Intuitive Surgical board approves 3-for-1 stock split

Intuitive Surgical (NSDQ:ISRG) said today that its board of directors approved a 3-for-1 split of the company’s common stock

The stock split is still subject to shareholder approval, the Sunnyvale, Calif.-based company said, with a special meeting of stockholders slated for September 22.

With the split, each Intuitive shareholder would receive 2 additional shares for every share held by Sept. 29, with trading beginning on a split-adjusted basis on October 6.

Intuitive Surgical said it will provide additional details about the meeting and the proposed split in a proxy statement scheduled to go out to shareholders on August 30.

At closing today, Intuitive shares were up 1.4% at $942.25.

Earlier this week, Intuitive Surgical said it inked a licensing deal for the miniaturized robotic sealing and stapling technology developed by JustRight Surgical that includes an unspecified equity investment and joint product development program.

See the best minds in medtech live at DeviceTalks Boston on Oct. 2.

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Dentsply Sirona shares steady despite Q2 sales miss

Shares in Dentsply Sirona (NSDQ:XRAY) have fallen slightly today after the medical device maker met earnings per share expectations but missed sales consensus on Wall Street with its 2nd quarter earnings report.

The York, Penn.-based company posted losses of $1.1 billion, or $4.58 per share on sales of $992.7 million for the 3 months ended June 30, seeing a massive 1096% swing from profits to losses while sales shrunk 2.9% compared with the same period during the previous year.

Adjusted to exclude 1-time items, earnings per share were 65¢, just in line with the 65¢ consensus on Wall Street, where analysts were expecting to see sales of $1 billion.

“Our results were impacted by a number of factors, the largest of which are headwinds associated with Patterson reducing its inventory in North America and the transition of North American distribution. Year to date, operational execution has not met our expectations. Our lower outlook reflects the underperformance in the first half of the year and some of those challenges persisting in the back half of the year. In September, we should begin to benefit from the expanded distribution of our equipment in North America which should drive growth in the back half of this year and beyond. As we work through the distribution transition and integration initiatives, we are strengthening our foundation for the future. We believe that this should translate into more consistent growth and strong double digit earnings growth in the back half of the year creating momentum exiting the year going into 2018,” CEO Jeffrey Slovin said in a press release.

The company updated its earnings per share guidance for the entire years expecting to post between $2.65 and $2.75 per diluted share.

Shares in Dentsply Sirona have dipped 0.8% so far today, at $55.03 as of 2:49 p.m. EDT.

See the best minds in medtech live at DeviceTalks Boston on Oct. 2.

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Pediatric ear tube delivery system dev Preceptis seeks $1m in funding

Pediatric ear tube delivery device developer Preceptis Medical is looking to raise $1 million, according to an SEC filing posted this week.

The Plymouth, Minn.-based company produces the Hummingbrid TTS tympanostomy tube system designed to reduce pain for pediatric patients undergoing ear tube procedures. T

he device won FDA clearance last July for use with pediatric patients with moderate sedation, according to the company’s website.

The company claims the device reduces pain and manipulations to the eardrum during ear tube placement procedures, which allows conscious sedation and doesn’t require general anesthesia.

Preceptis is now seeking $1 million in financing, with a minimum investment of $25,000 required, according to an SEC filing.

The company will be offering senior convertible promissory notes and warrants in the round, according to the filing.

See the best minds in medtech live at DeviceTalks Boston on Oct. 2.

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Viveve inks distro deal with InControl Medical, posts Q2 miss

Shares in Viveve (NSDQ:VIVE) have stayed steady today after the company announced a new exclusive distribution deal with InControl Medical and released 2nd quarter earnings that missed expectations on Wall Street.

Under the agreement, Englewood, Colo.-based Viveve said it will be granted exclusive rights to distribute all of InControl Medical’s products to healthcare providers in the US.

“We are pleased with the opportunity to partner with Viveve to enable wider distribution of our clinically proven devices to U.S. medical professionals who can help the millions of patients suffering from pelvic floor and related incontinence conditions. Our hope is that these products will allow more women to have better control and an improved quality of life. Viveve and InControl share a dedicated commitment to advancing solutions for women’s health,” InControl Medical CEO Herschel Peddicord said in prepared remarks.

Viveve said it will be making a $2.5 million equity investment in InControl as part of the distribution agreement, as well.

