Given Imaging Ltd.
Given Imaging Ltd.

Given Imaging Ltd.


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Key Executives:
Nachum (Homi) ShamirNachum (Homi) Shamir
CEO & Pres 
Investor Relations:Fern Lazar/David Carey   Phone: Lazar Partners Ltd. 1-212-867-1768  
Web Site:www.givenimaging.com
Email:flazar@lazarpartners.com
Exchange:
NASDAQ Symbol: GIVN Year Listed: 2001 
TASE Symbol: GIVN Year Listed: 2004 
Main Indexes:TA100, TA Biomed, TA Blue-Tech 50, Maala SRI, NASDAQ Israel
Industry:Healthcare, Medical Systems
Year Established:1998
# of Employees:804
Research Coverage:CIBC Oppenheimer, Gleacher & Co., Maxim Group, WJB Capital
Auditor:Somekh Chaikin (member of KPMG International)
IR Firm:Lazar Partners
Main Subsidiaries:Given Imaging Pty. Ltd.   |   Given Imaging, Inc.   |   Given Imaging s.a.s.   |   Given Imaging GmbH   |   Given Imaging B.V.   |   Given Imaging K.K.   |   Given Imaging (Asia-Pacific) PTE Ltd.   |   Given Imaging (Asia) Company Ltd.   |   Given Imaging (Los Angeles) Holding Corporation   |   Given Imaging (Los Angeles) LLC   |   Given Imaging Vietnam Co., Ltd.   |   Endonetics, Inc.   |   Given Imaging do Brazil Ltda
Rating:Gold (Rated by Maala CSR) (Rated by Maala CSR)
Office Address:Hermon Building, New Industrial Park, POB 258, Yoqneam 20692 Israel
Address Abroad:3950 Shackleford Rd., Suite 500, Duluth, GA 30096-1852 USA
Telephone:972-4-909-7777
Fax:972-4-959-2466
  Given Imaging develops, manufactures and markets innovative diagnostic products for the visualization and detection of disorders of the gastrointestinal tract. The company pioneered capsule endoscopy, a proprietary approach to visual examination of the gastrointestinal tract through the use of a miniaturized video camera contained in an ingestible disposable capsule.
  Given Imaging’s principal product, the Given System is a proprietary wireless imaging system that uses the company’s disposable video capsules. The PillCam capsules can be easily ingested by patients and move naturally through the gastrointestinal tract without discomfort while wirelessly transmitting to a portable recorder, enabling the gastroenterologist to view high quality video, images and data on a computer workstation, utilizing Given Imaging’s proprietary RAPID software. Capsule endoscopy is a patient-friendly solution that addresses a significant market opportunity and overcomes many of the shortcomings of traditional tools for detecting gastrointestinal disorders.
  In 2001, Given Imaging commenced marketing the Given System, with the M2A capsule (re-branded in 2004 as the PillCam Small Bowel capsule, or PillCam SB), for detection of disorders of the small bowel.
  As of January, 2013, the company is approaching two million procedures since inception, global market share of 85%, US market share of 95% and approximately 350 registered patents.
  Since November 2004, Given Imaging has also marketed the PillCam ESO capsule for visualizing the esophagus. After receiving its first CE mark in 2007, the company began selling the first generation of its PillCam COLON capsule in Europe and in 2010 began limited marketing and sales of its second-generation PillCam COLON capsule in European countries. In the second quarter of 2012, the company completed a large, multi-center, pivotal PillCam COLON 2 (second generation PillCam COLON) study. Analysis of the data from the PillCam COLON 2 clinical trial in the U.S. support an FDA submission for visualization of the colon in patients who are unable to undergo colonoscopy or in cases of incomplete colonoscopies, rather than a submission for general screening. The Capsule Ingestion phase of the Pivotal trials in the US and Japan (initiated in November 2011) were completed during the first quarter of 2012. An application for regulatory clearance was recently filed with the FDA for visualization of the lower GI tract. Clearance is expected in Q4 2013. In September, the Company filed for regulatory approval in Japan. Clearance is expected in Q4 2013. The company has also developed the Agile patency capsule and system, a dissolvable capsule that enables physicians to determine whether there are obstructions or strictures in the gastrointestinal tract that may prevent passage of the PillCam SB capsule.
  In December 2008, Given Imaging acquired the Bravo pH monitoring business from Medtronic, Inc. The Bravo pH monitoring system is the only wireless, catheter-free pH test for Gastro Esophageal Reflux Disease, or GERD, and uses a disposable capsule temporarily placed in the esophagus that measures pH levels and transmits the data to an external receiver.
 On April 1, 2010, the company acquired privately-held Sierra Scientific Instruments. In 2011, the company changed the name of the company to Given Imaging (Los Angeles), LLC (“GILA”). GILA is a leading provider of specialty diagnostic devices for the gastrointestinal tract. GILA’s primary business is the development, manufacture and sale of high-resolution pressure systems, also known as high resolution manometry, for the diagnosis of motility disorders within the GI tract. GILA’s high resolution manometry systems are sold under the name ManoScan 360. Since sales began in 2004, GILA has produced and installed hundreds of ManoScan™ systems world-wide and supported tens of thousands of clinical procedures. GILA also markets and sells catheter-based pH and impedance monitoring systems.
  In October 2012, Given Imaging acquired from The SmartPill Corporation, a U.S. based-company, the assets related to the SmartPill® GI Monitoring System for $6 million. The SmartPill® is an ingestible capsule that uses sensor technology to measure pH, pressure and temperature in the GI tract. "SmartPill is an excellent strategic fit with Given Imaging's proprietary technology and extensive portfolio of GI diagnostic tools," said Homi Shamir president and CEO of Given Imaging. Given Imaging plans to invest in market development activities designed to expand the body of clinical evidence for and awareness of SmartPill.
 The company's corporate headquarters, research and development laboratories, and manufacturing facilities, are located in Yoqneam, Israel. With offices around the world, the company's North American headquarters are located in Duluth, GA with European headquarters in Hamburg, Germany. The company's Asia-Pacific/Japan headquarters is located in Hong Kong. Additional sales and marketing offices for Given Imaging are located in France, Japan, Australia, Hong Kong and Brazil and production facilities located in Los Angeles and Vietnam. Given Imaging's technology is currently marketed in more than 80 countries.
 

