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Endo Reports First Quarter Financial Results And Announces Return To Steady Supply Of OPANA® ER And Voltaren® Gel
Date:5/1/2012

CHADDS FORD, Pa., May 1, 2012 /PRNewswire/ --

  • Total quarterly revenues of $691 million, increased 23 percent versus prior year; Driven by full quarter addition of AMS as well as Qualitest revenue growth of 8 percent. 
  • Adjusted diluted EPS of $0.87, aligned with prior guidance of below $0.90.
  • Reported quarterly diluted loss per share of $0.75 versus earnings per share of $0.46 for prior year.
  • Management expects return to year-over-year adjusted diluted earnings growth for remainder of 2012.
  • OPANA ER and Voltaren Gel now in steady supply;  Resolving temporary supply disruption announced in early January. 
  • Endo (Nasdaq: ENDP) today reported financial results for the first quarter of 2012.

    Total revenues during the first quarter of 2012 increased 23 percent to $691 million, compared with $560 million in the same quarter of 2011, reflecting organic growth and the acquisition of AMS.  Endo incurred a net loss for the three months ended Mar. 31, 2012 of $87 million or $0.75 reported diluted loss per share, compared with net income of $56 million reported in the comparable 2011 period or $0.46 reported diluted earnings per share.  The 2012 net loss was primarily driven by a one-time charge related to a first quarter 2012 accrual stemming from a 2010 litigation settlement with Impax Laboratories Inc. (Impax).  Additionally, adjusted net income for the three months ended March 31, 2012, was $106 million, down 12 percent, compared with $120 million in the same period in 2011.  Adjusted diluted earnings per share for first quarter 2012 were $0.87, down 13 percent from $1.00 reported in 2011.

    "I'm extremely proud of the response by the organization in resolving the challenging, but temporary, constraints to supplies of some of our key pharmaceutical products," said Dave Holveck, president and CEO of Endo. "We are keenly focused on execution that creates the opportunity for us to continue to grow our products and services and execute our long-term vision of providing our customers with innovative healthcare solutions."

    Reported diluted loss per share includes the impact of a pre-tax charge in the amount of $110 million for the period to reflect a one-time payment that the company now expects to make to Impax per the terms of Endo's 2010 settlement and license agreement with Impax.  The company recognized a liability under this agreement upon successfully demonstrating, in response to the Novartis supply disruption, the ability to accelerate the manufacture and sale of the new formulation of OPANA ER, which occurred in March 2012. 

    FINANCIAL PERFORMANCE AT A GLANCE1st Quarter20122011ChangeTotal Revenues$690,633

    $560,026

    23%Reported Net (Loss) Income(87,345)

    55,787

    NMReported Diluted (Loss) Income per share(0.75)

    0.46

    NMAdjusted Net Income106,300

    120,178

    (12)%Adjusted Diluted EPS$0.87

    $1.00

    (13)%OPANA ER AND VOLTAREN GEL SUPPLY UPDATEEndo also announced that it has now returned to steady supply of the new formulation of OPANA ER (oxymorphone HCL) designed to be crush-resistant and Voltaren Gel (diclofenac sodium topical gel) 1%.  The company believes there is adequate product available for all appropriate patients, both existing and new starts, following a short-term supply disruption announced in early January.

    "We are pleased to have these two important products back in steady supply across the country," said Julie McHugh, chief operating officer at Endo. "Endo's top priority is the health, well-being, and the continuity of care for our patients. Now that there is better accessibility to OPANA ER and Voltaren Gel, physicians should feel confident in prescribing these products for all appropriate patients."

