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Haemonetics Reports 8% Revenue Growth for Second Quarter of Fiscal 2012, Adjusted Earnings Per Share of $0.72 and Updates Previously Provided Full Year Earnings Guidance
Date:10/31/2011

BRAINTREE, Mass., Oct. 31, 2011 /PRNewswire/ -- Haemonetics Corporation (NYSE: HAE) today reported second quarter 2012 GAAP net revenues of $179.4 million, up 8%, net income of $13.9 million, down 35%, and earnings per share of $0.54, down 36%.  Excluding transformation costs and contingent consideration income, adjusted second quarter net income was $18.7 million, down 7%, and adjusted earnings per share was $0.72, down 9%.  Excluding currency impacts, net revenue was up 6% in the quarter.(1)

Year to date, Haemonetics reported GAAP net revenues of $350.0 million, up 6%, net income of $30.8 million, down 22%, and earnings per share of $1.18, down 23%.  Excluding transformation costs and contingent consideration income, adjusted first half net income was $35.8 million, down 9% and adjusted earnings per share was $1.37, down 11%.  Excluding currency impacts, first half fiscal 2012, net revenue was up 4%.(1)

Brian Concannon, Haemonetics' President and CEO, said: "The quality issues with the OrthoPAT® device recall and HS Core Bowl continued to negatively impact our operating income and earnings per share in the second quarter.  We have determined the root cause for both products, and remediation and recovery plans are well underway.  However, we have now concluded that we underestimated the costs to remediate and the impact that dealing with the quality issues had on elements of our business.  Our revised guidance fully reflects our learning.  We expect to put these issues behind us by the end of the fiscal year."

STRATEGIC AND SEGMENT GROWTH HIGHLIGHTSHaemonetics continues to make progress expanding its business.  The Company reported the following second quarter fiscal 12 highlights:

  • 14% revenue growth in plasma disposables, as increasing collection volumes drives revenues.
  • 7% revenue growth in the software business, a key enabler of blood management solutions.
  • 22% revenue growth in diagnostic disposables products, with rapid uptake by leading US hospitals.
  • IMPACT® accounts increasing to 226 as more customers embrace the value of blood management.
  • The OrthoPAT recall remains on track with over 500 devices replaced to date.

  • In the quarter Haemonetics reported adjusted gross margin of 50.9%, down 170 basis points, and adjusted operating margin of 14.2%, down 270 basis points.  The Company's adjusted operating expenses were $65.8 million, up 10%.  Gross and operating margins were significantly impacted by the recall of OrthoPAT devices.  The negative impact on operating results associated with the OrthoPAT recall and other product quality initiatives was approximately 180 basis points of gross margin, $4 million of operating earnings or $0.12 per share in the quarter and 170 basis points of gross margin, $7 million of operating earnings or $0.20 per share year to date.

    Mr. Concannon added: "Despite the quality issues, the fundamentals of this business remain strong.  With the exception of OrthoPAT disposables, where the recall impacted revenues, we saw continued growth across all other product categories.  We continue to see a growing demand for our products and services as more customers seek economic savings and improved clinical outcomes using our blood management solutions."

    As noted, in the quarter revenues were $179.4 million, up 8%.  A break-down vs. the prior year quarter follows:

    Plasma

    Plasma disposables revenue was $64.4 million, up 14%.  Momentum continued in Haemonetics' plasma business in the quarter following a cyclical adjustment in the commercial Plasma business last year.  Plasma revenues are still being negatively impacted by a change in collection practices in Japan.

    Blood bank

    Platelet disposables revenue was $42.2 million, up 6%.  Platelet revenues continue to benefit from strong sales in emerging markets.

    Red cell disposables revenue was $11.6 million, up 3%.  Red cell revenues grew due to increasing demand for red cells as the Company leveraged its IMPACT selling approach in the market.

