Jan. 8, 2014, 9:16 AM
- The FDA has accepted LabCorp's (LH) application for its diagnostic test to be used in the Phase 2B/3 "GENETIC-AF" trial of ARCA Biopharma's (ABIO) Gencaro drug for treating patients with atrial fibrillation.
- Patient enrollment for the testing, in which ARCA is collaborating with Medtronic (MDT) also, is due to begin this quarter.
- ARCA's shares soar 21%. (PR)
Jan. 6, 2014, 2:09 PM
- McKesson (MCK -0.1%) upgraded to Strong Buy from Outperform at Raymond James.
- DaVita (DVA +0.4%) upgraded to Outperform from Market Perform at Raymond James.
- Idenix Pharmaceuticals (IDIX -0.3%) upgraded to Buy from Neutral at UBS.
- Abbott Labs (ABT +1.5%) upgraded to Overweight from Equalweight at Morgan Stanley.
- Medtronic (MDT +2%) upgraded to Overweight from Neutral at JPMorgan. Price target is $69.
- Vertex Pharmaceuticals (VRTX +2.5%) upgraded to Buy from Neutral at UBS.
- Ocera Therapeutics (OCRX +2.7%) upgraded to Outperform from Market Perform at BMO.
- Boston Scientific (BSX +3.2%) upgraded to Overweight from Equalweight at Morgan Stanley.
- Exelixis (EXEL +4.6%) upgraded to Overweight from Neutral at Piper.
- St. Jude Medical (STJ +3.8%) upgraded to Overweight from Equalweight at Morgan Stanley.
Dec. 31, 2013, 11:57 AM
- Benchmark is out reiterating a Buy rating on Covidien (COV +0.5%) .
- "Previously, COV reported revenue in a number of categories under the major divisions of Medical Devices and Medical Supplies. Now, [the company] is reporting revenues in Surgical Solutions, Vascular Therapies, and Respiratory & Patient Care," analyst Jan Wald notes.
- New estimates for 2014 and 2015: FY14 EPS of $3.98 on sales of $10.609B; FY15 EPS of $4.45 on revenue of $11.11B.
- Price target is $82, representing upside of 20% from Monday's close.
Dec. 23, 2013, 5:35 PM
Dec. 17, 2013, 1:35 PM
- Salix Pharmaceuticals (SLXP -0.2%) upgraded to Buy from Hold at Stifel. Price target is $108.
- Medtronic (MDT +0.3%) upgraded to Buy from Neutral at Goldman. Price target hiked (by a buck) to $66.
- CareFusion (CFN -3%) cut to sell from Neutral at Goldman. Price target is $36.
- Ocera Therapeutics (OCRX -0.4%) initiated at Outperform at Cowen.
Dec. 17, 2013, 8:12 AM
- Leerink is out with some commentary on the MedTech space.
- Investors should "focus on companies with growth acceleration and/or upside surprise potential independent of (or at least less dependent on) a macroeconomic recovery [or, alternatively,] a higher and increasing percentage of sales derived from end-markets exhibiting above-average growth," Leerink says.
- Not surprisingly, the LVAD device market gets a mention, with Heartware (HTWR) recommended by name (remember, they just snapped up CircuLite which some think can compete with SSH's C-Pulse).
- Other names mentioned by Leerink: Covidien (COV) for neurovascular and energy devices; Stryker (SYK) for neurovascular and robotics; St. Jude's Medical (STJ) and JNJ for atrial fibrillation; Intuitive Surgical (ISRG).
- Thoratec (THOR) gets an LVAD mention as well, which is interesting considering Leerink's recent commentary on the NEJM manuscript which discussed possible thrombus formation with the HeartMate II.
Dec. 13, 2013, 11:13 AM
- Little-noticed from earlier this week, but worth mentioning: Medtronic (MDT) on Monday announced the first human implant of the world's smallest pacemaker, the Micra Transcatheter Pacing System.
- One-tenth the size of a conventional pacemaker, the unit was installed not with surgery, but directly into the heart with a catheter inserted in the femoral vein.
- " Once positioned, the pacemaker is securely attached to the heart wall and can be repositioned if needed," says the company.
- The race begins: In October, St. Jude Medical (STJ) purchased Nanostim, a private manufacturer of a similar device. Nanostim's offering is being readied for European markets, but has not yet won formal FDA approval, though it has been given additional approval through an exemption for "investigational" devices.
- Medtronic's unit has been granted investigational status worldwide.
- Press release
Dec. 10, 2013, 3:24 PM| Dec. 10, 2013, 3:24 PM | 3 Comments
Dec. 9, 2013, 12:45 PM
Dec. 9, 2013, 9:15 AM
Dec. 8, 2013, 5:19 AM
- Covidien (COV) has agreed to acquire Given Imaging (GIVN), an Israeli provider of an ingestible camera for diagnosing stomach problems, for $860M.
- The offer of $30 a share represents a premium of 27% over Given's closing price on Nasdaq on Friday. Shares in Tel Aviv have jumped 21%.
- "We believe GI (gastrointestinal) is one of the most attractive specialty procedure areas," said Covidien's (COV) Bryan Hanson. "Acquiring Given will enable Covidien to significantly expand its presence in a $3B GI market."
- Covidien intends to finance the transaction, which is expected to be completed by March 31, with cash on hand.
- The Irish-based firm forecast that Given will add $40-50M a quarter in incremental revenue. The acquisition is seen as being neutral to operating margin and adjusted EPS in FY 2014, and then as adding to those metrics in 2015 and beyond.
- Given shareholders that control 44% of the company have approved the deal, including Elron Electronic Industries (ELRNF). (PR)
Dec. 5, 2013, 9:11 AM
- Covidien (COV) is initiated at Buy at Benchmark.
- Analyst Jan Wald likes the company's "deep commitment to ROIC" and thinks the strategy of "using acquisitions as a proxy for R&D" is working out well.
- Wald also says COV's EM strategy is "paying off" and thinks margins look "much stronger" than competitors.
- Price target is $82.
Nov. 20, 2013, 4:08 PM
- JPMorgan tweaks estimates on Medtronic (MDT) on the heels of the company's FQ2 report.
- Analyst Michael Weinstein calls the results "solid" and boosts his price target to $63 from $59.
- Neutral rating reiterated.
- On the call, Weinstein asked management if they were confident in emerging market reacceleration (emerging market revenue grew just 1.8% sequentially in FQ2), to which CEO Omar Ishrak responded: "I think this quarter we just happened to have a bunch of different regions slow down. Just by coincidence everything happened together. We expect this to rapidly start to reaccelerate, because everywhere I go, the fundamental growth drivers are clearly there." (transcript)
Nov. 19, 2013, 8:47 AM
- Revenues rise 2.4% Y/Y in FQ2 for Medtronic (MDT) — the figure rises to 3.3% stripping out currency impact.
- International sales tick 3% higher and accounted for 45% of MDT's top-line for the period.
- "Revenue growth was in-line with our outlook for the year," CEO Omar Ishrak says, adding that the company is "performing at or better than the market in almost every one of [its] businesses."
- Revenue growth by segment (constant currency): Cardiac and Vascular, +4%; Restorative Therapies, +2%; Diabetes, +3%.
- FY14 outlook: EPS guidance unchanged at $3.80-3.85 on revenue growth of 3-4%. (PR)
Nov. 19, 2013, 8:33 AM
Nov. 19, 2013, 12:05 AM
MDT vs. ETF Alternatives
Medtronic PLC is engaged in providing medical technology alleviating pain, restoring health, and extending life of people. It currently functions in three operating segments that manufacture and sell device-based medical therapies.
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