Net income for the quarter ended April 30 rose 10 percent to $3.74 billion, or $1.09 a share, from $3.4 billion, or 97 cents, a year earlier, Bentonville, Arkansas-based Wal-Mart said today in a statement. The average of 24 analysts’ estimates compiled by Bloomberg was $1.04 a share.
At a time when a bribery probe in Mexico threatens growth in Wal-Mart’s international operations, Chief Executive Officer Mike Duke is trying to boost U.S. sales by adding items back to shelves and honoring the promise of everyday low prices. The company is working with suppliers to lower costs and pass some of the savings on to consumers.
Same-store sales “likely benefited from the same unseasonably warm winter that aided other retailers in February and March,” Colin McGranahan, an analyst at Sanford C. Bernstein & Co. in New York, said in a research note.
Total revenue rose 8.5 percent to $113 billion.
Wal-Mart rose 1.8 percent to $60.25 at 7:05 a.m. in New York. The shares had fallen 1 percent this year before today.
Viacom Inc. (VIAB), the owner of MTV, Comedy Central and the Paramount film studio, agreed to resolve a legal dispute with Time Warner Cable Inc. (TWC), allowing cable customers to see Viacom shows on devices such as Apple Inc. (AAPL)’s iPad.
“All of Viacom’s programming will now be available to Time Warner Cable subscribers for in-home viewing via Internet protocol-enabled devices such as iPads,” the companies said yesterday in a joint statement posted on Viacom’s website. Time Warner Cable won’t be paying more to stream shows on the gadgets, according to two people familiar with the matter who asked not to be identified because the terms are private.
Viacom sued in 2011, seeking an order blocking Time Warner Cable from distributing Viacom programming on portable electronics. Time Warner Cable also sued, seeking a ruling from the court that its contract with Viacom allowed the distribution of content on the devices.
The case underscored tensions between media companies and pay-television providers over how television content can be used in the iPad era. Consumers are increasingly watching TV on computers, tablets and other mobile devices, and cable companies are eager to accommodate them.
Last August, Viacom resolved a similar lawsuit against Cablevision Systems Corp. (CVC), which had been distributing Viacom’s programming on the iPad. The companies said Cablevision could continue to run Viacom’s programs on the devices.
Shares of Viacom, based in New York, rose less than 1 percent to $47.25 yesterday. Time Warner Cable climbed less than a 1 percent as well, to $76.35.
Fees Rise
Viacom, controlled by Chairman Sumner Redstone, reported better-than-anticipated profit last quarter on increased fees from pay-TV operators. The company’s media networks unit, which contributed 92 percent of operating profit in fiscal 2011, saw a 15 percent increase in domestic fees for its cable networks. U.S. ad sales rose 1 percent from a year earlier, following a 3 percent decline in the previous quarter.
Time Warner Cable also settled a dispute over Viacom’s Country Music Television. The cable provider will continue to carry the channel, the companies said in yesterday’s statement.
The case is Viacom International v. Time Warner Cable, 11- 02387, U.S. District Court, Southern District of New York (Manhattan).
Seth Klarman, the famed value investor and manager of the Baupost hedge fund, has provided some sage advice with regards to investing – "be a contrarian armed with a calculator". With this in mind, let us look at the curious case of India, where the consensus opinion is decidedly bearish (have yet to find a bullish view amongst my friends in the financial area!), based on a long list of ills which currently plague the Indian financial, economic and political system. In recent months, Morgan Stanley's India research team (headed by Ridham Desai) has produced some excellent notes on the macro fundamentals in India, making the argument for the long-term bull case. In particular, their recent piece titled " A Macro Framework for Corporate Profits" is one of the best macro research piece I have come across on India (and for that matter any emerging market) and draws on a recent path-breaking note by James Montier of the value manager GMO which provides a framework to analyse corporate profits from a top-down macro perspective. To summarise:
-Corporate profits in India have compounded by 21% per annum over the last 10 years, but have declined to an annual growth rate of 8% over the last 4 years (see graph below) while nominal GDP has grown by 15.6% per annum over the last 4 years. From a peak of 10.7% of GDP in fiscal year 2008, profits have dropped to 8.9% of GDP. At a micro level this can be explained by a big drop in margins. It is also helpful to understand the macro drivers.
