Digirad Corp.(NSDQ:DRAD) handed over several on-the-shelf and in-development devices to Novadaq (TSE:NDQ) in a $2 million deal that includes 5 pending patent applications and the rights to 13 existing technologies.
The Sunnyvale, Calif.-based radiosurgery device maker reported losses of $14.9 million, or 21¢ per share, on sales of $101.8 million during the 3 months ended March 31.
Third-quarter losses mounted for orthopedic device giant Biomet Inc. as its top line enjoyed only modest growth.
Warsaw, Ind.-based Biomet posted losses of $16.5 million, on sales of $708.9 million, during the 3 months ended Feb. 29, 2012, compared with losses of $11.6 million, on sales of $678 million, during the same period last year.
Adjusted for 1-time expenses, the company’s net income for Q3 came to $55.1 million, compared to adjusted profits of $212.8 million during Q3 2011.
Novadaq Technologies Inc. (TSX:NDQ) signed multi-year sales and marketing agreements with Kinetic Concepts Inc. for the commercialization of its Spy imaging system.
KCI will pay Novadaq $3 million up front for the Toronto-based company’s fluorescence imaging system, which allows surgeons to assess tissue perfusion in real time. Novadaq will also receive additional milestone payments.
The agreements range from six to seven years and cover commercialization in North America, Europe and Japan.
Lower margins for Smith & Nephew’s (NYSE:SNN) bread-and-butter orthopedics division drove the British company’s third-quarter profits down nearly 3 percent for the three months ended Oct. 1.
Smith & Nephew posted profits of $133 million, or 14.9 cents per share, on sales of $1.03 billion for the quarter – a top-line increase of 9.7 percent when compared with the $941 million in revenues reported for the same period last year. But Q3 2010 profits were $137 million, or 15.4 cents per share.