Cantel Medical taps ex-Cardinal Health COO Fotiades for CEO | Personnel Moves, March 5, 2019

Cantel Medical CEO Fotiades Cantel Medical taps ex-Cardinal Health vet for CEO
Cantel Medical (NYSE:CMD) said today that it named former Cardinal Health (NYSE:CAH) COO George Fotiades to be its new president & CEO, replacing Jorgen Hansen effective immediately. Fotiades will retain his seat on Cantel’s board, the Little Falls, N.J.-based company said.

“On behalf of the board, I am very pleased to appoint George as Cantel’s new president & CEO. His experience leading companies through significant growth, creating organizational capabilities on a global scale and integrating acquired businesses make him the ideal candidate to lead Cantel at this juncture. George has been a key contributor to the board for over a decade and will make a seamless transition to this role. The board and I look forward to working with George in his new capacity to support the next phase of Cantel’s development,” chairman Charles Diker said in prepared remarks. “We thank Jorgen for his many contributions to Cantel. During Jorgen’s tenure, Cantel made significant progress expanding internationally and completed a number of key strategic acquisitions that have bolstered our market position and driven growth. Jorgen is a talented executive of the highest integrity and we wish him all the best in the next phase of his career.”

“It has been a privilege to lead the team at Cantel. During my tenure, we executed on our ambitious strategy, strengthening Cantel’s business and global reach. By doing so, we have taken the company’s mission of saving lives through infection prevention to the next level. I am proud of what we have accomplished together,” Hansen aded.

“Cantel has an excellent market position and many opportunities ahead for both organic growth and continued acquisition activity,” Fotiades said. “I look forward to working with the board and the executive leadership team in my new role to improve our operating model and performance, drive organic growth, attract and cultivate top leadership talent and identify attractive acquisition candidates and expansion opportunities.”

Cantel took a hit last week when it missed the consensus forecast with its fiscal second-quarter results. Read More

 Activ Surgical’s first CEO is ex-Olympus medical systems prez Usen
Activ Surgical said it named Todd Usen, the former president of Olympus Medical Systems, to be its first CEO. Activ is developing the Smart Tissue Autonomous Robot for imaging and diagnostics during robot-assisted surgeries.

“I’m incredibly thrilled to have Todd join and lead the Activ Surgical team. Todd’s outstanding experience and leadership in the endoscopic space provides a natural synergy to Activ’s disruptive vision of delivering enhanced surgical vision and intelligence,” co-fopunder and chief scientific officer Dr. Peter Kim said in prepared remarks.

“It’s a tremendous privilege to be selected to lead Activ Surgical as its first CEO,” Usen added. “I look forward to working with our board, advisors and Activ Surgical team to realize the full potential of our unique and proprietary technology.”

Usen is also an eight-year veteran of Smith & Nephew (NYSE:SNN), where he held roles including U.S. orthopedics president, and Boston Scientific (NYSE:BSX). Read More

 Globus Medical president Williams bows out
Globus Medical (NYSE:GMED) said president Anthony Williams gave notice Feb 28 of his plans to “pursue opportunities outside of the company,” with his last day slated to be May 31 “to ensure a seamless transition.” CEO Dave Demski is due to take over the Audubon, Pa.-based company’s presidential duties after that. Read More

 BioDirection puts Joshi in the corner office
Concussion and traumatic brain injury device maker BioDirection said it named Sharad Joshi as president & CEO.
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 CathWorks names Feher as CFO
CathWorks named Edwards Lifesciences (NYSE:EW) vet Mike Feher as CFO and finance VP. Last month Cathworks closed a $30 million Series C round for its FFRangio fractional flow reserve device. Read More

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Cantel Medical slumps on fiscal Q2 misses

Cantel Medical (NYSE:CMD) shares took a hit this week when the medical device company missed the consensus forecast with its fiscal second-quarter results.

Little Falls, N.J.-based Cantel posted a -42.1% profit slide to $18.8 million, or 45¢ per share, on sales of $224.5 million for the three months ended Jan. 31, for top-line growth of 5.4% compared with fiscal Q2 2018.

Adjusted to exclude one-time items, earnings per share were 57¢, a nickel below the consensus on Wall Street, where analysts were looking for revenues of $226.9 million.

“We are pleased to see continued strong double-digit sales growth in our medical segment, which was partly offset by softer results in our life sciences and dental businesses. We expect continued momentum in our medical segment, and acceleration in our dental franchise in the second half of the year while managing through a challenging environment in our hemodialysis water business,” president & CEO Jørgen B. Hansen said in prepared remarks. “Our 5.4% reported sales increase was driven by organic growth of 5.3%, the impact from acquisitions of 1.1%, and an unfavorable impact from foreign currency of 1.0%. We continue to perform well internationally, where sales were up 7.3%, with 11.3% organic growth. Our U.S. business had a solid quarter and grew 4.7%.