-Corporate profits at the country level can be derived from the basic macroeconomic investment-savings identity . Profits equal: Investments – Household Savings – Public Savings – Current Account deficit + Dividends (all expressed as a percentage of GDP). To think of this identity intuitively, all domestic spending (whether consumption or investment) counts towards profits , foreign spending detracts from profits and all savings (private or public) reduces profits. Dividends are paid an income transfer from the corporate sector to households.
-The macro approach tracks reported earnings (of 6,890 companies) closely (see chart below).
-The slowdown in profits has come primarily from a 3.7% (of GDP) drop in the investment rate over the last four years (see chart below). The second biggest drag on profits over the last four years has been the 2.7% increase in the current account deficit, but the 5.0% decrease in public savings over the same period has more than offset this impact. If it were not for the public spending increase, corporate profits would have declined by 5% per annum.
-The case for a premium for Indian equities over other markets rests on the significantly lower volatility of earnings growth (see chart below) . This lower volatility in earnings is explained by the long-term stability in India's investment rate and household savings, which are the biggest drivers of profits (see graph below). The shorter-term fluctuations in the earnings growth comes from swings in public savings and the current account deficit – but they are relatively smaller drivers of profits in the long-term.
-The outlook for corporate profits over the next 12 months depends on the interplay between public savings (or the fiscal deficit which is a subset of savings and the two track each other very closely) and the current account deficit.
- It is unlikely that the investment rate or household savings rate will change by much. However, there is a risk that the investment rate dips somewhat due to policy uncertainty, low starting point for ROE and the high cost of capital, which will hurt profits. In addition, higher real rates could cause savings to grow and also hurt profits.
-A likely reduction in the fiscal deficit will act as a drag on profits, while the accompanying compression in the current account deficit will provide a boost to profits. While fiscal discipline is good for long term macroeconomic stability , too much and too soon will hurt profits.
-The current account deficit therefore holds the key to profits over the next 12 months. The best way to achieve a reduction in the current account deficit (and an increase in profits) is to boost exports – but that is unlikely in a slowing global economy. The other way would be to reduce imports – not the bad way by reducing domestic consumption (which would hurt profits) but by a reduction in the prices of imports (i.e. lower oil prices) which would increase profits.
-So expecting stable investment and savings rates, and a decline in the fiscal deficit together with an offsetting decline in the current account deficit plus an increase in the dividend payout (which typically increases when profits are low) , would result in a 16% growth in earnings assuming a 13.8% nominal GDP growth rate (see graph below).
-The historically wide gap between the market cap and profits as a share of GDP indicates that the market is very pessimistic in the outlook for profits, making equities an attractive buy from a long-term perspective (see graph below).
A very insightful piece of work, and sorely lacking for most markets outside of the US (would love to see similar work on the Chinese market!). In the investment world, it is critical to look at the trees from time to time, and not get overly bogged down in the weeds. Yes, there are many negative factors facing the Indian market today(too long to list!), but the stock market is cheap and for a long term investor it presents an attractive opportunity to go long (or add to core long positions) over the course of the next few months. Exposure can be taken to the entire market, or to the mid-cap or small-cap sectors which present even more attractive valuations (see relative valuation analysis below). There are funds and ETFs to effect this exposure – both in the domestic market as well as the offshore market.
-The broad market , in US$ terms relative to the broader Asian market, is now at the late 2008/early 2009 lows reached during the financial crisis.
-On a price to book valuation, adjusting for the growth in book value, the market is just 15% higher that the levels established during the end of 2008.
-Small-cap stocks currently trade at 1.1*book which are near a historical low, and the relative price/book is at a multi-year low going back to 2002 and at a 60% discount to the broad market.
Regarding the US market, the economy is showing some clear signs of slowing down which is typically associated with a market correction. The chart below (Citi economic surprises index versus US equities minus US government bond 3 month returns) illustrates this phenomenon rather well:
But with the current easing programme (Operation Twist) expiring in the end of June, it is unlikely that the market will suffer a serious 10-15% correction until after the expiry of the programme, as long as the possibility of an extension or a new QE programme to be announced before the end of June remains. However, if there is no new programme announced, the chances of a subsequent 10-15% downturn will increase substantially. This, if it happens (as noted in previous newsletters), should be viewed as a buying opportunity as it would significantly increase the likelihood of another QE programme!
