Here’s a rundown of how medical device companies have fared so far as the second-quarter earnings season winds down (updated August 25, 2009):
Medtronic:
The Minneapolis-based medical device monolith’s bottom line takes a $360 million hit, pushing net earnings down 38.5 percent, as it pays out $444 million to settle a patent infringement suit with arch-rival Abbott Labs. Read More
Oridion:
The capnography device maker’s H1 profits plunge 72 percent. Read More
Older earnings reports:
Abiomed Inc.:
Sales of the Danvers, Mass.-based cardiac assist device maker’s Impella heart pumps boosted revenues 22 percent and cut its net loss by 15 percent during the first quarter of fiscal 2010. Read More
Aspect Medical Systems Inc.:
Norwood, Mass.-based brain monitoring device maker’s sales dip slightly (and net income plummets), but operating margins improve and it inks a U.S. licensing and distribution deal with LiDCO Group. Read More
Athenahealth Inc.:
A 42 percent increase in sales, 60 percent gross margins and increased profits — ho-hum, just another quarter for the Watertown, Mass.-based maker of web-based electronic health care records. Read More
Biosphere Medical Inc.:
The Rockland, Mass.-based women’s health specialist grows sales 7 percent to a best-ever $8.1 million. The net loss for the period was $677,000. Read More
Boston Scientific Corp.:
Boston Scientific Corp. rebounded from a first-quarter loss earlier this year to post a $158-million profit during the three months ended June 30. Revenues for the quarter were $2.07 billion. Read More
Brooks Automation Inc.:
Chelmsford, Mass.-based maker of semiconductor imaging components struggles to reinvent itself as a leaner company. Read More
Bruker Group:
Government stimulus spending intended to jumpstart the global economy could eventually pump an extra $200 million — or possibly more — of new revenue into Bruker Corp.’s coffers, company executives predicted. Net income for the period was $12.9 million, or 8 cents per share, marking an $8.8 million decline from the $21.7 million in profits posted in the year-ago quarter. Through the first six months of the year, net income was nearly flat, reaching $21.3 million, compared with $20.9 million posted during the June 2008 quarter. Read More
Caliper Life Sciences Inc.:
Second-quarter revenues dropped 6 percent, but the Hopkinton, Mass.-based lab equipment and services provider managed to pare its Q2 net loss by 40 percent. Read More
Cambridge Heart Inc.:
The Tewksbury, Mass.-based cardiac monitoring device maker’s sales dipped 15 percent during the second quarter, but it narrowed its net losses to $1.8 million. Read More
Candela Corp.:
Full-year sales drop more than 20 percent and annual net losses widen to more than $23 million, but the trend is good for the Wayland, Mass.-based cosmetic device maker. Read More
Charles River Laboratories:
Even as second-quarter sales slide 13 percent, the Wilmington, Mass.-based contract research firm announces the $24 million purchase of digital imaging software provider Systems Pathology Co., a $9 million deal to buy Finnish discovery services provider Cerebricon Ltd. and a VC alliance aimed at generating new business. Read More
Clinical Data Inc.:
Increased R&D and sales expenses hamper the Newton, Mass.-based genomics firm’s bottom line, as net losses rise to $15 million during the first quarter of fiscal 2009. Read More
Covidien:
Net sales reached $2.5 billion for the three months ended June 30, a 3 percent decline from the $2.6 billion the Mansfield-based device leviathan posted during the same period last year. Covidien attributed most of the slide to poor currency exchange rates. Read More
Cynosure Inc.:
Cynosure slid into the red during the second quarter, as revenues for the Westford, Mass.-based cosmetic laser device maker plunged 47 percent to $20.8 million, compared with $39.2 million during the same period last year. And after posting net income of $4.7 million during the 2008 second quarter, Cynosure logged a more than $2.3 million net loss for the three months ended June 30. Read More
Exact Sciences Corp.:
The colorectal cancer screening firm posts a second-quarter sales boost on its Genzyme deal, but net losses widen as it settles into its new digs in Wisconsin. Read More
Haemonetics:
Blood management products maker has a bloody good first quarter, with sales rising 7 percent, earnings jumping 26 percent and profit margins improving, but Wall Street remains unimpressed. Read More
Harvard Bioscience:
Sales and income slide during the second quarter, but the Holliston, Mass., lab equipment maker expects a rebound after orders climbed in June and July. Read More
