Becton Dickinson and Co. (BD) has decided to spin off its diabetes care business, after nearly a century growing a broad portfolio of insulin injection devices. The transaction, which will result in a publicly traded company, tentatively dubbed Newco, is expected to be completed in the first half of 2022.
Adaptive Biotechnologies Corp. posted revenue of $30.2 million for the fourth quarter of 2020, up 25% from the corresponding prior year period. The tally beat consensus by $3.3 million. Clinical sequencing volume grew 41% to 4,539 clinical tests, compared with the fourth quarter of 2019. For the full year, revenue increased 16% year over year to $98.4 million, and clinical sequencing volume topped out at 15,216 clinical tests delivered, up 50%. The results coincided with the launch of the company’s T-Detect COVID, the first clinical T cell-based test to confirm recent or prior COVID-19 infection.
Laboratory Corporation of America Holdings (Labcorp) reported its financial performance for the fourth quarter of 2020, which included a jump in revenues of 52%, a result enabled in part by its quick response to the COVID-19 pandemic. However, Labcorp said that revenues related to pandemic testing could decline by anywhere from 35% to 50% over the course of calendar year 2021.
Becton, Dickinson and Co. (BD) reported revenue of $4.32 billion for the first quarter of fiscal year 2021, up 25.8% on a reported basis and 24.3% on a currency neutral basis. COVID-19 testing contributed 20.5% of that growth, totaling $867 million for the period, including $688 million in Veritor Plus system sales.
Stryker Corp. reported Jan. 27 that per-share earnings for the fourth quarter of 2020 reached $2.81, but organic sales fell roughly 1%, largely an artifact of the COVID-19 pandemic. The company’s acquisition of Wright Medical Group NV, of Amsterdam, is part of a source of optimism for the company, however, as is the fact that the company’s sales in emerging markets continue to buoy Stryker’s outlook for 2021.
Hologic Inc. kicked off its fiscal year 2021 with gusto, reporting revenue of $1.61 billion – up 89.3% year over year, or 86.5% on a constant currency basis. Worldwide sales of molecular diagnostics exceeded expectations, jumping 457.6% to $995.3 million as the company ramped up production to meet growing demand for its two SARS-CoV-2 assays that run on the fully automated Panther and Panther Fusion systems.
Abbott Laboratories reported 2020 fourth-quarter revenue up 29% year over year to $10.7 billion, outpacing the consensus estimate of $764 million. The positive growth was largely fueled by sales in diagnostics, which surged 111% to $4.35 billion, from $2.10 billion in the prior year period. Net earnings for the period totaled $2.16 billion, or $1.20 per share, up from $1.5 billion, or $.59 per share a year ago. Adjusted earnings per share (EPS) was $1.45, ahead of the Street target of $1.35.
Edwards Lifesciences Corp. held its 2020 virtual investor conference Dec. 10, providing details on its 2021 financial outlook. The company is projecting global mid-teen sales growth totaling $4.9 billion to $5.3 billion and a return to double-digit sales growth in its transcatheter aortic valve replacement (TAVR) business. Earnings per share (EPS) guidance for the coming year is $2-2.20, below the consensus estimate of $2.21, due to investments in R&D and sales to fuel future growth.
The Cooper Companies Inc. (Coopercompanies) again beat analyst estimates, posting fiscal fourth-quarter revenue of $682 million – down 3% from the same period the prior year, but ahead of the Street’s forecast of $676 million. Earnings per share (EPS) also topped consensus, at $3.16 vs. $3.09. The company attributed the better-than-expected performance to encouraging recovery trends in both its contact lens and surgical businesses.
Medtronic plc reported second quarter worldwide revenue of $7.647 billion, a decrease of 0.8% as reported and 1.5% on an organic basis. Analysts noted, however, that the figure beat the consensus of $7.08 billion. It also exceeded Wells Fargo’s $7.12 billion estimate. With the continued uncertainty related to the ongoing COVID-19 pandemic, the Dublin-based company did not provide formal annual or quarterly financial guidance. Still, the need for ventilators pushed the company ahead.