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Another day of excitement.....this does more trading pre-market than during the day....
First-of-its-Kind Natural Orifice Surgical Procedure Performed Using Power Medical Interventions(r) Intelligent Surgical Instruments(tm)
Surgeons Safely Remove Tumor Through Vagina
Monday March 30, 2009, 7:30 am EDT
News out today !! Yipee Surgeons Safely Remove Tumor Through Vagina !
wow..you guys have done quite well here.
just read your last post...on BIPH
been "IN" since sept waiting for this kind of run...
and when i say i'm "IN"
i'm "ALL IN"...
hope it works out as well as you've done here, maybe better!
congrats to shareholders here, sorry i missed this one!!!!
Check-out the L2 line-up on BIPH! MM's getting ready for the run-up! MBD
Just a tip there is another hidden GEM that i have been holding for quite sometime. It will revolutionize the Ventricular assist device market with their NEW PATENTED REVOLUTIONARY device called the MYOVAD! NEWS coming next week!
Stock symbol is BIPH trading @.0119!!! Looking for a STRONG move up VERY soon!! JMO....MBD
Have been holding since .31! NOONE was watching this one. I suffer from GERD! It's NO JOKE!! This company is doing all the right things. MBD
Power Medical Interventions, Inc. Receives FDA 510(k) Marketing Clearance for i60RL Intelligent Surgical Instruments(tm)
First-of-Its-Kind Instrument Provides Surgeons With Greater Access to Key Anatomical Sites
LANGHORNE, Pa., Feb. 17, 2009 (GLOBE NEWSWIRE) -- Power Medical Interventions(r), Inc. (Nasdaq:PMII), a leader in developing and commercializing Intelligent Surgical Instruments(tm), announced today that the U.S. Food and Drug Administration has cleared its 510(k) application for marketing its patented i60RL Intelligent Surgical Instrument. The i60RL Intelligent Surgical Instrument is the world's first reverse pivot linear cutter, designed to improve medical outcomes by providing surgeons with greater access to important anatomical sites that are currently difficult to reach. The i60RL will be available for applications throughout the digestive tract. The Company intends to launch the product in April 2009.
In addition, PMI received approval from an Institutional Review Board to conduct a study on the effectiveness of the i60RL in the treatment of gastroesophageal reflux disease (GERD). GERD is a digestive disorder that affects the lower esophageal sphincter, the muscle connecting the esophagus with the stomach. It is estimated that millions of Americans are affected by this disease. The study will be conducted at the University of Chicago and will be lead by John Alverdy, M.D., Professor of Surgery and Head of the Minimally Invasive Lab at the University of Chicago.
Dr. Alverdy commented, "Gastroesophageal reflux disease or GERD affects millions of Americans annually. If the study is successful, it will support our belief that the i60RL will provide an effective minimally invasive treatment alternative for patients suffering from GERD."
Michael Whitman, President and Chief Executive Officer, commented, "The i60RL is the world's first reverse pivot linear cutter, providing surgeons with the ability to access difficult to reach anatomical sites. We believe that Dr. Alverdy and the four clinical sites to be selected to conduct this study will provide us with the data to help us to prove the effectiveness of this device and illustrate the numerous benefits it will bring to both surgeons and patients. It is anticipated that the procedure, utilizing the i60RL, may take as little as thirty minutes to complete and will serve as an alternative to widely used prescription drugs and invasive surgeries. The i60RL is a unique and proprietary addition to PMI's growing line of Intelligent Surgical Instruments and further validates the possibility for PMI's technology to facilitate the creation of new clinical indications in minimally invasive surgery."
PMI's Intelligent Surgical Instruments are computer-assisted, power-actuated endomechanical instruments that surgeons use for cutting, stapling and tissue manipulation in a variety of procedures in open surgery and minimally invasive surgery. The Company believes that compared to conventional endomechanical devices, its Intelligent Surgical Instruments offer greater precision and consistency, superior compressive force, improved access to anatomical sites and enhanced ease of use.