Directors
CEO & Pres: Nachum (Homi) Shamir
Nachum (Homi) ShamirNachum (Homi) Shamir has served as our President and Chief Executive Officer and a director since April 2006. Prior to joining us, Mr. Shamir served as Corporate Vice President of Eastman Kodak Company and as the President of Eastman Kodak’s Transaction and Industrial Solutions Group, which includes several business units, including Kodak Versamark, Inc. (whose operations were previously those of Scitex Digital Printing Inc.) of which Mr. Shamir was President and Chief Executive Officer. From June 2003 to January 2004, Mr. Shamir served as the President and Chief Executive Officer of Scitex Corporation. From January 2001 to January 2004, he served as the President and Chief Executive Officer of Scitex Digital Printing, having previously served as its Chief Operating Officer since July 2000. Prior thereto, Mr. Shamir was Managing Director and General Manager of Scitex Digital Printing (Asia Pacific) Pte Ltd., a Singapore-based company, from its incorporation in 1994. From 1993 until 1994 he was with the Hong Kong based Scitex Asia Pacific (H.K.) Ltd. Before joining Scitex, Mr. Shamir held senior management positions at various international companies mainly in the Asia Pacific regions. Mr. Shamir holds a B.Sc from the Hebrew University of Jerusalem and an M.P.A. from Harvard University. More Info

CFO: Yuval Yanai
Yuval YanaiYuval Yanai has served as our Chief Financial Officer since September 1, 2005. From October 2000 through August 2005, he served as Senior Vice President and Chief Financial Officer of Koor Industries Ltd., one of Israel's largest holding corporations. Prior to that, from April 1998 to September 2000 he served as Vice President and Chief Financial Officer of NICE Systems Ltd., an Israeli global provider of Insight from Interactions, and from 1991 to April 1998, he was the Vice President, Finance and Chief Financial Officer of Elscint Ltd., a former Israeli company engaged in the manufacturing of medical imaging devices that was acquired by larger companies in this field. He joined Elscint in 1985 and served as Corporate Controller and Corporate Treasurer through 1991. Mr. Yanai has served as a director of Makteshim-Agan Industries Ltd., Equity One, Inc., BVR Systems Ltd., Tadiran Communication Ltd., The Elisra Group and Telrad Networks Ltd. Mr. Yanai holds a B.Sc. in Accounting and Economics from the Tel Aviv University. More Info