“Completing an agreement with InControl Medical represents a significant opportunity for Viveve in the U.S. professional healthcare market. The addition of InControl Medical’s FDA cleared medical devices for stress, urge, and mixed incontinence as well as their products to improve pelvic floor strength enhances our portfolio with a range of high quality products that are used by healthcare professionals within Viveve’s currently targeted specialties. In addition to InControl Medical’s innovative devices to treat incontinence, their products aimed at improving patients’ pelvic floor strength and health complement the effectiveness of Viveve’s Geneveve treatment, that currently has regulatory clearance or approval in over 50 countries for the treatment of vaginal laxity and/or the improvement of sexual function. In the United States, the Viveve System is cleared by the FDA for general surgical procedures for electrocoagulation and hemostasis,” Viveve CEO Patricia Scheller said in a prepared statement.

In its earnings report, Viveve posted losses of $10.4 million, or 54¢ per share, on sales of $3.1 million for the 3 months ended June 30, seeing losses grow 96.1% while sales grew 97.7% compared to the same period during the previous year.

Losses per share came in ahead of the 43¢ consensus on Wall Street, where analysts were expecting to see sales of $3.2 million for the quarter.

“During the 2nd quarter, we continued to achieve our commercial objectives and experienced growing demand for our innovative technology in the U.S. We also reached a number of important milestones that support our global commercialization strategy,” CEO Scheller said in a press release.

Shares in Viveve Medical are down 0.9% so far today, at $6.99 as of 10:56 a.m. EDT.

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EnteroMedics prices $20m preferred stock offering

EnteroMedics (NSDQ:ETRM) today priced an upcoming underwritten public offering looking to raise $20 million to support continued commercialization and product development.

In the offering, the company will offer units at $1,000 per unit, with each consisting of 1 share of Series B convertible preferred stock, convertible into 435 shares of common stock at $2.30 per share, and a 7-year warrant to purchase 435 shares of common stock also at $2.30 per share.

Preferred stock offered in the round will include a beneficial ownership blocker but has no dividend rights, the St. Paul, Minn.-based company said.

A total of 20,000 shares of preferred stock, convertible into 8.7 million shares, and warrants for an additional 8.7 million shares will be sold in the offering, the company said in a press release. The offering is expected to close August 16.

Last month, EnteroMedics said it won approval from Spain’s Ministry of Health, Social Services and Equality to initiate a clinical trial of its Gastric Vest system in Spain.

See the best minds in medtech live at DeviceTalks Boston on Oct. 2.

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Philips closes $2B Spectranetics acquisition

Royal Philips (NYSE:PHG) said yesterday it closed its $2.2 billion deal to acquire US vascular intervention device maker Spectranetics (NSDQ:SPNC).

With the closure, Spectranetics and its financial results will be consolidated into Philips image-guided therapy business, the company said. Philips said that Spectranetics employs over 900 individuals and is currently posting double-digit growth, with projected 2017 sales of approximately $300 million.

The $38.50-per-share deal valued Spectranetics at $2.16 billion (€1.9 billion), including cash and debt, and is a 27% premium on SPNC’s $30.40 closing June 27, a day before the deal was announced.

Philips said it expects the acquisition to be accretive to revenue growth, adjusted EBITA margin and adjusted EPS for its 2018 fiscal year.

“Spectranetics is a highly complementary addition to our Image-Guided Therapy business group and will strengthen its position in a EUR 6+ billion growth market. The completion of this acquisition will accelerate the realization of our strategic expansion into therapy devices. The combination of Spectranetics’ highly competitive product range and our leading portfolio of interventional imaging systems, devices, software and services will deliver enhanced care for patients by enabling clinicians to decide, guide, treat and confirm the appropriate cardiac and peripheral vascular treatment,” CEO Frans van Houten said in a press release.

Spectranetics portfolio of devices includes a range of catheters designed to treat coronary and peripheral artery disease and the removal of implanted pacemaker and implantable cardioverter defibrillator leads, Philips said, including the Stellarex drug-coated balloon.

Philips shares are down 1.3% today, at $37.11 as of 12:47 p.m. EDT.

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Neuromod dev NeoSync raises $13m in Series D

Clinical-stage neuromod developer NeoSync said today it closed a $13 million Series D financing round to support a registration trial of its NeoSync-EEG Synchronized transcranial magnetic stimulation technology.

The Boston-based company said its Nest technology is designed to deliver low-energy, alternative magnetic field stimulation to treat individuals with treatment resistant depression.