    Hospital

    Surgical disposables revenue was $16.2 million, up 1%. The Elite® product launch is expected to accelerate in the second half of fiscal 12.  OrthoPAT orthopedic perioperative autotransfusion system disposables revenue was $7.3 million, down 12% and remains impacted by the voluntary recall of pre-2002 devices.

    Diagnostics revenue was $5.7 million, up 22%.  Revenue growth related to the TEG® Thrombelastograph® Hemostasis Analyzer business was also driven by the Company's IMPACT initiative.

    Software Solutions revenue was $17.2 million, up 7%.  The enhanced offering of software products for Blood Bank and Hospital customers continues to drive revenue growth.

    Equipment and other revenue was $14.8 million, up 4% following a first quarter in which a 13% decline occurred.  Equipment revenues are influenced by the timing of tenders and capital budgets.

    Haemonetics reported second quarter fiscal 12 revenue growth in all regions with sales up 10% in North America, 9% in Japan, 13% in Asia and 1% in Europe.

    Cash Flow and Share Repurchase ActivityThe Company reported continued strong cash flows.  Excluding transformation costs in fiscal 12 and 11 and deal costs in fiscal 11, adjusted first half operating cash flow was $57.1 million, up 8%, and free cash flow was $33.4 million, up 15%.  During the second quarter of fiscal 12, the Company repurchased approximately 852,400 of its common shares in the open market, completing its authorized $50 million repurchase program.

    GuidanceThe company now expects fiscal year 12 revenue growth of 6-7%, slightly above the high end of its previous guidance range.  Plasma is now expected to grow 11-12% and hospital products 0-2% due to the quality remediation.  Full year adjusted gross margin is now expected to approximate 52%, operating income $110 - $112 million, earnings per share $3.00 - $3.10 and free cash flow in excess of $70 million.

    These new estimates reflect an increase in the estimated full-year impact of the OrthoPAT and HS Core quality issues.  The impact on operating income due to lost sales and gross margin and increased quality and regulatory expenses, is now expected to be approximately $13 million or $0.37 per share, up from our previous estimate of $9 million or $0.25 per share.

    Full year guidance also includes revised estimates of operations cost savings delays and hospital product sales delays other than OrthoPAT, enumerated in the table which follows:$ million, except per shareAdjusted Operating IncomeAdjusted EPSLowHighLowHighPrevious Guidance$  124$  125$ 3.35$ 3.45Cost of quality - increase$
    (4)$
    (4)$(0.12)$(0.12)Operations cost savings delays$
    (3)$
    (3)$(0.08)$(0.08)Hospital product sales delays$
    (4)$
    (4)$(0.10)$(0.10)Other, net$
    (2)$
    (2)$(0.05)$(0.05)Current Guidance$  110$  112$ 3.00$ 3.10More information on the impact of the cost of quality on our adjusted operating results and our outlook for the full year can be found on our web site at http://www.haemonetics.com.(1)

    CONFERENCE CALLHaemonetics will host a webcast on Monday, October 31, 2011 at 10:00 am Eastern to discuss these results.  Interested parties can participate at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=72118&eventID=4204617.

    Haemonetics (NYSE: HAE) is a global healthcare company dedicated to providing innovative blood management solutions for our customers.  Together, our devices and consumables, information technology platforms, and consulting services deliver a suite of business solutions to help our customers improve clinical outcomes and reduce the cost of healthcare for blood collectors, hospitals, and patients around the world.  Our technologies address important medical markets: blood and plasma component collection, the surgical suite, and hospital transfusion services.  To learn more about Haemonetics, visit our web site at http://www.haemonetics.com.

