Streetbeat News

Acquisitions Mergers

ADTX

Aditxt, Inc., through its subsidiary Pearsanta, Inc., has acquired the Mitomic Testing Platform from MDNA Life Sciences Inc. for a consideration of $25 million. This acquisition could potentially expand Aditxt's offerings in the diagnostic testing market.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:53 pm

FWRG

First Watch Restaurant Group (FWRG) is set to acquire 21 franchise-owned restaurants along with development rights in North Carolina for $75M, on a cash-free, debt-free basis. This strategic move will bring these locations under direct corporate control, potentially allowing for streamlined operations and increased revenue from these units.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:50 pm

TIRX

TIAN RUIXIANG Holdings Ltd (NASDAQ:TIRX), a China-based insurance broker, has announced its intention to acquire Peak Consulting Services Limited, a licensed insurance brokerage in Hong Kong, through its subsidiary TRX HongKong. The acquisition is part of TIRX's strategy to expand into the Hong Kong insurance market and is contingent upon satisfactory due diligence.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:48 pm

JNVR

Janover Inc (NASDAQ:JNVR) has launched Janover Insurance Group, a new insurtech subsidiary. The venture will integrate with Janover's AI applications and marketing funnel, which has over 88 million annual impressions on Google. This integration is expected to provide broad distribution and operational efficiencies. Janover Insurance Group will initially focus on multifamily and commercial property insurance, with plans to expand to SMB clients. The company aims to transform commercial property insurance using generative AI and data access. Tyler Schapiro, CEO of Flagler Insurance, has been tapped as a strategic advisor to enhance the subsidiary's expertise.

Portfolio Pulse from Anusuya Lahiri

January 08, 2024 | 1:45 pm

IRTC

iRhythm Technologies, Inc. (NASDAQ:IRTC) reported preliminary Q4 2023 results at the J.P. Morgan Healthcare Conference, showing over 22% YoY growth in patient registrations. The company expects FY24 revenue to be between $575M-$585M, aligning with estimates. iRhythm published the CAMELOT study, submitted a 510(k) to the FDA, received CE marks for Zio Monitor and ZEUS systems, and closed a $150M term loan credit facility with Braidwell LP. The company is focusing on expanding its cardiology and primary care channels and international markets, while investing in technology and growth.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:41 pm

AXNX

BSX

Axonics has announced an acquisition deal with Boston Scientific, causing its shares to trade higher.

Portfolio Pulse from Luke J Jacobi

January 08, 2024 | 1:39 pm

FMS

Fresenius Medical Care (FMS) has made significant progress in its Portfolio Optimization Program by divesting noncore assets and exiting certain markets. The company sold its operations in Argentina to Grupo Olmos, its National Cardiovascular Partners (NCP) business in the US, and signed a deal to sell Cura Day Hospitals Group in Australia to ICG and a consortium. These divestitures, which include 127 facilities and over 4,500 employees, are expected to generate around EUR 500 million in proceeds, with EUR 135 million recognized in Q4 2023. The divestments will result in a EUR 50 million operating income impact treated as a special item. The optimization aims to improve the leverage ratio and focus on more profitable and strategically fitting businesses.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:37 pm

HRMY

Harmony Biosciences projects 2024 net product revenue between $700M-$720M and has repurchased $50M in common stock in Q4 2023, totaling $100M for the year. The company plans to continue share repurchases in 2024. Key priorities include growing WAKIX for narcolepsy, advancing the pipeline with several trials, and disciplined capital allocation to maximize shareholder value. The financial data is preliminary and unaudited.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:34 pm

KIDS

OrthoPediatrics Corp. (NASDAQ:KIDS) reported preliminary unaudited Q4 2023 revenue of $37.6M, slightly below the $37.77M estimate, and FY23 revenue of $148.7M, just shy of the $148.88M estimate. The company experienced a 21% growth in Q4 and 22% growth for FY23 compared to the previous year. For FY24, OrthoPediatrics forecasts revenue between $197M-$200M, significantly above the $177.7M estimate, including contributions from the recent Boston O&P acquisition. The acquisition is expected to be accretive to adjusted EBITDA in 2024 and to revenue growth in 2025. OrthoPediatrics has entered into a new credit agreement with MidCap Financial for up to $80M and drew an initial $10M from the term loan in advance of the acquisition.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:23 pm

KIDS

OrthoPediatrics Corp. (NASDAQ:KIDS) has acquired Boston Orthotics & Prosthetics for $22M in cash. The acquisition expands OrthoPediatrics' Specialty Bracing division and its presence in the pediatric orthopedic specialty bracing market. To finance the acquisition and future business needs, OrthoPediatrics closed an $80M debt financing deal with MidCap Financial, replacing a prior $50M credit line. Boston O&P, with a history of profitability and approximately $25M in annual revenue, brings a portfolio of advanced bracing technologies and maintains 26 clinics across the U.S. The acquisition aims to support the continuum of care for pediatric orthopedic patients and address unmet needs in non-surgical orthopedic treatment markets.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:20 pm