Chairman: Israel Makov
Israel Makov has served as the Chairman of our board of directors since July 2007. Mr. Makov also serves as the Chairman of Netafim Ltd., a leader in the irrigation field. Prior to joining us, he served as President and Chief Executive Officer of Teva Pharmaceutical Industries Ltd. from April 2002 until March 2007. Previously, he served as Teva’s Chief Operating Officer from January 2001, Executive Vice President from 1999 and Vice President for Business Development from 1995 until 1999. Prior to joining Teva, Mr. Makov was Chief Executive Officer of Gottex from 1993-1995, Chief Executive Officer of Yachin Hakal Ltd. from 1991–1993 and Chairman of Axiom Ltd. from 1987–1991. Mr. Makov was also a director of Bank Hapoalim Ltd. from October 2002 until February 2006, a director of Ramot at Tel Aviv University from 2001 until January 2006, and one of the founders and a director of the INNI-Israel National Nanotechnology Initiative since 2003. Mr. Makov has also served on the Board of Governors of the Technion — Israel Institute of Technology since 2006 and on the Board of Governors of the Weizmann Institute of Science since 2007. He has also serves as the President of the Friends of Schneider Children’s Medical Center of Israel and as the Chairman of the Board of the Institute for Policy and Strategy at the Interdisciplinary Center, or IDC, in Herzliya since 2008. Mr. Makov holds a B.Sc. in Agriculture and M.Sc. in Economics from the Hebrew University Jerusalem. More Info
Director: Doron Birger
Doron Birger has served as a director since June 2000. From August 2002 until July 2007, Mr. Birger was the Chairman of our board of directors. He currently serves as the Managing Director of Landmark Ventures Israel and as a director and chairman of several private companies in Israel in high-technology sector. Mr. Birger served as Chief Executive Officer of Elron Electronic Industries, Ltd., or Elron, from August 2002 until April 2009. Prior to that, he held other executive positions at Elron, including President since 2001, Chief Financial Officer from 1994 to August 2002, and Corporate Secretary from 1994 to 2001. Until April 2009, Mr. Birger was a director of RDC and a director or chairman of the board of directors of many privately held companies in the Elron group in the fields of medical devices, semiconductors and communication. From 1991 to 1994, Mr. Birger was Chief Financial Officer at North Hills Electronics Ltd., an advanced electronics company. From 1990 to 1991, Mr. Birger served as Chief Financial Officer of Middle-East Pipes Ltd., a manufacturer in the metal industry. From 1988 to 1990, Mr. Birger served as Chief Financial Officer of Maquette Ltd., a manufacturer and exporter of fashion items. From 1981 to 1988, Mr. Birger was Chief Financial Officer and director at Bateman Engineering Ltd. and I.D.C. Industrial Development Company Ltd. Mr. Birger holds a B.A. and an M.A. in economics from the Hebrew University, Jerusalem. More Info
Director: Ari Bronshtein
Ari Bronshtein has served as our director since December 2010. Mr. Bronstein has served as Chief Executive Officer of Elron, since May 2009. From January 2006, Mr. Bronshtein has also served as vice president at Discount Investment Corporation, or DIC, a holding company in Israel. From 2004 to 2005, Mr. Bronshtein served as vice president and head of the Economics and Business Development division of Bezeq, a leading Israeli telecommunication company. From 2000 to 2003, Mr. Bronshtein served as Director of Finance and Investments at Bezeq. From 1999 to 2000, Mr. Bronshtein served as Manager of Business Analysis at Comverse Technologies, a telecommunication company. From 1996 to 1999, Mr. Bronshtein held various positions at Tadiran, his last position being Director of the Finance and Investments division. Mr. Bronshtein currently serves as a director of CellCom Israel Ltd., a publicly traded cellular telephone company, and other companies within the DIC group. Mr. Bronshtein holds a Bachelors degree in Finance and Management and a Masters degree in Finance and Accounting, both from Tel-Aviv University. More Info
Director: James M. Cornelius
James Cornelius has served as a director since October 2001 and was elected as an outside director in December 2001. Mr. Cornelius was elected Chief Executive Officer of Bristol-Myers Squibb Company, or BMS on April 30, 2007 and also became Chairman of BMS in February 2008. He retired as Chief Executive Officer of BMS effective May 5, 2010. In addition, he serves as non-executive Chairman of the Board of Mead Johnson Nutrition, or MJN, since its split off from BMS on December 18, 2009. MJN is also listed on the New York Stock Exchange. Prior to that, he served as interim Chief Executive Officer of BMS from September 12, 2006. He has been a member of the BMS Board since January 2005. From November 15, 2005 to April 21, 2006, Mr. Cornelius was Chairman of the Board and Chief Executive Officer of Guidant Corporation (a leading cardiac and vascular medical device company listed on the New York Stock Exchange), until the sale of Guidant to Boston Scientific Corporation. From 2000 until 2006, Mr. Cornelius served as the non-executive Chairman of the board of directors of Guidant Corporation. From 1994 until 2000, Mr. Cornelius served as the Senior Executive and Chairman of Guidant Corporation. From 1983 to 1994, Mr. Cornelius was a director, member of the Executive Committee, and Chief Financial Officer of Eli Lilly and Company. From 1980 to 1982, Mr. Cornelius served as President and Chief Executive Officer of IVAC Corporation, formerly part of Eli Lilly’s Medical Device and Diagnostics Division. Mr. Cornelius holds a B.A. in accounting and an M.B.A. from Michigan State University. More Info
