BlackRock Inc. (NYSE:BLK) is cashing in some of its chips in a clutch of medical device companies at the same time as it put more skin into Wright Medical Group Inc. (NSDQ:WMGI), according to regulatory filings.
Orthofix
Boston Scientific reports profit gains and job losses in Q2 | Earnings Roundup
A rebounding Boston Scientific Corp. (NYSE:BSX) said it plans to eliminate up to 1,400 jobs as part of a restructuring program aimed at saving between $225 million to $275 million annually by 2013.
New CEO for Orthofix, COO out at Echo Therapeutics | Personnel Moves
New CEO for Orthofix, COO out at Echo Therapeutics
PerkinElmer Q1 profits inch downward despite 14 percent sales increase | Earnings roundup
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:
Wright Medical CEO and CTO out
Wright Medical Group Inc. (NSDQ:WMGI) announced a surprise shakeup of its executive team today, firing its chief technology officer and accepting the resignation of CEO Gary Henley.
The Arlington, Tenn.-based maker of orthopedic devices for the foot and ankle market said in a regulatory filing that Henley resigned prior to a board meeting yesterday.
RIP Orthofix director Jerry Benjamin
UPDATED 2/17/2011 11:30 a.m.
Jerry Benjamin, Orthofix International N.V. (NSDQ:OFIX) board member and former general partner of Advent Venture Partners, passed away unexpectedly on February 8th at his home outside of London, the company said. Orthofix released a statement announcing Benjamin’s passing.
Insulet’s Q4 losses widen but 2010 losses fall 16 percent | Earnings roundup
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:
Orthofix streamlines, settles infringement suit
UPDATE: Dec. 17, 3:57 p.m.
Orthofix International NV (NSDQ:OFIX) is streamlining its operations, aiming to save up to $7 million a year.
Orthofix secures $300 million credit line
Orthofix International N.V. (NSDQ:OFIX) established a new credit facility worth up to $300 million.
JP Morgan Chase N.A. (NYSE:JPM) and RBS Citizens N.A. (NYSE:RBS) are the company’s administrative agents for the facility, which consists of a $200 million senior secured revolving credit line and a $100 million senior secured term loan. The facility is spread across nine different financial institutions.
Orthopedics, stimulation carry the day for Orthofix
Buoyed by a 4 percent jump in revenues, Orthofix International N.V. (Nasdaq:OFIX) rolled to a $10.2 million second quarter profit.
Per-share earnings were 57 cents, bolstered by a one-time gain on interest rate swaps. Absent the windfall, the Boston-based device manufacturer generated 54 cents per share and still managed to breeze past the 47-cent average estimate by analysts.