HIDDEN GEM "VIRINCHI TECHNOLOGIES LTD"(BSE CODE:532372)AT 11/- TARGET 22/- & 35/-
STOCK : VIRINCHI TECHNOLOGIES LTD Trading in BSE CODE : 532372
CMP : 11/- Promoters Buying Heavily….. Increasing Stake
Target : 22/- to 35/- in Short term and Medium terms (In this Weak Market Good time to buy this worthy stock to get multi Returns in very Short time.)
Last 6 Months Given Calls 1) PITTI Laminations at 37/- Now 95/-
2) Venus Power at 7/- Now at 21/-
3) LGS Global at 45/- Now at 100/-
4) Avon Organics given at 20/- Now 30/-
5) IFCI at 20/- Now at 40/-
6) NATCO at 350/- Now 435/- ( I given call in 2009 at 40/- Now 445/- almost 10 times return)
7) TechTran Polylences at 22/- Reached 29.5/- in 3 days time.
8) Rathi Steel & Power at 11/- Reached 15.85/- in 3 days time.
Now we suggesting Buy and hold VIRINCHI TECHNOLOGIES LTD with 11,000/- rupees for 1,000 shares and hold will get 35,000/- to 57,000/- means 5 times Return in 3 to 6 Months time.
Because Virinchi Going to Restructuring of the Company; value is very high. Just buy and hold till 35/- to 69/- levels soon.
Company having good Fundamentals and good Financial background and Good Management and Company having good International prestigious Clients from UK, USA, Europe, Germany, France, Italy and Holland.
In this market Safe investment for this Stock at 11/- With target of 35/-. Within 1 to 3 months time.
Equity : 14.9 Cr
Face Value : 10/-
Book Value: 53/-
Promoters Holding : 28% ;
Financial Institutions and Banks 8%;
Body Corporate : 8.59%;
Public Only 56%
EPS : 3.13/- for 2010-11 and 2011-12 Expecting 4/- above.
Every Year Dividend Paying company.
Dividend History: 2011 --- 5%; 2010 --- 5%; 2009 --- 5%; 2008 --- 5%; 2007 --- 5%; 2006 --- 5%; 2005 --- 5%
VIRINCHI TECHNOLOGIES LTD going to Restructuring of the Company.
VIRINCHI TECHNOLOGIES LTD Having Good Infrastructure and Land Bank and Valuable Assets.
VIRINCHI TECHNOLOGIES LTD Expanding plans is very Aggressive.
VIRINCHI TECHNOLOGIES LTD Stock Will go 22/- to 35/- and 69/- range in Short term and Medium Term., Like SE Investment (Call Given at 175/- Now including Bonus and Stock split 1250/-) and Bihar Tubes Ltd (Call Given at 57/- Now 165/-).
For 2010-11 Year Net Income of 64 Cr and Net Profit was 4.6 Cr EPS 3.13/-
For 2011-12 Full Year Estimating Net Income of 87 Cr and Net Profit of 6 Cr As per this EPS was 4/- above. But in coming Quarters Expanding Business Income will add so Expecting EPS for 2012-13 is 5/- above. Stock Trading at 11/- PE just 3 Industry PE is 18. As per this Stock will zoom to 50/- levels in 6 Months to 1 Year Time.
Virinchi Technologies Limited is an IT Products and Services company focusing on financial services Industry servicing customers in North America, Europe & Middle East. Its world leaders as software service provider to Retail Micro Lending and deferred presentment Industry.
Virinchi is a CMMi Level 3 company and ISO 9001:2000 certified for its Production, Delivery and Quality process
Virinchi Technologies Limited is an Information Technology Products & Services company offering world-class services to its global clients including some Fortune companies operating in varied industry verticals.
Virinchi Technologies Ltd has informed BSE that the Company has entered into a long term agreement with its strategic partner in the US to offer Oracale ERP Maintenance services to its clients who are primarily into research and development, manufacturing, distribution and retail domains. Total revenues from the deal is expected to be close to half a million US dollars which predominantly includes remote maintenance of the customer's Oracale -Business Suite implementations and the related onsite services that would generate additional revenues. This new line of service completely leverages the Company's past experience of developing, integrating and managing Enterprise class applications for various large customers based out of the Middle East, Europe and the US. This new service would be delivered from the new office space developed.
The Board has appointed M/s. Tata Capital Ltd as Financial Advisors for restructuring of the Company through formation of focused subsidiaries in-order to un-lock the value of its software intellectual property across different industry domains.
