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Alcon dips despite Q1 earnings beat

Alcon (NYSE:ALC) shares took a hit in pre-market trading today on first-quarter earnings that beat the consensus forecast.

ALC shares were down -6.2% at $69.88 in pre-market trading today.

The Geneva, Switzerland-based company posted earnings per share of 17¢ on sales of $1.9 billion for the three months ended March 31, 2021, registering revenue growth of 4.8% year-over-year.

Adjusted to exclude one-time items, earnings per share were 49¢, 4¢ ahead of projections made by Wall Street analysts.

The company’s surgical segment registered 9.5% growth year-over-year in revenues, while its vision care business dipped -0.6% from its Q1 2020 sales numbers.

“The first quarter was a solid start to the year, with healthy sales, a return to 2019 core margin levels and the substantial completion of our separation activities. Strong commercial execution of our new product launches continues to drive market share gains despite the continued imp…

8 medical device companies that beat the COVID-19 pandemic and prospered

[Image from unsplash.com]Some medical device businesses not only survived the COVID-19 pandemic but actually thrived — with many producing the medtech needed to fight the coronavirus’s spread.

Medical Design & Outsourcing recently analyzed financials for 20 of the largest medical device businesses in the world. Not only was revenue only slightly down for the 20 during 2020, but it was actually up for eight of the 20 companies.

For many of the eight companies that saw sales increase, there was a common theme: They pivoted their focus to the diagnostics imaging and personal protective equipment needed to against COVID-19.

“We had different kinds of companies that were able to benefit on some level from COVID and shutdowns,” Richard Newitter, senior research analyst at SVB Leerink, told MDO.

Overall, medtech sales declined in Q1 and Q2 but then bounced back in a V-shaped recovery for the rest of the year, according to Newitter “It plateaued and actu…

8 medical device companies that beat the COVID-19 pandemic and prospered

[Image from unsplash.com]

Some medical device businesses not only survived the COVID-19 pandemic but actually thrived — with many producing the medtech needed to fight the coronavirus’s spread.

Medical Design & Outsourcing recently analyzed financials for 20 of the largest medical device businesses in the world. Not only was revenue only slightly down for the 20 during 2020, but it was actually up for eight of the 20 companies.

For many of the eight companies that saw sales increase, there was a common theme: They pivoted their focus to the diagnostics imaging and personal protective equipment needed to against COVID-19.

“We had different kinds of companies that were able to benefit on some level from COVID and shutdowns,” Richard Newitter, senior research analyst at SVB Leerink, told MDO.

Overall, medtech sales declined in Q1 and Q2 but then bounced back in a V-shaped recovery fo…

How big medtech fared during a year of COVID-19

[Image from Unsplash]Despite numerous challenges, the medtech industry showed itself to be fairly recession-proof in 2020, according to a Medical Design & Outsourcing/MassDevice analysis of financials.

Annual reports recently released by 20 of the world’s largest medical device companies showed only a slight dip in revenue during 2020 — a year in which medtech held the front lines against the COVID-19 pandemic. Employment was also up slightly amongst the top earners, while R&D spending held its own.

The 20 companies included in the MDO analysis include 3M Healthcare, Abbott (medical device segment), Alcon, Align Technology, Baxter, Boston Scientific, Danaher (life sciences and diagnostics segment), Dentsply Sirona, Edwards Lifesciences, GE Healthcare, Henry Schein, Intuitive Surgical, Johnson & Johnson (medical device segment), Medline Industries, Owens & Minor, Royal Philips, Smith+Nephew, Stryker, Teleflex and Zimmer Biomet.

Get the full s…

How big medtech fared during a year of COVID-19

[Photo from Unsplash]

Despite numerous challenges, the medtech industry showed itself to be fairly recession-proof in 2020, according to a Medical Design & Outsourcing analysis of financials.

Annual reports recently released by 20 of the world’s largest medical device companies showed only a slight dip in revenue during 2020 — a year in which medtech held the front lines against the COVID-19 pandemic. Employment was also up slightly amongst the top earners, while R&D spending held its own.

The 20 companies included in the MDO analysis include 3M Healthcare, Abbott (medical device segment), Alcon, Align Technology, Baxter, Boston Scientific, Danaher (life sciences and diagnostics segment), Dentsply Sirona, Edwards Lifesciences, GE Healthcare, Henry Schein, Intuitive Surgical, Johnson & Johnson (medical device segment), Medline Industries, Owens & Minor, Royal Philips, Smith+Nephew, …

Alcon launches extended depth of focus intraocular lens

Alcon (NYSE:ALC) announced today that it launched the first and only non-diffractive extended depth of focus intraocular lens in the U.S.

