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April 28, 2014
94th Annual Meeting of AATS is being held in Toronto on April 26-30.
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October 5, 2015
10:52 EDTTHOR, STJAnalysts downplay potential impact of St. Jude FDA warning letter
Shares of St. Jude Medical (STJ), a developer, manufacturer and distributor of cardiovascular medical devices, are slightly higher in morning trading after analysts said that the company's receipt of a U.S. Food and Drug Administration warning letter for its Atlanta facility "doesn't look that bad." WHAT'S NEW: On Friday afternoon, St. Jude Medical disclosed in a regulatory filing that it received a warning letter from the FDA, which related to "observed non-conformities" at its Atlanta facility, where it manufactures the CardioMEMS HF system. St. Jude said that the FDA had from June 8-26 inspected the company's Atlanta facility and that various devices of the company manufactured at its Atlanta plant were found to be "adulterated." The FDA also said certain of the company's manufacturing, packing, storage and installation practices "are not in conformity" to the current goods and manufacturing practice requirements. St. Jude said it would continue to manufacture and ship the product from the Atlanta facility and does not expect customer orders to be impacted. WHAT'S NOTABLE: In January 2013, the FDA sent St. Jude Medical a warning letter detailing concerns regarding processes at the company's Sylmar, California facility; the letter did not raise any safety concerns about St. Jude Medical products. The company later detailed efforts to correct problems found during the inspection at the plant, which makes heart defibrillator leads. ANALYST REACTION: Deutsche Bank analyst Kristen Stewart kept a Hold rating on the stock and said that the warning letter "doesn't seem that bad" because St. Jude does not expect any impact on its ability to fulfill or ship customer orders and does not expect a material financial impact relating to the matter. Stewart noted that the FDA "seems satisfied" with the remediation made and has not expressed concerns about the need for a product recall or stop shipment. Similarly, Piper Jaffray analyst Brooks West believes the warning letter will not have a commercial impact on the company, and that the cost of alleviating the FDA's observations "are limited." West has an Overweight rating and $84 price target on the stock. PRICE ACTION: St. Jude Medical is up 0.2% to $63.94 in morning trading. ANOTHER TO WATCH: Thoratec (THOR), which agreed in late July to be acquired by St. Jude Medical, is essentially flat at $63.45.
08:08 EDTHTWREngaged urges HeartWare to terminate proposed acquisition of Valtech Cardio
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07:32 EDTHTWRHeartWare issues statement regarding Engaged Capital comments
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07:26 EDTATRCAtriCure weakness would be a buying opportunity, says Canaccord
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06:21 EDTSTJSt. Jude Medical warning letter doesn't look that bad, says Deutsche Bank
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05:48 EDTATRCAtriCure to host conference call
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October 4, 2015
18:18 EDTATRCAtriCure sees FY16 revenue up 25%, consensus $145.98M
Expects FY16 adjusted EBITDA loss to increase due to acquisition and integration costs related to nContact, with the impact slowing in 2017. The company expects to be adjusted EBITDA positive for FY18.
18:16 EDTATRCAtriCure narrows FY15 revenue to $128M-$129M, consensus $127.63M
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18:10 EDTATRCAtriCure sees Q3 revenue $31.6M, consensus $31.18M
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18:05 EDTATRCAtriCure to acquire cardiac device maker nContact
AtriCure announced that it has entered into a definitive merger agreement under which it has agreed to acquire nContact, a privately held developer of cardiac ablation solutions. The transaction consideration consists of an upfront payment of approximately 3.7M shares of AtriCure common stock, valued at $24.60 per share, and approximately $8M in cash. The transaction also includes up to $50M in additional contingent consideration based on completion of enrollment of the CONVERGE IDE trial and PMA approval. Additionally, nContact shareholders are entitled to additional sales-based contingent consideration on revenue in excess of an annual growth rate of greater than 25% through 2019. All contingent consideration can be paid in either cash or AtriCure common stock, or a combination of both. The transaction is expected to close in the next several weeks. AtriCure expects that the transaction will be accretive to its revenue growth rate going forward, and the company expects to increase sales and marketing expenditures as well as clinical trial expenditures in order to accelerate efforts in those areas. The company expects the transaction to be dilutive to EBITDA through 2017 and accretive in 2018 and beyond.
