picked up Medtronic (NYSE:MDT) in a $1.1 billion deal. The Framingham, Mass.-based company, reported losses of $10.9 million, or 62¢ per share, on sales of $68.7 million for the 3 months ended June 30. The […]
Medtronic to put up $1.1B for HeartWare
Medtronic (NYSE:MDT) said today that it agreed to put up $1.1 billion for implantable cardiac pump maker HeartWare International (NSDQ:HTWR). The $58-per-share deal, which represents a 93.4% premium over HeartWare’s $29.98 closing price June 24, is slated to close by Oct. 28 (the end of Medtronic’s fiscal 2nd quarter). HeartWare’s 30-day closing average as of June 24 […]
HeartWare dives on big Q1 sales, earnings misses
Shares prices for HeartWare International (NSDQ:HTWR) plunged this morning after the implantable heart pump maker posted 1st-quarter earnings that badly missed expectations on Wall Street. Framingham, Mass.-based HeartWare reported that losses widened 20.1% to -$17.5 million, or -$1 per share, on a -21.3% revenue slide to $55.1 million. Adjusted to exclude 1-time items, losses per share […]
CEO Shortall, COO Mojdeh out as Unilife retools | Personnel Moves
Unilife (NSDQ:UNIS) said today that chairman & CEO Alan Shortall and president & COO Ramin Mojdeh are out, effective immediately, as it reorganizes to focus on its revenue-generating programs with existing customers. Unilife, which finally sealed the deal with Amgen last month for an injectable drug delivery system, said it will create a pair of new […]
HeartWare takes another hit despite Q4, 2015 beats
HeartWare International (NSDQ:HTWR) shares took another hit today despite 4th-quarter results that topped expectations on Wall Street, as investors reacted to lower-than-expected sales volume overseas. Fourth-quarter losses grew 1.1% to $-926,000, or -5¢ per share, for Framingham, Mass.-based HeartWare, which makes implantable heart pumps. Sales were off -7.0% to $68.1 million, compared with Q4 2014. […]
HeartWare spikes Valtech Cardio deal, settles proxy war
HeartWare International (NSDQ:HTWR) today backed out of its acquisition of Israeli replacement heart valve maker Valtech Cardio and settled a proxy war with activist investor Engaged Capital. “HeartWare’s decision last fall to acquire Valtech represented a unique opportunity to bring together 2 complementary portfolios for substantial, high-growth markets and create a broad technology pipeline for the treatment of […]
Investor accuses HTWR of lying about FDA compliance
An investor in HeartWare International (NSDQ:HTWR) accused the implantable heart pump maker of lying about problems at a Florida plant that led to a warning letter from the FDA in 2014. The St. Paul Teachers’ Retirement Fund Assn. brought a lawsuit in the U.S. District Court for Southern New York, alleging that the company misled investors about the […]
Prospects for proxy war heat up at HeartWare
HeartWare International (NSDQ:HTWR) is facing another potential proxy battle after a 2nd activist investor firm took out a stake in the implantable heart pump maker. Last month Engaged Capital, which owns about 1.3% of Framingham, Mass.-based HeartWare, said it’s prepared to launch a proxy war over the proposed acquisition of Israeli replacement heart valve maker Valtech Cardio. Engaged […]