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News Breaks
February 6, 2013
06:13 EDTVASCVascular Solutions downgraded to Hold from Buy at Benchmark Co.
Benchmark Co. downgraded Vascular Solutions citing valuation following the company's Q4 results. The firm keeps a $17 price target for shares.
News For VASC From The Last 14 Days
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July 30, 2014
17:34 EDTVASCVascular Solutions announces settlement of patent lawsuit with Boston Scientific
Vascular Solutions (VASC) announced that it has reached a settlement of its patent lawsuit with Boston Scientific Corporation (BSX) relating to patents in the area of coronary guide extension catheters. Vascular Solutions filed the original lawsuit in U.S. District Court for the District of Minnesota in May 2013, alleging that Boston Scientific infringed three patents owned by Vascular Solutions related to rapid exchange guide extension technology by manufacturing and selling its Guidezilla guide extension catheter. Boston Scientific filed a counterclaim in July 2013, alleging that Vascular Solutions infringed a patent owned by Boston Scientific related to rapid exchange guide extension technology by manufacturing and selling its GuideLiner guide extension catheter. As part of the settlement agreement, all litigation between the two parties related to guide extension will be dismissed. The terms of the settlement are confidential.
July 28, 2014
17:07 EDTVASCVascular Solutions says terms of settlement were reached in January
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15:32 EDTVASCVascular Solutions to pay $520K to resolve false claims charges
Vascular Solutions has agreed to pay $520,000 to resolve allegations that it caused false claims to be submitted to federal health programs by marketing a medical device for the ablation of perforator veins without FDA approval and despite the failure of its own clinical trial, the Justice Department announced. The allegations resolved by the settlement were raised in a lawsuit filed against VSI by DeSalle Bui, a former sales representative at VSI, under the qui tam, or whistleblower, provisions of the False Claims Act, which allow private citizens with knowledge of false claims to bring civil actions on behalf of the government and to share in any recovery.
July 22, 2014
16:20 EDTVASCVascular Solutions sees Q3 GAAP EPS 19c-20c, consensus 18c
Sees Q3 revenue $30.5M-$31.5M, consensus $31.05M. Q3 revenue view represents growth of approximately 11% from $28.0M in the Q3 of FY13. The company's net earnings guidance for the Q3 includes $800,000 in non-cash stock-based compensation, $400,000 in amortization of intangibles, $370,000 for the U.S. medical device excise tax, and an assumed 36% effective income tax rate.
16:18 EDTVASCVascular Solutions raises FY14 GAAP EPS view to73c-77c from 71c-75c
Vascular Solutions is raising the bottom-end of its net revenue guidance for FY14 to $123M, resulting in a new range of $123M- $125M. The mid-point of the new range represents an increase of 12% from $110.5M in 2013. Previously, the company's revenue guidance range for 2014 was $121M-$125M. Consensus is for FY14 revenue $123.22M. Vascular Solutions is also raising its GAAP earnings guidance for 2014 to a range of $0.73-$0.77 per share, representing an increase of 12%-18% over the $0.65 reported in 2013. The company's previous EPS guidance range for 2014 was $0.71-$0.75. Included in the company's 2014 earnings guidance are $3.8M in non-cash stock-based compensation, $1.6M in amortization of intangibles, between $1.4M-$1.5M for the U.S. medical device excise tax, and an assumed 36% tax rate. Consensus is for FY14 EPS 72c.
16:14 EDTVASCVascular Solutions reports Q2 adj. EPS 20c, consensus 18c
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