About Power Medical Interventions, Inc.
Power Medical Interventions(r), Inc. is the world's only provider of computer-assisted, power-actuated surgical stapling products. PMI's Intelligent Surgical Instruments(tm) enable less invasive surgical techniques to benefit surgeons, patients, hospitals and healthcare networks. PMI manufactures durable recyclable technology to reduce medical waste and help keep the planet clean. The company was founded in 1999, and is headquartered in Langhorne, PA with additional offices in Germany, France, and Japan. To learn more about Power Medical Interventions, Inc. and its products, please visit www.pmi2.com.
well you dork heads aren't paying attention to me!
that's ok! I'll make $$$$$$$$$ for Tina Marie :)
Holding out on me with PMII?
Power Medical Interventions(r), Inc. Announces Third Quarter Earnings Release Date and Conference Call Information
LANGHORNE, Pa., Oct 28, 2008 (GlobeNewswire via COMTEX News Network) -- Power Medical Interventions(r), Inc. (Nasdaq:PMII), a leader in developing and commercializing Intelligent Surgical Instruments(tm), announced today that it will release its third quarter 2008 financial results after-market on Thursday, November 6, 2008. The Company will host a conference call on Friday, November 7, 2008 at 10:00 a.m. Eastern Time. To participate in the third quarter conference call, please dial 877-397-0297 or 719-325-4901.
A live broadcast of the conference call will be available at the Company's web site, www.pmi2.com, in the "Investor Relations" section. Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the Internet broadcast.
An online archive of the broadcast will be available at the site two hours after the live call and will be available through Friday, November 14, 2008, by dialing 888-203-1112 or 719-457-0820 and entering conference ID #: 6864387.
About Power Medical Interventions, Inc.:
Power Medical Interventions(r), Inc. is the world's only provider of computer-assisted, power-actuated surgical stapling products. PMI's Intelligent Surgical Instruments(tm) enable less invasive surgical techniques to benefit surgeons, patients, hospitals and healthcare networks. PMI manufactures durable recyclable technology to reduce medical waste and help keep the planet clean. The company was founded in 1999, and is headquartered in Langhorne, PA with additional offices in Germany, France, and Japan. To learn more about Power Medical Interventions, Inc. and its products, please visit www.pmi2.com.
Safe Harbor Statement
Statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future financial performance of the Company are subject to many factors including, but not limited to, the customer acceptance of the products in the market, the introduction of competitive products and product development, commercialization and technological difficulties, and other risks detailed in the Company's Securities and Exchange Commission filings, including the Company's Annual Report on Form 10-K for the year ended December 31, 2007 and its Quarterly Report on Form 10-Q for the three months ended June 30, 2008.
Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release the terms "anticipate," "believe," "estimate," "expect," "may," "objective," "plan," "possible," "potential," "project," "will" and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Power Medical Interventions
Power Medical Interventions, Inc.
John P. Gandolfo, Chief Financial Officer
267-775-8100
FD
Evan Smith, CFA
212-850-5606
Evan.smith@fd.com
(C) Copyright 2008 GlobeNewswire, Inc. All rights reserved.
News Provided by COMTEX
Stock Activity
fyi Last Price 1.78
52 Week High 14.79
52 Week Low 0.64
Volume 50,420
Average Daily Volume (13wk) 80,569
50 Day Moving Average 3.05
200 Day Moving Average 6.29
Volatility (beta) NA
Recent Insider Trading Activity: Power Medical Interventions Inc
Date Name Transaction Num Shares Price(s) Value
09/12/08 DORROS GERALD Purchase 24,540 $4.83 118,528.20
09/12/08 DORROS GERALD Purchase 460 $4.55 2,090.70
09/12/08 SCUCCI MARY KAY Purchase 245 $4.50 1,102.50
08/18/08 FEDERICO CHARLES W Purchase 3,000 $3.82 11,460.00
03/27/08 DORROS GERALD Purchase 52,531 $6.09 319,913.78
Power Medical Interventions, Inc. Receives Nasdaq Listing Deficiency Notice and FDA Warning Letter
October 24, 2008 5:11 PM ET
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GlobeNewswire
LANGHORNE, Pa., Oct. 24, 2008 (GLOBE NEWSWIRE) -- Power Medical Interventions(r), Inc. (Nasdaq:PMII), a leader in developing and commercializing Intelligent Surgical Instruments(tm), announced today that it received from the Nasdaq Stock Market a Staff Deficiency Letter notifying the company that it is not in compliance with the listing standards of the Nasdaq Global Market.