HeartWare Inc.:
Cardiac pump-maker in Framingham, Mass., borrows from one-time merger partner Thoratec to help offset a $6.9 million second-quarter net loss. Read More
Hologic:
Hologic takes a 32-percent Q3 hit to its bottom line as trouble in the Bedford, Mass.-based company’s breast health segment, combined with the fallout from mergers, continues to weigh it down. Read More
HydroCision Inc.:
The Billerica, Mass.-based surgical waterjet maker says its sales jumped dramatically during the second quarter. Read More
Insulet:
Bedford, Mass.-based insulin management systems maker closes in on CFO’s prediction of profitability by the end of 2010, nearly doubling second-quarter sales and paring its net loss by nearly 16 percent. Read More
Interleukin Genetics Inc.:
The genetic test maker posted declines to both its top and bottom lines during the second quarter, as it shed a non-core business to focus on a new weight gain risk diagnostic. Read More
Inverness Medical Innovations Inc.:
Revenues for the Waltham, Mass.-based diagnostics maker rose to $460.4 million during the three months ended June 30, up 14.8 percent compared with $401.1 million during the year-ago period. Acquisitions — including 10 deals during 2008 worth $1.1 billion in cash and stock — lifted quarterly sales by $48.7 million, company officials said. Read More
LeMaitre Vascular Inc.:
The Burlington, Mass.-based maker of vascular devices and implants posted $925,000 in second-quarter net income on $12.6 million in sales during the three months ended June 30. That compares with a $926,000 net loss during the year-ago period, when LeMaitre generated $12.7 million in sales. Read More
Millipore Corp.:
Billerica, Mass.-based lab instruments maker posts a 1 percent second-quarter sales decline but still manages to boost net income nearly 6 percent. Read More
NeuroMetrix Inc.:
Waltham, Mass.-based nerve testing equipment maker claws its way toward breaking even during the second quarter, despite a 17 percent hit to the top line, as it narrows its net loss by 64 percent. Read More
NMT Medical:
NMT Medical banks on cost controls to carry the day, expecting to end the year with at least $6 million cash on hand despite a 29 percent slide in second-quarter sales. Read More
NxStage Medical Inc.:
Lawrence-based dialysis products maker shows strong Q2 sales, but its bottom line doesn’t increase during the second quarter. Read More
Optos Inc.:
British retinal imaging firm’s sales for the first three quarters of fiscal 2009 slip 1 percent to $72 million, but its strategy to increase pay-per-patient revenues begins to pay dividends. Read More
Palomar Medical Technologies Inc.:
Palomar struggled last quarter, as the economic downturn continued to affect the cosmetic laser market. Overall, the company took a 35 percent hit to its second-quarter bottom line, reversing nearly $600,000 in profits into a $783,000 loss for the three months ended June 30. The company posted sales of $15 million for the quarter, down nearly 35 percent compared to $23 million for the same period last year. Read More
Parexel International Inc.:
Waltham-based CRO’s profits are down 40 percent for the year, due to some tough accounting adjustments and slower service revenues. Read More
PerkinElmer:
The Waltham, Mass.-based devices and diagnostics giant lowered its forecast for the full year after second-quarter sales and earnings both fell, despite improvements to its operating margins. Read More
Phase Forward Inc.:
The Waltham, Mass.-based clinical trial data management provider posted second-quarter sales of $52.5 million, up 29 percent compared with sales of $40.9 million during the same period last year. Read More
PLC Systems Inc.:
The Franklin, Mass.-based device maker cuts its second-quarter net loss by more than half and signs a distribution agreement for its RenalGuard system in Bangladesh and Pakistan. Read More
Psychemedics Corp.:
High unemployment levels contribute to a 37 percent second-quarter sales slide; Q2 net income plummets 83 percent for the Acton, Mass.-based drug test maker. Read More
Smith & Nephew plc:
Medical device giant’s second-quarter cost-cutting moves stave off a backlash from slumping sales across all divisions, as the company boosts second-quarter profits by 15 percent. Read More
Stryker Corp.:
A steep decline in surgical equipment sales, coupled with a smaller drop in orthopedic implants dragged second-quarter profits 4.7 percent lower at Stryker Corp. compared with year-ago results. Read More
Thermo Fisher Scientific Inc.:
Q2 sales and earnings drop, but cash flow continues to rise for the Waltham, Mass.-based laboratory instruments maker. Read More