The Board recommended incorporation of the 100% subsidiary "Qfund Technologies Pvt Ltd", that shall focus on providing transaction business services in Deferred Presentment Industry in the US and UK markets, where its retail micro lending product "Qfund" is the first mover and the market leader. The Board accepts the resignation of Anil Kumar Pinapala as its Executive Director and nominates him to be the CEO and Executive Director of Qfund Technologies Pvt Ltd upon incorporation, to lead the Company.
The Board also recommended incorporation of the 100% subsidiary "Virinchi Media and Entertainment Pvt. Ltd" to launch internet portals to serve the growing demands of the Indian Entertainment Industry to enable Creation, Buying, Selling and Delivery of high definition entertainment through internet to customers across globe.
The Board also recommended incorporation of the 100% subsidiary "Virinchi Learning Pvt Ltd" to promote technology based, for profit, quality education services to the different student categories in India, both by creation of new content & infrastructure and also by partnering with existing content providers by leveraging the strength of Information technology.
The Board has allotted 30,00,000 convertible Warrants to the Promoters at Rs. 20/- per warrant as per the Guidelines for Preferential Issues.
This company has a great future. Even if we give a conservative P/E of 10 (Industry Avarage PE was 20), It should be trading at Rs. 39+ based on FY 20011-12 earnings. So there is a long way to go. Investors with faith in VIRINCHI management and having patience will definitely earn a lot based on Value of Products and Assets and Profits.
Positive Points for this stock for Up moving:
1) VIRINCHI TECHNOLOGIES LTD trading at 11/- trading in BSE Company Stocks not participated for recent Rally; Now It's good bet to Buy because of Company will declare good IV Quarter Results with EPS 4/-. Good Worthy to Buy at 11/- with Target of 22/- & 35/- Short time.
2) Mumbai Bulls and Operators are accumulating at current price. Because Stock is available at very cheap price at 11/-;
3) Book Value is 52/-. Good Profit making company; Expecting EPS for 2011-12 is 4/-
4) Good Dividend History every year 5% given to investors from 2005 onwards.
5) Company Restructuring very soon, company having Three own subsidiary companies in the areas of Media, Learning and Tech.
6) FII's are interesting to invest Because Company having good Value and Promoters Holding 29% and planning to increase stake.
7) Company Planning to buy US company; this results will effect next Quarter net profit and EPS.
8) 10/- Face Value stock Available at 11/-/- with EPS 4/- Book Value 52/- and Good Fundamental Company. No risk at Present rate at 11/- with target of 35/-.
9) Promoters allotted warrants at 20/- per share to promoters group, So Risk Free at Current Market Price, Its very cheap price trading at 11/- Compare to companies Reserves, Assets and Value and Equity and Profits and Future Plans.
Happy Invest ……….. Good Fundamentals and will give good returns from 100% to 500% returns with short and medium terms and Long terms.
According to Google’s Our Mobile Planet research, smartphone penetration increased 13% over last year, with 44% of the U.S. population now owning a smartphone and 66% of those accessing the Internet on a daily basis. That smartphone stat doesn’t put the U.S. in the top tier globally, though. Australia, the U.K., Sweden, Norway, Saudi Arabia, and the UAE all have smartphone uptake rates over 50%.
The recent flak service providers like Verizon and Sprint caught with capping dubiously titled "unlimited data" plans hasn’t seemed to slow consumers’ fervor for utilizing their smartphones to shop, with an overwhelming 96% claiming to have researched a product or service on their phone and 57% conducting general searches every day.
Among the other stats: 89% of smartphone users notice mobile ads and 66% visit a business online or in-store after a local search.
Marketers should keep in mind, however, that much like searching on a traditional computer, SEO still plays a crucial role, as 61% of smartphone users only look at the first page of results. That being said, fleeting attention spans can be channeled into successful campaigns by capitalizing on the fact that 86% of people use their smartphone while consuming other media: 52% watching TV, 51% listening to music on their smartphone, and 34% watching movies.
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| Tokyo Skytree Tower |
The 634-meter (2,080 feet) structure in eastern Tokyo sits in a retail complex housing more than 300 shops and restaurants, a planetarium and an aquarium. Developer Tobu Railway Co. (9001) expects the project to draw 32 million visitors in its first year, surpassing the numbers at Tokyo Disney Resort. Tobu, whose revenue has fallen for five years, will also get a 28.3 billion yen ($352 million) sales boost in the year ending March 31, according to Kazuhiko Hirata, a general manager for finance.