    ENDO PHARMACEUTICALSBranded pharmaceutical sales of $364 million for the first quarter 2012 represented a decrease of 3 percent versus the prior year.  In the first quarter, OPANA ER net sales declined 4 percent and the company did not have any sales of Voltaren Gel.  As the company announced on Jan. 9, 2012, supplies of  certain products including OPANA ER and Voltaren Gel were affected by the temporary closure of a Novartis-owned facility in Lincoln, Neb.  Endo expects our return to normal supply conditions and return to promotional activities to facilitate a return to growth for OPANA ER and Voltaren Gel for the remainder of 2012.Net sales of LIDODERM® grew 11 percent on flat prescription growth.  The increase in LIDODERM net sales reflects changes as of mid-November 2011, with respect to royalty obligations among Endo, Hind Healthcare, Inc., and Teikoku Seiyaku Co., Ltd.; changes that have been previously described in our filings with the U.S. Securities and Exchange Commission.

    During first quarter of 2012, Endo announced that it filed an amendment to its Citizen Petition (CP) with the U.S. Food and Drug Administration (FDA) calling on FDA to publicly address numerous concerns raised about approval requirements for generic versions of LIDODERM (lidocaine patch 5%).  The amended CP highlights the growing scientific and regulatory support for requiring generic manufacturers to conduct comparative clinical endpoint studies to demonstrate bioequivalence to locally acting topical products like LIDODERM.  The amended CP also raises several new issues that need to be resolved before FDA approves a generic formulation of LIDODERM. 

    Additional background information about LIDODERM and Endo's amended CP can be found at:  www.endo.com/investors/overview

    During first quarter of 2012, Endo announced the acquisition and issuance of additional intellectual property that will protect key commercial and developmental products within the branded pharmaceuticals segment.

    On March 22, 2012, Endo announced the acquisition of U.S. patent 7,851,482 B2 for oxymorphone hydrochloride, the key active pharmaceutical ingredient in all formulations of OPANA, from Johnson Matthey plc. Johnson Matthey is a leading supplier of active pharmaceutical ingredients through its worldwide Fine Chemicals Division. The patent, now listed by Endo in the FDA's Orange Book, extends patent protection for its OPANA franchise, through 2029.

    On April 3, 2012, the U.S. Patent and Trademark Office (USPTO) issued U.S. Patent 8,147,866 to BioDelivery Sciences International (BDSI)  that extends the exclusivity of the BioErodible MucoAdhesive (BEMA) drug delivery technology for BEMA Buprenorphine, a developmental product licensed previously by Endo, from 2020 to 2027. 

    QUALITESTGeneric product sales of $145 million for the first quarter 2012 represented an increase of 8 percent over last year.  Qualitest expects strong net sales growth for the remainder of  2012 driven by strong demand for its commercial products.  Qualitest remains focused on process improvements and increased efficiencies in order to enhance manufacturing capacity.AMSDevices sales, driven by the June 2011 acquisition of American Medical Systems (AMS), were $130 million for the first quarter.  Men's Health, led by sales of the AMS 800® Artificial Urinary Sphincter, were flat on a pro forma basis in the first quarter of 2012, compared with same period last year.  Benign prostatic hyperplasia (BPH), led by the increasing share of procedural volumes for the GreenLight XPS™ console and the accompanying MoXy fiber, grew 3 percent on a pro forma basis in the first quarter of 2012.  Women's Health sales declined 25 percent on a pro forma basis in the first quarter of 2012, compared with same period last year.  Net sales declines in Women's Health were driven by year-over-year declines in procedural volumes.
    Procedural volumes stabilized sequentially in Women's Health  as physician and patient education activities continue to improve understanding of the safety profiles for the company's effective surgical mesh therapy offerings.HEALTH TRONICSServices sales of $52 million for the first quarter 2012 represented an increase of 3 percent over last year, as a result of improved access to equipment for patients and physicians.  The company expects improved top-line growth from the Services segment in 2012 and beyond from the recent addition of an electronic medical records offering that is focused on practices specializing in urology, an expanding set of partnerships in our Endocare® cryoablation therapy as well as our pilot programs involving the sales of this device through the AMS channel. 