Separately, the company announced that on October 22, 2008 it received from the United States Food and Drug Administration ("FDA") a Warning Letter in which FDA stated that the company failed to comply in certain respects with the agency's quality system and medical device reporting regulations.
Nasdaq Staff Deficiency Letter
On October 22, 2008, the company received from the Nasdaq Stock Market a Staff Deficiency Letter notifying the company that it was not in compliance with the listing requirements of the Nasdaq Global Market because the company's market value of listed securities had been below the minimum $50,000,000 requirement for continued listing set forth in Marketplace Rule 4450(b)(1)(A) for ten consecutive trading days. Under applicable Nasdaq rules, if the company is not able to establish compliance with the minimum market value of listed securities requirement by November 21, 2008, the company will receive a notice that its common stock will be delisted from the Nasdaq Global Market. If such a delisting notification is issued, the company will be entitled to appeal the Staff's determination to a Nasdaq Listing Qualifications Panel. A timely appeal would stay delisting pending the appeal. However, there can be no assurance that the company will be able to reestablish or maintain compliance with the applicable Nasdaq listing criteria or that any such appeal, if taken, would be successful.
FDA Warning Letter
As previously disclosed by the company, during April and May 2008, the FDA conducted an inspection of the company's Langhorne, PA facility, and in May 2008 issued a Notice of Inspectional Observations, or Form 483, that noted ten inspectional observations related to, among other matters, management controls, complaint handling, and medical device reporting. PMI submitted written responses to the Form 483 on May 23, May 30, June 18, and September 25, 2008. In the company's 483 responses, PMI described the actions that it had taken or intended to take to address each of the inspectional observations and to otherwise ensure that similar nonconformities do not recur.
On October 22, 2008, the company received from the FDA a Warning Letter stating that FDA has determined that the company is not in compliance with certain FDA regulations. The specific observations identified in the Warning Letter were similar to those identified on the May 2008 Form 483. In the Warning Letter, FDA also acknowledged the company's responses to the May 2008 Form 483 observations and stated that it would verify compliance at a future inspection. The Warning Letter did not identify any deficiencies pertaining to the company's 483 responses or corrective actions being implemented by the company.
The Warning Letter indicated that failure to promptly correct the noted violations could result in further regulatory action being taken by the FDA without notice, and that such actions could include, without limitation, seizure, injunction and/or civil money penalties.
Michael P. Whitman, the company's Chief Executive Officer, stated, "Power Medical Interventions takes these issues very seriously and is working diligently with our internal employees and a number of consultants to address these issues."
PMI intends to submit a formal response to the FDA within the 15 day time period provided in the FDA Warning Letter.
About Power Medical Interventions, Inc.:
Power Medical Interventions(r), Inc. is the world's only provider of computer-assisted, power-actuated surgical stapling products. PMI's Intelligent Surgical Instruments(tm) enable less invasive surgical techniques to benefit surgeons, patients, hospitals and healthcare networks. PMI manufactures durable recyclable technology to reduce medical waste and help keep the planet clean. The company was founded in 1999, and is headquartered in Langhorne, PA with additional offices in Germany, France, and Japan. To learn more about Power Medical Interventions, Inc. and its products, please visit www.pmi2.com.
