Bausch + Lomb, subsidiary of Valeant Pharmaceuticals International, Inc. (NYSE:VRX) [Detail Analytic Report] and International Business Machines Corp. (NYSE:IBM) declared a partnership to develop the first app of its kind for iPad and iPhone to support surgeons who perform cataract surgery. This ground-breaking app will help surgeons streamline their workflow by providing patient information and clinical insights as well as intraocular lens selection guidance on a single digital platform at the point of care. The app will be designed to electronically manage patient data across iPad and iPhone while hosting health-related data on IBM Cloud a secure, cloud-based environment and relaying informed, customized IOL options to surgeons that they will use to help enhance surgical planning and offer better patient care.
Joseph C. Papa, Chief Executive Officer of Valeant commented that improving health outcomes is at the core of their business at the firm. They’re thrilled that Bausch + Lomb and IBM will join forces to develop a first-of-its-kind app that takes the best of each business’s capabilities and focuses on enhancing critical decision-making for surgeons. This partnership is a strong reflection of B+L’s commitment to the ophthalmology industry and the patients that it serves. Pilot research testing for the new application is anticipated to kick off in late 2016.
Depomed, Inc. (NASDAQ:DEPO) [Detail Analytic Report] announced its first quarter loss of $20.9 million. The California-located firm reported that it had a loss of 34 cents a share. Earnings, revised for costs related to mergers and acquisitions and non-recurring costs, came in 12 cents a share. Depomed declared revenue of $104.8 million in the quarter, which also trailed Street forecasts. Depomed expects full-year revenue to be $490 to $520 million. Shares of Depomed have plunged 11 percent since the starting of the year.
Jim Schoeneck, President and CEO of Depomed commented during first quarter conference call that their NUCYNTA franchise continues to demonstrate strong growth with quarter-over-quarter revenue growth and year-over-year revenue growth of 53%. The most recent rolling 4-week NUCYNTA ER prescriptions are up 24% over the same period a year ago, continuing the acceleration they have demonstrated since re-launching the drug. NUCYNTA IR trends are also positive, with prescription counts in 4 of the previous 5 months ahead of the same month in 2015. The rest of their product portfolio continued to grow as well, with a combined $35 million in revenue, increased 11% over the same quarter last year.
Schoeneck added moreover, in early April, they cut their secured debt to $475 million with the early payment of $100 million, underscoring their commitment to deleveraging the firm and strengthening their balance sheet. Revenue during the Q1 of each year is historically lower than the previous quarter due to the reset of patient insurance plan deductibles and changes in wholesaler inventory levels. Overall, they believe they are well-positioned to accelerate the growth of their NUCYNTA franchise, to continue to advance the rest of their portfolio during the remainder of 2016 and to continue to create value for their investors.
William A. Sanger, Chairman of Envision Healthcare Holdings, Inc. (NYSE:EVHC) [Detail Analytic Report] stated that they announced strong top-line growth across all of the firm’s business units as they continue to extend the breadth of their services to advance their integrated care delivery strategy while extending their geographic presence to new markets. He added they are pleased with the progress they have made, and will continue to make, in achieving targeted operational improvement, integrating acquisitions, and advancing new care delivery models.
Sanger added they expect their efforts will yield continued improvement during 2016. Envision Healthcare released Q1 earnings of $26.9 million. On a per-share basis, the Colorado-located firm reported that it had net income of 14 cents. Earnings, revised for amortization costs and costs related to mergers and acquisitions were 28 cents a share. The results topped Wall Street outlooks.
Envision Healthcare declared its first quarter revenue of $1.6 billion, which also beat Street forecasts. According to Zacks, analysts have expected $1.57 billion. Envision Healthcare expects full-year earnings to be $1.46 to $1.54 a share. Shares of Envision Healthcare have plunged 16 percent since the starting of the year.