The 143 billion yen development, which took four years to build, follows last month’s opening of Tokyu Corp. (9005)’s 34-story entertainment complex in the Shibuya shopping district and East Japan Railway Co. (9020)’s ongoing 50 billion-yen renovation of Tokyo Station. The companies are taking advantage of land they own around stations to generate new income and lure more travelers as Japan’s shrinking birthrate threatens commuter traffic.
“People will use the Tobu line to go to Tokyo Skytree and they will shop in Tobu shops when they get there,” said Masayuki Kubota, who oversees the equivalent of $2 billion in assets in Tokyo at Daiwa SB Investments Ltd. “It’s a very good investment.” He doesn’t own Tobu shares, he said.
The development will boost Tobu’s operating profit by 3.2 billion yen in the year ending March 31, according to Hirata. The company will have as many as eight trains an hour running from the Asakusa terminus to the development’s closest station, which has been renamed Tokyo Skytree.
856 Million Passengers
Tobu, which operates routes to the north of the capital, carried 856 million passengers in the year ended March 31. The company is the third biggest by ticket sales among the 11 major train operators in Tokyo and surrounding cities, according to JR East. (9022) The region is home to 35 million people. By contrast, Amtrak carried 30 million passengers in the U.S. in the year ended September 2011.
Tobu, which also operates buses, hotels, shopping centers, department stores, golf courses and sports clubs, fell 2.3 percent to 387 yen in Tokyo trading yesterday. It’s jumped 24 percent in the past year, compared with an 11 percent decline for the benchmark Topix Index.
Earthquake-Resistant
The Skytree, opening about a year after a temblor and tsunami devastated parts of northern Japan, stands on three legs with a central column in the style of a pagoda to make it more earthquake-resistant. Its steel frame changes from a triangle at the base to a circle at the top, and its curves and arches reflect a traditional Samurai sword, according to Tobu’s website.
The tower, which cost 65 billion yen on its own, will have two observation decks, one at 350 meters and another at 450 meters. A trip to the lower deck will cost 2,000 yen. Visits up the tower are fully booked through July 11, said Kenji Aoyagi, a Tobu spokesman.
The tower surpassed the 600-meter Canton Tower in Guangzhou, China, as the world’s tallest, according to theCouncil on Tall Buildings and Urban Habitat. Dubai’s 828-meter Burj Khalifa is the tallest building, according to the council.
The new tower is also about double the height of Japan’s previous record-holder, the 333-meterTokyo Tower, which opened in 1958. Six TV stations, including state-owned NHK, will start using the Skytree instead of the older tower for transmissions next year.
Geishas, Temple
Skytree looms over Tokyo’s Asakusa district, previously one of the city’s main entertainment areas and still home to geishas and traditional Japanese restaurants. The area also houses Senso-ji temple, a popular tourist site, famed for Kaminarimon, Thunder Gate.
Property prices in Sumida City, which includes Asakusa and Skytree, are the third-lowest of Tokyo’s 23 wards, according to the Ministry of Land, Infrastructure, Transport and Tourism. Commercial land prices have fared better than other Tokyo wards this year, falling 1 percent, compared with an average 2.1 percent decline.
“As a local, I’m very happy,” said Naoyuki Sato, 56, who runs a restaurant near the tower and has lived in the area all his life. “It’ll be a new symbol for Japan. It’s a ray of hope after the earthquake.”
Shrinking Population
Japan’s population peaked at 127.1 million people in 2005 and has been shrinking since, according to figures from the Ministry of Internal Affairs and Communications. The population of Tokyo’s 23 wards will start declining after reaching a peak of 13.35 million by 2020, according to forecasts from the Tokyo Metropolitan Government.
Tokyu, the Tokyo region’s fourth-largest train operator, last month opened Hikarie in Shibuya ward, which houses 26 restaurants, about 200 shops and sales outlets, and a 1,972-seat theater. About 14 million people will visit a year, said Isao Watanabe, an executive officer at the Tokyo-based company.
“We have great hopes for the new building,” he said. “We’re sure it will increase the number of people using our trains as well.” Tokyu also operates hotels, supermarkets and entertainment facilities.