    This release contains forward-looking statements that involve risks and uncertainties, including technological advances in the medical field and standards for transfusion medicine and our ability to successfully implement products that incorporate such advances and standards, product demand, product quality, market acceptance, regulatory uncertainties, the effect of economic and political conditions, the impact of competitive products and pricing, blood product reimbursement policies and practices, foreign currency exchange rates, changes in customers' ordering patterns, the effect of industry consolidation as seen in the plasma market, the effect of communicable diseases and the effect of uncertainties in markets outside the U.S. (including Europe and Asia) in which we operate and other risks detailed in the Company's filings with the Securities and Exchange Commission.  The foregoing list should not be construed as exhaustive.  The forward-looking statements are based on estimates and assumptions made by management of the Company and are believed to be reasonable, though are inherently uncertain and difficult to predict.  Actual results and experience could differ materially from the forward-looking statements.  Information set forth in this press release is current as of today and the Company undertakes no duty or obligation to update this information.

    (1) A reconciliation of GAAP to adjusted financial results is included at the end of the financial sections of this press release as well as on the web at http://www.haemonetics.com.  GAAP results include the following items which are excluded from adjusted results: $8.5 million of pre-tax restructuring and transformation costs and $1.6 million of contingent consideration income in the second quarter of fiscal 2012; $1.1 million in pre-tax restructuring and transformation costs and $1.9 million of contingent consideration in the second quarter of fiscal 2011; $8.9 million of pre-tax restructuring and transformation costs and $1.6 million of contingent consideration income in the first half of fiscal 2012; and $2.9 million in pre-tax restructuring and integration costs and $1.9 million of contingent consideration in the first half of fiscal 2011.  The second quarter and first half fiscal 2012 pre-tax restructuring and transformation costs excluded from adjusted financial results include $2.4 million of expenses for customer claims arising from the HS Core Bowl quality issue.  Fiscal 2012 guidance excludes: $13-14 million of planned costs associated with the restructuring of the infrastructure supporting research, manufacturing and supply chain organizations and the software solutions business; and inventory write-downs and customer claims arising from the HS Core Bowl quality issue.

    Haemonetics Corporation Financial Summary(Unaudited data in thousands, except per share data)Consolidated Statements of Income for the Second Quarter of FY12 and FY1110/1/2011
    As Reported10/2/2010
    As Reported% Inc/(Dec)
    vs Prior YearNET REVENUES$ 179,445$ 166,8337.6%Gross profit89,94987,7552.5%R&D10,3507,95430.1%S,G&A62,61352,79018.6%Contingent consideration income(1,580)(1,894)(16.6%)Operating expenses71,38358,85021.3%Operating income 18,56628,905(35.8%)Interest expense(17)(23)(26.1%)Interest income74949351.9%Other (expense), net(287)(216)32.9%Income before taxes19,01129,159(34.8%)Tax expense5,1317,821(34.4%)NET INCOME$ 13,880$ 21,338(35.0%)Net income per common shareassuming dilution$0.54$0.85(36.2%)Weighted average number of sharesBasic25,41824,686Diluted25,84325,228Profit Margins:Inc/(Dec) vs
    prior year profit
    margin % Gross profit50.1%52.6%(2.5%)R&D5.8%4.8%1%S,G&A34.9%31.6%3.3%Operating income10.3%17.3%(7.0%)Income before taxes10.6%17.5%(6.9%)Net income7.7%12.8%(5.1%)Consolidated Statements of Income for Year-to-Date FY12 and FY1110/1/2011
    As Reported10/2/2010
    As Reported% Inc/(Dec) vs
    Prior YearNET REVENUES$ 350,014$ 329,8726.1%Gross profit178,698174,2172.6%R&D18,95915,87519.4%S,G&A118,844107,14410.9%Contingent consideration income(1,580)(1,894)(16.6%)Operating expenses136,223121,12512.5%Operating income 42,47553,092(20.0%)Interest expense(35)(40)(12.5%)Interest income76746066.7%Other (expense)/income, net(502)22(2381.8%)Income before taxes42,70553,534(20.2%)Tax expense11,87714,277(16.8%)NET INCOME$ 30,828$ 39,257(21.5%)Net income per common shareassuming dilution$1.18$1.54(23.4%)Weighted average number of sharesBasic25,57524,913Diluted26,02925,459Profit Margins:Inc/(Dec) vs
    prior year profit
    margin % Gross profit51.1%52.8%(1.7%)R&D5.4%4.8%0.6%S,G&A34.0%32.5%1.5%Operating income12.1%16.1%(4.0%)Income before taxes12.2%16.2%(4.0%)Net income8.8%11.9%(3.1%)Revenue Analysis for the Second Quarter and Year-To-Date FY12 and FY11Three Months Ended10/1/2011
    As Reported10/2/2010
    As Reported% Inc/(Dec) vs
    Prior YearRevenues by geographyUnited States

