IntriCon (NSDQ:IIN) said late yesterday it closed a $94.9 million round of financing slated to support capital expenditures and the repurchasing of company shares. The Arden Hills, Minn.-based company said it sold 1.5 million shares of common stock at $55 per share. The offering also included a fully exercised 30-day underwriter’s option to purchase an additional […]
IntriCon prices $83m offering
IntriCon (NSDQ:IIN) today priced an upcoming public offering looking to raise approximately $82.5 million. The Arden Hills, Minn.-based company said it is looking to float 1.5 million shares of common stock at $55 per share, and that the offering is expected to close on August 20. The offering includes a 30-day underwriter’s option to purchase an […]
7 medtech stories we missed this week: March 16, 2018
From Intricon expanding its manufacturing space to Arthrex signing a global distribution deal, here are seven medtech stories we missed this week but thought were still worth mentioning. 1. Intricon expands medical footprint Intricon announced in a March 13 press release that it has signed a 5-year lease that will secure 30,000 sq. ft of manufacturing […]
IntriCon slips on missed Q2 prelims
IntriCon (NSDQ:IIN) saw shares fall over 9% after releasing preliminary 2nd quarter earnings that are off the mark, well under Street analysts expectations. The Arden Hills, Minn.-based company said it expects losses of approximately $1.4 million, or 19-22¢ per share, on sales of $16.8 million for the 3 months ended June 30. That amounts to a significant […]
IntriCon acquires hearing aid company PC Werth
Intricon (NSDQ:IIN) said Tuesday it bought the assets ofhearing healthcare product manufacturer PC Werth, a leading hearing aid supplier to the U.K.’s National Health Service. Intricon said it inked an exclusive agreement with PC Werth last December to distribute its hearing aid products in the U.K., but the full acquisition will allow Intricon extra access […]
Medtronic provides the lone bright spot for IntriCon’s Q2
IntriCon (NSDQ:IIN) this week said that its 2nd-quarter sales and earnings were off, except for an 8% increase in its medical business revenues largely credited to Medtronic (NYSE:MDT), the body-worn sensor company’s largest customer. Arden Hills, Minn.-based IntriCon posted profits of $506,000, or 8¢ per share, on sales of $17.1 million for the 3 months ended […]
Layoffs: IntriCon’s undergoes “right-sizing” by firing 35 admin and support workers
Minnesota medical monitoring devices maker IntriCon Corp. told investors this month that the company plans to cut about 6% of its workforce as part of a larger restructuring effort to lower costs and focus on business areas with the highest growth potential.
IntriCon announced that it would lay off 35 "administrative and support employees," a move that will immediately save the company $2 million per year. Most of the cuts will be immediate, but layoffs in Maine will undergo a "phased" approach, the company added.
Diabetes: Medtronic wins clearance for next-gen clinical continuous glucose monitor | Regulatory Roundup
Medtronic Inc. (NYSE:MDT) won FDA clearance for its next generation iPro2 Professional continuous glucose monitor.
The iPro2 Professional is a clinician-owned device that collects glucose data from a sensor inserted into a patient’s skin.
The device tracks the patient’s glucose levels for 3 days, collecting data as many as 288 times each day. The information may provide insight into how diet, medication and daily activities affect a patient’s glucose levels.
Accuray dives despite beating The Street as losses gape | Earnings Roundup
Accuray (NSDQ:ARAY) shares are down today after the radiosurgery company reported surging first-quarter sales and beat Wall Street’s earnings expectations, as investors reacted to net losses of nearly six times the Q1 2011 mark.
Accuray reported losses of $26.5 million, or 38 cents per share, on sales of $100.5 million for the three months ended Sept. 30. That’s top-line growth of 163.9 percent compared with the same period last year, largely due to the massive infusion that followed ARAY’s acquisition of rival TomoTherapy earlier this year.
Covidien lands $1.5 billion credit facility | Deals roundup
Covidien Plc. (NYSE:COV) announced a new agreement for a five year $1.5 billion senior unsecured revolving credit facility, secured through subsidiary Covidien International Finance S.A.
The new agreement replaces a prior five-year senior credit facility that was slated to mature in April 2012, and the funds will be allocated for general corporate purposes, including working capital and capital expenditures.
Echo Therapeutics posts a tough quarter | Earnings Roundup
Echo Therapeutics Inc.’s (OTC:ECTE) grew more than three fold in Q2 as the company poured money into research & development and administrative expenses.
Losses for the quarter widened 262 percent to $1.9 million, or a loss of 6 cents per diluted share, during the three months ended June 30, compared to losses of $536,000, or 2 cents lost per diluted share, during the same period last year.
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