Geneva, Switzerland-based Alcon’s AcrySof IQ Vivity IOL, a presbyopia-mitigating lens, is now available to all U.S. ophthalmologists for use with patients who are undergoing cataract surgery, according to a news release.

AcrySof IQ Vivity uses Alcon’s proprietary non-diffractive X-Wave technology, which stretches and shifts light without splitting it to deliver monofocal-quality distance vision, strong intermediate vision and functional near vision.

The IOL received FDA approval in February 2020 and was made available to select U.S. ophthalmologists during a September 2020 pilot phase. The lens is already available in some European markets, along with Australia, New Zealand and Canada, with the company touting more than 125 million implants of the AcrySof IQ platform around the world so far.

In U.S. …

Alcon slides on missed Q2 earnings

Alcon (NYSE:ALC) shares dipped before hours today on second-quarter results that missed the consensus earnings forecast.

The Geneva, Switzerland-based company posted losses of -$422 million, or -86¢ per share, on sales of $1.2 billion for the three months ended June 30, 2020, for an 8.2% bottom-line slide on a sales decline of -36.2%.

Adjusted to exclude one-time items, earnings per share were -21¢, 7¢ behind projections from Wall Street analysts.

Alcon’s surgical sales decreased by -43% year-over-year, while its vision care segment dropped by -27%. The former felt the impact of the COVID-19 pandemic and the resulting delay in procedures, while the latter experienced lower demand and widespread office closures because of the pandemic.

“We are encouraged by the sequential monthly improvement in sales, which confirmed our recovery expectations,” Alcon CEO David Endicott said in a news release. “Despite the significant level o…

Novartis, Alexion charged with FPCA violations

Novartis (NYSE:NVS) and Alexion Pharmaceuticals (NSDQ:ALXN) were charged with violations of the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).

The Securities & Exchange Commission (SEC) announced that the pharmaceutical companies both committed violations and both agreed to pay millions of dollars to settle the charges. Novartis settled to pay over $112 million and Alexion agreed to pay more than $21 million.

Get the full story at our sister site, Drug Discovery & Development.

Novartis, Alexion charged with FPCA violations

Novartis (NYSE:NVS) and Alexion Pharmaceuticals (NSDQ:ALXN) were charged with violations of the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).

The Securities & Exchange Commission (SEC) announced that the pharmaceutical companies both committed violations and both agreed to pay millions of dollars to settle the charges. Novartis settled to pay over $112 million and Alexion agreed to pay more than $21 million.

Basel, Switzerland-based Novartis, with its local subsidiaries or affiliates, or former subsidiary Alcon, was found to have engaged in schemes to make improper payments or to provide benefits to public and private healthcare providers in South Korea, Vietnam and Greece in exchange for prescribing or using Novartis or Alcon products.

The SEC says the schemes took place between 2012 and 2016 and were known among certain managers of the subsidiaries or affiliates. According t…

Alcon prices $750m public offering

Alcon (NYSE:ALC) announced that it commenced and priced a private offering of senior notes worth a total of $750 million.

The Geneva, Switzerland-based vision care company is offering 2.6% senior notes due in 2030. The notes will be issued by Alcon Finance Corporation, an indirect subsidiary. They will be fully and unconditionally guaranteed on a senior basis by Alcon.

Alcon expects the offering to close on May 27. The company said in a news release that it intends to use the proceeds for general corporate purposes.

The company recently posted Street-beating first-quarter results in spite of the fact that its surgical sales dipped -2% as a result of the COVID-19 pandemic and the deferral of elective procedures.

Medtech 100 roundup: Stocks dip slightly after strong start to month

Medtech stocks ticked down over the course of last week as the COVID-19 pandemic continues to bear economic ramifications.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 82.4 points at the end of last week (May 15). That total represents a -1.9% decline from the 83.98-point total at the same time a week prior (May 8).

The lowest point during the pandemic remains at 62.13 on March 23. Since then, medtech stocks have experienced 32.6% growth in total. However, they are still down -10.7% since the index’s pre-pandemic crash high point of 92.32 on Feb. 19.

Compared to the S&P 500 Index, which experienced a -2.2% increase from May 8 to May 15, the medtech index took a similarly small dip. The Dow Jones Index suffered even more with a -2.6% decline over the same period of time.

More often than not, recent earnings reports are revealing negative results in large part due to COVID-19. E…