Safe Harbor Statement
Statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future financial performance of the Company are subject to many factors including, but not limited to, the customer acceptance of the products in the market, the introduction of competitive products and product development, commercialization and technological difficulties, and other risks detailed in the Company's Securities and Exchange Commission filings, including the Company's Annual Report on Form 10-K for the year ended December 31, 2007 and its Quarterly Report on Form 10-Q for the three months ended March 31, 2008.
Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release the terms "anticipate," "believe," "estimate," "expect," "may," "objective," "plan," "possible," "potential," "project," "will" and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise.
CONTACT: Power Medical Interventions, Inc.
John P. Gandolfo, Chief Financial Officer
267-775-8100
FD
Evan Smith, CFA
212-850-5606
Evan.smith@fd.com
© 2008 GlobeNewswire, Inc. All Rights Reserved.
Any thoughts on the future of this one.
I am getting in now because I think it had a nice pullback,
and the news will get better for their rev. $$$
Power Medical Interventions, Inc. Reports First Quarter 2008 Financial Results
AP
Posted: 2008-04-30 16:51:10
By PRIME NEWSWIRE
LANGHORNE, Penn., April 30, 2008 (PRIME NEWSWIRE) -- Power Medical Interventions(r), Inc. (Nasdaq:PMII), a leader in developing and commercializing Intelligent Surgical Instruments, today announced financial results for the first quarter ended March 31, 2008.
Financial Results
Sales in the three months ended March 31, 2008 were $2.2 million, a 23% increase compared with $1.8 million for the first quarter of 2007. Included in the first quarter 2008 amount was approximately $478,000 of revenue attributable to sales of reload cartridges for the Company's new i60 wireless hand-held linear stapler. This represents a 77% increase over fourth quarter 2007 reload revenues of $270,000.
The Company's gross margin was ($333,000) or (15%) of sales in the three months ended March 31, 2008 compared to a gross margin of 25% during the corresponding period in 2007. The decrease in gross margin is attributable to increased cost of sales, including approximately $246,000 representing the cost of i60 and iDrive devices placed with hospitals during the first quarter and approximately $250,000 associated with a write-off of components inventory due to a design enhancement of the i60 device. The Company's gross margins may experience fluctuations from period to period until we are able to realize further economies of scale in our purchasing and manufacturing process through increased manufacturing capacity utilization and automation.
Operating expenses in the three months ended March 31, 2008 increased by 76% to $11.4 million from $6.5 million during the corresponding period in 2007. On a sequential basis, operating expenses declined 19%, from $14.1 million in the fourth quarter of 2007, primarily as a result of a significant reduction in sales and marketing expenses. First quarter 2008 domestic and international sales and marketing expenses increased to $6.8 million from $3.3 million during the first quarter of 2007, but decreased by 21% from $8.6 million reported in the fourth quarter of 2007. The decrease was a result of decreased personnel costs and sales commissions as well as reduced sales samples expenses. Research and development expenses for the first quarter of 2008 increased 58% to $1.6 million from $1.0 million in the corresponding 2007 period due to increased investment in product line extensions and product derivatives, as well as approximately $325,000 of component costs, primarily for the i60 green reload cartridges which were launched in April 2008. General and administrative expenses for the first quarter of 2008 increased 36% to $3.0 million from $2.2 million in the corresponding period of 2007, but declined 17% compared to the fourth quarter of 2007. The decrease from the fourth quarter of 2007 is a result of decreases in stock compensation expense, bonuses and other personnel related expenses. Operating expenses for the first quarter of 2008 includes non-cash stock compensation expense of approximately $440,000 compared with $614,000 in the fourth quarter of 2007 and approximately $200,000 of severance costs associated with previously announced cost cutting initiatives.
Net loss applicable to common shareholders for the three months ended March 31, 2008 was $12.2 million, or $(0.71) per basic and diluted share, compared to net loss applicable to common shareholders of $8.2 million or $(2.19) per basic and diluted share for the corresponding period in 2007. The Company's unrestricted cash and cash equivalents balance as of March 31, 2008 was approximately $23.5 million.