    2012 Financial GuidanceEndo now expects for full year 2012:

  • Reported (GAAP) diluted earnings per share between $1.75 and $1.95
  • Endo reiterated full year 2012 financial guidance as follows:

  • Total revenue between $3.15 billion and $3.30 billion
  • Total Branded Pharmaceuticals segment revenue between $1.740 billion and $1.800 billion
  • Total Generics segment revenue between $635 million and $675 million
  • Total Devices segment revenue between $530 million and $570 million
  • Total Services segment revenue between $240 million and $260 million
  • Adjusted diluted earnings per share between $5.00 and $5.20
  • Cash flow from operations between $750 million and $850 million
  • Capital expenditures to be approximately $100 million
  • Endo's 2012 guidance is based on certain current assumptions including:

  • Adjusted gross margin between 68 percent and 69 percent
  • Adjusted effective tax rate of between 30.5 percent and 31.5 percent
  • Weighted average number of common shares outstanding of 122 million shares for the year ended Dec. 31, 2012
  • Endo's estimates are based on projected results for the twelve months ended Dec. 31, 2012.  The company's guidance for reported (GAAP) earnings per share does not include any estimates for the potential future changes in the fair value of contingent consideration, certain separation benefits, asset impairment charges or for potential new corporate development transactions.

    Balance Sheet UpdateDuring the first quarter of 2012, Endo made payments of approximately $219 million to reduce the outstanding principal of term-loan debt associated with the acquisition of AMS.  The company believes that it will achieve its objective of reducing its debt to adjusted EBITDA ratio to 2.0 to 2.5 times in 2013. 

    Conference Call InformationEndo will conduct a conference call with financial analysts to discuss this news release today at 8:30 a.m. ET.  Investors and other interested parties may call 866-510-0710 (domestic) or +1 617-597-5378 (international) and enter passcode 71552059.  Please dial in 10 minutes prior to the scheduled start time.

    A replay of the call will be available from May 1 at 10:30 p.m. ET until 12:00 p.m. ET on May 15, 2012 by dialing 888-286-8010 (domestic) or +1 617-801-6888 (international) and entering passcode 17794666.

    A simultaneous webcast of the call can be accessed by visiting www.endo.com.  In addition, a replay of the webcast will be available until 12:00 p.m. ET on May 15, 2012.  The replay can be accessed by clicking on "Events" in the Investor Relations section of the website.

    Supplemental Financial InformationThe following tables provide a reconciliation of our reported (GAAP) statements of operations to our adjusted statements of operations for each of the three months ended March 31, 2012 and March 31, 2011 (in thousands, except per share data): Three Months Ended March 31, 2012 (unaudited) Actual Reported (GAAP)AdjustmentsAdjustedREVENUES

    $
    90,633

    $
    8212;$
    90,633COSTS AND EXPENSES:Cost of revenues

    364,820

    (161,238)

    (1)

    203,582Selling, general and administrative

    254,454

    (13,867)

    (2)

    240,587Research and development

    88,688

    (46,972)

    (3)

    41,716Asset impairment charges

    40,000

    (40,000)

    (4)

    —Acquisition-related items, net

    3,749

    (3,749)

    (5)

    —OPERATING (LOSS) INCOME

    $
    (61,078 )

    $   265,826$
    204,748INTEREST EXPENSE, NET

    46,896

    (4,976)

    (6)

    41,920LOSS ON EXTINGUISHMENT OF DEBT, NET

    5,426

    (5,426)

    (7)

    —OTHER EXPENSE, NET

    451

    —451(LOSS) INCOME BEFORE INCOME TAX

    $
    (113,851 )

    $   276,228$
    2,377INCOME TAX

    (39,326 )

    82,583

    (8)

    43,257CONSOLIDATED NET (LOSS) INCOME

    $
    (74,525 )

    $   193,645$
    9,120Less: Net income attributable to noncontrolling interests

    (12,820 )

    —(12,820)NET (LOSS) INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.$
    (87,345)

    $   193,645$
    ,300DILUTED (LOSS) EARNINGS PER SHARE

    $
    (0.75)$
    .87DILUTED WEIGHTED AVERAGE SHARES

    117,052122,591 

    Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:

    (1)
    To exclude amortization of commercial intangible assets related to marketed products of $50,603, the impact of inventory step-up recorded as part of acquisition accounting of $1,262, the accrual for the payment to Impax related to sales of OPANA ER of $110,000, milestone payments and receipts of $(1,131) and certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $504.