October 2, 2015
17:33 EDTSTJSt. Jude Medical receives FDA warning letter specific to Atlanta facility
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October 1, 2015
10:00 EDTHTWROn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AMEC Foster Wheeler (AMFW) upgraded to Neutral from Underperform at Macquarie... Ares Capital (ARCC) upgraded to Outperform from Neutral at Macquarie... Celgene (CELG) upgraded to Overweight from Neutral at JPMorgan... Deutsche Boerse (DBOEY) upgraded to Overweight from Underweight at Barclays... Devon Energy (DVN) upgraded on valuation, catlysts at Bernstein... HeartWare (HTWR) upgraded to Market Perform from Underperform at Northland... IBERIABANK (IBKC) upgraded to Buy from Hold at Sandler O'Neill... (JD) upgraded to Buy from Hold at Deutsche Bank... Kirby (KEX) upgraded to Neutral from Underperform at Macquarie... Madison Square Garden (MSG) upgraded to Buy from Hold at Jefferies... Microsoft (MSFT) upgraded to Neutral from Underperform at BofA/Merrill... Newell Rubbermaid (NWL) upgraded to Buy from Neutral at B. Riley... Norfolk Southern (NSC) upgraded to Outperform from Peer Perform at Wolfe Research... Pernod Ricard (PDRDY) upgraded to Buy from Neutral at Goldman... RWE AG (RWEOY) upgraded to Sector Perform from Underperform at RBC Capital... SanDisk (SNDK) upgraded to Overweight from Equal Weight at Morgan Stanley... Steven Madden (SHOO) upgraded to Outperform ahead of earnings turn at Telsey Advisory... Trex Company (TREX) upgraded to Strong Buy from Buy at CL King... Universal Health (UHS) upgraded to Overweight from Sector Weight at KeyBanc... Western Digital (WDC) upgraded on transaction, valuation, momentum at Argus... Workday (WDAY) upgraded to Overweight from Equal Weight at Stephens.
06:52 EDTHTWRHeartWare upgraded to Market Perform from Underperform at Northland
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September 30, 2015
18:07 EDTSTJ, THORS&P announces changes to the S&P 400, 500 indices
S&P 500 constituent Joy Global (JOY) will replace Thoratec (THOR) in the S&P MidCap 400, and Verisk Analytics (VRSK) will replace Joy Global in the S&P 500 after the close of trading on Wednesday, October 7. S&P 500 constituent St. Jude Medical (STJ) is acquiring Thoratec in a deal expected to be completed on or about that date, pending final approvals. Joy Global has a market capitalization more representative of the mid-cap market space.
17:19 EDTTHORJoy Global to replace Thoratec in S&P 400 as of 10/7 close
09:05 EDTMDTMedtronic announces FDA approval of expanded use of Verify Evaluation System
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08:03 EDTATRCAtriCure launches cryoFORM cryoablation probe
AtriCure announced the launch of the cryoFORM cryoablation probe, which offers increased probe flexibility to adapt to a variety of surgical ablation procedures. This offering adds to the cryoICE family of ablation products which are used in the cryosurgical treatment of cardiac arrhythmias. The cryoFORM probe builds off of the company's core strengths in cryoablation technology, leveraging such important features as thermal capacity to remove heat and active defrost, which allows the probe to be safely and quickly detached while maintaining the tissue's frozen state. Building upon those strengths, the new probe offers increased flexibility, allowing the surgeon to more easily manipulate and apply the device and conform to challenging anatomies.
September 28, 2015
16:55 EDTCOV, MDTMedtronic sees one-time $500M charge in 2Q16
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08:36 EDTMDTMedtronic acquires Lazarus Effect
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September 27, 2015
17:29 EDTTHOR, STJThoratec reports HeartMate 3 CE Mark trial met primary endpoint
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