Abbott Gains Synchrony Accommodating IOL Via $400 Mil. Visiogen Purchase
This article was originally published in The Gray Sheet
Executive Summary
Abbott will strengthen its premium intraocular lens offerings and enter the accommodating IOL market for the first time through its $400 million purchase of Visiogen, announced Sept. 2
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Earnings Calls In Brief
Kinetic Concepts to retain therapeutic support systems biz: Kinetic Concepts says it will retain its formerly struggling Therapeutic Support Systems (TSS) business, which rebounded with 7% sales growth to $82.7 million in the fourth quarter of 2009, the firm reported Jan. 26. The firm initiated a review of the TSS business last fall after a third-quarter TSS sales drop of 10% (1"The Gray Sheet" Nov. 16, 2009). The fourth-quarter TSS results "suggest that the hospital environment is stabilizing after a tumultuous year," said CEO Catherine Burzik. The unit includes items such as hospital beds for wound care, bariatric and critical care patients. "After careful review, we have concluded that retaining this important business serves the best interest of our stakeholders," Burzik said. Corporate fourth-quarter revenue of $526.8 million was up 7% from last year (or 4% at constant currency). Kinetic Concepts notes that its long-standing U.S. negative pressure wound therapy (NPWT) patent case against competitor Smith & Nephew is on track for a February trial. A Japan launch of its V.A.C. Therapy technology for NPWT remains on deck for the second quarter of 2010. And the company plans to expand its European sales force from 26 to 35 reps by the end of March
Earnings Calls In Brief
Kinetic Concepts to retain therapeutic support systems biz: Kinetic Concepts says it will retain its formerly struggling Therapeutic Support Systems (TSS) business, which rebounded with 7% sales growth to $82.7 million in the fourth quarter of 2009, the firm reported Jan. 26. The firm initiated a review of the TSS business last fall after a third-quarter TSS sales drop of 10% (1"The Gray Sheet" Nov. 16, 2009). The fourth-quarter TSS results "suggest that the hospital environment is stabilizing after a tumultuous year," said CEO Catherine Burzik. The unit includes items such as hospital beds for wound care, bariatric and critical care patients. "After careful review, we have concluded that retaining this important business serves the best interest of our stakeholders," Burzik said. Corporate fourth-quarter revenue of $526.8 million was up 7% from last year (or 4% at constant currency). Kinetic Concepts notes that its long-standing U.S. negative pressure wound therapy (NPWT) patent case against competitor Smith & Nephew is on track for a February trial. A Japan launch of its V.A.C. Therapy technology for NPWT remains on deck for the second quarter of 2010. And the company plans to expand its European sales force from 26 to 35 reps by the end of March
Medical Device and In Vitro Diagnostics/Research Deal Statistics Quarterly, Q3 2009
Medical device financing--primarily made up of late venture rounds--totaled just over $1 billion in Q3 2009, a 19% increase over the previous quarter. Acquisition dollars in the industry also surpassed $1 billion and included two $400 million-deals by Abbott. Most of the third quarter financing into in vitro diagnostics and research/analytical came from Qiagen's $628 million FOPO. And Agilent's $1.5 billion purchase of bioanalytical instrument maker Varian was the highest-value takeover.