    $ 86,339$ 78,7409.7%International

    93,10688,0935.7%Net revenues

    179,445166,8337.6%Disposable revenuesPlasma disposables

    64,40856,51414.0%Blood bank disposablesPlatelet

    42,19539,7466.2%Red cell

    11,64511,2943.1%53,84051,0405.5%Hospital disposablesSurgical

    16,20616,0111.2%OrthoPAT

    7,2958,281(11.9%)Diagnostics

    5,6594,64721.8%29,16028,9390.8%Subtotal

    147,408136,4938.0%Software solutions

    17,19916,1256.7%Equipment & other

    14,83814,2154.4%Net revenues

    $ 179,445$ 166,8337.6%Six Months Ended10/1/2011
    As Reported10/2/2010
    As Reported% Inc/(Dec) vs
    Prior YearRevenues by geographyUnited States

    $ 172,734$ 158,0499.3%International

    177,280171,8233.2%Net revenues

    350,014329,8726.1%Disposable revenuesPlasma disposables

    127,168112,43113.1%Blood bank disposablesPlatelet

    79,50476,0634.5%Red cell

    23,51422,6084.0%103,01898,6714.4%Hospital disposablesSurgical

    31,94832,362(1.3%)OrthoPAT

    15,04917,238(12.7%)Diagnostics

    11,2739,35520.5%58,27058,955(1.2%)Subtotal

    288,456270,0576.8%Software solutions

    35,35932,5858.5%Equipment & other

    26,19927,230(3.8%)Net revenues

    $ 350,014$ 329,8726.1%Consolidated Balance SheetsPeriod ending10/1/20114/2/2011AssetsCash and cash equivalents

    $183,421$196,707Accounts receivable, net

    129,242127,166Inventories, net

    101,44484,387Other current assets

    26,99340,571Total current assets

    441,100448,831Net PP&E

    156,866155,528Other assets

    225,756228,905   Total assets

    $823,722$833,264Period ending10/1/114/2/11Liabilities & Stockholders' EquityShort term debt & current maturities

    $3,080$   913Other current liabilities

    107,726107,758Total current liabilities

    110,806108,671Long-term debt

    3,3323,966Other long-term liabilities

    31,30734,491Stockholders' equity

    678,277686,136   Total liabilities & stockholders' equity

    $823,722$833,264Free Cash Flow ReconciliationThree Months Ended10/1/201110/2/2010GAAP cash flow from operations

