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$MMSI signed purchase agreement with $BDX for divestment assets in connection with its proposed acquisition of $BCR. $MMSI expects the acquisition to provide incremental annual revenues of $42-48MM, and adjusted gross margins for the subject product lines of 60-70%. $MMSI expects deal to provide $0.10-0.19 in adjusted EPS accretion in FY18.
Surgical equipment manufacturer $SYK slipped into loss during 4Q17, following the passage of the new tax legislation. Net loss during the quarter was $249MM, or $0.66 per share, compared to earnings of $510MM, or $1.34 per share in the prior year period. Adj. EPS rose 10.1% to $1.96. Net sales, however rose 10.0% YoY to $3.5Bil in 4Q17.
During 4Q17, in the Industrial business group, $MMM posted organic growth of 3.9%. Safety & Graphic sales grew 10.7% organically with double digit increases across developed and developing markets. Healthcare grew 3.1% organically and Electronics & Energy organic sales growth was 11%. In Consumer, organic growth was 5.4% in 4Q17.
Following the passage of the new tax legislation, $MMM recorded a net tax expense in 4Q17 of $762MM or $1.25 per share resulting in GAAP EPS of $0.85. This net tax expense includes the onetime transition tax on unremitted foreign earnings, as well as true-ups of tax deferred assets and liabilities. Excluding this impact, 4Q17 EPS was $2.10.
$MMM reported a 54% decrease in 4Q17 earnings. Net income was $523MM or $0.85 per share compared to $1.15Bil or $1.88 per share in 4Q16. The Tax Cuts and Jobs Act resulted in a net tax expense in the quarter of $762MM or $1.25 per share. Sales rose 9% to $8Bil from last year.
$BAX announced the FDA approval of Bivalirudin in 0.9% Sodium Chloride Injection (bivalirudin). Bivalirudin is a specific and direct thrombin inhibitor indicated for use as an anticoagulant in patients undergoing percutaneous coronary intervention (PCI), a common non-surgical procedure to treat blocked or narrowed blood vessels in the heart.
The FDA has granted approval to medical devices company $SRDX for its Telemar coronary and peripheral support microcatheter. Pursuant to the 510(K) approval, the company will start distribution of the product in the US in the coming months. The microcatheter is designed to help physicians in complex coronary and peripheral lesions.
$MDT received FDA clearance of the Riptide Aspiration System, adding a valuable tool to the Acute Ischemic Stroke (AIS) product portfolio. This is designed to retrieve thrombus (or blood clot) through the Arc Catheter and restore blood flow in patients experiencing blockage of an artery in the brain, known as an ischemic stroke.
$LIVN said the first patient has been enrolled in the Behavior of Valve Leaflets and the Incidence of Reduced Mobility Post-Surgical Aortic Valve Implant Study. The study is expected to enroll about 230 patients at 15 sites from the U.S. and Canada to ascertain whether valve leaflets are fully operational following surgery.
The FDA has approved an innovative clinician programmer for the SynchroMed-II Intrathecal Drug Delivery system developed by medical technology company $MDT, for chronic pain and spasticity. SynchroMed-II, an implantable pump, delivers medication directly to the fluid around the spinal cord. It is an app that facilitates simple, guided workflows.
Healthcare solutions firm $BSX said its 4Q17 sales is estimated to have grown about 8% YoY, on a reported basis, to $2.41Bil. In the whole of fiscal 2017, sales advanced 8% annually to $9.05Bil. The growth reflects strong sales performance by all product groups.
$SYK said that for 4Q17 its preliminary results are of net sales growth of 10% to $3.5Bil, while for FY17, its net sales grew 9.9% to $12.4Bil. Excluding the impact of foreign currency & acquisitions, net sales rose 8.1% and 7.1% in 4Q17 and FY17. For 2018, $SYK expects modest headwinds that will be manageable within its overall financial targets.
$OFIX announced preliminary 4Q17 net sales of approx $117MM. These preliminary results represent reported sales growth of 7.7% and constant currency sales growth of 6.1% over 4Q16. As of Dec 31, 2017, cash and cash equivalents were approx $81MM compared to $40MM as of Dec 31, 2016.