Director: Michael Grobstein
Michael Grobstein has served as a director since October 2001 and was elected as an outside director in December 2001. Mr. Grobstein serves as a director of Bristol-Myers Squibb, as chairman of its audit committee and a member of its compensation and management development committee. Mr. Grobstein served as a director of Guidant Corporation from 1999 to 2006, at which time Guidant was acquired by Boston Scientific Corporation. During that period, he was chairman of Guidant’s audit committee and a member of its corporate governance committee. Mr. Grobstein worked with Ernst & Young LLP from 1964 to 1998, and was admitted as a partner in 1975. At Ernst & Young, Mr. Grobstein served as a Vice Chairman-International Operations from 1993 to 1998, as Vice Chairman-Planning, Marketing and Industry Services from 1987 to 1993, and Vice Chairman-Accounting and Auditing Services from 1984 to 1987. In these positions, Mr. Grobstein, among other things, oversaw the global strategic planning of the firm, was responsible for developing and implementing the firm’s worldwide audit service delivery process and consulted with multinational corporations on a wide variety of financial reporting matters. Mr. Grobstein is a certified public accountant in the United States and holds a B.Sc. in accounting from the University of Illinois. More Info
Director: Anat Loewenstein
Prof. Anat Loewenstein has served as a director since August 2005. Prof. Loewenstein completed her training in Johns Hopkins University Hospital in Baltimore in 1996. She has been the Director of the Department of Ophthalmology, Tel-Aviv Medical Center since January 2000, Vice Dean of the Sackler School of Medicine, Tel-Aviv University since September 2006, and a Professor at the Sackler School of Medicine since April 1999. In addition, since 2000 Prof. Loewenstein has been a member of the Advisory Board of Notal Vision Ltd., a medical device company in the area of diagnostic ophthalmology, and from 1996 until 1997 she served as an advisor to Talia Technologies Ltd., which developed an instrument in diagnostic ophthalmology. She is the principal investigator in multiple multicenter drug and device studies for Pfizer, Novartis, Roche and Zeiss and serves as a consultant to several companies in the healthcare industry, including Novartis, Allergen, Orabio, Lumenis and ForSight Labs. She is a member of the IRB committee of the Israeli Ministry of Health. Prof. Loewenstein holds an M.D. from the Hebrew University of Jerusalem and Masters Degree in Health Administration from Tel-Aviv University. More Info
Director: Arie Mientkavitch
Arie Mientkavich has served as a director since July 2007. In addition, he has served as Chairman of the Board of Directors of Elron and RDC since January 2007 and as Deputy Chairman of IDB Holding Corporation Ltd. since May 2006. Mr. Mientkavich has also served as a director of NuLens Ltd. since January 2010, as a director of Medingo Ltd. since November 2007, Chairman of the Board of Directors of Gazit Globe (Development) Ltd. since July 2006, and Deputy Chairman of Gazit Globe Ltd. since May 2005. Prior to this, from 1997 through January 2006, Mr. Mientkavich served as Chairman of the Board of Directors of Israel Discount Bank Ltd. and its major subsidiaries, Israel Discount Bank of New York, Mercantile Discount Bank Ltd. and Discount Management Provident Funds. Between 1987 and 1997, Mr. Mientkavich served as Active Chairman of the Board of the Israel Securities Authority—the Israeli equivalent of the United States Securities and Exchange Commission, or SEC. Prior to that, from 1979 through 1987, he was the General Counsel of the Israeli Ministry of Finance. Mr. Mientkavich holds degrees in Political Science and Law from the Hebrew University, Jerusalem and is a member of the Israeli Bar Association. More Info
Director: Nachum (Homi) Shamir
Nachum (Homi) ShamirNachum (Homi) Shamir has served as our President and Chief Executive Officer and a director since April 2006. Prior to joining us, Mr. Shamir served as Corporate Vice President of Eastman Kodak Company and as the President of Eastman Kodak’s Transaction and Industrial Solutions Group, which includes several business units, including Kodak Versamark, Inc. (whose operations were previously those of Scitex Digital Printing Inc.) of which Mr. Shamir was President and Chief Executive Officer. From June 2003 to January 2004, Mr. Shamir served as the President and Chief Executive Officer of Scitex Corporation. From January 2001 to January 2004, he served as the President and Chief Executive Officer of Scitex Digital Printing, having previously served as its Chief Operating Officer since July 2000. Prior thereto, Mr. Shamir was Managing Director and General Manager of Scitex Digital Printing (Asia Pacific) Pte Ltd., a Singapore-based company, from its incorporation in 1994. From 1993 until 1994 he was with the Hong Kong based Scitex Asia Pacific (H.K.) Ltd. Before joining Scitex, Mr. Shamir held senior management positions at various international companies mainly in the Asia Pacific regions. Mr. Shamir holds a B.Sc from the Hebrew University of Jerusalem and an M.P.A. from Harvard University. More Info