“Our medical division had a great quarter, with double-digit growth in North America and Asia Pacific; we announced the acquisitions of Omnia and Vista Research Group, as well as successfully launched the first phase of our new ERP platform in our U.S. medical business,” Hansen added.

During a conference call with analysts yesterday, company officials said Cantel expects to report fiscal 2019 adjusted EPS of $2.34 to $2.39 on sales growth of 5% to 6% compared with fiscal 2018.

CMD shares lost -14.6% from their $84.28 close Feb. 27, closing yesterday at $73.52 apiece. The stock was trading at $73.54 per share as of late morning today, up 0.03%.

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Cantel Medical closes $32m Omnia buy

Cantel Medical

Cantel Medical (NYSE:CMD) said today that it closed its $31.9 million acquisition of Italian dental surgical consumable maker Omnia for an undisclosed amount.

Omnia owns a portfolio of sutures, irrigation tubing and customized dental surgical procedure kits, Little Falls, N.J.-based Cantel said. The newly acquired company’s products are intended for use across a number of dental surgical procedures.

Cantel Medical said that Omnia posted sales of $18.9 million for the 12 months ended July 31, 2018, and that it expects the acquisition to be accretive to its non-GAAP earnings per share in its 2019 fiscal year, and accretive to GAAP EPS beyond its 2020 fiscal year.

The purchase price includes $25.1 million in an upfront payment and $5.8 million in a milestone-based payout, according to the company’s initial announcement of the acquisition posted last November.

Cantel Medical said today in a press release that it closed the acquisition.

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Cantel Medical acquires dental tech dev Vista Research Group for $11m

Cantel Medical, Vista Research Group

Cantel Medical (NYSE:CMD) said today that it acquired dental water treatment, purification and management solution company Vista Research Group for $10.5 million.

In the deal, Cantel said it will pay $7 million upfront with an additional $3.5 million to be paid based on performance-based milestones over a two-year period, the Little Falls, N.J.-based company said.

“We’re excited that Vista Research Group is now part of Cantel. The integration of their water treatment technologies into our existing portfolio allows us to offer our customers more comprehensive infection prevention solutions that provide clean water across all touchpoints in the dental clinic. This acquisition also reinforces our position as the market leader in dental water compliance,” Vista Research Group prez & CEO Jorgen Hansen said in a press release.

Ashland, Ohio-based Vista Research Group reported sales of approximately $2 million during the previous fiscal year. The company currently has a portfolio of solutions for filtration, purification, treatment and management of dental water to reduce infection risk, improve workflows and patient care and protect dental equipment.

“The addition of Vista Research Group’s solutions will broaden our dental water purification portfolio and advance the development of our product line. In addition to our DentaPure Cartridge, it also will enable us to provide a full suite of end-to-end dental water compliance solutions to dental practices. In our ongoing commitment to infection prevention and compliance, we look forward to driving the awareness of and access to the VistaPure, VistaCool, and VistaClear products so more dental practices can benefit from improved efficiency, simplified workflows, and better protection for both patients and staff,” Cantel dental division prez Gary Steinberg said in a prepared statement.

Last November, Cantel Medical posted fiscal first-quarter earnings that matched the consensus forecast on Wall Street, but missed the mark with its top-line numbers.

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Cantel Medical’s fiscal Q1 earnings meet The Street, but sales miss

Cantel MedicalFiscal first-quarter earnings for Cantel Medical (NYSE:CMD) equaled the consensus forecast on Wall Street, but the medical device company miss the mark with its top-line number.

Little Falls, N.J.-based Cantel posted profits of $19.2 million, or 46¢ per share, on sales of $225.6 million for the three months ended Oct. 31, for a bottom-line slide of -16.1% on sales growth of 6.0% compared with fiscal Q1 2018.

Adjusted to exclude one-time items, earnings per share were 62¢ per share, dead even with The Street, where analysts were looking for revenues of $228.2 million.

“We are pleased to report good sales and non-GAAP earnings performance this quarter, and a return to strong growth in our medical segment. Our 6.0% reported sales increase was driven by organic growth of 4.3%, the impact from acquisitions of 2.3%, and an unfavorable impact from foreign currency of 0.6%. We continue to perform well internationally where sales were up 9.3% overall, and our US business had a solid quarter with 5.0% growth,” president & CEO Jørgen Hansen said in prepared remarks. “Our medical division had a great quarter, with double-digit growth in all regions and U.S. capital sales that returned to solid growth compared to the prior year. Our life sciences and dental businesses started the year softer than anticipated mostly due to the timing of orders, however we expect both segments to accelerate throughout the remainder of the year.”