Michael Whitman, Founder, President and Chief Executive Officer, commented, "Following the FDA marketing clearance for the i60 and iDrive products in the second half of 2007, we have been working aggressively to educate the marketplace and drive market penetration. We believe that our i60 reload revenue increase in the first quarter of 2008 provides evidence of the market acceptance and underpinning for future demand for the i60 especially in light of the fact we only had the blue reloads available during the quarter. In April, we launched our green reload cartridges for the i60, which means that we can now address a wider range of surgical applications. We expect that sales of both green and blue reloads will become the largest source of recurring revenue for the Company in the future."
"The remainder of this year is going to be a very exciting and busy time as we continue to roll out i60, iDrive and other iSeries products. We welcomed Michael Fard as Vice President of Operations during the first quarter, and he has already begun to implement improvements to our manufacturing processes to enhance operating efficiency and ensure overall product quality. We are continuing our efforts to reduce our cash burn through ongoing cost reductions. The combination of increased sales, expanded product offering and increased operating efficiency should result in improved market penetration and financial performance for the balance of 2008."
Outlook
The Company is adjusting its previously announced guidance of sales for 2008 to be in the range of $18 to $22 million due to previously disclosed delays in its i60 product launch and the uncertainty of timing of market acceptance for the Company's new products. Based upon achieving these revenues, the Company anticipates a loss from operations in 2008 of $27 to $29 million. As previously mentioned, a significant portion of the revenue growth is expected to occur in the third and fourth quarters of 2008 as the Company places more instruments with hospital accounts and reload firings increase.
Power Medical Interventions, Inc. Reports 2007 Financial Results
AP
Posted: 2008-02-27 16:41:24
By PRIME NEWSWIRE
LANGHORNE, Pa., Feb. 27, 2008 (PRIME NEWSWIRE) -- Power Medical Interventions(r), Inc. (Nasdaq:PMII), a leader in developing and commercializing Intelligent Surgical Instruments(tm), today announced financial results for the fourth quarter and twelve months ended December 31, 2007.
Financial Results
Sales in the three months ended December 31, 2007 were $1.9 million compared with $1.8 million during the corresponding period in 2006. Included in the fourth quarter 2007 amount was approximately $270,000 of revenue attributable to sales of reload cartridges for the company's new i60 wireless hand-held linear stapler. Sales in the twelve months ended December 31, 2007 were $7.8 million compared with $7.9 million in 2006.
The company's gross margin improved to (9.2%) of sales in the three months ended December 31, 2007 from a gross margin of (70.4%) during the corresponding period in 2006. Gross margin in the twelve months ended December 31, 2007 improved to 14.5% of sales from a gross margin of (27.7%) in 2006. The 2007 gross margin improvements reflect the benefits of switching from contract manufacturing to self manufacturing for certain company products, increased efficiencies of the company's manufacturing operations and lower charges for inventory obsolescence in 2007.
Total operating expenses in the three months ended December 31, 2007 increased by 88% to $14.1 million from $7.5 million during the corresponding period in 2006. Total operating expenses in the twelve months ended December 31, 2007 increased by 41% to $35.9 million compared with $25.4 million during the corresponding period in 2006. Fourth quarter 2007 domestic and international sales and marketing expenses increased to $8.6 million from $4.1 million during the fourth quarter of 2006 due to the planned rapid increase of the company's domestic sales force and associated sales commissions and recruiting costs. In addition, the company incurred approximately $1.2 million of sales sample expense in the fourth quarter of 2007 associated with placing the recently FDA approved i60 and iDrive hand pieces with the larger sales force. Research and development expenses for the fourth quarter of 2007 increased 41% to $1.8 million from $1.3 million in the corresponding 2006 period due to increased investment in product line extensions and product derivatives, component costs associated with the iDrive as well as increased headcount. General and administrative expenses for the fourth quarter of 2007 increased 70% to $3.6 million from $2.1 million in the corresponding period of 2006. The increase is the result of non-cash compensation expense of approximately $614,000 associated with option grants to employees and increased costs associated with the company being public.