    $25,408$30,730Capital expenditures

    (12,042)(8,864)Proceeds from sale of property, plant and equipment

    111151Net investment in property, plant and equipment

    (11,931)(8,713)Free cash flow after transformation and deal costs

    13,47722,017Transformation and deal costs

    2,8072,3252,8072,325Free cash flow before transformation and deal costs

    $16,284$24,342Six Months Ended10/1/201110/2/2010GAAP cash flow from operations

    $52,539$44,286Capital expenditures

    (23,843)(24,088)Proceeds from sale of property, plant and equipment

    130262Net investment in property, plant and equipment

    (23,713)(23,826)Free cash flow

    28,82620,460Transformation and deal costs

    4,5856,383Global Med employment contracts

    -2,1224,5858,505Free cash flow before transformation and deal costs

    $33,411$28,965Haemonetics Corporation Financial SummaryReconciliation of Non-GAAP MeasuresHaemonetics has presented supplemental non-GAAP financial measures as part of this earnings release.  A reconciliation is provided below that reconciles each non-GAAP financial measure with the most comparable GAAP measure.  The presentation of non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the most directly comparable GAAP measures.  There are material limitations to the usefulness of non-GAAP measures on a standalone basis, including the lack of comparability to the GAAP financial results of other companies.These measures are used by management to monitor the financial performance of the business, inform business decision making, and forecast future results.  Performance targets for management are established based upon these non-GAAP measures.  In the reconciliations below, we have removed restructuring and transformation costs from our GAAP expenses.  Our restructuring and transformation costs are principally related to HS Core customer related expenses, restructuring of certain departments and the disposal of a product line.   We believe this information is useful for investors because it allows for an evaluation of the Company with a focus on the performance of our core operations.Non-GAAP Gross Profit
    The use of these non-GAAP measures allows management to monitor the level of total gross profits without the costs of our business transformation.  We establish our budgets, forecasts, and performance targets on this basis.Non-GAAP S,G&A and Non-GAAP Operating Expenses

    The use of this non-GAAP measure allows management to monitor the ongoing level of spend that is necessary to support the business in a period when we are not transforming our business or completing an acquisition of in-process research and development.  We establish our budgets, forecasts, and performance targets excluding these costs.Non-GAAP Operating Income and Non-GAAP Income before Income Taxes

