Fri, Aug. 21, 10:16 AM
- Evoke Pharma (EVOK +2.7%) initiated with Buy rating and $13 (197% upside) price target by Brean Capital.
- Biocept (BIOC +7.5%) initiated with Buy rating and $4 (86% upside) price target by H.C. Wainwright.
- Juno Therapeutics (JUNO -3.8%) initiated with Outperform rating and $73 (94% upside) price target by FBR.
- Neos Therapeutics (NEOS -2.1%) initiated with Outperform rating and $35 (52% upside) price target by RBC Capital Markets.
- Trovagene (TROV +1.3%) initiated with Outperform rating and $9 (64% upside) price target by Leerink.
- AMAG Pharmaceuticals (AMAG -0.4%) upgraded to Buy from Restricted with a price target of $80 (31% upside) by Jefferies.
- Spectranetics (SPNC -0.4%) upgraded to Strong Buy from Buy with a $24 (46% upside) price target by Needham.
Fri, Jul. 24, 12:45 PM
Fri, Jul. 24, 9:36 AM
- The Spectranetics (SPNC -35.4%) Q2 results: Revenues: $61.7M (+41.5%); COGS: $15.9M (+51.4%); R&D Expense: $16.7M (+193.0%); SG&A: $35.6M (+24.9%); Operating Loss: ($5.3M) (+8.6%); Net Loss: ($7.2M) (-35.8%); Loss Per Share: ($0.17) (-30.8%); Quick Assets: $49.3M (-48.4%); CF Ops: ($10.1M) (-818.2%).
- 2015 Guidance: Revenue: $240M - $250M; Net Loss: ($65M) - ($69M) from ($78M) - ($82M); Net Loss Per Share: ($1.53 - $1.62) from ($1.84 - $1.93); Non-GAAP net loss: ($41M) - ($45M) (unch); Non-GAAP net loss per share: ($0.96 - $1.07) (unch).
Thu, Jul. 23, 5:43 PM
Thu, Jul. 23, 4:20 PM
Wed, Jul. 22, 5:35 PM
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Thu, Jul. 2, 9:41 AM
- The U.S. District Court for the Northern District of California rules in favor of Spectranetics (SPNC +0.9%) subsidiary AngioScore in its lawsuit seeking damages from former board member Eitan Konstantino for breach of fiduciary duty. The Court found that Mr. Konstantino did, indeed, breach his fiduciary duty and two companies he founded, TriReme Medical and Quattro Vascular, aided and abetted the breach. In addition, a third company he founded, QT Vascular, is liable for the acts of TriReme and Quattro.
- The Court awarded AngioScore $20.034M plus disgorgement from Mr. Konstantino of all the benefits he accrued from his breach, including amounts he received for assigning his intellectual property rights to the Chocolate balloon catheter, royalties on past and future sales of the Chocolate balloon and all of his shares and options in QT Vascular. Under the indemnification agreement between AngioScore and Mr. Konstantino, AngioScore will seek to recover attorney fees and costs previously advanced to Mr. Konstantino.
- The dispute arose from Mr. Konstantino's development of the Chocolate balloon catheter via companies he formed in 2009, three years after leaving AngioScore in 2006. AngioScore claimed that it owned the patents covering the product.
Fri, Apr. 24, 12:45 PM
Thu, Apr. 23, 4:15 PM
Wed, Mar. 18, 6:31 PM
- Guy Childs, Spectranetics' (NASDAQ:SPNC) CFO since 2003, plans to "transition from his current role."
- Childs, 48, will remain CFO until a successor is hired. Afterwards, he'll "continue to serve as an officer of the Company in a Vice President role that will include treasury, investor relations and financial planning."
Fri, Feb. 20, 9:46 AM
- Spectranetics (SPNC -5.1%) Q4 results: Revenues: $63M (+50.4%); COGS: $15.9M (+52.9%); R&D Expense: $9.3M (+60.3%); SG&A: $36.4M (+53.6%); Operating Loss: ($13.8M) (-866.7%); Net Loss: ($14.7M) (-999%); Loss Per Share: ($0.35) (-999%).
- FY2014 results: Revenues: $204.9M (+29.0%); COGS: $51.4M (+24.2%); R&D Expense: $28.7M (+29.9%); SG&A: $128.1M (+39.5%); Operating Loss: ($37M) (-999%); Net Loss: ($40.9M) (-999%); Loss Per Share: ($0.98) (-999%); Quick Assets: $95.5M (-25.6%).
- 2015 Guidance: Revenue: $258M - $265M; Net Loss: ($58M) - ($62M); Net Loss Per Share: ($1.36 - $1.46); Non-GAAP net loss: ($31.9M) - ($35.9M); Non-GAAP net loss per share: ($0.74 - $0.84).
Thu, Feb. 19, 4:07 PM
Wed, Feb. 18, 5:35 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. 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.
SPNC vs. ETF Alternatives
The Spectranetics Corpdevelops, manufactures, markets and distributes single-use medical devices. Its products are used to cross, prepare, and treat arterial blockages in the legs and heart and to remove pacemaker and defibrillator cardiac leads.
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