Nov. 18, 2014, 8:07 AM
- Medtronic (NYSE:MDT) fiscal Q2 results ($M): Revenues: 4,366 (+4.1%); COGS: 1,142 (+4.8%); Operating Expenses: 1,881 (+3.9%); Net Income: 828 (-7.2%); EPS: 0.83 (-6.7%); CF Ops (6 mo.): 1,223 (-39.4%).
- Revenue by group ($M): Cardiac Rhythm & Heart Failure: 1,320 (+3.7%); Coronary & Structural Heart: 743 (+4.9%); Aortic & Peripheral Vascular: 223 (+2.3%); Spine: 746 (unch); Neuromodulation: 494 (+3.1%); Surgical Technologies: 410 (+8.8%); Restorative Therapies: 1,650 (+3.0%); Diabetes Group: 430 (+9.4%).
- 2015 Guidance: Revenue growth: 4 - 5% from 3 - 5%; non-GAAP EPS: $4.00 - 4.10 (unch).
- Previously: Medtronic EPS and revenue in-line
Nov. 18, 2014, 7:43 AM
Nov. 17, 2014, 5:30 PM
Nov. 17, 2014, 8:24 AM
- At American Heart Association meeting in Chicago, Medtronic (NYSE:MDT) presented new data supporting the clinical and economic value of its cardiac resynchronization therapy (CRT) devices for the treatment of heart failure (HF).
- Over 1M HF patients are hospitalized each year. 25% of them are re-admitted within 30 days and 50% are re-admitted within six months. The mortality rate is ~30%.
- In an effort to determine whether CRT reduces the rate of all-cause readmission within 30 days of a heart failure hospitalization, a meta-analysis of pooled data from five randomized trials involving 3,872 patients was completed. In the group of 678 patients with an index heart failure hospitalization, there was a 26% relative reduction in hospital readmissions in patients treated with CRT. The benefit was higher, 31%, in patients with more advance heart failure (Class III/IV) than Class II at 10%.
- Separately, researchers found that patients who improved or remained unchanged six months after CRT were projected to live longer and consumed fewer hospital resources than patients who worsened.
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. 10, 2014, 4:47 PM
Nov. 10, 2014, 10:49 AM
- The Japanese Ministry of Health, Labour and Welfare approves Medtronic's (MDT +0.1%) Evera SureScan implantable cardioverter-defibrillator (ICD) for magnetic resonance imaging (MRI) scans positioned on any region of the body. The commercial launch is underway.
- Evera MRI is available in both single chamber and dual chamber ICDs.
- Until the availability of MR-Conditional ICDs, patients with the devices had been contraindicated from receiving MRI scans because of the potential interactions between the MRI and device function.
- Evera MRI is not yet approved in the U.S.
- Related tickers: (STJ +0.7%)(BSX +1.6%)
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. 27, 2014, 11:41 AM
- The FDA approves St. Jude Medical's (STJ -0.3%) TactiCath Quartz irrigated ablation catheter. The product gives physicians a real-time objective measure of the force that the catheter applies to a patient's heart wall during an ablation procedure. The technology is associated with a reduction in the rate of atrial fibrillation recurrence when optimal treatment measures are used.
- Related tickers: (BCR +1.2%)(MDT -0.1%)(JNJ +0.9%)(BSX +0.8%)(HNSN +2.1%)(ABT -0.6%)
Oct. 21, 2014, 10:52 AM
- The FDA accepts Eli Lilly's NDA for empagliflozin plus immediate-release metformin hydrochloride for the treatment of adults with type 2 diabetes (T2D). The product is part of the Lilly/Boehringer Ingelheim Diabetes alliance portfolio.
- Empagliflozin is a sodium glucose co-transporter-2 inhibitor which removes excess glucose through the urine by blocking glucose reabsorption in the kidney. Metformin decreases the production of glucose in the liver and its absorption in the intestine and improves the body's ability to utilize glucose.
- The FDA approved Jardiance (empagliflozin) as an adjunct to diet and exercise to improve glycemic control in adults with T2D in August 2014. Metformin has been in clinical use for many years.
- Diabetes-related tickers: (JNJ +0.4%)(OTCQB:ISLT)(OTCQB:BTHE +20%)(VTAE +2.5%)(NVO +0.5%)(MRK +0.9%)(NASDAQ:VKTX)(HPTX +0.4%)(ABT +1.2%)(OTCPK:TKPHF)(OTCPK:TKPYY -0.5%)(MDT +1.7%)(SNY -0.2%)(OTCQB:SNYNF -0.5%)(MNKD +2.4%)(ALR +1.4%)(TNDM +3%)
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%).
Oct. 3, 2014, 10:19 AM
- Shaking off the potential flak from Uncle Sam for using its foreign cash to buy Covidien (COV +5.2%), Medtronic (MDT +3.5%) instead will rely on $16B in external financing to complete the transaction. Covidien shareholders will still receive $35.19 per share in cash plus 0.956 of an ordinary share of Medtronic.
- All terms and conditions of the definitive agreement signed by the two firms in June remain unchanged.
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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