Medtronic plc guided investors’ expectations lower for the balance of its fiscal year, citing pummeling from foreign exchange rates, continued delays in elective procedures and ongoing supply chain issues. In response, the stock (NYSE:MDT) dropped from its close at $82.43 on Monday to open at $76.91 Tuesday. The company reported $7.59 billion in revenue for the first half of its fiscal 2023. That represented a 3% drop on a year-over-year basis, missing consensus expectations of $7.7 billion, in part because of a $457 million foreign currency hit.
Intersect ENT Inc., a sinusitis implant company, reported $22.7 million in third quarter revenue, driven largely by a rebound in procedures with its Propel implants for chronic rhinosinusitis. This figure marks a 6% decline from the $24.1 million reported in the third quarter of 2019.
Teleflex Inc. reeled in $628.3 million in revenue in the third quarter, down 3.1% from the same period last year but ahead of the Street’s estimate of $619.4 million. Earnings per share also beat consensus, at $2.46 vs. $2.24. The release of the quarterly results dovetailed with Teleflex’s reveal of a definitive agreement to acquire hemostatic products company Z-Medica LLC for up to $525 million.
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.
Edwards Lifesciences Corp., of Irvine, Calif., reported positive quarterly results Jan. 30, and it was particularly bolstered by strength with transcatheter aortic valve replacement (TAVR). CEO Mike Mussallem called out the fourth quarter underlying sales growth of 19%, giving much credit to TAVR.
Stryker Corp., of Kalamazoo, Mich., saw strength in the fourth quarter, with Mako experiencing good uptake in total knee arthroplasty. Katherine Owen, Stryker’s vice president of strategy & investor relations, said Mako demand was driven by the benefits of its robotic technology, multiple applications and the ability to do cementless knee.
Novocure Ltd. of St. Helier, Jersey, released preliminary fourth-quarter and full-year 2019 results, showing strong momentum with its tumor treating fields (TTF) technology, a noninvasive, antimitotic therapy delivered via the Optune device. Q4 revenue is expected to hit $99.2 million, up 42% from $69.7 million in the same period last year, with anticipated full-year revenue of $351.3 million, also up 42%. In the U.S., net revenues grew 49% to $65.9 million in the last financial quarter.
It took 10 years but Boston Scientific (BSX) may have finally overcome its ill-advised 2006 Guidant acquisition. The company’s shares hit a decade high Wednesday, at one point spiking nearly 12 percent to $22.05 after knocking its first quarter sales out of the park. Listening to the earnings call, the baseball fan in me couldn’t help but draw comparisons between the company’s better-than-expected earnings and what is already a record-setting season for the Chicago Cubs. Sure, it seemed like a stretch at first, but the more I thought about it the more the analogy made sense. After all, the Cubs...