Director: Stanley Stern
Stanley Stern has served as our Director since May 2012. Mr. Stern has served as Managing Director and Head of Technology, Defense Electronics, Israeli Banking and FIG at Oppenheimer & Co. since January 2008. Prior to this, from March 2004 until December 2007, he served as a Managing Director and Head of Investment Banking at Oppenheimer. Prior to Oppenheimer, he was a Managing Director and the Head of Investment Banking at C.E. Unterberg, Towbin where he focused on technology and defense related sectors. From January 2000 until January 2002, Mr. Stern ran STI Ventures Advisory USA Inc., a venture capital firm focusing on technology investments. Before running STI Ventures, he spent over 20 years at CIBC Oppenheimer in the investment banking department and started the technology banking group in 1990. Mr. Stern serves as the Chairman of the Board of Directors of Tucows, Inc., an internet service provider. From 2004 until 2009, he served as a director of Diamond.com, an online jewelry vendor. From 2005 until its sale in 2011, he served as a director and Chairman of the audit committee of Fundtech Inc. Mr. Stern received his MBA from Harvard Business School and a BS from Queens College. More Info

Three Months Ended
September 30
Nine Months Ended
September 30
Income Statement Data ($m)
2013
2012
2013
2012
Total Revenues
50.0
45.4
140.1
131.8
Gross Profit
38.8
 35.2
108.4
 101.2
Gross Margins %
77%
 78%
77%
 77%
Operating Income
6.4
 6.5
11.9
 10.2
Finance, Net
0.1
 0.2
0.0
 0.6
Pretax Income
6.5
 6.7
11.9
 10.8
Net Income
 6.6
 6.8
 11.3
 10.2
Diluted Earnings Per Share ($)
 0.20
 0.19
 0.36
 0.29
 
 
  
 
 
Year Ended December 31
Income Statement Data ($m)
2012
2011
2010
Total Revenues 
180.5
178.0
157.8
Gross Profit
 137.5
 136.5
 120.2
Gross Margins %
 76%
 77%
 76%
Operating Income
 13.9
 13.0
 7.0
Finance, Net
 0.8
1.3
 2.6
Pretax Income
 14.7
 14.3
 9.6
Net Income
 14.3
 12.2
 8.5
Diluted Earnings Per Share ($)
 0.45
 0.39
 0.28
 
 
 
 


Balance Sheet Data ($m)
9/30/13
12/31/12
Total Cash & ST Investments
119.6
93.9
Current Assets
 191.1
159.1
Total Assets
 294.8
274.3
Current Liabilities
 35.1
36.8
Total Equity
 244.2
222.9
   
 
 

 
Key Financial Ratios
9/30/13
12/31/12
Current Ratio
5.4x
4.1x
L-T Debt/Equity
NM
NM
  
 
 

 
Business Summary
2012
Revenues
Workstations, recorders and software
4%
PillCam SB Capsules
65%
PillCam COLON Capsule
1%
Bravo pH monitoring products
10%
GILA manometry and catheters
19%
Other
1%
 
 
 

Dividend Policy
Dividend distribution is at the discretion of our board of directors. On March 11, 2009, the company paid a special cash dividend of $0.54 per share, or a total of approx. $16 million.
 


