Given Imaging Ltd.

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Key Executives:

Nachum (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:

760

Research Coverage:

CIBC Oppenheimer, Gleacher & Co., Maxim Group, WJB Capital

Auditor:

Somekh Chaikin (member of KPMG International)

IR Firm:

Lazar Partners

Main Subsidiaries:

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 December 31, 2010, the company has sold more than 1.4 million capsules in more than 80 countries worldwide and had an installed base of approximately 5,600 Given Systems and 900 Rapid Access units.
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 June 2011, the company initiated a large, multi-center, pivotal PillCam COLON 2 (second generation PillCam COLON) study, which will support the company’s planned 510(k) submission to the U.S. Food and Drug Administration (FDA). The Capsule Ingesttion phase of the Pivotal trals in the US and Japan (initiated in November 2011) were completed during the first quarter of 2012 and the company expects to file for clearance in both markets later in the year. 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 . Sierra is a leading provider of specialty diagnostic devices for the gastrointestinal tract. Sierra’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. Sierra’s high resolution manometry systems are sold under the name ManoScan 360. Since sales began in 2004, Sierra has produced and installed hundreds of ManoScan™ systems world-wide and supported tens of thousands of clinical procedures. Sierra also markets and sells catheter-based pH and impedance monitoring systems.
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, Singapore and Brazil and a production facility is located in Ireland. Given Imaging's wholly-owned subsidiary, Sierra Scientific Instruments, is located in Los Angeles, CA, with manufacturing operations 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) 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 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

COO: Kevin Rubey

Kevin Rubey has served as our Chief Operations Officer since June 2001. Prior to joining us, from 1998 to May 2001, Mr. Rubey worked at Eastman Kodak Company, a consumer and professional photographic and information imaging company where he led global manufacturing and operations for the Health Imaging Business Unit. From 1996 to 1998, Mr. Rubey was Manufacturing Director of the Medical Imaging Business Unit of Imation Corporation, a U.S. information technology company specializing in data storage and color image management. Prior to that, from 1977 to 1996, Mr. Rubey worked at the 3M Corporation in a variety of positions in the health, consumer and information technology businesses. Mr. Rubey holds a B.Sc. in Mechanical Engineering and an M.B.A. from the University of Minnesota. 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

Director: Dennert Ware

Dennert (Denny) O. Ware has served as a director since July 2007. Mr. Ware has served as a director of CeloNova Biosciences, Inc. since October 2009 and as its Interim Chief Executive Officer since January 2010. Since April 2008, Mr. Ware has also been a director of Pelikan Technologies, Inc., a company developing products for the self monitoring blood glucose business. Prior to joining our board of directors, he served as a Director, President and Chief Executive Officer of Kinetic Concepts, Inc., or KCI, from April 2000 to December 2006. Before joining KCI, he served as President and Chief Executive Officer of Boehringer Mannheim Corporation, a market leader in medical diagnostic equipment. He joined Boehringer in 1972 as Vice President of Technical Affairs of DePuy, the company’s Orthopedic Division. He later held senior management positions in the Diagnostic Division and became President and Chief Executive Officer of Boehringer Mannheim’s North American operations in 1997, a position he held until the acquisition of Boehringer Mannheim Group by Hoffman La Roche in 1998. After this acquisition, Mr. Ware continued on as President and Chief Executive Officer of Roche Diagnostics Corp until the end of 1999. Mr. Ware holds a BSChE degree from Purdue University and an M.B.A from Indiana University. More Info

	Three Months Ended March 31
Income Statement Data ($m)	2012	2011
Total Revenues	41.8	40.0
Gross Profit	31.6	30.7
Gross Margins %	76%	77%
Operating Income	0.4	1.5
Finance, Net	0.3	-0.1
Pretax Income	0.7	1.4
Net Income	0.1	0.8
Diluted Earnings Per Share ($)	0.01	0.02

	Year Ended December 31
Income Statement Data ($m)	2011	2010	2009
Total Revenues	178.0	157.8	141.8
Gross Profit	136.5	120.2	108.6
Gross Margins %	77%	76%	77%
Operating Income (Loss)	13.0	7.0	10.3
Finance, Net	1.3	2.6	1.6
Pretax Income	14.3	9.6	11.9
Net Income	12.2	8.5	14.3
Diluted Earnings Per Share ($)	0.39	0.28	0.47

Balance Sheet Data ($m)	3/31/12	12/31/11
Total Cash & ST Investments	76.0	89.0
Current Assets	139.2	153.8
Total Assets	246.7	248.3
Current Liabilities	32.6	37.1
Total Equity	200.6	197.9

