Thu, Jan. 22, 8:38 AM
- Covidien (COV) FQ1 results: Revenues: $2,686M (+1.8%), Advanced Surgical: $928M (+8.8%), General Surgical: $385M (-5.6%), Surgical Solutions: $1,313M (+4.1%), Vascular Therapies: $428M (+0.7%), Respiratory and Patient Care: $945M (-0.8%); COGS: $1,042M (-3.2%); R&D Expense: $133M (+6.4%); SG&A: $865M (+1.8%); Operating Income: $648M (+22.0%); Net Income: $511M (+28.4%); EPS: $1.12 (+28.7%).
- No guidance given.
Thu, Jan. 22, 8:02 AM
Wed, Jan. 21, 7:40 PM
- Endo International (NASDAQ:ENDP) +2.9% AH on news it will join the S&P 500 later this month, replacing Covidien (NYSE:COV) after its acquisition by Medtronic (NYSE:MDT), which is expected to close next week.
- Also, Boston Beer (NYSE:SAM) will take ENDP’s spot on the S&P MidCap 400, and Southside Bancshares (NASDAQ:SBSI) is tapped to join the S&P SmallCap 600.
Wed, Jan. 21, 5:30 PM
Mon, Jan. 12, 12:17 PM| Comment!
Thu, Jan. 8, 4:28 PM
- Covidien's (NYSE:COV) Stellarex drug-coated angioplasty balloon (DCB) receives CE Mark clearance in Europe. The device is used to restore and maintain blood flow to the arteries of the leg in patients with peripheral artery disease.
- In November, the company entered into an agreement to sell the Stellarex platform to Spectranetics as required for FTC approval of its merger with Medtronic.
- Previously: FTC clears Medtronic/Covidien marriage (Nov. 26, 2014)
Dec. 19, 2014, 4:39 PM
Nov. 28, 2014, 10:45 AM
- Medtronic (MDT +1.3%) secures EU approval for its $43B acquisition of Covidien plc (COV +1%) contingent on, as expected, Covidien selling Stellarex, its drug-coated angioplasty balloon. Spectranetics (SPNC +1.9%) agreed to purchase Stellarex several weeks ago for $30M. The FTC recently gave its blessing to the transaction as well.
- Previously: FTC clears Medtronic/Covidien marriage
- Previously: Spectranetics buys Covidien's DCB platform
Nov. 26, 2014, 3:57 PM
- The Federal Trade Commission approves the merger between Medtronic (MDT +1%) and Covidien plc (COV +1.2%) with the proviso that Covidien divest its drug-coated catheter business before completing the transaction. Covidien agreed to sell the business for $30M to Spectranetics (SPNC +1%) several weeks ago.
- Previously: Medtronic buying Covidien for $42.9B
Nov. 12, 2014, 4:53 AM
- Medtronic (NYSE:MDT) submitted concessions last Friday in a bid to secure regulatory approval for its $43B acquisition of Covidien (NYSE:COV), says the European Commission.
- The EU antitrust authority will decide by Nov. 28 whether to clear the deal.
- A takeover of its Irish rival would reduce Medtronic's overall global tax burden, although it has said that the takeover is not an "inversion" deal for tax reasons.
Nov. 5, 2014, 9:27 AM
- Covidien (COV -0.4%) FQ4 results: Revenues: $2,734M (+6.8%),Advanced Surgical: $951M (+17.1%), Surgical Solutions: $1,334M (+11.0%), Vascular Therapies: $426M (+3.1%), Respiratory and Patient Care: $974M (+3.1%); COGS: $1031M (-0.2%); R&D Expense: $149M (+2.1%); SG&A: $855M (+4.4%); Operating Income: $513M (+8.7%); Net Income: $517M (+39.0%); EPS: $1.13 (+41.3%).
- FY 14 results : Revenues: $10,659M (+4.1%), Advanced Surgical: $3,553M (+11.5%), Surgical Solutions: $5,113M (+7.1%), Vascular Therapies: $1,677M (+1.5%), Respiratory and Patient Care: $3,869M (+1.6%); COGS: $4,173M (+4.6%); R&D Expense: $546M (+7.5%); SG&A: $3,580M (+9.2%); Operating Income: $1,992M (-6.6%); Net Income: $1,662M (-2.2%); EPS: $3.65 (+1.1%).
- No guidance given.
Nov. 5, 2014, 6:01 AM
Nov. 4, 2014, 5:30 PM
- ACT, ANSS, ARIA, ATHM, AVA, AWR, AXAS, BBEP, BPI, BSFT, CBB, CCC, CEQP, CHK, CLH, CNP, COV, CSTE, CTSH, DAVE, DNR, DUK, EE, ENB, ENDP, FSS, GLDD, GTN, HFC, HL, HRC, INXN, KELYA, LAMR, LPX, LVLT, MDLZ, MEMP, MGA, MNTA, MVIS, NICE, NRG, NUS, OGE, PWE, PWR, RDC, RLGY, ROC, RRD, RTI, SBGI, SE, SEP, SMG, SSYS, STWD, SWC, THI, TMHC, TRGT, TW, TWX, VG, VOYA, WCG, WIX, YORW
Nov. 3, 2014, 8:11 AM
- Spectranetics (NASDAQ:SPNC) acquires Covidien's (NYSE:COV) Stellarex drug coated angioplasty balloon (DCB) platform for $30M. The company expects it to be a revenue catalyst beginning in 2015 and has the potential to deliver $100M to the top line within 2-3 years of commercialization in the U.S. Management expects it to be accretive to non-GAAP operating income, ex-items, in the first year following the start of the U.S. launch.
- Research and development related to Stellarex will dilute 2015 earnings $28M - 32M or $0.65 - 0.75 per share, however.
Oct. 17, 2014, 8:34 AM
- The U.S. District Court for the District of Connecticut grants a preliminary injunction against Ethicon Endo-Surgery (NYSE:JNJ) preventing it from manufacturing, marketing and selling its Harmonic ACE +7 ultrasonic energy device. The injunction is the result of Covidien's (NYSE:COV) lawsuit that alleges the product infringes on three of its patents.
- Ethicon's Harmonic devices were found to infringe the same patents in a prior suit in the same court. Ethicon is currently appealing the court's damages award of $175M.
Oct. 15, 2014, 10:02 AM
- Luminex (LMNX -7.3%) President and CEO Patrick J. Balthrop, Sr. retires. Mr. Nachum "Homi" Shamir replaces him. Mr. Balthrop will serve as a consultant through April 14, 2015 to assist in the transition.
- Mr. Shamir was formerly President and CEO of Given Imaging before it was acquired by Covidien (COV -3.8%).
COV vs. ETF Alternatives
Covidien PLC is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings. The Company's business segments are Medical Devices and U.S Medical Supplies.
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