    (2)
    To exclude certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $11,110 and amortization of customer relationships of $2,757.

    (3)
    To exclude milestone payments to partners.

    (4)
    To exclude asset impairment charges.

    (5)
    To exclude acquisition-related costs of $3,876 and a gain of $(127) recorded to reflect the change in fair value of the contingent consideration associated with the Qualitest acquisition.

    (6)
    To exclude additional interest expense as a result of adopting ASC 470-20.

    (7)
    To exclude the unamortized debt issuance costs written off and recorded as a loss on extinguishment of debt upon our 2012 prepayments on our Term Loan indebtedness.

    (8)
    To reflect the cash tax savings results from our recent acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates.   Three Months Ended March 31, 2011 (unaudited) Actual Reported (GAAP) AdjustmentsAdjustedREVENUES

    $
    560,026

    $
    8212;$
    560,026COSTS AND EXPENSES:Cost of revenues

    231,558

    (50,997)

    (1)

    180,561Selling, general and administrative

    159,386

    (3,462)

    (2)

    155,924Research and development

    42,130

    (11,001)

    (3)

    31,129Acquisition-related items, net

    6,073

    (6,073)

    (4)

    —OPERATING INCOME

    $
    20,879

    $
    71,533$
    92,412INTEREST EXPENSE, NET

    18,790

    (4,541)

    (5)

    14,249OTHER EXPENSE, NET

    348

    —348INCOME BEFORE INCOME TAX

    $
    ,741

    $
    76,074$
    77,815INCOME TAX

    33,446

    11,683

    (6)

    45,129CONSOLIDATED NET INCOME

    $
    8,295

    $
    4,391$
    32,686Less: Net income attributable to noncontrolling interests

    (12,508)

    —(12,508)NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.$
    55,787

    $
    4,391$
    20,178DILUTED EARNINGS PER SHARE

    $
    .46$
    .00DILUTED WEIGHTED AVERAGE SHARES

    120,761120,761 

    Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:

    (1)
    To exclude amortization of commercial intangible assets related to marketed products of $37,211 and the impact of inventory step-up recorded as part of acquisition accounting of $13,786.

    (2)
    To exclude certain costs and separation benefits incurred in connection with continued efforts to enhance the Company's operations.

    (3)
    To exclude milestone and upfront payments to partners.

    (4)
    To exclude acquisition-related costs of $6,758 as well as the impact, under purchasing accounting, of a gain recorded to reflect the change in the company's current estimate of fair value, in accordance with GAAP, of the contingent consideration associated with the Indevus and Qualitest acquisitions of $(685).

    (5)
    To exclude additional interest expense as a result of adopting ASC 470-20.

    (6)
    To reflect the cash tax savings resulting from the Indevus, HealthTronics, Penwest and Qualitest acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates. 

     

    See Endo's Current Report on Form 8-K filed today with the Securities and Exchange Commission for additional non-GAAP reconciliations and for an explanation of Endo's reasons for using non-GAAP measures.Reconciliation of Projected GAAP Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share Guidance for 2012Year EndingDecember 31, 2012Projected GAAP diluted income per common share$1.75To$1.95Upfront and milestone-related payments to partners

    $0.71$0.71Amortization of commercial intangible assets and inventory step-up

    $1.87$1.87Acquisition and integration costs related to recent acquisitions.