Main Shareholders (January 16, 2014)
 
Elron Electronic Industries Ltd.
20.57%
Discount Investment Corporation Ltd.
14.27%
RDC Rafael Development Corp. Ltd.
8.05%
 
 
 


Capsule Endoscopy
PillCam SB
  PillCam SB
The PillCam SB video capsule is the most widely used, patient-friendly tool for directly visualizing the small bowel to detect, diagnose and monitor abnormalities. This procedure is the standard of care for small bowel evaluation, helping healthcare practitioners determine the presence and source of obscure GI bleeding (OGIB), Iron Deficiency Anemia (IDA), and Crohn’s disease; providing a valuable perspective for improving patient outcomes. The capsule contains an imaging device and a light source and transmits images at a rate of two images per second, generally for eight hours or more, resulting in more than 50,000 images. After ingesting the capsule at the physician’s office, the patient can continue his or her daily routine as the capsule transmits the images to a portable data recorder, which is later returned to the physician’s office for review and diagnosis.
PillCam ESO
  PillCam ESO
The PillCam ESO capsule is used to visualize the esophageal mucosa. By visualizing the esophagus, physicians can monitor and detect abnormalities including esophageal varices, Barrett’s Esophagus and esophageal cancers. The PillCam ESO capsule is similar in size to the PillCam SB capsule and contains an imaging device and light source at both ends of the capsule and captures 18 frames per second. The procedure with PillCam ESO is fairly short and is done entirely within the physician’s office.
PillCam COLON
  PillCam COLON
PillCam COLON capsule measures 11 mm by 31 mm (approximately 0.43 by 1.29 inches), slightly larger than the PillCam SB and PillCam ESO capsules. PillCam COLON is a minimally invasive tool for direct visualization of the colon, including identifying the occurrence of polyps. PillCam COLON is complementary to colonoscopy and may be used as an alternative for those who refuse other invasive colon exams or in some patients who have higher risk for complications from colonoscopy including patients with bleeding, or sedation risks, previous incomplete colonoscopy or for patients with inflammatory bowel.
Agile
  Agile
The Agile patency system consists of the Agile patency capsule, a dissolvable capsule the same size as the PillCam SB capsule, with a radio frequency identification, or RFID. The Agile patency capsule is ingested by the patient and allows physicians to confirm free passage of a PillCam capsule in a patient’s gastrointestinal tract. The reusable component of the Agile patency system is a hand-held patency Scanner, which detects the signal from the RFID tag. If the scanner indicates that the tag is no longer in the gastrointestinal tract, patency has been established and the patient can ingest a PillCam capsule without fear of it getting caught in a stricture. If the scanner indicates that the tag is located in the patient’s body, an obstruction preventing the passage of the PillCam capsule may exist.

Manometry
Motility Monitoring
  Motility Monitoring
Given Imaging offers a variety of high resolution manometry (HRM) products to measure pressure activity within the esophagus and in both the rectum and anal sphincters. ManoScan ESO, is a test used to assess esophageal motor function, by providing complete physiological mapping of the esophageal motor function, from the pharynx to the stomach, with a single placement of a catheter. This advanced diagnostic technology allows physicians to evaluate causes of gastric reflux, difficulty swallowing, functional chest pain and pre-operative evaluations. ManoScan AR is a test used to assess pressure activity of the rectum and anal sphincters with a single placement of a catheter. This advanced diagnostic technology allows physicians to evaluate patients with conditions such as impaired defecation, chronic constipation, rectal prolapse or Hirschprung's Disease. The SmartPill motility monitoring system offers a unique way to assess motility by collecting and analyzing data from within the entire GI tract via a test that can be performed in the clinic or physician's office. The test is ambulatory, allowing the patient to go about their normal routine throughout the test. As the SmartPill capsule passes through the GI tract, it transmits data to a recorder worn by the patient. Once the single-use capsule has passed from the body, study data are downloaded from the recorder to a computer. The physician then uses MotiliGI® software to display and analyze the data, providing test results in both graphical and report formats. Results are used for the evaluation of gastroparesis and chronic constipation.