Hansen said Cantel stood by its prior forecast for adjusted EPS of $2.57 to $2.62 on sales growth of 6.5% to 7.5% for the full fiscal year. The company has said it aims to reach the $1.3 billion sales mark in fiscal 2021, when it hopes to pull down $150 million in adjusted net income.

CMD shares closed up 2.3% at $90.43 apiece yesterday.

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CardioMech taps medtech vet Nehm for CEO | Personnel Moves, November 5, 2018

 CardioMech taps medtech veteran Nehm for CEO
Swedish mitral valve repair company CardioMech said today that it named medical device industry veteran Richard Nehm as president & CEO effective immediately.

Nehm’s resume includes stints at Boston Scientific (NYSE:BSX), Abbott (NYSE:ABT) acquisition Tendyne and ATS Medical (acquired by Medtronic (NYSE:MDT)). CardioMech also named Spinal Stabilization Technologies president & CEO Mark Novotny as chairman.

“There are more than 400,000 patients around the world that suffer from a leaky mitral valve due to prolapse or flail that are at a high-risk for a cardiac surgery. We are pleased to welcome Rick and Mark to help us accelerate the development of our catheter-based technology that is designed to treat these patients with a transfemoral/transseptal access without the risks associated with open-heart surgery, cardiac arrest and the heart-lung bypass machine,” co-founder & chief medical officer Dr. Jacob Bergsland said in prepared remarks.

“I am thrilled to join this extraordinary team and lead CardioMech down the path towards commercialization of this profound technology. Our objective is to significantly improve the standard of care for very sick patients suffering with mitral valve prolapse and flail,” Nehm added.

“Transcatheter chordal repair is a hot segment with two exits in the last 11 months. The CardioMech device is highly differentiated, and we will build significant shareholder value in a short period of time. I am excited to join this team and guide this exceptional technology to market,” Novotny said.
Read more

 Vascular Insights promotes Draper to CEO
Vascular Insights promoted James “Chip” Draper to president & CEO, replacing James Ott, who was named chairman.
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 Micron Solutions grabs Coghlin exec Laursen for CEO
Micron Solutions said it named William Laursen, the former sales & strategy EVP at the Coghlin Cos., to be its new president & CEO, effective Nov. 29. Former chief executive Salvatore Emma Jr. is slated to assume the COO role at that time, when he’s also due to resign from the board at Micron, formerly known as Arrhythmia Research Technologies.
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 Medibio’s new CEO is Uroplasty vet Kaysen
David Kaysen, the former CEO of Uroplasty (now Cogentix Medical), was named managing director & CEO of Medibio (ASX:MEB) .
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Cantel Medical wins FDA nod for Advantage Plus endoscope reprocessor

Cantel Medical (NYSE:CMD) said today it won FDA 510(k) clearance for its Advantage Plus pass-thru automated endoscope reprocessor, making it the first AER available in the US, the company claims.

The newly cleared device is designed for the high-level disinfection of commonly used endoscopes, including duodenoscopes, the Little Falls, N.J.-based company said.

“We strive to deliver real life infection prevention solutions to address the complexities our customers face in setting up successful endoscopy departments. We believe the Advantage Plus pass-thru AER’s availability will transform our customers’ experiences by improving department efficiencies and workflow while maintaining the integrity of the cleaning process and supporting patient safety,” global marketing and biz dev VP Bill Haydon said in a prepared statement.

The Advantage Plus pass-thru AER uses a one-way workflow to reduce human error with a hard-wall separation between dirty and clean reprocessing areas to prevent recontamination of reprocessed endoscopes, Cantel said.

The system is designed to reprocess approximately four to five scopes per hour, and has been cleared for use with Cantel’s Rapicide PA disinfectant.

“The FDA clearance of Advantage Plus pass-thru AER further expands our rapidly growing endoscopy portfolio and delivers on our commitment to safeguard the world from infections through innovative, market leading technologies. As a leader in infection prevention for over 20 years, Cantel is thrilled to announce the availability of this best practice technology in automated endoscope reprocessing to our U.S. customers,” endoscopy division prez Dave Hemink said in a press release.

Last month, Cantel said it acquired Belgium-based healthcare software developer Aexis Medical in a deal worth $24.8 million.

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