    $0.29$0.29One-time payment now expected to be made to Impax Labs

    $0.90$0.90Impairment of long-lived assets

    $0.33$0.33Interest expense adjustment for ASC 470-20 and other treasury related items

    $0.21$0.21Tax effect of pre-tax adjustments at the applicable tax rates and certain other expected cash tax savings as a result of recent acquisitions

    ($1.06)($1.06)Diluted adjusted income per common share guidance $5.00To$5.20The company's guidance is being issued based on certain assumptions including:

  • Certain of the above amounts are based on estimates and there can be no assurance that Endo will achieve these results.
  • Includes all completed business development transactions as of May 1, 2012.
  •  About Endo Endo Pharmaceuticals Holdings Inc. (Endo) is a US-based diversified healthcare company that is redefining healthcare value by finding solutions for the unmet needs of patients along care pathways for pain management, pelvic health, urology, endocrinology and oncology. Through our operating companies: AMS, Endo Pharmaceuticals, HealthTronics and Qualitest, Endo is dedicated to improving care through a combination of branded products, generics, devices, technology and services that creates maximum value for patients, providers and payers alike. Learn more at www.endo.com.(Tables Attached)The following tables present Endo's unaudited Net Revenues for the three months ended March 31, 2012 and 2011: Endo Pharmaceuticals Holdings Inc.Net Revenues (unaudited)(in thousands) Three Months Ended

     March 312012

    2011

    Percent

    GrowthEndo PharmaceuticalsLIDODERM®$  210,014

    $
    89,725

    11%OPANA® ER81,086

    84,615

    -4%Voltaren® Gel—

    31,298

    -100%PERCOCET®23,380

    26,960

    -13%FROVA®15,644

    13,208

    18%SUPPRELIN® LA13,446

    11,222

    20%VANTAS®3,892

    3,545

    10%VALSTAR®6,236

    4,801

    30%FORTESTA® Gel5,822

    (969)

    NMOther Branded Products(265)

    6,970

    NMRoyalty and Other Revenue4,319

    4,139

    4%Total Endo Pharmaceuticals$   363,574

    $
    375,514

    -3%Qualitest$   145,345

    $
    34,409

    8%American Medical SystemsMen's Health$   67,440

    $
    8212;

    NMWomen's Health33,898

    NMBPH Therapy28,828

    NMTotal AMS$
    30,166

    $
    8212;

    NMHealthTronics$
    51,548

    $
    50,103

    3%Total Revenue$
    90,633

    $
    560,026

    23%The following table presents Endo's unaudited Pro forma Net Revenues for the five quarters ended March 31, 2012 giving effect to the  AMS acquisition as if it had occurred on Jan. 1, 2011:Endo Pharmaceuticals Holdings Inc.Net Pro Forma Revenues (unaudited)(in thousands) 2011

    2012Q1

    Q2

    Q3

    Q4

    Q1Endo PharmaceuticalsLIDODERM®

    $189,725

    $195,840

    $207,364

    $232,252

    $ 210,014OPANA® ER

    84,615

    92,853

    97,753

    109,118

    81,086Voltaren® Gel

    31,298

    36,655

    36,260

    38,488

    —PERCOCET®

    26,960

    27,675

    28,130

    21,835

    23,380FROVA®

    13,208

    14,163

    14,815

    15,994

    15,644SUPPRELIN® LA

    11,222

    12,515

    12,695

    13,683

    13,446VANTAS®

    3,545

    2,054

    5,013

    8,366

    3,892VALSTAR®

    4,801

    5,124

    6,295

    5,301

    6,236FORTESTA® Gel

    (969)

    2,028

    8,409

    5,401

    5,822Other Branded  Products

    6,970

    5,609

    4,948

    4,224

    (265)Royalty and Other Revenue

    4,221

    3,751

    3,829

    3,813

    4,319Total Endo Pharmaceuticals$375,596

    $398,267

    $425,511

    $458,475

    $363,574Qualitest$134,409

    $133,047

    $147,975

    $151,423

    $145,345American Medical Systems Men's Health

    $  67,407

    $  47,790

    $  66,548

    $  69,520

    $  67,440Women's Health

    45,325

    46,689

    38,240

    39,482

    33,898BPH Therapy

    28,054

    29,784

    26,731

    32,966

    28,828Total AMS$140,786

    $124,263

    $131,519

    $141,968

    $130,166 HealthTronics(1)$  50,103

    $  49,485

    $  54,073

    $  51,540

    $  51,548Total Revenue$700,894

    $705,062

    $759,078

    $803,406

    $690,633(1) The services segment does not include the pro forma impact of pre-acquisition revenues from the recently acquired electronic medical records providers, Intuitive Medical Software (IMS) and meridianEMR, Inc.