Monitoring
Reflux Monitoring
  Reflux Monitoring
Bravo pH monitoring is a capsule-based, patient-friendly test for identifying the presence of acid reflux. Information is collected over multiple days, which allows the doctor to evaluate reflux symptoms by determining the frequency and duration of acid flowing back up into the esophagus. The test is used to confirm if the patient’s symptoms are caused by gastroesophageal reflux disease (GERD). Digitrapper pH-Z monitoring is a catheter-based test using a combination of pH and impedance sensors for the identification of reflux at multiple locations, including the esophagus and pharynx. Data collected differentiates acid and non-acid reflux in patients with an array of symptoms.
Healthcare providers



Announcements
3/2/2014
Multimedia Release -- Given Imaging Receives FDA Clearance for PillCam(R) COLON in Patients Following Incomplete Colonoscopy More Info

3/2/2014
Multimedia Release -- Given Imaging Receives FDA Clearance for PillCam(R) COLON in Patients Following Incomplete Colonoscopy More Info

23/1/2014
Given Imaging Announces Results of Special Shareholders' Meeting More Info

2/1/2014
Given Imaging Announces Results of Special Shareholders' Meeting More Info

8/12/2013
Covidien Announces Definitive Agreement to Acquire Given Imaging More Info

11/11/2013
Given Imaging Receives Reimbursement Approval for PillCam COLON(R) in Japan Effective January 1, 2014 More Info

6/11/2013
Given Imaging Reports Third Quarter 2013 Financial Results More Info

22/10/2013
Given Imaging to Host Third Quarter 2013 Financial Results Conference Call on November 6, 2013 More Info

21/10/2013
Given Imaging Announces the Results of Two Recent Studies Underscoring the Economic Value and Clinical Utility of PillCam(R) ESO in Managing Upper GI Bleeding in the Emergency Department Setting More Info

21/5/2013
Given Imaging Announces New Data Showing ManoScan(R) High Resolution Manometry Improves Gastroenterologists' Ability to Detect and Diagnose GI Tract Disorders More Info


All Announcements

News
Globes - 26/1/2014 - Given Imaging shareholders approve Covidien merger
Covidien is acquiring Given Imaging at a valuation of $970 million. More Info

Globes - 26/12/2013 - Covidien bid to buy Given Imaging in 2012
Documents show that Covidien offered $19-22 per share for the pill camera developer compared with the $30 it has now agreed to pay. More Info

Globes - 12/12/2013 - Given Imaging's disgruntled shareholder sells stake
Discovery Equity Partners sent a sharply worded letter recently accusing Given Imaging of bad management and failure to create shareholder value. More Info

Globes - 10/12/2013 - Given Imaging CEO entitled to $2.2m golden parachute
Homi Shamir also holds shares and options in the company, which has been acquired by Covidien, worth $9 million. More Info

Fox Business* - 8/12/2013 - Covidien Buying Given Imaging For $860 Million
Medical device maker Covidien PLC will acquire Given Imaging Ltd. for $30 a share in cash, or about $860 million, the companies said Sunday. More Info

Globes - 8/12/2013 - Given Imaging fails to go it alone
It's impossible to call an exit of almost $1 billion disappointing, but Given Imaging is joining the list of Israeli companies that could not go it alone any longer. More Info

Globes - 8/12/2013 - Covidien buys Given Imaging for $860m
Given Imaging CEO: After thoroughly evaluating our options we determined that this deal is in the best interests of Given Imaging. More Info

Globes - 8/12/2013 - IDB: We've sold Given Imaging
Ireland's Covidien is believed to be the buyer; the deal is yet to be finalized. More Info

Globes - 25/11/2013 - 3 cos interested in buying Given Imaging
The asking price for the endoscopic capsule developer is reportedly $750-800 million, a 20% premium on the market cap. More Info

Globes - 6/11/2013 - Given Imaging pays tax on trapped profits
Given Imaging said that it would pay a 10% tax rate on $54 million of profits. More Info



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