    The use of these non-GAAP measures allows management to monitor the level of operating and total pre-tax profits without the costs of our business transformation.  We establish our budgets, forecasts, and performance targets on this basis.Non-GAAP Net Income and Earnings per Share
    The use of these non-GAAP measures allows management to monitor the level of net income and earnings per share excluding both the costs of our business transformation, as well as any related tax effects. We establish our budgets, forecasts, and performance targets on this basis.Reconciliation of Non-GAAP Measures for the Second Quarter of FY12 and FY11Three Months Ended10/1/201110/2/2010Non-GAAP gross profitGAAP gross profit$89,949$87,755Restructuring and transformation costs1,381-Non-GAAP gross profit$91,330$87,755Non-GAAP R&DGAAP R&D$10,350$7,954Restructuring and transformation costs(1,356)-Non-GAAP R&D$8,994$7,954Non-GAAP S,G&AGAAP S,G&A$62,613$52,790Restructuring and transformation costs(5,792)(1,120)Non-GAAP S,G&A$56,821$51,670Non-GAAP operating expensesGAAP operating expenses$71,383$58,850Restructuring and transformation costs(7,148)(1,120)Contingent consideration income1,5801,894Non-GAAP operating expenses$65,815$59,624Non-GAAP operating income GAAP operating income$18,566$28,905Restructuring and transformation costs8,5291,120Contingent consideration income(1,580)(1,894)Non-GAAP operating income $25,515$28,131Non-GAAP income before taxesGAAP income before taxes$19,011$29,159Restructuring and transformation costs8,5291,120Contingent consideration income(1,580)(1,894)Non-GAAP income before taxes$25,960$28,385Non-GAAP net incomeGAAP net income$13,880$21,338Restructuring and transformation costs8,5291,120Contingent consideration income(1,580)(1,894)Tax benefit associated with non-GAAP items(2,164)(467)Non-GAAP net income$18,665$20,097Non-GAAP net income per common share assuming dilutionGAAP net income per common share assuming dilution$0.54$0.85Non-GAAP items after tax per common share assuming dilution$0.18($0.05)Non-GAAP net income per common share assuming dilution$0.72$0.80Presented below are additional Constant Currency performance measures.  We measure different components of our business at constant currency.  We believe this information is useful for investors because it allows for an evaluation of the Company without the effect of changes in foreign exchange rates.  These results convert our local foreign currency operating results to the US Dollar at constant exchange rates of $1.20 per Euro, and 110 Yen to the $1.00.  They also exclude the results of our foreign currency hedging program described in Note 7 to our consolidated financial statements in our Form 10-K.  Non-GAAP revenuesGAAP revenue$179,445$166,833Foreign currency effects(13,544)(9,736)Non-GAAP revenue - constant currency$165,901$157,097Non-GAAP net incomeNon-GAAP net income, adjusted for restructuring, transformation costs and contingent consideration income$18,665$20,097Foreign currency effects, net of tax(3,213)(3,799)Income tax associated with foreign currency effects9031,112 Non-GAAP net income - constant currency16,35517,410Non-GAAP net income per common share assuming dilutionNon-GAAP net income per common share assuming dilution, adjusted for restructuring, transformation costs and contingent consideration income$0.72$0.80Foreign currency effects after tax per common share assuming dilution($0.09)($0.11)Non-GAAP net income per common share assuming dilution - constant currency$0.63$0.69Reconciliation of Non-GAAP Measures for FY12 and FY11Six Months Ended10/1/201110/2/2010Non-GAAP gross profitGAAP gross profit$178,698$174,217Restructuring and transformation costs1,381-Non-GAAP gross profit$180,079$174,217Non-GAAP R&DGAAP R&D$18,959$15,875Restructuring and transformation costs(1,356)-Non-GAAP R&D$17,603$15,875Non-GAAP S,G&AGAAP S,G&A$118,844$107,144Restructuring and transformation costs(6,129)(2,863)Non-GAAP S,G&A$112,715$104,281Non-GAAP operating expensesGAAP operating expenses$136,223$121,125Restructuring and transformation costs(7,485)(2,863)Contingent consideration income1,5801,894Non-GAAP operating expenses$130,318$120,156Non-GAAP operating income GAAP operating income$42,475$53,092Restructuring and transformation costs8,8652,863Contingent consideration income(1,580)(1,894)Non-GAAP operating income $49,760$54,061Non-GAAP income before taxesGAAP income before taxes$42,705$53,534Restructuring and transformation costs8,8652,863Contingent consideration income(1,580)(1,894)Non-GAAP income before taxes$49,990$54,503Non-GAAP net incomeGAAP net income$30,828$39,257Restructuring and transformation costs8,8652,863Contingent consideration income(1,580)(1,894)Tax benefit associated with non-GAAP items(2,350)(1,067)Non-GAAP net income$35,763$39,159Non-GAAP net income per common share assuming dilutionGAAP net income per common share assuming dilution$1.18$1.54Non-GAAP items after tax per common share assuming dilution$0.19($0.00)Non-GAAP net income per common share assuming dilution$1.37$1.54Presented below are additional Constant Currency performance measures.  We measure different components of our business at constant currency.  We believe this information is useful for investors because it allows for an evaluation of the Company without the effect of changes in foreign exchange rates.  These results convert our local foreign currency operating results to the US Dollar at constant exchange rates of $1.20 per Euro, and 110 Yen to the $1.00.  They also exclude the results of our foreign currency hedging program described in Note 7 to our consolidated financial statements in our Form 10-K.  Non-GAAP revenuesGAAP revenue$350,014$329,872Foreign currency effects(24,607)(16,419)Non-GAAP revenue - constant currency$325,407$313,453Non-GAAP net incomeNon-GAAP net income, adjusted for restructuring, transformation costs and contingent consideration income$35,763$39,159Foreign currency effects(6,416)(7,087)Income tax associated with foreign currency effects1,8271,999Non-GAAP net income - constant currency31,17434,071Non-GAAP net income per common share assuming dilutionNon-GAAP net income per common share assuming dilution, adjusted for restructuring, transformation costs and contingent consideration income$1.37$1.54Foreign currency effects after tax per common share assuming dilution($0.18)($0.20)Non-GAAP net income per common share assuming dilution - constant currency$1.19$1.34CONTACT:
    Gerry Gould, VP-Investor Relations
    Tel. (781) 356-9402
    gerry.gould@haemonetics.com
    Alt. (781) 356-9613


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    SOURCE Haemonetics Corporation
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