     

    The following table presents unaudited condensed consolidated Balance Sheet data at March 31, 2012 and Dec. 31, 2011: March 31,2012December 31,2011ASSETSCURRENT ASSETS:Cash and cash equivalents

    $
    248,303

    $
    547,620Accounts receivable, net

    657,135

    733,222Inventories, net

    288,875

    262,419Other assets

    279,097

    244,835Total current assets

    $1,473,410

    $1,788,096PROPERTY, PLANT AND EQUIPMENT, NET

    300,052

    297,731GOODWILL

    2,560,043

    2,558,041OTHER INTANGIBLES, NET

    2,416,921

    2,504,124OTHER ASSETS

    136,784

    144,591TOTAL ASSETS

    $
    ,887,210

    $
    7,292,583LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIES:Accounts payable and accrued expenses

    $
    972,451

    $
    993,216Other current liabilities

    108,152

    128,562Total current liabilities

    $
    ,080,603

    $
    ,121,778DEFERRED INCOME TAXES

    573,760

    617,677LONG-TERM DEBT, LESS CURRENT PORTION, NET

    3,197,015

    3,424,329OTHER LIABILITIES

    85,947

    89,208STOCKHOLDERS' EQUITY:Total Endo Pharmaceuticals Holdings Inc. stockholders' equity

    $
    ,889,133

    $
    ,977,690Noncontrolling interests

    60,752

    61,901Total stockholders' equity

    $
    ,949,885

    $
    2,039,591TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

    $
    ,887,210

    $
    7,292,583The following table presents unaudited condensed consolidated statement of cash flow data for the three months ended March 31, 2012 and 2011:20122011OPERATING ACTIVITIES:Consolidated net income,

    $
    (74,525)

    $
    8,295Adjustments to reconcile consolidated net income to net cash provided by operating activities:Depreciation and amortization

    66,957

    47,741Stock-based compensation

    14,518

    7,416Amortization of debt issuance costs and premium / discount

    7,868

    5,997Other

    20,982

    (1,284)Changes in assets and liabilities which provided cash:

    (48,862)

    2,893Net cash (used in) provided by operating activities

    (13,062)

    131,058INVESTING ACTIVITIES:Purchases of property, plant and equipment, net

    (28,921)

    (12,561)Other

    (5,000)

    (710)Net cash used in investing activities

    (33,921)

    (13,271)FINANCING ACTIVITIES:Purchase of common stock, net of issuance of common stock from treasury

    (31,588)

    (17,552)Distributions to noncontrolling interests

    (13,120)

    (12,627)Principal payments on Term Loans, net of proceeds

    (219,063)

    (4,197)Exercise of Endo Pharmaceuticals Holdings Inc. stock options

    9,543

    12,417Other

    2,106

    3,120Net cash used in financing activities

    (252,122)

    (18,839)Effect of foreign exchange rate

    (212)

    —NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

    (299,317)

    98,948CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

    547,620

    466,214CASH AND CASH EQUIVALENTS, END OF PERIOD

    $
    248,303

    $
    565,162Safe Harbor StatementThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Statements including words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "will," "may," "look forward," "intend," "guidance," "future" or similar expressions are forward-looking statements.  Because these statements reflect our current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Investors should note that many factors, as more fully described under the caption "Risk Factors" in our Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission and as otherwise enumerated herein or therein, could affect our future financial results and could cause our actual results to differ materially from those expressed in forward-looking statements contained in our Annual Report on Form 10-K. The forward-looking statements in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, could cause our actual results to differ materially from expected and historical results. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.


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