JR East, the largest train operator in the Tokyo area, is working to turn Tokyo Station in the Marunouchi financial district into a tourist destination. Plans includes adding more shops, restoring rooftop domes destroyed in World War II and building a plaza in front of the station that will be lit up at night. An expanded 150-room hotel will also open in October.
The Tokyo-based rail company is trying to increase its share of revenue from shops, hotels and offices to almost 40 percent from about 30 percent by the year ending March 2019.
“The railway companies have to put their energy into expanding other forms of revenue to grow,” said Ryota Himeno, an analyst at Barclays Capital Japan Ltd. “Train travel isn’t going to increase when the population is shrinking.”
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Nifty Trading Tips & Outlook
Our yesterday's buy positions around 4872 ( Spot Nifty ), We are looking at 4950-5000 levels to square off. One may not look for short Nifty as a bounce is expected due to Facebook IPO effect. Cover up short positions and one may buy Nifty for two trading sessions.
Check out our previous recommendation here
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| Rosetta Genomics |
Trading Tip : Stock may have seen all upside for now and may be good for long term investment, buy on dips.
Press Release:
Rosetta Genomics Ltd., a leading developer and provider of microRNA-based molecular diagnostic tests, today announced that Novitas, the designated Medicare Administrative Contractor for the Company's miRview(R) mets^2 assay, has informed Rosetta that it plans to cover this assay for all Medicare beneficiaries. MiRview(R) mets^2 accurately identifies the primary tumor of origin in primary and metastatic cancer including Cancer of Unknown or Uncertain Primary ("CUP").
"This is a major commercial achievement for Rosetta Genomics as Medicare coverage is a critical step toward widespread commercial adoption and payment for our lead diagnostic assay, miRview(R) mets^2, and enables access to this clinically valuable test to Medicare patients. This decision is important not only because Medicare is the largest U.S. payor, covering a large percentage of the patients for whom miRview(R) mets^2 has been ordered historically and would be expected to be ordered in the future, but also because private payors often look to Medicare's decisions when setting their own reimbursement policies," noted Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics. "We are particularly pleased with how rapidly we obtained Medicare coverage, as we launched our direct selling effort in the U.S. just one year ago.
"The decision by Novitas to cover the miRview(R) mets^2 assay reflects the clinical importance of determining the tumor origin in hard-to-diagnose metastatic cancers and CUP. This is particularly important as new, targeted cancer treatments are developed for site-specific cancers. We believe that the miRview(R) mets^2 assay is an important tool that can improve the ability of physicians to accurately diagnose CUP in order to optimize treatment plans," added Mr. Berlin.
The policy will cover the 45 million Medicare beneficiaries and will enable Rosetta to provide the miRview(R) mets2 assay for Medicare beneficiaries throughout the U.S. at no cost to the patient, thereby eliminating an adoption barrier for the physician ordering the test and for the patient. Novitas' decision is based on the extensive body of clinical data published in peer-reviewed journals from clinical studies conducted internally as well as at leading institutions. Once the Novitas decision is finalized with respect to reimbursement level, we will focus our efforts on obtaining appropriate coverage and reimbursement from commercial payors.
"This coverage decision will allow all appropriate Medicare patients access to the miRview(R) mets^2 assay and further recognizes the value that our assays are delivering to physicians, payors and patients. We look forward to continuing our dialogue with Novitas, and to their final decision on reimbursement level within the coming weeks," concluded Mr. Berlin.
About miRview(R) Products miRview(R) are a series of microRNA-based diagnostic products offered by Rosetta Genomics. miRview(R) mets and miRview(R) mets^2 accurately identify the primary tumor type in primary and metastatic cancer including Cancer of Unknown Primary (CUP). miRview(R) squamous accurately identifies the squamous subtype of non-small cell lung cancer, which carries an increased risk of severe or fatal internal bleeding and poor response to treatment for certain therapies. miRview(R) meso diagnoses mesothelioma, a cancer connected to asbestos exposure. miRview(R) lung accurately identifies the four main subtypes of lung cancer using small amounts of tumor cells. miRview(R) kidney accurately classifies the four most common kidney tumors: Clear Cell Renal Cell Carcinoma (RCC), Papillary RCC, Chromophobe RCC and Oncocytoma. miRview(R) tests are designed to provide objective diagnostic data; it is the treating physician's responsibility to diagnose and administer the appropriate treatment. In the U.S. alone, Rosetta Genomics estimates that 200,000 patients a year may benefit from the miRview(R) mets and miRview(R) mets^2 test, 60,000 from miRview(R) squamous, 60,000 from miRview(R) meso, 54,000 from miRview(R) kidney and more than 1 million patients worldwide from miRview(R) lung. The Company's tests are offered directly by Rosetta Genomics in the U.S., and through distributors around the globe. For more information, please visit www.mirviewdx.com . Parties interested in ordering the test can contact Rosetta Genomics at (215) 382-9000 ext. 309.
