Posts Tagged ‘nasdaq’

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Orthovita Inc. (VITA) takes flight on sale to Stryker Corp. (SYK)

Monday, May 16th, 2011

Orthovita Inc. (Nasdaq: VITA) shares rose 40.1% to $3.83 after Stryker Corp. (Nasdaq: SYK) said it would acquire the rival surgical-products maker for $316 million, or $3.85 a share. Volume for Orthovita topped 36.6 million shares, towering over an all-day average of just under 400,000.

In July 2007, Essex Woodlands Health Ventures Fund VII, LP,managed a multi-faceted deal, which was spearheaded by Partner Scott Barry. Essex Woodlands proactively contacted the company about a transaction that would address a number of issues hindering the company’s growth and development. Essex Woodlands led an equity financing of $32.5 million to remove the company’s capital overhang and became the largest shareholder of the company at the time.

The purchase price for the Malvern, Pennsylvania-based Orthovita was $3.85/share in cash in a transaction that results in the largest single upfront payment for an orthobiologics company. The purchase price represents a 58% and 67% premium to the 30-day and 60-day volume weighted average prices, for a total value transaction value of approximately $318 million.

Orthovita CEO Antony Koblish commented, “With the innovative financing initiatives which assisted our restructuring and recapitalization efforts exhibited by Essex Woodlands in general… we aggressively and successfully pursued this transaction.”

The acquisition of Orthovita, Inc. marks the third announced exit for Essex Woodlands within the past 30 days.

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Dynavox Inc. (DVOX) shares take flight on Q3 numbers

Thursday, May 12th, 2011

Dynavox Inc. (Nasdaq: DVOX) shares climbed 38% to $8.35 after the maker of education and communication products for those with learning disabilities reported late Wednesday third-quarter results that beat expectations. Volume for the stock was 1.1 million shares, towering over a daily average of less than 60,000.

For the third quarter ended April 1, 2011, net sales were $28.7 million, an increase of 1.0% compared to net sales of $28.4 million for the third quarter ended April 2, 2010. Sales of the Company’s speech generating devices increased 1.3% to $22.7 million, and sales of its special education software were flat at $6.0 million from the prior year.

Operating income was $3.8 million in the quarter, compared to operating income of $5.3 million in the same period a year ago. Operating income for the third quarter of fiscal year 2011 included a $1.0 million impairment loss related to intangible assets and fixed assets acquired as part of the Company’s product acquisition in July 2009.

Dynavox Chief Executive Officer Ed Donnelly commented, “In spite of the ongoing macroeconomic challenges, during the third quarter we saw some signs of improvements and our consolidated top line was roughly equal to the last year. Sales trends across both devices and software provide validation of our efforts to adapt to the environment as well as the fact that the demand for our products and services remains intact. We are encouraged by the steady sequential upside trend in our U.S. device business, which comprises almost three fourths of our total revenue.”

The Pittsburgh-based DynaVox Inc. completed an initial public offering (IPO) on April 27, 2010. As a result of the IPO and certain other recapitalization transactions, DynaVox Inc. became the sole managing member of and has a controlling interest in DynaVox Systems Holdings LLC and its subsidiaries.

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Response Genetics Inc. (RGDX) prospers on Q1 results

Thursday, May 12th, 2011

Response Genetics Inc. (Nasdaq: RGDX) saw its shares bolt 21.7% higher Thursday to $2.30, on higher first-quarter financial results. Volume for the stock reached 17,703 shares, or nearly six times its full-day average.

The Los Angeles-based company, focused on the development and sale of molecular diagnostic tests for cancer, reported total revenue increased by 60% to $5.9 million for the first quarter ended March 31, 2011, compared to $3.7 million for the same period last year.

Response Genetics’ net loss for the first quarter was $0.3 million, or $0.01 per share, compared with a net loss of $2.1 million, or a loss of $0.13 per share, for the same period last year.

Kathleen Danenberg, Response Genetics CEO, commented, “We continue to manage the business with operational discipline and ended the first quarter seeing a marked increase in traction for our recently implemented pathology initiative.”

Danenberg continued, “We believe that the pathology initiative, including digital capabilities to integrate pathologists into the ResponseDX™ testing process, increased test offerings to physicians and additional sales representatives will be strong revenue drivers for 2011 as we approach profitability.”

Response Genetics’ technologies enable extraction and analysis of genetic information from genes derived from tumor samples stored as formalin-fixed and paraffin-embedded specimens.

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Rovi Corporation (ROVI) beams higher on bigger earnings, revenues

Wednesday, May 11th, 2011

Rovi Corp. (Nasdaq: ROVI) shares gained 21.5% to $60.37 a day after the television-listings data company projected 2011 earnings above estimates. Volume for the stock mid-morning Wednesday was 5.4 million shares, better than doubling its all-day average of around two million.

The Santa Clara, California-based company announced Tuesday that it had first-quarter 2011 Generally Accepted Accounting Principles (GAAP) revenues of $161.5 million, compared to $129.4 million for the first quarter of 2010. First quarter 2011 GAAP net income was $17.0 million, compared to $68.1 million for the first quarter of 2010.

Rovi Chief Executive Officer Fred Amoroso, commented, “We are pleased with our fast start to 2011 and the continued progress and success of our business. We have made excellent progress on the Sonic integration and are beginning to realize the benefits and synergies that we believe exist in the combination.”

Rovi Corporation provides extensive entertainment discovery solutions for television, movies, music and photos to its customers in the consumer electronics, cable and satellite, entertainment and online distribution markets.

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Rosetta Resources (ROSE) stock propels higher on upbeat numbers and upgrades

Monday, May 9th, 2011

Rosetta Resources Inc. (Nasdaq: ROSE) shares advanced 19.7% to $49.20, after several analysts upgraded shares of the oil and natural-gas company. Volume for the stock topped 3.1 million shares Monday, or nearly five times its daily average.

Investment firm Cannacord Genuity was particularly bullish and placed a $53 price target on the stock, which represents about a 30% premium to its Friday closing price. On Friday, the Houston-based Rosetta announced, for the first quarter ended March 31, 2011, net income of $11.0 million, or $0.21 per diluted share, versus a net income of $7.3 million, or $0.14 per diluted share, for the same period in 2010. These results include a $1.8 million after tax gain related to the settlement of hedges associated with the divested DJ Basin property.

Revenues for the first quarter of 2011 were $97.1 million compared to $70.1 million for the same period in 2010. Compared to a year ago, higher product revenues from oil and liquids were partially offset by lower gas revenues.

Said CEO Randy Limbacher, “the first quarter of 2011 delivered strong results led by continued success in our Eagle Ford shale play. We have continued to shift our production base to a more balanced portfolio weighted towards liquids and are reaping the benefits of a lower operating cost structure.
“We successfully completed our asset divestiture program and the proceeds will provide additional flexibility to execute our growth plans. Rosetta entered 2011 a streamlined and more focused company that is positioned to deliver double-digit growth into the future.”

Rosetta Resources Inc. is an independent exploration and production company engaged in the acquisition and development of onshore energy resources in North America. The Company’s activities are primarily located in South Texas, including its largest producing region in the Eagle Ford shale and in the Southern Alberta Basin in northwest Montana.

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