Stryker (NYSE:SYK) said last Friday that it is launching a select voluntary recall of Lifepak 15 monitor/defibrillators over issues in which the device locks up and may not deliver life-saving therapy, adding that it has received six reports of deaths related to the issue. The Kalamazoo, Mich.-based company said that an issue with the Lifepak 15 […]
Stryker shares rise on Q4, FY2018 earnings Beat
Shares in Stryker (NYSE:SYK) have risen in after-hours trading today after the medical device maker beat expectations on Wall Street with its fourth quarter and full fiscal year 2018 earnings. The Kalamazoo, Mich.-based company posted profits of approximately $2.1 billion, or $5.44 per share, on sales of approximately $3.8 billion for the three months ended […]
Analyst downgrades pressure medtech stocks
Several medical device companies took hits yesterday after analysts on Wall Street downgraded their stocks, on a day when the major market indices each closed up a hair, and even medtech firms that enjoyed upgrades came under pressure. Globus Medical (NYSE:GMED) suffered the most after Morgan Stanley analyst David Lewis cut his rating on the stock from […]
Appeals court OKs $248m Stryker win over Zimmer Biomet
The U.S. Court of Appeals for the Federal Circuit this week affirmed Stryker‘s (NYSE:SYK) enhanced $248 million win in a surgical tool patent case against Zimmer Biomet (NYSE:ZBH). The Federal Circuit court affirmed the judgement in a per curiam ruling dated on Monday, according to recently released court documents. The damages in the case were previously […]
Stryker closes $1.4B K2M buy
Stryker (NYSE:SYK) said today that it closed its $1.4 billion acquisition of K2M (NSDQ:KTWO). Kalamazoo, Mich.-based Stryker paid $27.50 per share for each outstanding share of K2M, representing a 27% premium over K2M’s average closing price during the 90 days of trading ended August 29. With the acquisition, Leesburg, Va.-based K2M will become a wholly owned subsidiary […]
FTC clears Stryker, K2M tie-up early
K2M (NSDQ:KTWO) said today that the U.S. FTC granted early termination to the Hart-Scott-Rodino Antitrust Improvement Act of 1976 waiting period for its pending $1.4 merger with Stryker (NYSE:SYK). The termination of the HSR Act clears yet another hurdle to the union between the two companies, which will position K2M as a wholly owned subsidiary of Kalamazoo, […]
K2M shareholders approve Stryker merger
K2M (NSDQ:KTWO) said today that its shareholders approved its $1.4 billion merger with Stryker (NYSE:SYK) during a special meeting of stockholders. The deal calls for Kalamazoo, Mich.-based Stryker to pay $27.50 per share for each outstanding share of K2M, for a 27% premium over K2M’s average closing price during the 90 days of trading ended August 29. K2M […]
Stryker, plaintiffs to settle hip implant cases
A Massachusetts federal judge last week stayed the multi-district litigation brought over hip implants made by Stryker (NYSE:SYK) so that the company and lawyers representing thousands of plaintiffs can hash out a settlement. Judge Indira Talwani of the U.S. District Court for Massachusetts, who is overseeing one of the MDLs, stayed discovery through July 31, 2019, “so […]
Stryker posts mixed bag Q3 earnings
Stryker (NYSE:SYK) today posted third quarter earnings that narrowly beat earnings per share expectations on Wall Street but missed revenue consensus, seeing its shares drop slightly in after-hours trading. The Kalamazoo, Mich.-based company posted profits of $590 million, or $1.55 per share, on sales of approximately $3.2 billion for the three months ended September 30, seeing […]
Stryker closes $190m Invuity buyout
Stryker (NYSE:SYK) said today that it closed the $190 million acquisition of Invuity (NSDQ:IVTY), adding the San Francisco-based company’s single-use surgical instruments and illumination devices to its portfolio. The $7.40-per-share deal represented a 28.7% premium over the $5.75 closing price for IVTY shares Sept. 10, the day before the deal was announced. “The combination of Stryker’s established leadership […]
K2M settles investor suits with updated financials on $1.4B Stryker merger
K2M (NSDQ:KTWO) yesterday managed to mollify investors who sued to block its $1.4 billion merger with Stryker (NYSE:SYK) by releasing more details on its financials. Investors leveled the suits in the U.S. District Court for Delaware earlier this month seeking to block the deal. The purported class-action suits argued that K2M and its management failed to disclose financial projections made by […]
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