About Rosetta Genomics Rosetta Genomics develops and commercializes a full range of microRNA-based molecular diagnostics. Founded in 2000, the Company's integrative research platform combining bioinformatics and state-of-the-art laboratory processes has led to the discovery of hundreds of biologically validated novel human microRNAs. Building on its strong patent position and proprietary platform technologies, Rosetta Genomics is working on the application of these technologies in the development and commercialization of a full range of microRNA-based diagnostic tools. The Company's miRview(R) product line is commercially available through its Philadelphia-based CAP-accredited, CLIA-certified lab. To learn more, please visit www.rosettagenomics.com .
Forward-Looking Statements Various statements in this release concerning Rosetta's future expectations, plans and prospects, including without limitation, statements relating to the expectation that private-sector payors would look to Medicare's decisions when setting their own reimbursement policies and that we will be able to obtain appropriate coverage and reimbursement from commercial payors, constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including risks related to: Rosetta's approach to discover microRNA technology and to work on the application of this technology in the development of novel diagnostics and therapeutic tools, which may never lead to commercially accepted products or services; Rosetta's ability to obtain, maintain and protect its intellectual property; Rosetta's ability to enforce its patents against infringers and to defend its patent portfolio against challenges from third parties; Rosetta's need and ability to obtain additional funding to support its business activities; Rosetta's dependence on third parties for development, manufacture, marketing, sales, and distribution of products; Rosetta's ability to successfully develop its products and services; Rosetta's ability to obtain regulatory clearances or approvals that may be required for its products and services; the ability to obtain coverage and adequate payment from health insurers for the products and services comprising Rosetta's technology; the ability to obtain a formal agreement for Medicare coverage and to maintain an equitable reimbursement valuation; competition from others using technology similar to Rosetta's and others developing products for similar uses; Rosetta's dependence on collaborators; and Rosetta's short operating history; as well as those risks more fully discussed in the "Risk Factors" section of Rosetta's Annual Report on Form 20-F for the year ended December 31, 2011 as filed with the Securities and Exchange Commission. In addition, any forward-looking statements represent Rosetta's views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Rosetta does not assume any obligation to update any forward-looking statements unless required by law.
Press Release:
Rosetta Genomics Ltd., a leading developer and provider of microRNA-based molecular diagnostic tests, today announced that Novitas, the designated Medicare Administrative Contractor for the Company's miRview(R) mets^2 assay, has informed Rosetta that it plans to cover this assay for all Medicare beneficiaries. MiRview(R) mets^2 accurately identifies the primary tumor of origin in primary and metastatic cancer including Cancer of Unknown or Uncertain Primary ("CUP").
"This is a major commercial achievement for Rosetta Genomics as Medicare coverage is a critical step toward widespread commercial adoption and payment for our lead diagnostic assay, miRview(R) mets^2, and enables access to this clinically valuable test to Medicare patients. This decision is important not only because Medicare is the largest U.S. payor, covering a large percentage of the patients for whom miRview(R) mets^2 has been ordered historically and would be expected to be ordered in the future, but also because private payors often look to Medicare's decisions when setting their own reimbursement policies," noted Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics. "We are particularly pleased with how rapidly we obtained Medicare coverage, as we launched our direct selling effort in the U.S. just one year ago.
"The decision by Novitas to cover the miRview(R) mets^2 assay reflects the clinical importance of determining the tumor origin in hard-to-diagnose metastatic cancers and CUP. This is particularly important as new, targeted cancer treatments are developed for site-specific cancers. We believe that the miRview(R) mets^2 assay is an important tool that can improve the ability of physicians to accurately diagnose CUP in order to optimize treatment plans," added Mr. Berlin.
