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. Icon beats Street on Q2 earnings, acquires Mapi Group
Drug development provider Icon PLC saw its stock jump 4.5% in value this morning after announcing second-quarter earnings that beat analysts’ expectation.
The Dublin, Ireland–based company, which serves the pharmaceutical, biotechnology and medical device industries, also said it has acquired the Mapi Group, which provides patient-centered health outcomes research and commercialisation. Financial terms of the deal were not disclosed. Read more
4. Spectranetics wins FDA nod for Stellarex DCB
Spectranetics said today that its Stellarex drug-coated balloon won FDA pre-market approval.
The device is designed to treat patients with peripheral arterial disease, bringing blood flow back to the superficial femoral and popliteal arteries. Read more
3. Smith & Nephew tops Q2 estimates
Smith & Nephew beat the consensus sales forecast with its second-quarter results with emerging markets gaining at a double-digit clip, sending share prices up in London and New York today.
The British orthopedics and wound care company posted profits of $324 million, or 37¢ per share, on sales of $2.34 billion for the three months ended July 1, amounting to profit growth of 34.4% on sales growth of 0.3%. Adjusted to exclude one-time items, earnings per share were 43¢. Analysts were looking for sales of $2.31 billion. Read more
2. IRS pursues $1.4B tax case against Medtronic
The U.S. Internal Revenue Service wants an appeals court to give it another bite at the $1.4 billion apple it alleges it’s owed by Medtronic.
Last summer, a federal tax judge found for the Fridley, Minn.-based company in its lawsuit against the IRS over the dispute, which involves “transfer pricing” among the company’s various units during the tax years 2005 and 2006. Read more
1. Boston Scientific swings to Q2 black
Boston Scientific swung to second-quarter black today, beating the consensus estimates on Wall Street for both sales and earnings and raising its outlook for the rest of the year.
The Marlborough, Mass.-based medical device giant posted profits of $146 million, or 11¢ per share, on sales of $2.26 billion for the three months ended June 30. That compares with Q2 2016 losses of -$207 million, or -15¢ per share, and amounts to a 6.2% top-line gain. Read more
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