Key Financial Ratios	3/31/12	12/31/11
Current Ratio	4.3x	4.1x
L-T Debt/Equity	NM	NM

Business Summary	2011
	Revenues
Workstations, RAPID Access and recorders	5%
PillCam SB Capsules	66%
PillCam COLON Capsule	1%
Bravo business	11%
Manometry, catheter-based pH and Impedance	16%
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 (May 14, 2012)
Elron Electronic Industries Ltd.	22.14%
Discount Investment Corporation Ltd.	15.36%
RDC Rafael Development Corp. Ltd.	8.66%
Leon Cooperman	8.26%
AXA Financial, Inc.	5.12%

Capsule Endoscopy

PillCam SB
The PillCam SB video capsule is used for visualization and detection of abnormalities of the small bowel in patients two years and older. The PillCam SB capsule measures 11mm by 26mm (approximately 0.43 by 1.02 inches) 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.

More Info

PillCam ESO
The PillCam ESO capsule is used to visualize the esophageal mucosa. 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.

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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 complementary to traditional colonoscopy and an appropriate exam for those patients who have received incomplete colonoscopy, are contraindicated for colonoscopy or are unwilling to undergo traditional colonoscopy.

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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.

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Manometry

Sierra Scientific
Sierra specializes in catheter-based products for pH and impedance measurement. Catheter-based pH testing involves inserting a small disposable catheter through the nostril and advancing it into the esophagus, where it measures pH levels over a 24-hour period. It is typically administered on an outpatient basis and the patient is released to go about “normal” activities while a small catheter remains in place through their nose and extending to the bottom of their esophagus. The patient typically returns the next day so that the catheter may be removed and data uploaded from the recorder and into a software program for analysis. The use of catheter-based pH monitoring is preferred over Bravo pH monitoring in cases where measurement is required over a longer section of the esophagus. The addition of impedance testing allows for the monitoring of non-acid reflux. It can be useful in association of symptoms with non-acid reflux and allow for certain tests to be done while the patient remains on acid suppressing medication.

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pH Monitoring

Bravo System
Bravo pH Monitoring collects 48 hours of pH data, twice the data of conventional catheter-based tests, increasing the ability to document relationships between atypical and reflux events. The 48 hours of data, allows physicians to evaluate reflux symptoms and determine the best course of treatment.

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Healthcare providers

Announcements

16/5/2012
Given Imaging Announces Results of 2012 Annual Shareholders' Meeting More Info

8/5/2012
Given Imaging Reports First Quarter 2012 Results More Info

19/4/2012
Given Imaging to Host First Quarter 2012 Financial Results Conference Call on May 9, 2012 More Info

17/4/2012
Given Imaging Designates Policlinico A. Gemelli, Catholic University in Rome, as First Colon Capsule Endoscopy Center of Excellence More Info

27/3/2012
Given Imaging Receives Clearance for Expanded PillCam(R) SB Indications in Japan More Info

15/3/2012
Given Imaging to Present at the Maxim Group Growth Conference on March 26, 2012 More Info

12/3/2012
Given Imaging Announces Publication of Colon Capsule Endoscopy Guidelines in Endoscopy More Info

3/3/2012
Given Imaging Supports Fight Against Colorectal Cancer More Info

16/2/2012
Given Imaging to Present at Upcoming Investor Conferences More Info

14/2/2012
Given Imaging Reports Record Fourth Quarter and Full-Year 2011 Results More Info

All Announcements

News

Globes - 9/5/2012 - Clinical trials weigh on Given Imaging profit
The pivotal trial for the Pillcam Colon 2 is testing whether the capsule is more effective than a colonscopy in finding polyps in the colon. More Info

Globes - 15/2/2012 - Given Imaging jumps on revenue, profit growth
In its guidance for 2012, Given Imaging forecasts non-GAAP earnings per share of $0.70-0.80 on $190-200 million revenue. More Info

Globes - 15/11/2011 - Given Imaging begins pivotal Japanese colon trial
The trial is part of an application for the PillCam Colon 2 capsule to Japan's Pharmaceuticals and Medical Devices Agency in mid-2012. More Info

Globes - 2/11/2011 - Given Imaging raises 2011 revenue guidance
Third quarter revenue rose 16% to $44.7 million. More Info

Jerusalem Post - 24/9/2011 - Given Imaging develops new generation of pills
CEO of company that makes diagnostic capsule camera company discusses future plans. More Info

Globes - 4/8/2011 - Given Imaging grows revenue, but profit falls
Continued weakness in the PillCam producer's primary market, the US, was offset by strong growth in Asia. More Info

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