The policy will cover the 45 million Medicare beneficiaries and will enable Rosetta to provide the miRview(R) mets2 assay for Medicare beneficiaries throughout the U.S. at no cost to the patient, thereby eliminating an adoption barrier for the physician ordering the test and for the patient. Novitas' decision is based on the extensive body of clinical data published in peer-reviewed journals from clinical studies conducted internally as well as at leading institutions. Once the Novitas decision is finalized with respect to reimbursement level, we will focus our efforts on obtaining appropriate coverage and reimbursement from commercial payors.
"This coverage decision will allow all appropriate Medicare patients access to the miRview(R) mets^2 assay and further recognizes the value that our assays are delivering to physicians, payors and patients. We look forward to continuing our dialogue with Novitas, and to their final decision on reimbursement level within the coming weeks," concluded Mr. Berlin.
About miRview(R) Products miRview(R) are a series of microRNA-based diagnostic products offered by Rosetta Genomics. miRview(R) mets and miRview(R) mets^2 accurately identify the primary tumor type in primary and metastatic cancer including Cancer of Unknown Primary (CUP). miRview(R) squamous accurately identifies the squamous subtype of non-small cell lung cancer, which carries an increased risk of severe or fatal internal bleeding and poor response to treatment for certain therapies. miRview(R) meso diagnoses mesothelioma, a cancer connected to asbestos exposure. miRview(R) lung accurately identifies the four main subtypes of lung cancer using small amounts of tumor cells. miRview(R) kidney accurately classifies the four most common kidney tumors: Clear Cell Renal Cell Carcinoma (RCC), Papillary RCC, Chromophobe RCC and Oncocytoma. miRview(R) tests are designed to provide objective diagnostic data; it is the treating physician's responsibility to diagnose and administer the appropriate treatment. In the U.S. alone, Rosetta Genomics estimates that 200,000 patients a year may benefit from the miRview(R) mets and miRview(R) mets^2 test, 60,000 from miRview(R) squamous, 60,000 from miRview(R) meso, 54,000 from miRview(R) kidney and more than 1 million patients worldwide from miRview(R) lung. The Company's tests are offered directly by Rosetta Genomics in the U.S., and through distributors around the globe. For more information, please visit www.mirviewdx.com . Parties interested in ordering the test can contact Rosetta Genomics at (215) 382-9000 ext. 309.
About Rosetta Genomics Rosetta Genomics develops and commercializes a full range of microRNA-based molecular diagnostics. Founded in 2000, the Company's integrative research platform combining bioinformatics and state-of-the-art laboratory processes has led to the discovery of hundreds of biologically validated novel human microRNAs. Building on its strong patent position and proprietary platform technologies, Rosetta Genomics is working on the application of these technologies in the development and commercialization of a full range of microRNA-based diagnostic tools. The Company's miRview(R) product line is commercially available through its Philadelphia-based CAP-accredited, CLIA-certified lab. To learn more, please visit www.rosettagenomics.com .
Forward-Looking Statements Various statements in this release concerning Rosetta's future expectations, plans and prospects, including without limitation, statements relating to the expectation that private-sector payors would look to Medicare's decisions when setting their own reimbursement policies and that we will be able to obtain appropriate coverage and reimbursement from commercial payors, constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including risks related to: Rosetta's approach to discover microRNA technology and to work on the application of this technology in the development of novel diagnostics and therapeutic tools, which may never lead to commercially accepted products or services; Rosetta's ability to obtain, maintain and protect its intellectual property; Rosetta's ability to enforce its patents against infringers and to defend its patent portfolio against challenges from third parties; Rosetta's need and ability to obtain additional funding to support its business activities; Rosetta's dependence on third parties for development, manufacture, marketing, sales, and distribution of products; Rosetta's ability to successfully develop its products and services; Rosetta's ability to obtain regulatory clearances or approvals that may be required for its products and services; the ability to obtain coverage and adequate payment from health insurers for the products and services comprising Rosetta's technology; the ability to obtain a formal agreement for Medicare coverage and to maintain an equitable reimbursement valuation; competition from others using technology similar to Rosetta's and others developing products for similar uses; Rosetta's dependence on collaborators; and Rosetta's short operating history; as well as those risks more fully discussed in the "Risk Factors" section of Rosetta's Annual Report on Form 20-F for the year ended December 31, 2011 as filed with the Securities and Exchange Commission. In addition, any forward-looking statements represent Rosetta's views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Rosetta does not assume any obligation to update any forward-looking statements unless required by law.
