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Ev3 Inc., the Plymouth-based maker of medical devices that acquired FoxHollow Technologies Inc. this month, said it expects to incur a "significant net loss" in the fourth quarter as a result of restructuring charges and other business integration-related expenses. It also cut its fiscal 2008 sales and profit forecasts. Fourth-quarter sales will be $108 million or more, Ev3 said. Ev3 said it revised its fiscal 2008 forecasts, in part, because it has not yet received U.S. marketing clearance for FoxHollow's RockHawk, a calcium-cutting device to remove plaque from arteries, and is unable to estimate the approval date. Fiscal 2008 profit, excluding acquisition-related expenses, will be at least 55 cents a share on sales of $570 million or more, Ev3 said. That's down from 60 to 70 cents a share on $585 million to $615 million in sales, which the company previously expected.
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Blog: Patent Pending
Bad markets= No IPOs
More bad financial news: there were no venture capital-backed IPOs in the second quarter, the worst quarterly performance since 1978, according to a recent report by PricewaterhouseCoopers. “There is little indication that the market will recover anytime before the second quarter in 2009,” said Tracy Lefteroff, global managing partner of the Venture Capital and Private Equity [...]
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