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Stock Market & Financial Investment News

News Breaks
May 1, 2014
06:58 EDTHTWRHeartWare issues voluntary device correction for HeartWare batteries
HeartWare issued a voluntary Urgent Medical Device Correction related to all HeartWare Ventricular Assist System batteries, product codes 1650 and 1650-DE. In letters to clinicians and patients, the company reports an observed increase in complaints related to earlier-than-expected battery depletion and routine battery handling. HeartWare is providing information to assist patients and clinicians in monitoring battery performance, recognizing abnormal behaviors and reinforcing proper power management. Premature or unrecognized deterioration of battery capacity or lapses in recommended power management pose a risk to the patient and, although rare, may result in serious injury or death. If a battery shows abnormal behavior, patients are instructed to stop using that battery and contact their VAD Coordinator for a replacement. No deaths have been reported to HeartWare that were directly related to a faulty battery. However, between January 1, 2011 and March 31, three deaths were reported that were potentially related to power source management. Of those, two patient deaths occurred after both sources of power were simultaneously disconnected; the third patient had batteries that far exceeded their expected useful life. A fourth death was originally reported as possibly related to power management, but was later determined to be more likely related to an accidental disconnection of the driveline. Clinicians and patients are encouraged to review the correction letters and the Patient Manual to ensure proper power management.
News For HTWR From The Last 14 Days
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January 28, 2016
13:34 EDTHTWRHeartWare upgraded to Outperform from Market Perform at Wells Fargo
11:11 EDTHTWRHeartWare rallies after scrapping Valtech acquisition
The shares of HeartWare (HTWR) are surging after the company announced that would terminate its acquisition of privately held Valtech. Two research firms reacted positively to the news, with Leerink Swann saying that the company made the right decision, given its current difficulties and Raymond James upgrading HeartWare following the news. HeartWare develops and manufactures miniaturized implantable heart pumps, while Valtech has developed a method of replacing mitral valves in human hearts without the need for open heart surgery. WHAT'S NEW: HeartWare decided to terminate its acquisition of Valtech, the companies announced this morning. Pursuant to the terms of the agreement, HeartWare will make a $30M loan to Valtech in the form of a convertible promissory note. ANALYST REACTION: HeartWare's decision to abandon its acquisition of Valtech was correct in light of the problems that the company is facing with its next generation MVAD pump, Leerink analyst Danielle Antalffy wrote in a note to investors today. Noting that two weeks ago HeartWare announced that it would investigate suction issues that the device has had, the analyst says that fixing the pump could require additional investment, while it's uncertain how long it will take to solve the device's problems. However, the analyst remained upbeat on Heartware's current LVAD products, and believes that it can compete with next generation systems. She kept a $60 price target and Outperform rating on the shares. Raymond James upgraded HeartWare to Outperform from Market Perform, saying that the termination of the Valtech deal removes an overhang on the shares, while the stock's underperformance since September has made its valuation more attractive. Moreover, the stock does not appear to be giving any value to the problematic MVAD pump and the company has a 37% share of a $760M market that has only two main competitors and high barriers to entry, the firm wrote. WHAT'S NOTABLE: In early October 2015, activist investor Engaged Capital urged HeartWare to terminate the Valtech deal. Today HeartWare announced that it would, in conjunction with Engaged Capital, "jointly select" an independent party who will join Heartware's board. ANOTHER TO WATCH: HeartWare's chief rival, Thoratec, was acquired last year by St. Jude Medical (STJ). PRICE ACTION: In late morning trading, HeartWare rose 10% to $37.95. St. Jude, which reported its fourth quarter results and gave fiscal year guidance this morning, is down 1.4% to $53.56.
09:50 EDTHTWRHeartWare upgraded to Outperform from Market Perform at Raymond James
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09:38 EDTHTWRHeartWare likely to trade 'sharply higher' on deal termination, says Leerink
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06:14 EDTHTWRHeartWare announces cooperation agreement with Engaged Capital
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06:13 EDTHTWRHeartWare, Valtech Cardio announce termination of proposed acquisition
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