Business in Brief

Stratasys beats forecasts for Q4, Teva launches new antipsychotic drug, Woodside threatens to leave Leviathan, Wix considers another share offering.

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Stratasys beats analysts’ forecast for fourth quarter of 2013

Stratasys, the U.S.-Israeli maker of 3-D printers, said on Monday that net profit rose more than 36% in the fourth quarter of 2013 from the parallel period in 2012 to $25.8 million, or 50 cents a share. Revenue jumped 62%, to $155.8 million. The figures exceeded consensus estimates of analysts surveyed by Thomson Reuters, who had expected EPS of 49 cents and $151.03 million in revenue for the quarter. Although its orders backlog at the end of 2013 had fallen to $28 million, from $28.6 million a year earlier, the company reiterated its 2014 sales forecast of $660 million to $680 million and net income, not counting one-time items, of $113 million to $119 million, or up to $2.25 a share. Shares of Stratsys were down 1.8% at $124.87 in midafternoon trading in New York. (TheMarker Staff)

Teva launches inhalable antipsychotic drug in U.S.

Teva Pharmaceutical Industries announced on Monday the commercial launch in the United States of Adasuve, the first orally inhaled medicine for treating agitation associated with adult schizophrenia or bipolar I disorder. Adasuve is administered with an innovative handheld aerosol device developed by Alexza Pharmaceuticals. Previous treatment options for the condition were limited to pills or injections, sometimes requiring the use of restraints. Teva acquired the rights to the drug, the first of the new therapeutic entities that are a major part of the company’s growth strategy, last May for $40 million up-front and $195 million in milestone payments. As many as five million patients with bipolar I disorder or schizophrenia in the United States experience and seek treatment for agitation episodes. Teva fell 0.3% to 172.20 shekels ($49.30) in Tel Aviv. (Yoram Gabison)

Woodside warns it may pull out of Leviathan over taxes

Woodside’s offer to pay $2.6 billion for a 25% stake in the giant Leviathan gas field could be withdrawn if Israel doesn’t resolve tax issues, the Australian energy company’s CEO Peter Coleman told The Australian newspaper. He noted that under the agreement Woodside signed with Noble Energy and the Israeli Leviathan partners last month, Woodside could pull out of the deal if the tax issues were not resolved by March 27. “We may not get that before we need to sign up for the deal, so that is going to be a decision we have to make as we come towards March 27. We will have to see what signals we get from the government,” he told the newspaper. Coleman cited the tax regime and treatment of capital gains tax for the sellers as issued to be sorted out. (TheMarker Staff)

Wix mulling secondary offering four months after IPO

Wix, which develops cloud-based tools for building websites, is weighing a secondary offering of shares just four months after its Wall Street debut. The shares sold would likely be those of Wix’s biggest shareholders, seeking to cash out as the company’s market valuation has grown from $765 million at the time of the IPO to about $1.13 billion today. About 60% of the company is controlled by venture capital funds, including Bessemer Venture Partners, Mangrove Capital Partners and Benchmark Israel, which opted not to sell shares in the IPO. Wix shares, which were floated at $31, were trading at $29.83, down 3.5%, in New York on Monday. (Dror Reich)

Perrigo buys Australian portfolio of OTC drugs

Perrigo, the world’s biggest maker of generic over-the-counter drugs, said on Monday it had acquired a basket of OTC products sold in Australia and New Zealand from Aspen Global for $51 million. The products are primarily sold through the mass retail channel and include Herron pain relievers, vitamins and supplements, which Perrigo said would generate at least $20 million in annual revenue. “This deal furthers our strategy to expand our Consumer Healthcare portfolio internationally,” CEO Joseph C. Papa said. Perrigo ended unchanged at 568.70 shekels ($162.80) in Tel Aviv. (TheMarker Staff)

Tel Aviv shares drop over Russia-Ukraine jitters

Tel Aviv shares joined the worldwide stock market sell-off on Monday amid tensions between Russia and Ukraine. The Tel Aviv Stock Exchange’s benchmark TA-25 index lost 0.2% to close at 1,347.64 points, while the broader TA-100 index fell 0.3%, to 1,253.24 points. Turnover for the day was just over 1.6 billion shekels (459 million). Shares of Lev Leviev’s property development company Africa Israel Investments and Eliezer Fishman’s Jerusalem Economy Corporation both sunk amid concerns about their property holdings in Russia and Ukraine. Africa finished down 4.6% to 7.93 shekels and JEC ended off 2.8% at 32.55 shekels. Uri Greenfield, chief economist at Psagot Investment House, said for now there was no need for Israeli investors to worry. “The impact on the world economy is relatively small as it is on Israel,” he said. “Russia and Ukraine each account for 0.3% of Israeli exports.” (Dror Reich)

A bicycle helmet printed by Stratasys' Objet500 Connex3 Color Multi-material 3D Printer.



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