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Edwards Lifesciences Corp. Message Board

biotechbeagle 52 posts  |  Last Activity: Jan 24, 2015 2:06 PM Member since: Feb 11, 2004
  • biotechbeagle biotechbeagle Nov 5, 2014 9:15 AM Flag

    There are five main areas in which management should take steps to keep activist investors away:
    1. Improve Performance: Are revenue growth, profit margins and returns on capital adequate in each major
    business area? Are there opportunities for improvement? Seek to better utilize all unutilized capacity, since this can drag down returns on capital. Reduce bureaucracy that adds cost, complicates decision making and breaks down accountability. Discontinue all activities that don’t earn adequate returns because these are magnets for activist investors.
    2. Allocate Capital Better: Do you have the right balance between organic investment, acquisitive investment,
    dividends and buybacks? Are investments made in the right areas? Do you invest more where returns and growth opportunities are high, and vice versa?
    3. Strengthen Competitive Advantages: Are your competitive advantages adequate to support growth and
    sustainability? Do you invest enough in research and development? Brand-building marketing? Employee
    training? Weakening competitive advantages cause low valuations and can be an invitation to activist investors.
    4. Separate Unrelated Businesses: Is management distracted by trying to run too many different kinds of
    businesses? Are smaller, fast-growing business areas stifled and investing less than they would as stand-alone companies?
    5. Strengthen Corporate Governance: Do your incentives motivate managers to think and act like owners? Do they treat the capital of the company as they do their own money? Have executives been overpaid relative to the performance they have delivered? Activists will rarely enter a stock just because of poor governance, but egregious compensation an

  • In the wake of Darden’s upheaval, strident opposition by boards is likely to disappear. It simply doesn’t pay. Even the most ardent anti-activist firms know it.

    This trend is already taking hold. So far this year, activists had a success rate of 72 percent in proxy fights, up from 60 percent in 2013, according to FactSet SharkRepellent, a research firm.

    Activists are gaining ground because institutional investors are increasingly willing to side with them, and even joining the fight (or ganging up, as some companies might say). These shareholder forces are often given an assist by two prominent shareholder proxy firms, Institutional Shareholder Services and Glass Lewis. But this is not a surprise as activists tend to focus on struggling companies in need of change.

    It all adds up to pressure-cooking corporate boards. And as hedge funds have proved to be successful in their activism, earning extraordinary returns as a result, billions more in money is following. It is a virtuous circle, or a vicious one, depending on your perspective. At least until the returns go away.

    That is why the loss at Darden, coming after Sotheby’s capitulation, is such a milestone. After the Darden fight, companies are not going to want to go the distance. It is too much misspent money on advisers in a fight that results in a loss of face.

  • biotechbeagle biotechbeagle Nov 5, 2014 8:40 AM Flag

    In addition this proxy battle will cost money further taking capital away from executing a successful microcutter launch. How does that help us shareholders?

  • biotechbeagle biotechbeagle Nov 5, 2014 8:37 AM Flag

    Agree with Ernie, BF knows the answer to that. If they didn't sell off in the secondary IPO we would have raised the same amount of money with half the shares. They sell off or keep a lid on the price every time we have good news to drive shareholder frustration to gain votes for their BOD members. They are really beginning to get their legs with product development and new introductions. If they weren't screwed in the secondary by BF they could have hired more reps for the commercialization. These guys thus far have not helped us shareholders and for that reason I cannot give them my vote.

  • now the short shaft is launched and we are down? This smells to me! Let's see if Levi & Korinsky follow this press release with one of their own again to blunt the good news today. Timing of Broad Fin and class action by a major law firm on a microcap company is very coincidental!

    Sentiment: Strong Buy

  • Reply to

    11-4 report

    by rondel4 Nov 3, 2014 6:05 PM
    biotechbeagle biotechbeagle Nov 4, 2014 9:25 AM Flag

    Cardica preferred offered at a price to the public of $0.85 per share, and 191,474 shares of its Series A convertible preferred stock, offered at a price to the public of $85.00 per share. The Series A convertible preferred stock is non-voting and is convertible into shares of Cardica common stock at a conversion rate of 100 shares of common stock for each share of Series A convertible preferred stock, provided that conversion will be prohibited if, as a result, the holder and its affiliates would own more than 9.98% of the total number of shares of Cardica common stock then outstanding unless the holder gives Cardica at least 61 days prior notice of an intent to convert into shares of common stock that would cause the holder to own more than 9.98% of the total number of shares of common stock then issued and outstanding.

    Sentiment: Strong Buy

  • Reply to

    Proxy Letter

    by vulcanfire18 Oct 31, 2014 8:06 PM
    biotechbeagle biotechbeagle Nov 3, 2014 12:57 PM Flag

    I think Hausen would make a great Chief Scientific Officer. If they are going to become a real commercial sales organization then yes they need a new CEO. If they are really all about development and then selling company, there is no need for change.

    Sentiment: Hold

  • Reply to

    SGEN + 10%

    by bioimmunomabman Oct 31, 2014 9:32 AM
    biotechbeagle biotechbeagle Nov 3, 2014 10:52 AM Flag

    Remaining events in 2014. Don't know how much of an effect these will have on share price if positive. Anyone have any thoughts? Does this get us at least to $11-12?

    Kadcyla 1st line mBC Top-line Phase III data for 1st line, mBC - MARIANNE Q4:14
    AMG 595 and AMG 172 Glioma and Renal Cell Carcinoma, respectively - Data from partnered programs Q4:14
    IMGN779 AML Preclinical data at ASH Dec 2014
    IMGN529 Non-Hodgkin's lymphoma Additional Phase I data - ASH Dec 2014

    Sentiment: Hold

  • Reply to

    Proxy Letter

    by vulcanfire18 Oct 31, 2014 8:06 PM
    biotechbeagle biotechbeagle Nov 3, 2014 9:04 AM Flag

    CRDC management will have to wow on tomorrow's earnings to survive proxy battle on December 11th. They need to show real movement in their ability to execute a strategy with the microcutter launch. I think their go to market sales force is just to small to execute. Really need a US Marketing Partner! Cannot go it alone!

  • Reply to

    SGEN + 10%

    by bioimmunomabman Oct 31, 2014 9:32 AM
    biotechbeagle biotechbeagle Oct 31, 2014 11:37 AM Flag

    All we need is one of the wholly owned candidates to move into Phase II looking strong with dosing and safety figured out and it will change the sentiment on the entire pipeline. AGIO is out of sight valuation in early clinicals

  • Reply to

    Hunting Sitting Ducks

    by vulcanfire18 Oct 29, 2014 11:01 AM
    biotechbeagle biotechbeagle Oct 31, 2014 8:20 AM Flag

    Agreed, Cardica has to find out a way to move this stock prior to the december shareholder meeting. If the stock continues to stay at this price, BF will have their way. Only stock movers (that's if BF allows the stock to move with out them selling to offset any gain as they did last time) are an ISRG announcement on DaVinci, Japan Approval, Exchange 45 FDA submission, Joint USA Marketing and Sales agreement or spike in sales. It's now up to Cardica Management to deliver in order to save their jobs. Either way the technology is worth 350-500 Million.

  • Reply to

    Major stockholders

    by vulcanfire18 Oct 29, 2014 6:32 PM
    biotechbeagle biotechbeagle Oct 30, 2014 1:33 PM Flag

    As far as additional hedge funds, Dafna Capital Management owns over 1.4 million shares of the company and Camber Capital Management owns over 8.3 million shares of the company. These guys will vote with BF.

EW
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