Say hello to MassDevice +5, a bite-sized view of the top five medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 5 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
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5. Sunshine Heart pares losses, preps for 1st-in-human trial for C-Pulse heart failure device
Sunshine Heart shares are gaining after the medical device company said today that it slashed its 1st-quarter losses, topping Wall Street’s expectation.
Eden Prairie, Minn.-based Sunshine, which has not commercialized its C-Pulse heart failure device yet, cut its losses by -32.1% to -$4.8 million, or -26¢ per share; adjusted to exclude 1-time items, earnings per share were -25¢, 6¢ ahead of the consensus expectation on The Street. The company said it cut its cash burn by 35% compared with Q1 2015 and still expects to seek investors this year. Read more
4. Biotronik wins FDA nod for Iperia ProMRI HF-T defibrillator
Biotronik said today it won FDA premarket approval for its Iperia ProMRI HF-T cardiac resynchronization defibrillator, which is designed to be compatible with diagnostic magnetic resonance imaging scans.
The Iperia line of devices also features remote monitoring with daily automatic transmission and closed loop stimulation designed to adapt heart rate in response to physiological demands, Biotronik said. Read more
3. Abiomed posts solid Q4, 2016 sales and earnings beats
Abiomed today posted 4th-quarter and fiscal 2016 results that beat its own forecast and the expectations of Wall Street analysts, but investors still sent shares down in mid-morning activity today amid broader market declines.
The Danvers, Mass.-based miniature heart pump maker reported profits of $11.0 million, or 24¢ per share, on sales of $94.0 million for the 3 months ended March 31, for top-line growth of 39.1%. And although that represents a -88.9% bottom-line plunge compared with Q4 2015, Abiomed attributed the decline to an $86.5 million income tax benefit last year; after that’s backed out, pre-tax profits were up 62.9% to $20.2 million, the company said. Read more
2. Private equity shop RoundTable Healthcare picks up Symmetry Surgical for $140m
RoundTable Healthcare Partners said it paid $140.3 million for Symmetry Surgical, the legacy business formed after Symmetry Medical sold its orthopedics OEM operation to Tecomet in 2014.
Nashville-based Symmetry Surgical makes reusable, reposable and single-use surgical instrumentation and specialty devices. RoundTable said it expects to close the deal late in the 2nd quarter or early in the 3rd. Read more
1. UnitedHealth names Medtronic as preferred insulin pump vendor, dealing a blow to Tandem
Tandem Diabetes Care shares dropped over 20% after UnitedHealth Group announced it is making Medtronic its preferred provider of insulin pumps.
The shift will go into effect July 1 this year, and will remove Tandem Diabetes pumps as in-network options for UnitedHealth members, the San Diego, Calif.-based company said. Read more
The post MassDevice.com +5 | The top 5 medtech stories for May 3, 2016 appeared first on MassDevice.
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