SurModics (NSDQ:SRDX) said it enrolled the 1st patient in an early feasibility trial of its SurVeil drug-coated balloon for treating peripheral artery disease, as it looks to metamorphose from device coating provider to medical device maker. The FDA granted investigational device exemption for the trial late last year, the Eden Prairie, Minn.-based company said. The […]
SurModics Inc.
SurModics buys catheter maker NorMedix
SurModics (NSDQ:SRDX) said today that it acquired NorMedix for $14 million, including $7 million in up-front cash and another $7 million in revenue milestones. Plymouth, Minn.-based NorMedix makes thin-walled catheters, according to SurModics, which inked a $32 million deal for Creagh Medical late last year. “With NorMedix we will have a differentiated catheter-technology platform and additional […]
SurModics slips on lowered guidance after Creagh acquisition
SurModics (NSDQ:SRDX) saw shares dip after releasing lowered guidance today for its fiscal year 2016, taking into account its $32 million acquisition of Creagh Medical. SurModics said it expects to see GAAP revenue figures in the range of $60 to $64 million, with an aggregate $3.5 to $4.5 million coming from newly acquired Creagh. The […]
Avedro CEO Muller is out | Personnel Moves
Avedro said CEO David Muller stepped down shortly after it closed a $32 million equity round last month, replaced on an interim basis by COO Brian Roberts, the former CFO at Insulet (NSDQ:PODD). Waltham-based Avedro said Muller left to “pursue other opportunities.” “On behalf of the board and all the Avedro employees, I want to thank […]
SurModics picks up Creagh Medical for $32m
SurModics (NSDQ:SRDX) said today it acquired percutaneous transluminal angioplasty balloon catheter developer and manufacturer Creagh Medical for $32 million. The acquisition included an upfront payment of $19 million (€18 million) and a possible $12.8 million (€12 million) based on milestones and revenue achievements. Other terms of the deal were not disclosed. “We are excited about […]
RIP former Evalve CEO Powell | Personnel Moves
SurModics lays off 6% of staff
SurModics (NSDQ:SRDX) fired 6% of its workforce and consolidated several business departments in a move that the company hopes will save about $1 million. The device maker is also restructuring some of its operating units that it hopes will "strengthen the company and better position it for long-term growth."
Iridex shuffles C-suite, names new interim CEO and COO | Personnel Moves
Accuray slides on lowered sales outlook | Earnings Roundup
Accuray (NSDQ:ARAY) shares are down nearly 10% today as investors react to wider 3rd-quarter losses and a lower sales forecast for the rest of fiscal 2012.
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.
Sirona’s Q1 sales rise, earnings slide | Earnings Roundup
Sirona (NSDQ:SIRO) shares regained the 1.7% lost Friday after the dental devices maker reported a nearly 10% profit slide for its fiscal 2012 1st quarter.
The Long Island City, N.Y.-based firm reported profits of $38.3 million, or 67 cents per diluted share, on sales of $258.1 million during the 3 months ended Dec. 31, 2011.
That’s a top-line gain of 9.5% compared with profits of $42.4 million, or 75 cents diluted EPS, on sales of $235.6 million during Q1 2011.
Covidien nabs Barrx for $325 million | Acquisitions Roundup
Covidien (NYSE:COV) agreed to acquire Sunnyvale, Calif.-based device maker Barrx Medical Inc. for $325 million.
Barrx, a private company, specializes in minimally invasive radiofrequency ablation systems that target precancerous tissue in the esophagus.