Net loss applicable to common shareholders for the three months ended December 31, 2007 was $15.5 million, or $(1.21) per basic and diluted share, compared to net loss applicable to common shareholders of $11.1 million or $(2.96) per basic and diluted share for the corresponding period in 2006. Net loss applicable to common shareholders for the year ended December 31, 2007 was $44.4 million, or $(7.34) per basic and diluted share, compared to $35.4 million net loss applicable to common shareholders or $(9.44) per basic and diluted share for 2006. The company's unrestricted cash and cash equivalents balance as of December 31, 2007 was approximately $36.6 million.
Michael Whitman, Founder, President and Chief Executive Officer, commented, "2007 was a transition year for Power Medical as we achieved several significant milestones which have placed the company firmly at the forefront of technology development in the minimally invasive surgery marketplace. With the FDA marketing clearance of the i60 Intelligent Surgical Instrument(tm) and iDrive, we moved our technology from a tethered platform to a wireless platform; we continued our transition from contract manufacturing to self manufacturing of key products; and the successful completion of our IPO signaled our transition from a private to a public company which enables us to enter 2008 in a strong position to deliver sales growth and improved operating performance."
Mr. Whitman continued, "Our fourth quarter 2007 results reflect our continued investment in our infrastructure to advance the market penetration of our Intelligent Surgical Instruments. We have received favorable feedback from the surgeon community on the benefits of our i60 platform, despite some unanticipated challenges associated with the launch of our green reloads.
On a separate note, we have made significant progress on our product line extensions. We expect to launch our i45B&G in the second quarter of 2008. We are also excited about the upcoming launch of our vascular Intelligent Surgical Instruments. We will launch i45V, our first Intelligent Surgical Instrument for use on pulmonary arteries and veins and other vascular structures throughout the circulatory system. We will also launch our i60RB4 which is designed specifically for use in Cardiovascular surgery for the occlusion of the heart's left atrial appendage. We are actively working to expand our product offering through line extensions and product derivatives. A number of these product derivatives will be utilized in emerging clinical applications."
Outlook
The company currently expects sales for 2008 to be in the range of $29 to $33 million and anticipates a loss from operations in 2008 of $23 to $25 million. A significant portion of the revenue growth is expected in the third and fourth quarters of 2008, as the company places more instruments with hospital accounts and reload firings increase
Power Medical Interventions, Inc. Announces Fourth Quarter Earnings Release Date and Conference Call Information
Prime Newswire
Posted: 2008-02-21 09:34:13
LANGHORNE, Pa., Feb. 21, 2008 (PRIME NEWSWIRE) -- Power Medical Interventions(r), Inc. (Nasdaq:PMII), a leader in developing and commercializing Intelligent Surgical Instruments, announced today that it will release its fourth quarter 2007 financial results after-market on Wednesday, February 27, 2008. The Company will host a conference call on Thursday, February 28, 2008 at 10:00 a.m. Eastern Time.
William Blair & Company Initiates Coverage of Power Medical Interventions, Inc. With Outperform Rating
BUSINESS WIRE
Posted: 2008-01-04 12:17:50
CHICAGO--(BUSINESS WIRE)----William Blair & Company initiated research coverage of Power Medical Interventions, Inc. (Nasdaq: PMII) ($13.57) with an Outperform rating and an Aggressive Growth company profile. Power Medical Interventions (PMI) develops, manufactures, and markets power actuated cutters and staplers used in a variety of open and endoscopic surgical procedures. After five years selling a family of tethered, console-powered products, PMI recently launched the i60 articulating endoscopic linear cutter, the first of what should be several versions of the company's unique handheld staplers and cutters to be rolled out over the course of 2008.
Analyst Ben Andrew estimated the company would earn revenue of $30 million (up 249%) in 2008, with a loss per share of $1.52, and revenue of $70 million (up 133%) in 2009, with a loss per share of $0.19.
