Abiomed (ABMD): Japan Approval Opens Large Market For Heart Pumps - Leerink
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Leerink Partners analyst, Danielle Antiffly, reiterated her Outperform on ABIOMED (NASDAQ: ABMD) after the company announced that it has received final PMDA approval from the Japanese Ministry of Health, Labor & Welfare (MHLW) for the treatment of drug-resistant acute heart failure for both Impella 2.5 and 5.0 heart pumps. This timing is in line with the company's most recent guidance, expecting an end of summer approval in Japan.
The analyst expects further upside to even this already strong growth trajectory as ABMD can now market to and train physicians on Impella as the only safe and effective device for a culture that is sensitive to open heart procedures and transplants and more heavily biased towards PCI (percutaneous coronary intervention).
Recent MHLW approval brings a Japan launch likely in late CY2016 with ~50,000 patients in Japan that receive balloon pumps or ECMO (extracorporeal membrane oxygenation) for drug-resistant acute heart failure as the low hanging fruit for ABMD. Japan is the 2nd largest market after the US with higher prevalence of smokers and is culturally more averse to performing sternotomy, preferring less invasive procedures.
No change to the price target of $125.
Shares of ABIOMED closed at $129.19 yesterday.
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