Overview: IP/Technology Track: Hot topics: M&A, IP, Financing, and Products Liability Trends for medical device companies, featuring representatives from Allied Minds, Stryker, and LeMaitre Vascular. Hosted and moderated by Greenberg Traurig.
MASSDEVICE ON CALL — The Supreme Court this week revisited the landmark healthcare reform decision that originally upheld the Affordable Care Act’s individual insurance mandate.
The Supreme Court decided to allow a lower court to proceed with a case against the law, getting the Obama administration’s nod to do so.
Cleveland HeartLab pulled in $14.7 million in equity financing for its proprietary test for cardiac inflammation, according to a regulatory filing.
The CardioMPO test was developed by Dr. Stanley Hazen, director of the Cleveland Clinic’s center for cardiovascular diagnostics and prevention.
Cleveland HeartLab closed a $3 million round in 2010, with backers including Glengary and Second Generation Ltd.
Edwards Lifesciences (NYSE:EW) said it will re-state its financial results for the first 3 quarters of 2011, “due to certain technical errors in the balance sheets and cash flow statements for these interim periods.”
The Irvine, Calif.-based heart valve maker said the errors involve the mis-statement of short-term investments as cash & equivalents, plus the way it treated tax benefits from stock plans.
LeMaitre Vascular (NSDQ:LMAT) missed Wall Street’s expectations for the 4th quarter, as sales dropped 7%, a slide the company ascribed to its departure from the stent graft market.
The Burlington, Mass.-based device maker posted profits of $346,000, or 2 cents per diluted share, on sales of $13.4 million during the 3 months ended Dec. 31, 2011. That represents a 71% slide compared with profits of $2 million, or 12 cents diluted EPS, on sales of $14.4 million during the same period in 2010.
Robert Parkinson Jr., chairman & CEO of Baxter International (NYSE:BAX), added 20 percent to his paycheck total from last year by cashing in on stock options for the first time.
Parkinson, 60, who earned $11.5 million last year, netted $14.1 million last month after exercising the options and selling stock.