"Though we anticipate some uncertainty in the near-term quarterly results as the company is just rolling out the i60--and the initial pace of physician conversion is difficult to predict--we believe that the company's unique handheld, powered technology will ultimately be well received by surgeons, leading to robust top-line growth over the next couple years," Andrew said. "We believe this new system offers physicians meaningful improvements over traditional devices and manual suturing, including ease of deployment, repeatability, and an improved form factor that simply feels good in the hand."
Andrew continued, "Although the i60 can be used in multiple surgical disciplines, PMI will initially target bariatric, colorectal, and thoracic procedures. Eventually, we look for Power Medical to broaden the application of its i60 system to include gastroesophageal reflux disease and left atrial appendage closure procedures, which should represent a sizeable additional opportunity for the company in the coming years. Further, the company is in the late stages of product development for a suite of new devices for use in natural orifice transluminal endoscopic surgery (NOTES). NOTES is generally viewed as the next frontier in surgery, as it is even less invasive than endoscopic or laparoscopic approaches, and has drawn considerable interest from the physician community."
William Blair & Company, L.L.C. has received compensation for investment banking services from the company within the past 12 months, or expects to receive or intends to seek compensation for investment banking services in the next 3 months.
William Blair & Company, L.L.C. was a manager or co-manager of a public offering of equity securities within the prior 12 months.
William Blair & Company, L.L.C. is a market maker in the security of this company and may have a long or short position.
For important disclosures and information regarding the firm's rating system, valuation methods and potential conflicts of interest, please visit: http://www.williamblair.com/Pages/news_story_dept.asp?uid=1311&depID=4
Additional information is available upon request.
William Blair & Company, L.L.C.Tony Zimmer312-364-8611tzimmer@williamblair.com
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Covidien Announces Definitive Agreement to Acquire Power Medical Interventions, Inc.
Expands Portfolio of Solutions for Surgeons
DUBLIN & LANGHORNE, Pa., Jul 29, 2009 (BUSINESS WIRE) -- Covidien (NYSE: COV), a leading global provider of healthcare products, today announced the Company has reached a definitive agreement to acquire Power Medical Interventions, Inc. (OTCBB: PMII), a provider of computer-assisted, power-actuated surgical cutting and stapling products.
Based in Langhorne, PA, Power Medical Interventions (PMI) had 2008 revenues of $9 million. The Board of Directors of both companies unanimously approved the transaction, pursuant to which a wholly owned subsidiary of Covidien will pay $2.08 in cash per share of PMI common stock. Aggregate consideration, including assumption of debt, will total approximately $64 million. The transaction, which will take the form of an all cash tender offer, is subject to customary closing conditions and is expected to be completed by September 25, 2009.
PMI's first powered stapling platform, the SurgAssist, was introduced in 2001 and has been used in more than 45,000 procedures globally. Over the last two years, the company has introduced wireless Intelligent Surgical Instruments(TM) that have the potential to revolutionize and expand minimally invasive surgery applications, as well as enable novel surgical procedures to benefit surgeons, patients, hospitals and healthcare networks. Covidien, which develops innovative technology for advanced surgical procedures, is a world leader in surgical stapling.
"By combining these technological assets with our global infrastructure, we will be delivering differentiated solutions to our customers," said Scott Flora, President, Surgical Devices, Covidien. "As a pioneer in surgical stapling, we are committed to providing healthcare technology that enables advanced surgical techniques and improves patient outcomes."
"We are excited to join Covidien's Surgical Devices business unit and look forward to establishing a technology platform that will advance surgical stapling and instrumentation beyond the capabilities of existing manually operated devices," said Michael Whitman, President and Chief Executive Officer, PMI.
Covidien does not anticipate this transaction will have a material impact on its fiscal 2009 sales or operating margin outlook. The transaction will be slightly dilutive in 2010, but the underlying strength of its existing businesses is expected to offset the dilution. Once the transaction has been completed, Covidien will report the PMI business as part of its Endomechanical product line in the Medical Devices segment.
