On Thursday, Shares of Medtronic PLC (NYSE:MDT), lost -2.19% to $69.98.
Medtronic declared financial results for its first quarter of fiscal year 2016, which ended July 31, 2015.
The company stated first quarter worldwide revenue of $7.274 billion, an improvement of 12 percent counting the extra week benefit. The extra selling week is a result of the company`s 52-53 week fiscal year calendar, which occurs every six years. While it is difficult to calculate an exact impact from the extra week, the company estimates that it benefitted first quarter comparable, constant currency revenue growth by about 6 percentage points. After adjusting for the estimated benefit of the extra selling week, first quarter worldwide revenue grew at the upper-end of the mid-single digit range. Foreign currency translation had a negative $529 million impact on revenue. As stated, revenue raised 70 percent when contrast to the $4.273 billion stated by Medtronic, Inc. in the first quarter of fiscal year 2015. As detailed in the attached table, first quarter non-GAAP income and diluted earnings per share were $1.462 billion and $1.02, an improvement of 47 percent and 3 percent, respectively. As stated, first quarter net income and diluted earnings per share were $820 million and $0.57, a decrease of 6 percent and 34 percent, respectively.
U.S. revenue of $4.142 billion represented 57 percent of company revenue and raised 14 percent, high-single digit growth adjusted for the extra week, or 78 percent as stated. Non-U.S. developed market revenue of $2.197 billion represented 30 percent of company revenue and raised 10 percent, mid-single digit growth adjusted for the extra week, or 58 percent as stated. Emerging market revenue of $935 million represented 13 percent of company revenue and raised 14 percent, high-single digit growth adjusted for the extra week, or 71 percent as stated.
Medtronic plc manufactures and sells device-based medical therapies worldwide. The company’s Cardiac and Vascular Group segment offers pacemakers, implantable cardioverter defibrillators, implantable cardiac resynchronization therapy devices, AF products, diagnostics and monitoring devices, and remote monitoring and patient-centered software; and heart valves, percutaneous coronary intervention stent products, surgical valve replacement and repair products, endovascular stent grafts, and peripheral vascular intervention products.
Shares of Lannett Company, Inc. (NYSE:LCI), inclined 12.91% to $55.87, during its last trading session.
Lannett Company declared that it has signed a definitive agreement to purchase Kremers Urban Pharmaceuticals Inc. (KU), the U.S. specialty generic pharmaceuticals partner of global biopharmaceuticals company UCB S.A. (UCB.BR), for $1.23 billion, plus potential contingency payments. Lannett believes the acquisition will be accretive to adjusted EPS in fiscal 2016 in the mid- to high-single digits and 20% to 25% in fiscal 2017. Lannett anticipates to receive a noteworthy tax benefit as a result of 338(h)(10) election with a value in excess of $100 million. Lannett anticipates to fund the transaction with a combination of a fully committed term loan and cash on hand. The transaction, subject to regulatory approval and other customary closing conditions, is predictable to close in the fourth quarter of calendar 2015 and has been unanimously approved by the Boards of Directors of Lannett and UCB.
“For Lannett, this is a transformational acquisition that is an exceptional planned fit and builds upon our stellar financial performance over the last several years,” said Arthur Bedrosian, chief executive officer of Lannett. “With KU, we are adding a highly profitable business and creating a specialty pharmaceuticals company that has substantial size, scale, and reach.
Lannett Company, Inc. develops, manufactures, packages, markets, and distributes generic versions of branded pharmaceutical products in the United States. It offers solid oral, extended release, topical, nasal, and oral solution finished dosage forms of drugs that address a range of therapeutic areas, in addition to ophthalmic, patch, foam, buccal, sublingual, soft gel, and injectable dosages.
Finally, Werner Enterprises, Inc. (NASDAQ:WERN), ended its last trade with 0.08% gain, and closed at $26.32.
Werner Enterprises declared that John J. Steele, Executive Vice President, Treasurer and Chief Financial Officer, would take part in the following investment conferences in September 2015.
RBC Capital Markets Global Industrials Conference: Wednesday, September 9, 2015, in Las Vegas, Nevada, presenting at 10:20 a.m. PDT.
Citi Industrials Conference: Thursday, September 17, 2015, in Boston, Massachusetts, presenting at 8:45 a.m. EDT.
Werner Enterprises, Inc., a transportation and logistics company, engages in transporting truckload shipments of general commodities in interstate and intrastate commerce. The company operates in two segments, Truckload Transportation Services and Value Added Services.
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