Amid the COVID-19 pandemic, Genmark Diagnostics Inc., of Carlsbad, Calif., has offered a preliminary look at its first-quarter results. And it is forecasting hopeful news, increasing its full-year guidance to a range of $112 million to $122 million. That's up from a previous prediction of $100 million to $110 million.
Citing the rapidly changing situation related to COVID-19, Watford, U.K.-based Smith+Nephew plc said it is withdrawing its 2020 outlook. It highlighted COVID-19’s spread beyond China, as well as the slow pace of recovery for elective procedures in that country.
Despite seeing good growth in 2019, with net sales jumping to almost $2.4 million vs. $993,000 over the previous year, Electrocore Inc. has suspended its guidance due to uncertainty over COVID-19. The company previously said full-year revenue should be in the range of $7 million to $9 million.
Sientra Inc., of Santa Barbara, Calif., reported gains in both its breast products and Miradry segments during its fourth-quarter earnings call after the close of the market March 11. For his part, CEO Jeff Nugent noted that the company had experienced record total net sales in the fourth quarter of $23.2 million, representing growth of 22% year-on-year. However, the company provided full-year 2020 guidance for 12% to 17% growth, which William Blair’s Margaret Kaczor said was below her organization’s 22% estimate, “though the shortfall is largely a result of negative impacts from COVID-19.”
San Clemente, Calif.-based Glaukos Corp. reported 22% net sales growth to $65.8 million in the final quarter of 2019, up from $54.1 million in the same period a year ago. However, it also warned that increasing competition in the microinvasive glaucoma surgery (MIGS) space could dampen 2020 growth in its U.S. glaucoma business. Speaking with analysts on a fourth-quarter earnings call, CEO Thomas Burns said good conversion rates and growing surgeon interest in its next-generation trabecular bypass device, Istent Inject, may not be enough to counter the headwind.
Nevro Corp.’s stock was up following encouraging results detailed during its fourth-quarter earnings call. Management predicted a positive 2020, highlighting the potential of the U.S. spinal cord stimulation (SCS) market. Keith Grossman, chair, CEO and president of the company, noted that the SCS market slowed last year as a result of stocking issues – a challenge that affected both it and its competitors.
Medtronic plc, of Dublin, blamed dampened demand for heart devices ahead of new product launches for its third-quarter revenue miss. Fiscal 2020 Q3 revenue totaled $7.72 billion, below Wall Street’s estimate of $7.81 billion, for organic sales growth of 2.6% vs. consensus and guidance of 4% or higher.
Becton, Dickinson and Co. (BD) (NYSE:BDX) reported revenue of $4.23 billion for the first quarter of fiscal year 2020, ended Dec. 31, up 1.6% from the same period a year ago. Revenue grew 2.5% on a currency-neutral basis. However, an unexpected regulatory hurdle for its Alaris infusion pumps caused the Franklin Lakes, N.J.-based company to lower its 2020 revenue and earnings guidance. Despite the shadow cast by the Alaris news, BD beat Street expectations for the quarter – clocking in at $4.23 billion vs. $4.18 billion.
Modest revenue growth and a 2020 outlook that left analysts uninspired about its near-term prospects pushed Gilead Sciences Inc. shares (NASDAQ:GILD) down about 2% to close Feb. 5 at $65.87, despite growing sales of its HIV medicine, Biktarvy (bictegravir, emtricitabine and tenofovir alafenamide), and what CEO Daniel O'Day called "a sense of urgency" around further business development.
Zimmer Biomet Holdings Inc., of Warsaw, Ind., reported good news for the fourth quarter, which saw net sales of $2.126 billion, an increase of 2.6% over the prior year period. In terms of geography, the Americas and Asia-Pacific stood out. In addition, the company witnessed strong results globally in its knee and hip businesses.