ABOUT COVIDIEN
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in four segments: Medical Devices, Imaging Solutions, Pharmaceutical Products and Medical Supplies. With 2008 revenue of nearly $10 billion, Covidien has more than 41,000 employees worldwide in 59 countries, and its products are sold in over 140 countries. Please visit www.covidien.com to learn more about our business.
ABOUT POWER MEDICAL INTERVENTIONS
Power Medical Interventions is the world's only provider of computer-assisted, power-actuated surgical cutting and stapling products. PMI's state-of-the-art wireless Intelligent Surgical Instruments are revolutionizing and expanding minimally invasive surgery applications and enabling novel surgical procedures to benefit surgeons, patients, hospitals and healthcare networks. To learn more about Power Medical Interventions, Inc. and its products, please visit www.pmi2.com.
FORWARD-LOOKING STATEMENTS
Any statements contained in this communication that do not describe historical facts may constitute forward-looking statements. This release contains forward-looking information about Covidien's proposed acquisition of Power Medical Interventions, Inc., the timing of the anticipated transaction, the potential benefits of the anticipated transaction, the anticipated impact of the transaction on Covidien's financial results, PMI's surgical device products and the potential benefits of such products. Any forward-looking statements contained herein are based on Covidien's and PMI's management's current beliefs and expectations, but are subject to a number of risks, uncertainties and changes in circumstances, which may cause actual results or actions to differ materially from what is expressed or implied by these statements. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, the satisfaction of conditions to closing the agreement; the ability to successfully integrate PMI's operations and products with Covidien's and the time and resources required to do so, the uncertainties inherent in commercial, research and development activities, decisions by regulatory authorities and other matters that could affect the availability or commercial potential of such product candidates; and competitive developments. These and other factors are identified and described in more detail in Covidien's and PMI's filings with the SEC. We caution investors not to place undue reliance on the forward-looking statements contained in this press release. We disclaim any obligation to update these forward-looking statements other than as required by law.
IMPORTANT INFORMATION ABOUT THE TENDER OFFER
This press release is neither an offer to purchase nor a solicitation of an offer to sell shares of PMI. Covidien Delaware Corp. (the "Merger Sub"), an indirect, wholly owned subsidiary of Covidien, has not commenced the tender offer for the shares of PMI stock described in this press release.
Upon commencement of the tender offer, the Merger Sub will file with the SEC a tender offer statement on Schedule TO and related exhibits, including the offer to purchase, letter of transmittal, and other related documents. Following commencement of the tender offer, PMI will file with the SEC a tender offer solicitation/recommendation statement on Schedule 14D-9. These documents will contain important information about Covidien, PMI, the transaction and other related matters. Investors and security holders are urged to read each of these documents carefully when they are available.
Investors and security holders will be able to obtain free copies of the tender offer statement, the tender offer solicitation/recommendation statement and other documents filed with the SEC by the Merger Sub and PMI through the web site maintained by the SEC at www.sec.gov. In addition, investors and security holders will be able to obtain free copies of these documents by contacting:
Covidien
Investor Relations
508-452-4650
investor.relations@covidien.com
SOURCE: Covidien
Contacts for Covidien:Diana Sousa, 203-492-7610Vice President, CommunicationsSurgical Devicesdiana.sousa@covidien.comorColeman Lannum, CFA, 508-452-4343Vice PresidentInvestor Relationscole.lannum@covidien.comorBruce Farmer, 508-452-4372Vice PresidentPublic Relationsbruce.farmer@covidien.comorBrian Nameth, 508-452-4363DirectorInvestor Relationsbrian.nameth@covidien.comorContacts for PMI:Brian M. Posner, 267-775-8100Chief Financial Officerbposner@pmi2.comorVida Communication (investors)Stephanie Diaz,
415-675-7401sdiaz@vidacommunication.comorVida Communication (media)Tim Brons, 415-675-7402tbrons@vidacommunication.comCopyright Business Wire 2009
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