NeoSync said the round was joined by Valiance Life Science Investments, as well as it’s original investor base. Funding will support a trial of its device, as well as accelerating commercialization efforts.

“With its unique and innovative Nest technology, NeoSync is well positioned to change the way TMS treatment is perceived and delivered. A home-use device is a very compelling proposition for patients suffering from depression and we are delighted to support NeoSync’s management team in their efforts to make their device a clinical and commercial success,” Valiance Life Science Investments founder & CEO Jan Pensaert said in a prepared statement.

“This latest round of funding will allow us to execute remaining activities needed to gain regulatory clearance for our novel device. We believe, once commercially available, our device will open up broader access to TMS, in a more convenient environment for patients,” prez & CEO Kate Rumrill, who will be appearing at the upcoming MassDevice‘s DeviceTalks conference in Boston, said in a prepared statement.

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InVivo pulls trigger on $2m warrant exchange

InVivo Therapeutics (NSDQ:NVIV) said today it exchanged outstanding warrants, issued as part of a financing in 2014, for 2 million new shares of common stock.

The exchange is worth approximately $2.4 million, given InVivo’s current share price of $1.20 as of 10:44 a.m. EDT.

InVivo said it negotiated individual exchange agreements with warrant holders, and that the exercise price and number of shares subject to the 2014 warrants were adjusted.

“We believe that these exchange agreements benefit our shareholders and the company by creating a substantially cleaner balance sheet for the company and removing a significant financial overhang. This puts us in a much stronger financial position as we work toward reopening enrollment in The Inspire Study and delivering on our mission for spinal cord injury patients,” chair & CEO Mark Perrin said in a press release.

Last month, InVivo said it was temporarily suspending enrollment in the Inspire trial of its neuro-spinal scaffold after its most recent patient, implanted in June, passed away suddenly following hospital discharge.

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Philips picks up airway clearance device dev RespirTech

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Philips, RespirTech

Royal Philips (NYSE:PHG) said today it inked a deal to acquire airway clearance solution developer RespirTech for an undisclosed amount.

St. Paul, Minn.-based RespirTech was founded in 2004 and has approximately 210 employees. The company produces airway clearance devices for patients with chronic respiratory conditions, such as chronic obstructive pulmonary disease and cystic fibrosis.

Philips said that the addition of RespirTech’s portfolio will allow Philips to “accelerate its growth in respiratory care,” specifically for COPD patients with bronchiectasis. The acquired portfolio includes a clinical support program for managing respiratory patients at home, and Philips said it will support their own clinically focused service plans.

RespirTech produces the inCourage system pulsating vest designed to aid in respiration at home and the single patient-use ClearChest comfort vest and bands for hospital use, which use rhythmic inflation and deflation against a patient’s chest to help clear the lungs.

“With this transaction, we will broaden our portfolio with a proven therapy to enable patients with chronic respiratory disorders manage their condition and receive the care they need in the home. RespirTech’s vest therapy can be applied to a range of respiratory conditions and various neuromuscular diseases, where patients’ compromised abilities to cough often leads to serious respiratory complications and associated higher care costs. By helping these patients help themselves, we aim to enhance the patient’s quality of life and reduce the overall cost of care,” sleep & respiratory care biz lead John Frank said in a press release.

Hill-Rom launches Envella therapy bed for wound care patients

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Hill-Rom

Hill-Rom Holdings (NYSE:HRC) said today it launched its Envella air fluidized therapy bed designed for wound care and patients with advanced wounds.

The Envella bed was unveiled at the Wound Ostomy and Continence Nurses Society Annual Conference in Salt Lake City, Utah this week, the Chicago-based company said.

Hill-Rom said that the Envella air fluidized therapy bed is designed to maximize immersion and envelopment and minimize shear and pressure, as well as regulating the skin’s microclimate. The company claims the technology can lead to better outcomes in patients with complex and advanced wounds .

“Pressure injuries present a significant challenge for the entire healthcare environment. Across the care continuum, pressure injuries are quite common, cause serious concerns both to patients and their caregivers, and create financial burdens for the healthcare system. The Envella bed’s differentiated technology provides an ideal healing environment for the prevention and treatment of advanced pressure injuries,” patient support systems prez Paul Johnson said in a press release.

In April, Hill-Rom said it launched the Monarch airway clearance system designed to provide high frequency chest wall oscillation.

The Monarch device is a mobile vest which uses personal oscillating discs to provide targeted kinetic energy and HFCWO to the lungs to thin mucus and generate airflow, the company said.